Revenue has plummeted by 57.3% year-over-year, while gross margins have compressed to a negligible -0.1%, indicating a failure to maintain profitability in its commodity-focused business model.
| Sales/Revenue | 27.97M | 64.13M | 110.36M | 99.21M | 39.29M | 30.17M | 30.84M | 29.82M | 26.67M | 20.72M | 11.41M |
| Revenue Growth % | -56.38% | -41.89% | 11.24% | 152.52% | 30.24% | -2.19% | 3.43% | 11.83% | 28.72% | 81.62% | - |
| Cost of Goods Sold | 27.17M | 60.26M | 106.08M | 93.78M | 34.18M | 25.2M | 25.42M | 24.75M | 22.14M | 17.37M | 9.69M |
| COGS % of Revenue | 97.13% | 93.96% | 96.12% | 94.52% | 87% | 83.54% | 82.42% | 83.01% | 83.03% | 83.86% | 84.92% |
| Gross Profit | 801.52K | 3.87M | 4.29M | 5.44M | 5.11M | 4.96M | 5.42M | 5.07M | 4.52M | 3.34M | 1.72M |
| Gross Margin % | 2.87% | 6.04% | 3.88% | 5.48% | 13% | 16.46% | 17.58% | 16.99% | 16.97% | 16.14% | 15.08% |
| Gross Profit Growth % | -79.31% | -9.64% | -21.17% | 6.44% | 2.92% | -8.44% | 7% | 12% | 35.32% | 94.41% | - |
| Operating Expenses | 48.05M | 3.08M | 2.25M | 4.5M | 2.26M | 2.86M | 2.39M | 1.99M | 1.06M | 474.36K | 387.87K |
| OpEx % of Revenue | 171.78% | 4.8% | 2.03% | 4.53% | 5.74% | 9.49% | 7.74% | 6.67% | 3.96% | 2.29% | 3.4% |
| Selling, General & Admin | 2.94M | 2.66M | 2.25M | 4.44M | 3.13M | 1.97M | 2.39M | 1.99M | 1.06M | 474.36K | 387.87K |
| SG&A % of Revenue | 10.5% | 4.15% | 2.03% | 4.47% | 7.97% | 6.54% | 7.74% | 6.67% | 3.96% | 2.29% | 3.4% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 45.11M | 418.66K | 0 | 57.17K | -875.09K | 890.93K | -1.88K | 0 | 0 | 0 | 0 |
| Operating Income | -47.25M | 795.68K | 2.04M | 942.37K | 2.85M | 1.12M | 920.88K | 3.08M | 3.47M | 2.87M | 1.33M |
| Operating Margin % | -168.91% | 1.24% | 1.85% | 0.95% | 7.26% | 3.71% | 2.99% | 10.32% | 13.01% | 13.85% | 11.68% |
| Operating Income Growth % | -6038% | -61.02% | 116.62% | -66.97% | 154.63% | 21.67% | -70.08% | -11.28% | 20.9% | 115.41% | - |
| EBITDA | -43.96M | 1.38M | 2.33M | 1.31M | 2.92M | 1.19M | 967.66K | 3.1M | 3.49M | 2.89M | 1.35M |
| EBITDA Margin % | -157.16% | 2.16% | 2.11% | 1.32% | 7.44% | 3.93% | 3.14% | 10.41% | 13.09% | 13.94% | 11.86% |
| EBITDA Growth % | -3275.4% | -40.61% | 77.9% | -55.15% | 146.39% | 22.53% | -68.81% | -11.12% | 20.87% | 113.54% | - |
| D&A (Non-Cash Add-back) | 3.29M | 588.66K | 289.55K | 367.88K | 68.42K | 65.23K | 46.78K | 24.89K | 21.94K | 18.89K | 20.53K |
| EBIT | -47.25M | -2.94M | 3.51M | 2.29M | 2.51M | 1.26M | -188.47K | 3.08M | 3.49M | 2.83M | 1.32M |
| Net Interest Income | -702.5K | -1.75M | -1.6M | 334.56K | -40.29K | -1.26M | -3.31M | -153.67K | -208.85K | -250.26K | -262.98K |
| Interest Income | 10.52K | 3.89K | 743.86K | 516.87K | 33.58K | 183 | 635 | 731 | 311 | 475 | 446 |
| Interest Expense | 713.01K | 1.75M | 2.34M | 182.3K | 73.87K | 1.26M | 3.31M | 154.4K | 209.16K | 250.73K | 263.43K |
| Other Income/Expense | -6.14M | -5.42M | 815.93K | 1.16M | -419.51K | -1.17M | -3.3M | 160.4K | -193.09K | -290K | -271.92K |
| Pretax Income | -53.39M | -4.63M | 2.86M | 2.11M | 2.43M | 848.79K | -276.44K | 3.24M | 3.28M | 2.58M | 1.06M |
| Pretax Margin % | -190.86% | -7.22% | 2.59% | 2.12% | 6.19% | 2.81% | -0.9% | 10.86% | 12.29% | 12.45% | 9.3% |
| Income Tax | 42 | 264 | 313.49K | -118.37K | 25.57K | 35.33K | 34.56K | 9.06K | 5.79K | 269.37K | 299.31K |
| Effective Tax Rate % | -0% | -0.01% | 10.97% | -5.62% | 1.05% | 4.16% | -12.5% | 0.28% | 0.18% | 10.44% | 28.23% |
| Net Income | -53.1M | -4.65M | 2.54M | 2.22M | 2.36M | 823.61K | -311K | 3.22M | 3.27M | 2.31M | 760.85K |
| Net Margin % | -189.83% | -7.26% | 2.3% | 2.24% | 6% | 2.73% | -1.01% | 10.81% | 12.27% | 11.17% | 6.67% |
| Net Income Growth % | -1040.76% | -282.98% | 14.38% | -5.7% | 186.35% | 364.82% | -109.65% | -1.51% | 41.36% | 204.15% | - |
| Net Income (Continuing) | -53.39M | -4.63M | 2.54M | 2.22M | 2.41M | 1.08M | -218.28K | 3.23M | 3.27M | 2.31M | 760.85K |
| Discontinued Operations | 0 | 0 | 0 | 0 | -51.35K | -253.69K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -260.43K | 26.91K | 0 | 0 | 916.51K | 869.98K | 839.05K | 875.37K | 896.58K | 895.5K | 0 |
