Farmmi, Inc.

What they do

Farmmi operates in the canned, fruits, vegetables, preserves, jams and jellies sector and reports annual financials under U.S. GAAP. Its principal executive offices are located at Fl 1, Building No. 1, 888 Tianning Street, Liandu District, Lishui, Zhejiang Province, PRC. The company files annual reports on Form 20-F and is not a shell company.

Revenue drivers

• Agricultural product sales — The 20-F excerpt provided does not break out revenue by segment or product line; the company's reported annual revenue is the only revenue figure available in the source material.
• Processed fruit and vegetable products — The company's SIC classification (Canned, Fruits, Veg, Preserves, Jams & Jellies) indicates processed agricultural goods are part of the business, but no specific product-level revenue is disclosed in the provided excerpt.
• Fresh produce distribution — The filing excerpt does not contain a breakdown between fresh and processed product revenue; total annual revenue figures are the only segment-level data provided.

Recent performance

Farmmi reported annual revenue of $28.0 million for fiscal 2025, down from $64.1 million in 2024, $110.4 million in 2023, $99.2 million in 2022, and $39.3 million in 2021. Net income was a loss of $53.1 million in 2025, compared to a loss of $4.7 million in 2024, and net income of $2.5 million, $2.2 million, and $2.4 million in 2023, 2022, and 2021, respectively. Diluted EPS was negative $28.92 in 2025, negative $7.88 in 2024, and positive $3.61, $0.77, and $4.51 in 2023, 2022, and 2021. Operating cash flow was $52.5 million in 2025, compared to negative $16.8 million in 2024, negative $75.8 million in 2023, positive $20.6 million in 2022, and negative $52.9 million in 2021. At September 30, 2025, total assets were $147.0 million, total liabilities were $23.2 million, shareholder equity was $124.1 million, cash and equivalents were $804,098, and long-term debt was $1.8 million.

Strategy

The provided excerpt from the Form 20-F does not include management's discussion of strategy, investments, or priorities. No forward-looking guidance or strategic initiatives are described in the available source material. The only stated forward-looking language is the standard cautionary note that actual results may differ materially from forward-looking statements due to risks and uncertainties.

Risks

• Revenue concentration and decline — Farmmi's revenue has fallen for two consecutive years, from $110.4 million in 2023 to $64.1 million in 2024 and $28.0 million in 2025, indicating a significant contraction in its business.
• Net losses and profitability — The company reported a net loss of $53.1 million in 2025 and $4.7 million in 2024, reversing prior years of profitability, with diluted EPS of negative $28.92 in 2025.
• Low cash relative to operating needs — Cash and equivalents were only $804,098 as of September 30, 2025, against total liabilities of $23.2 million.
• Foreign private issuer and PRC operations — As a Cayman Islands company with operations in the PRC, Farmmi is subject to regulatory, political, and economic risks associated with doing business in China, though specific risk factors are not detailed in the provided excerpt.

Outlook

The provided excerpt from the Form 20-F does not include management's outlook or guidance for future periods. No statement about anticipated revenue, earnings, or strategic direction is present in the available source material. The only forward-looking language is a standard disclaimer that actual results may differ materially from forward-looking statements.