Business
Farmmi Reports Record Company First Half 2023 Revenue and Net Income
44% Increase in First Half 2023 Revenue Compared to First Half 2022Over 54% of Revenue Generated from New Trading Segment369% Increase in Net Income in First
About this update from Farmmi, Inc. Ordinary Shares
[{"type":"text","content":"44% Increase in First Half 2023 Revenue Compared to First Half 2022Over 54% of Revenue Generated from New Trading Segment369% Increase in Net Income in First Half 2023 Compared to First Half 2022$162 Million in Total Shareholders' Equity as of March 31, 2023LISHUI, China, Aug. 31, 2023 /PRNewswire/ -- Farmmi, Inc. (\"Farmmi\" or the \"Company\") (NASDAQ: FAMI), an agriculture products supplier in China, today announced its unaudited financial results for the six months ended March 31, 2023, with record revenue generated by new growth segments.\n\n \n \n \n \n \n \n\n \nMs. Yefang Zhang, Farmmi's Chairwoman and CEO, commented, \"We delivered record company revenue and net income in a very challenging supply chain and logistics environment while bolstering our cash balance to support our business expansion. We remain focused on our core agricultural segments, which we continue to view as long-term growth drivers due to our strong market position, global reach and multiple demand catalysts, including the increased adoption of fungi as part of a healthy diet and more nutritional cooking. As the hype around laboratory-engineered meat substitutes has died down, increasing numbers of people are turning to fungi, which taste great and are ideal to eat given they are a vitamin and nutritious dense, natural food. We are also pleased with the steady progress in our newer trading business, with the addition of new segments including tapioca and cornstarch, to our corn and cotton trading. We are building out a scalable platform in order to most efficiently match suppliers and customers. Given the new nature of this business it can be lumpy and less predictable but longer-term we believe it will become an even more important part of our business as we continue to focus on growth and building value for shareholders.\"\nLooking forward, Ms. Zhang added, \"Through our dedicated efforts we have put the Company firmly on track for annual revenue growth in 2023. This is another important benchmark for us as we work to leverage our global brand and customer network to drive revenue growth. We have been executing in a difficult market environment, characterized by business closures, supply chain disruptions, and higher costs, which combined to create overall unfavorable headwinds for our business. Our efforts to expand into new revenue segments, incl...