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Tag: Farmmi Inc.

  • Record Fiscal 2021: Farmmi Inc. (FAMI) stock Soars After Hours

    On January 26, 2022, Farmmi Inc. (FAMI) reported its financial data for the fiscal year 2021. Consequently, the stock rebounded in the after-hours and soared high.

    Shares of the supplier of the agricultural products were gloomy during regular trading. FAMI stock closed the regular session on Wednesday at $0.1980, suffering a loss of 1.79%. Following the announcement, the stock rebounded to add a good 26.26% at an after-hours volume of 14.75 million. Hence, FAMI was trading at $0.25 per share in the after-hours on Wednesday.

    The China-based company, Farmmi Inc. has a market capitalization of $56.99 million. Currently, its 282.67 million outstanding shares stand at a year-to-date loss of 10.97% while losing 84.16% last year.

    FAMI’s Fiscal 2021 Results

    Total Revenue

    In the fiscal year ended on September 30, 2021, FAMI generated total revenues of $39.29 million. Thus, marking an increase of 38.5% or $10.93 year over year, against $28.36 million in the year before. This increase was a result of the company’s continued brand building and sales in PRC along with crucial international markets. Further, the pandemic containment in the country also played a role in it.

    Gross Profit

    Moreover, the company also reported a gross profit of $5.11 million in fiscal 2021. Therefore, showing an increase of 9.8% or $0.46 million year-over-year, against $4.65 in the previous year.

    Due to strategic pricing for stimulating customer orders and product mix, the overall gross margin was $13.0% for fiscal 2021. This shows a decrease of 3.4% from 16.4% in the previous year.

    Net Income

    Furthermore, FAMI reported a net income of $2.36 million (188% YOY growth) in fiscal 2021, against $0.81 million in the previous year. Resultantly, the net income per basic and diluted share was $0.02 in fiscal 2021, against $0.07 in fiscal 2020.

    Cash Balance

    At the end of the year, the company had $59.25 million in cash balance and $24.47 million in accounts receivable balance.

    FAMI’s Latest International Order

    On January 18, the company notified its subsidiary’s follow-on international product order. Zhejiang Farmmi Biotechnology Co., Ltd., which is a subsidiary of FAMI received another follow-on order from the company’s long-term customers. As per the order, the company’s products will be exported to Vancouver, Canada.

    Conclusion

    With the containment of the major pandemic situation in China, FAMI was able to build on its sales and brand image for continued growth. Hence, the company reported record revenue for fiscal 2021, making the stock soar in the after-hours on Wednesday.

  • Farmmi Inc. ( FAMI) stock declines during pre-market trading session. Here’s to know why?

    Farmmi Inc. (NASDAQ: FAMI) stock showed a gain of 1.45% in the last trading session while in pre-market trading on Monday the FAMI stock was down by 11.43%. Farmmi is well-known supplier company of agricultural products, deals with the processing and retail of Shiitake mushrooms, Mu Er mushrooms, and other edible fungi.

    What is happening?

    Recently on March 19, FAMI made an announcement that they are planning to present ordinary shares for sale in an underwritten public offering and through this offering whatever net amount FAMI will generate would be used to fulfill the needs of general corporate and working capital. Farmmi cannot tell of whether or when the offering will be completed because of the reliance of this offering on market conditions. Also, Aegis Capital Corp. is working as the only book-running manager of the offering. This could might be the reason behind change that’s happening in FAMI stock price.

    Other Recent Developments

    • On March 2, Zhejiang Forest Food Co., a subsidiary of the Company, announced the shipment of a new order of shiitake mushrooms to one of its long-term customers who have several channels, with over 100 retail stores in China and Canada and a significant export business. The order was for two types of shiitake mushrooms.
    • FAMI on March 15, announced that its subsidiary Zhejiang Forest Food Co. has received a new multi-product order for its different and flavorous dried whole and sliced mushrooms, as well as dried black fungus. Farmmi’s products will be exported to the United States by “The customer” which is a trading company that supplies major global hotel and supermarket chains such as the STANFORD hotel chain and the H-MART supermarket chain.