Farmmi Continues Growth with Another Bulk Order Export to Canada
Farmmi, Inc. (NASDAQ: FAMI) has secured a bulk order for dried Shiitake mushrooms from a long-term customer, destined for Canada. This order highlights Farmmi's growth and demand in the North American market, particularly Canada. Chairwoman and CEO Yefang Zhang noted the company's efforts to manage logistics and supply chain costs to maintain competitive pricing. The company anticipates that costs will eventually normalize, enabling them to pass savings to customers while focusing on revenue growth.
- Secured a bulk order for dried Shiitake mushrooms, indicating strong customer demand.
- Growth in the North American market, especially in Canada, enhancing revenue prospects.
- Effective management of logistics and supply chain costs to maintain product pricing.
- Risks associated with fluctuating earnings and foreign exchange rates may affect future profitability.
- Potential lingering impacts of the Covid-19 pandemic on customer businesses and disposable income.
LISHUI, China, Nov. 22, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today another bulk order for the Company's high-quality dried Shiitake mushrooms. The latest order is from one of the Company's long-term customers and will be exported to Canada.
Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented: "Canada has been a focal point of our growth over the past few years and reflects the uptick in demand from which we are benefitting from in the broader North American market. We have worked to manage our logistics and supply chain costs to help keep our product costs more manageable. Our customers have responded positively as we continue to support their demands. We expect that over the long-term, costs will normalize which we plan to pass onto our customers to the best extent possible as we continue to focus on driving revenue growth."
About Farmmi, Inc.
Established in 1998, Farmmi Inc. (NASDAQ: FAMI) is an agricultural products supplier, processor and retailer of edible mushrooms like Shiitake and Mu Er, as well as other agricultural products. In addition to its offline sales, Farmmi sells its products direct-to-consumer. For further information about the Company, please visit website.
Forward-Looking Statements
No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations and intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customer's businesses and our end purchaser's disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China, our ability to attract and retain skilled professionals, client concentration, industry segment concentration, and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Farmmi may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.
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SOURCE Farmmi, Inc.
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