Farmmi Receives Repeat Bulk Multi-Product Order for Export to Japan

Rhea-AI Summary

Farmmi, Inc. (NASDAQ: FAMI) announced a repeat bulk order for dried Shiitake mushrooms and dried black fungus from a long-term customer, aimed for export to Japan. This comes after the company reported record revenues in the first half of fiscal 2022, with a growth rate of 148%. Chairwoman and CEO Yefang Zhang expressed confidence in their competitive position and growth strategy despite broader market pressures. The company is expanding into new segments while maintaining a focus on its core fungi business.

Positive

• Received a repeat bulk order for dried Shiitake mushrooms and black fungus for export to Japan.
• Reported record revenues with 148% growth in the first half of fiscal 2022.

Negative

• Broader market pressures may obscure the company's progress and valuation.

LISHUI, China, Sept. 27, 2022 /PRNewswire/ -- Farmmi, Inc. ("Farmmi" or the "Company") (NASDAQ: FAMI), an agricultural products supplier in China, announced today that the Company received a repeat bulk multi-product order for export to Japan. The new bulk order for dried Shiitake mushrooms and dried black fungus is from one of the Company's long-term customers. 

Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, "We achieved record revenues in the first half of fiscal 2022 with 148% growth reported on August 22, 2022. We have continued to build on that momentum as we capture new greenfield opportunities in our new corn and cotton segments, while driving growth in our core fungi business. The broader market pressure seen in most public company stocks is masking our progress, but we are not deterred. We are confident in our competitive position and in our ability to continue to execute on our business strategy. We believe there remains a clear disconnect in the valuation of our company compared with our financial results, fundamentals and growth prospects. We remain focused on accelerating profitable growth as we leverage the strong, scalable platform we have built and funded, as we work to unlock more of the Company's true potential for all shareholders."

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 at http://www.farmmi88.com. For further information about the Company, please visit: http://www.farmmi.com.cn/ir/. 

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.

FAQ

What recent order did Farmmi receive?

Farmmi received a repeat bulk order for dried Shiitake mushrooms and dried black fungus aimed for export to Japan.

What is Farmmi's revenue growth in the first half of fiscal 2022?

Farmmi reported a revenue growth of 148% in the first half of fiscal 2022.

What challenges is Farmmi facing in the market?

Farmmi is facing broader market pressures that may obscure its progress and valuation.

Who is the CEO of Farmmi?

The CEO of Farmmi is Yefang Zhang.