$SFWL

SHENGFENG DEVELOPMENT Ltd

CIK:0001863218|SEC Filings

Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues
Total revenues	$ 572,478	$ 504,158	$ 404,121
Cost of revenues	(519,390)	(457,874)	(357,615)
Gross profit	53,088	46,284	46,506
Operating expenses
Selling and marketing	(5,999)	(5,964)	(6,688)
General and administrative	(30,209)	(25,654)	(25,912)
Total operating expenses	(36,208)	(31,618)	(32,600)
Income from operations	16,880	14,666	13,906
Other income (expense)
Interest income	255	159	126
Interest expense	(2,736)	(1,972)	(1,775)
Other (expense) income, net	(143)	(360)	371
Income before income taxes	14,256	12,493	12,628
Provision for income taxes	(2,047)	(1,666)	(2,320)
Net income	12,209	10,827	10,308
Less: income (loss) attributable to non-controlling interests	283	(51)	14
Net income attributable to Shengfeng Development Limited’s shareholders	11,926	10,878	10,294
Comprehensive income
Net income	12,209	10,827	10,308
Foreign currency translation adjustments	2,998	(1,764)	(1,824)
Total comprehensive income	15,207	9,063	8,484
Less: comprehensive income (loss) attributable to non-controlling interests	434	(134)	(53)
Total comprehensive income attributable to Shengfeng Development Limited	$ 14,773	$ 9,197	$ 8,537
Class A and Class B Ordinary Shares
Weighted average shares outstanding used in calculating basic and diluted earnings per share:
Class A and Class B ordinary shares - Basic (in Shares)	82,497,513	82,497,513	81,806,660
Class A and Class B ordinary shares - Diluted (in Shares)	82,497,513	82,497,513	81,806,660
Earnings per share
Class A and Class B ordinary shares - Basic (in Dollars per share)	$ 0.14	$ 0.13	$ 0.13
Class A and Class B ordinary shares - Diluted (in Dollars per share)	$ 0.14	$ 0.13	$ 0.13
Transportation
Revenues
Total revenues	$ 554,761	$ 484,754	$ 383,211
Warehouse storage management service
Revenues
Total revenues	14,258	16,432	18,160
Others
Revenues
Total revenues	$ 3,459	$ 2,972	$ 2,750

