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Unaudited Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 14,327 $ 34,668
Restricted cash 4,598 5,545
Notes receivable 6,841 7,340
Accounts receivable, net 124,611 127,300
Prepayments and other current assets, net 37,346 29,684
Total Current Assets 190,002 205,238
Property and equipment, net 68,822 59,968
Intangible assets, net 11,235 11,413
Operating lease right-of-use assets, net 8,065 9,918
Long-term investments 1,942 1,900
Deposit for investment 10,617 10,573
Deferred tax assets 1,539 1,434
Other non-current assets 4,215 9,686
Total Assets 296,437 310,130
Current Liabilities    
Notes payable 12,176 14,907
Accounts payable 62,206 88,734
Short-term bank loans 48,739 39,401
Long-term bank loans, current 412
Salary and welfare payables 2,421 3,047
Accrued expenses and other current liabilities 8,937 7,673
Operating lease liabilities, current 3,978 4,218
Tax payables 3,702 3,017
Total Current Liabilities 144,117 162,684
Long-term bank loans 16,046 16,390
Operating lease liabilities, non-current 3,254 4,719
Deferred tax liabilities 155 53
Other non-current liabilities 2,694 2,838
Total Liabilities 166,266 186,684
Commitments and Contingencies
Equity    
Additional paid-in capital 83,762 83,762
Statutory reserves 5,959 5,959
Retained earnings 42,325 36,462
Accumulated other comprehensive loss (8,540) (9,047)
Total Shengfeng Development Limited’s Shareholders’ Equity 123,514 117,144
Non-controlling Interests 6,657 6,302
Total Equity 130,171 123,446
Total Liabilities and Equity 296,437 310,130
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 2,279 701
Current Liabilities    
Due to related parties $ 1,546 $ 1,687