| EPS (Diluted) | -28.92 | -0.66 | 3.60 | 9.18 | 0.55 | 1.25 | -0.67 | 7.21 | 7.00 | 4.95 | 1.63 |
| EPS Growth % | -4281.82% | -118.33% | -60.78% | 1569.09% | -56% | 286.57% | -109.29% | 3% | 41.41% | 203.68% | - |
| EPS (Basic) | -28.92 | -0.66 | 8.41 | 9.18 | 0.55 | 1.25 | -0.67 | 7.21 | 7.00 | 4.95 | 1.63 |
| Diluted Shares Outstanding | 1.84M | 7.05M | 8.45M | 23.25M | 4.18M | 649.79K | 467.15K | 446.95K | 467.2K | 467.2K | 467.2K |
| Basic Shares Outstanding | 1.84M | 7.05M | 3.63M | 23.25M | 4.11M | 649.79K | 467.15K | 446.95K | 467.2K | 467.2K | 467.2K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and solvency crisis
As indicated by the most recent quarterly filings, Farmmi's revenue has plummeted by 57.3% year-over-year, marking a sustained period of contraction that suggests the company is rapidly losing its competitive foothold within the specialized agricultural export market and failing to scale its digital platform initiatives.
The consistent double-digit revenue declines over the past several quarters suggest that the company's transactional wholesale model is struggling to maintain relevance in a competitive environment. This trend implies that the firm's reliance on fragmented mushroom growers may be failing to provide the necessary volume to sustain operations.
Based on the latest financial data, Farmmi's gross margin has compressed to a negligible -0.1%, reflecting a business model that functions more like a low-margin commodity broker than a value-added processor, leaving virtually no cushion to absorb operational volatility or fluctuations in regional mushroom procurement costs.
The inability to maintain positive gross margins suggests a complete lack of pricing power, likely exacerbated by the company's position as a middleman in a highly fragmented supply chain. Investors should monitor whether the company can shift toward higher-margin processed goods, as the current structure appears fundamentally incapable of generating sustainable returns.
According to reported income statements, the company's operating margin has deteriorated to -168.91%, demonstrating a severe lack of operating leverage where administrative overhead has ballooned relative to a shrinking revenue base, effectively eroding any potential for operational self-sufficiency in the current high-cost, low-volume environment.
The massive disparity between revenue and operating expenses suggests that the company's fixed cost structure is entirely misaligned with its current scale. This indicates that management's attempts to pivot toward e-commerce have not yet yielded the necessary efficiency gains to offset the decline in core wholesale operations.
While the company's financial performance suggests a distressed entity, some observers might argue that the value lies in its established export licenses and Lishui sourcing network, though the current $804,000 cash balance, as noted in recent filings, leaves little room for a turnaround strategy.
The primary risk remains that the company is not a growth-oriented e-commerce player but a declining commodity broker facing a liquidity crunch. The market may be overestimating the value of its intangible assets while underestimating the immediate threat posed by the rapid depletion of working capital.
Quick answers to the most common questions about buying FAMI stock.
For fiscal year 2025, Farmmi, Inc. (FAMI) reported total revenue of $28.0M. This represents a 145.2% increase compared to $11.4M in 2015.
Farmmi, Inc. (FAMI) reported a net loss of $53.1M for the fiscal year ending 2025.
Farmmi, Inc. (FAMI) reported an operating income of $-47.2M, resulting in an operating profit margin of -168.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Farmmi, Inc. (FAMI) generated $0.8M in gross profit for the year, representing a gross profit margin of 2.9%. This demonstrates the company's core pricing power and production efficiency.