Farmmi, Inc.FAMI

Farmmi Inc. reported $28.0 million of revenue for the year ended 30 September 2025 in its 20-F filing, but the $53.1 million net loss and $56.1 million operating loss turned the income statement into a red-ink soufflé. Earnings per diluted share clocked in at minus $28.92, which is roughly what you’d pay for a single share after the company’s PR team finishes its next round of ‘strategic storytelling.’ The balance sheet still shows $147.0 million of assets, including $124.1 million of shareholders’ equity, but the cash story is less pretty: $52.5 million of operating cash flow was almost entirely consumed by the operating loss, leaving investors to wonder which part of the business is generating the cash.

The company’s business is described in its filings as agricultural product sales via entities such as Guoning Zhonghao, Farmmi Eco-Agriculture, and Baitong Trade, alongside a 315,000-square-foot logistics base in Chino, California, launched in July 2024. Nongyuan Network is said to operate e-commerce websites for the company’s PRC subsidiaries through contractual arrangements, but the filings do not disclose customer names, revenue from those contracts, or even whether the websites are still live. The company also sold its Zhejiang Farmmi Biotechnology subsidiary to Lishui Damushan Tea in June 2025, a disposal that may have trimmed the asset base but left the ‘biotechnology’ label unexplained in the subsequent filings.

Farmmi’s 20-F discloses $28.0 million of revenue, $-53.1 million of net income attributable to the parent, $-56.1 million of operating income, $147.0 million of total assets, $23.2 million of liabilities, $124.1 million of shareholders’ equity, $52.5 million of net cash provided by operating activities, $16,667 of capex, $1.5 million of inventory, and a decrease in inventories of $-3.7 million, all for the period ending 30 September 2025. Diluted EPS was $-28.92 on 1.8 million diluted shares, a capital structure that looks more like a pre-Series A startup than a mature agri-logistics concern. The company’s 6-K on 6 July 2026 confirms the agricultural product sales via Guoning Zhonghao and others, the Chino logistics base, and the Nongyuan Network contractual e-commerce arrangement, but does not quantify revenues, margins, or customer concentration.

Over the past month, Farmmi filed a 6-K on 6 July 2026, a Schedule 13G on the same day, and multiple 424B5 prospectus supplements on 17, 29 and 30 June 2026, all available on SEC EDGAR. The 424B5 filings document the sale of the Zhejiang Farmmi Biotechnology stake and repeat the company’s description of its agricultural sales and logistics base in Chino, but none of the filings quantify the financial impact of the disposal or the logistics operation. The company’s SEC submissions JSON and companyfacts JSON contain the same disclosures without adding material new data.

There is no TradingView route supplied in the evidence, so no chart can be reproduced here; the public filings are the only documented source for the company’s financials and operations. If you want a price chart, go to TradingView’s FAMI page and set your own parameters-just don’t expect the filings to justify the move.

What changed in the past month is mostly filing trail: a 6-K disclosure, a 13G filing, and three prospectus supplements, all restating the same business description and announcing one disposal (the biotech subsidiary). What remains unproven is whether the Chino logistics base is cash-flow positive, whether the agricultural sales entities are growing or shrinking, and whether the e-commerce contracts generate material revenue. If Farmmi files an updated 20-F with quantified segment revenues, a customer list for the logistics base, or trailing-twelve-month cash-flow statements, the file would deepen materially. Until then, the story is what the filings say-and what they leave out.