Farmmi, Inc.
Farmmi, Inc. is a U.S.-listed agricultural products company focused on edible mushrooms, including shiitake and mu er, as well as other farm and processed food products. The company also provides logistics and supply chain services in the United States through its operating activities and distribution channels.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueFresh, processed, and marketed mushroom products such as shiitake and mu er.
Additional farm and food products sold through the company’s distribution channels.
Sale of agricultural products through established retail and distribution networks.
Support services related to moving and managing products in the United States.
Customers
Farmmi sells to customers reached through established distribution channels, which suggests a mix of wholesalers, distributors, retailers, and other food buyers. The company’s product mix is tied to demand for edible mushrooms and other agricultural foods, while its logistics services support customers that need handling and supply chain execution in the U.S.
Buy edible mushrooms and other agricultural products for onward sale through food channels.
Purchase Farmmi products through established channels for consumer-facing resale or use.
Use the company’s U.S. logistics and supply chain services to move products efficiently.
Strategy
Farmmi’s business model centers on selling agricultural products through established distribution channels while supporting those flows with logistics services. Its strategic position depends on maintaining product supply, customer concentration management, and the ability to move edible mushrooms and other agricultural goods efficiently.
A small number of customers drives a large share of sales and receivables, so diversification reduces volatility.
Efficient handling and delivery are important for agricultural products and can support customer retention.
Agricultural products are exposed to weather, disaster, and operational disruptions that can interrupt inventory flow.
Geography
Farmmi is a U.S.-listed company with operations tied to the United States and broader agricultural sourcing and distribution activity. Its report disclosures highlight U.S. logistics and supply chain services, while the edible mushroom business and distribution model imply a supply chain that can span production, processing, and sales locations.
Risks
Farmmi faces meaningful customer concentration risk because a small number of buyers account for a large share of sales and receivables. Its agricultural and logistics activities are also exposed to supply disruptions, perishability, weather events, and uninsured losses, all of which can affect operations and cash collection.
- Customer concentrationImpact: CriticalLikelihood: High
A single major customer represented 57.9% of sales and 98.7% of receivables in the latest interim period.
Exposure - Supply chain and operational disruptionImpact: HighLikelihood: Medium
Agricultural products can be affected by transportation issues, perishability, and disruptions in sourcing or distribution.
Exposure: Inventory flow and order fulfillment
- Weather and catastrophe exposureImpact: HighLikelihood: Medium
The company disclosed risks from natural disasters, extreme weather, health epidemics, and other catastrophic incidents.
Exposure: Operations and sales continuity
- Uninsured lossesImpact: HighLikelihood: Medium
Operating entities reportedly lack broad business interruption or product liability insurance.
Exposure: Unexpected loss events and financial recovery
Accounting
Judgemental itemsSales are tied to product shipments and distribution activity, so timing of delivery and acceptance can affect period revenue.
Impact: Reported sales and quarterly comparability
Receivables are highly concentrated with one customer, increasing credit exposure and potential allowance needs.
Impact: Bad debt expense and working capital
The company reviews machinery and other long-lived assets for recoverability when conditions change.
Impact: Potential impairment charges
Outstanding warrants and other instruments require valuation and can affect equity or earnings depending on classification.
Impact: Balance sheet and earnings volatility
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Last updated: 28/09/2026