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 12,209	$ 10,827	$ 10,308
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and equipment	6,427	6,355	6,446
Amortization of operating lease expense	4,604	6,581	9,337
Amortization of intangible assets	452	652	591
(Recovery of) provision for credit losses	(95)	88	566
Loss (income) from equity method investment	41	(15)	(19)
(Gain) loss on disposal of property and equipment	(57)	315	(283)
(Gain) loss from disposal of subsidiaries		(8)	90
Deferred income taxes	341	589	1,524
Changes in operating assets and liabilities:
Notes receivable	(111)	(724)	(682)
Accounts receivable	(5,782)	(31,241)	(10,734)
Prepayments and other current assets	3,300	4,823	3,450
Due from related parties	(4,407)	(626)	(40)
Other non-current assets	945	2,939	(3,670)
Accounts payable	(1,089)	29,313	4,509
Due to related parties	(6)	8	(80)
Salary and welfare payable	2,400	(1,536)	1,457
Accrued expenses and other current liabilities	1,997	(8,220)	177
Operating lease liabilities	(4,497)	(6,769)	(9,417)
Tax payables	1,048	779	105
Other non-current liabilities	(1,621)	880	500
Net cash provided by operating activities	16,099	15,010	14,135
Cash flows from investing activities:
Investments deposit refund	1,610	6,810	5,676
Investments deposit		(9,057)
Purchase of long-term investments	(6,160)
Loan to a related party	(2,800)
Loan to third parties	(11,354)	(5,757)
Loan repaid from a third party		2,808
Purchase of intangible assets		(9,096)	(17,932)
Purchase of property and equipment	(18,979)	(29,465)	(10,780)
Proceeds from disposal of property and equipment	255	1,332	1,212
Proceeds from disposal of subsidiaries		9,656	51
Consideration deposit received from third parties		140	2,838
Dividend received from investment			114
Net cash used in investing activities	(37,428)	(32,629)	(18,821)
Cash flows from financing activities:
Proceeds from initial public offering			8,547
Proceeds from notes payable	9,114	34,003	8,515
Repayments of notes payable	(15,016)	(27,381)	(2,022)
Proceeds from short-term bank loans	54,439	50,301	37,876
Repayments of short-term bank loans	(50,152)	(46,464)	(48,661)
Proceeds from long-term bank loans	19,522	16,543
Due to related parties	110		(600)
Capital contribution from non-controlling shareholders	238	2,070	556
Dividend to non-controlling shareholders	(28)
Payment of deferred issuance costs			(279)
Loans from third parties	1,190
Repayment to a third party	(600)
Advance from a third-party			7,237
Net cash provided by financing activities	18,817	29,072	11,169
Effects of exchange rate changes on cash, cash equivalents and restricted cash	867	(533)	(558)
Net (decrease) increase in cash, cash equivalents and restricted cash	(1,645)	10,920	5,925
Cash, cash equivalents and restricted cash, beginning of year	40,213	29,293	23,368
Cash, cash equivalents and restricted cash, end of year	38,568	40,213	29,293
Supplemental cash flow information:
Cash paid for income tax	1,456	589	634
Cash paid for interest	2,349	1,924	1,775
Non-cash transaction in investing and financing activities:
Liabilities (settled) incurred for purchase of property and equipment	(362)	344	(387)
Operating lease right-of-use assets extinguished in exchange for operating lease liabilities	(181)	(2,115)	(1,347)
Disposition consideration settled by long term investment	700
Reclassification of deferred issuance costs			81
Reconciliation to amount on consolidated balance sheets:
Cash and cash equivalents	35,290	34,668	26,725
Restricted cash	3,278	5,545	2,568
Total cash, cash equivalents and restricted cash	$ 38,568	$ 40,213	$ 29,293

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current Assets:
Cash and cash equivalents	$ 35,290	$ 34,668
Restricted cash	3,278	5,545
Notes receivable	7,414	7,340
Accounts receivable, net	136,264	127,300
Prepayments and other current assets, net	22,189	29,684
Total Current Assets	216,593	205,238
Property and equipment, net	70,094	59,968
Intangible assets, net	11,213	11,413
Operating lease right-of-use assets, net	5,720	9,918
Long-term investments	8,873	1,900
Deposits for investment	9,177	10,573
Deferred tax assets	1,313	1,434
Other non-current assets	23,984	9,686
Total Assets	346,967	310,130
Current Liabilities
Notes payable	9,248	14,907
Accounts payable	89,642	88,734
Short-term bank loans	44,652	39,401
Long-term bank loans, current	2,769
Salary and welfare payables	5,554	3,047
Accrued expenses and other current liabilities	10,099	7,673
Operating lease liabilities, current	2,669	4,218
Tax payables	4,150	3,017
Total Current Liabilities	170,613	162,684
Long-term bank loans	33,832	16,390
Operating lease liabilities, non-current	2,156	4,719
Deferred tax liabilities	247	53
Other non-current liabilities	1,256	2,838
Total Liabilities	208,104	186,684
Commitments and Contingencies
Equity
Additional paid-in capital	83,762	83,762
Statutory reserves	7,311	5,959
Retained earnings	47,036	36,462
Accumulated other comprehensive loss	(6,200)	(9,047)
Total Shengfeng Development Limited’s Shareholders’ Equity	131,917	117,144
Non-controlling Interests	6,946	6,302
Total Equity	138,863	123,446
Total Liabilities and Equity	346,967	310,130
Class A Ordinary Shares
Equity
Ordinary share value	4	4
Class B Ordinary Shares
Equity
Ordinary share value	4	4
Related Party
Current Assets:
Due from related parties	12,158	701
Current Liabilities
Due to related parties	$ 1,830	$ 1,687