Farmmi Inc
farmmi.comWhat Do They Do?
Sells dried mushrooms and other agricultural products to distributors and food businesses, and provides warehousing and logistics services.
20-F for FY2025, filed Feb 10, 2026
How Do They Make Money?
Customers pay fixed prices, usually in advance or within six months on credit, for agricultural products and certain services. The company also earns revenue as it provides outbound delivery and storage services.
20-F for FY2025, filed Feb 10, 2026
$28M
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20-F for FY2025, filed Feb 10, 2026
$28M ↗
Who Are Their Customers?
Most products go through domestic distributors in China, which resell them in China and abroad; exports also go through Chinese trading companies. The company also sells mushroom products to restaurants, cafeterias and local specialty stores.
20-F for FY2025, filed Feb 10, 2026We distribute our products mainly through distributors. We sell most of our products to domestic distributors in China, which then sell in…View ↗
The majority of our export items are dried Shiitake and dried Mu Er. They are sold to international markets through a related party…View ↗
We also sell our mushroom products to restaurants and cafeterias. In addition, we provide our mushroom products to local specialty stores…View ↗
20-F for FY2025, filed Feb 10, 2026
For the year ended September 30, 2025, two major customers accounted for approximately 68% and 22% of the Company’s total sales. For the…View ↗
Do Revenues Turn Into Profits?
Not on paper. It lost $53.1M in FY2025, but brought in more cash than it spent: $52.4M of free cash flow.
20-F for FY2025, filed Feb 10, 2026
−$56.1MView ↗
20-F for FY2025, filed Feb 10, 2026
−$53.1MView ↗
20-F for FY2025, filed Feb 10, 2026
$52.4MView ↗
How Are They Changing?
Shrinking. Revenue fell 29% in 4 years, from $39.3M in FY2021 to $28M in FY2025, about 8% a year.
Online retail
The older report described Farmmi Jicai as targeting centralized procurement and Farmmi Liangpin Market as targeting direct retail; the latest report says both online stores have closed.
20-F for FY2022, filed Feb 13, 2023 20-F for FY2025, filed Feb 10, 2026August 2018: Farmmi Liangpin Market (www.farmmi.com/www.farmmi88.com) was restructured as two online stores: Farmmi Jicai…View ↗
August 2018: Farmmi Liangpin Market (www.farmmi.com/www.farmmi88.com) was restructured as two online stores: Farmmi Jicai…View ↗
Who Do They Compete With?
Competes with Zhejiang Jingning Nature Food and Zhejiang Tianhe Food
20-F for FY2025, filed Feb 10, 2026One of our key competitors is Zhejiang Jingning Nature Food Co. Ltd (“Jingning”), also in Lishui. Founded in 1987, Jingning has a facility…View ↗
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