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FAMI

Farmmi, Inc.

FAMI

Farmmi, Inc. • NASDAQ
$1.58 ▲ 3.59% (+0.06)
Market Cap $2.08 M
52w High $7.08
52w Low $1.26
Dividend Yield 0%
P/E -0.17
Volume 1.85K
Outstanding Shares 1.32M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $16.144M ▼ $1.483M ▼ $-44.016K ▲ -0.273% ▲ $-0.041 ▲ $-554.236K ▼
Q4-2024 $27.687M ▼ $1.842M ▲ $-5.285M ▼ -19.089% ▼ $-8.12 ▼ $-5.68K ▼
Q2-2024 $36.444M ▼ $1.236M ▲ $630.492K ▼ 1.73% ▼ $1.2 ▲ $2.09M ▲
Q4-2023 $49.818M ▼ $728.191K ▼ $963.954K ▼ 1.935% ▼ $0.16 ▼ $1.54M ▲
Q2-2023 $60.547M $1.517M $1.58M 2.609% $0.31 $791.16K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $890.336K ▲ $230.426M ▲ $64.197M ▲ $166.41M ▼
Q4-2024 $486.522K ▼ $186.734M ▲ $16.717M ▲ $169.989M ▲
Q2-2024 $1.124M ▼ $171.911M ▼ $7.556M ▼ $164.355M ▲
Q4-2023 $12.79M ▼ $174.8M ▲ $12.824M ▲ $161.976M ▼
Q2-2023 $69.358M $174.55M $12.559M $161.991M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-44.016K ▲ $14.57M ▲ $-15.036M ▼ $875.208K ▼ $403.814K ▲ $14.553M ▲
Q4-2024 $-5.285M ▼ $-1.874M ▲ $-878.417K ▼ $1.844M ▲ $-637.927K ▲ $-1.904M ▼
Q2-2024 $630.492K ▼ $-14.901M ▲ $2.947M ▲ $-16.653K ▼ $-11.665M ▲ $0 ▲
Q4-2023 $963.954K ▼ $-64.45M ▼ $-430.084K ▼ $9.687M ▲ $-56.567M ▼ $-64.45M ▼
Q2-2023 $1.58M $-11.304M $36.326M $1.331M $28.189M $-11.304M

Revenue by Products

Product Q2-2021Q2-2022
Corn
Corn
 $0 ▲$10.00M ▲
Cotton
Cotton
 $0 ▲$10.00M ▲
Mu Er
Mu Er
 $10.00M ▲$10.00M ▲
Other edible fungi and other agricultural products
Other edible fungi and other agricultural products
 $0 ▲$0 ▲
Shiitake
Shiitake
 $10.00M ▲$10.00M ▲
Other Edible Fungi
Other Edible Fungi
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Farmmi operates on a very small revenue base, with sales growing compared with a few years ago but still remaining modest. Gross profit is thin, which suggests limited pricing power or higher costs relative to what they can charge. Reported net income and operating income are close to break-even on this scale, but the earnings per share history is very volatile, likely influenced more by big changes in share count and reverse splits than by underlying business performance. Overall, the income statement points to a company still trying to achieve consistent, meaningful profitability rather than one already generating strong, steady earnings.

Balance Sheet

Balance Sheet The balance sheet is small but relatively simple. The company holds a reasonable amount of assets versus its size, largely financed by equity, with only limited debt appearing in recent years. Cash has trended down from prior levels, which reduces the financial cushion compared with the past. Equity has inched up slightly, indicating that, at least on paper, the company has preserved its capital base, but repeated reverse stock splits in the market history highlight that shareholder value has been under pressure over time, even if the balance sheet itself does not look heavily leveraged.

Cash Flow

Cash Flow Cash flow from operations has moved from roughly break-even and slightly positive in earlier years to more clearly negative recently. Free cash flow follows the same pattern since capital spending is minimal. This indicates that the business currently consumes cash rather than generates it, which raises questions about how ongoing operations and growth initiatives will be funded if this pattern persists. The lack of heavy investment spending is a mixed signal: it keeps cash needs down but may also mean limited reinvestment in physical assets, with more emphasis instead on process, technology, and logistics improvements.

Competitive Edge

Competitive Edge Farmmi focuses on a narrow niche: edible fungi and related packaged food products. Its main competitive strengths appear to come from a vertically integrated supply chain, direct relationships with standardized family farms, and strong quality and safety certifications. The company has built logistics and warehousing capacity, including a meaningful presence in North America, which can shorten delivery times and improve reliability for customers. Its omni-channel model—using both traditional distributors and its own online platform—gives it multiple routes to market. However, it still operates as a small player in a crowded, price-sensitive global food market, where larger competitors may have stronger brands, more diversified products, and greater scale advantages.

Innovation and R&D

Innovation and R&D Innovation is a clear focus area for Farmmi. The company is investing in precision agriculture, automation, and real-time monitoring to improve yields and consistency in mushroom cultivation. It is also putting money into biotechnology, working on proprietary strains that aim for better productivity and disease resistance, and it emphasizes sustainability through reduced emissions and water usage. On the commercial side, Farmmi is using digital platforms to manage its supply chain and e-commerce presence, and expanding its logistics footprint, especially in the U.S. These efforts, if executed well, could strengthen its differentiation in quality, traceability, and specialized mushroom products. The key uncertainty is whether the scale of these investments is sufficient to translate into durable market share gains and higher margins given the company’s small size.

Summary

Farmmi is a niche, micro-scale packaged foods and agricultural company trying to build a modern, tech-enabled supply chain around edible fungi. The financials show a business that is still small, with thin profits and recent negative cash flow, and a history of stock structure changes that hint at past market and capital challenges. On the positive side, the company appears to have a focused strategy: vertical integration, quality control, logistics expansion, and investment in agricultural and biotech innovation targeted at a growing segment—functional and specialty mushrooms. The main questions for the future are whether Farmmi can translate these operational and technological strengths into sustainable profitability, maintain sufficient funding while cash flow is weak, and defend its space against much larger food and agri-business competitors. Uncertainty is high due to its size and limited financial cushion, but there is a clear strategic narrative centered on specialization, technology, and global logistics.