Business
Farmmi Reports Record Company Full Year 2022 Revenue
152.5% Increase in Full Year 2022 Revenue Compared to Full Year 202159% of Revenue Generated from New Growth Segments6.4% Expansion in Full Year 2022 Gross
About this update from Farmmi, Inc. Ordinary Shares
[{"type":"text","content":"152.5% Increase in Full Year 2022 Revenue Compared to Full Year 202159% of Revenue Generated from New Growth Segments6.4% Expansion in Full Year 2022 Gross Profit Compared to Full Year 2021$163.8 Million in Total Assets at September 30, 2022LISHUI, China, Feb. 13, 2023 /PRNewswire/ -- Farmmi, Inc. (\"Farmmi\" or the \"Company\") (NASDAQ: FAMI), an agricultural products supplier in China, today announced its financial results for the fiscal year ended September 30, 2022, 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 are very pleased with the 152.5% increase in revenue we achieved for the full year 2022, which represents a new record revenue level for Farmmi. Our results are even more impressive given the significant impact on our operations COVID-19 has had since January 2020. With the reopening of China and economies around the world, we are cautiously optimistic about a return to normal activities, which we believe would be another positive demand catalyst for Farmmi. Overall, we are pleased with the performance of our new agricultural segments, which provide us with important diversification and open attractive new long-term growth opportunities. Our team has continued to do an excellent job supporting our customers worldwide, while navigating a challenging supply chain and logistics environment. We are hopeful that with the global reopening, we will also see a benefit from a normalization in our supply chain, freight and transport costs, which would collectively be a considerable driver to our gross margin and profit expansion.\"\nLooking forward, Ms. Yefang Zhang, Farmmi's Chairwoman and CEO, added, \"For Farmmi, we believe that the future of agriculture is not just about feeding the world, but about creating a world where all can thrive. The growth of the agriculture industry holds the key to unlocking new opportunities, creating jobs, reducing poverty, and protecting our natural resources. We are focused on leveraging our significant competitive advantages, which include, our sophisticated quality control system, established supplier relationships, stable and experienced factory employees, and favorable location. As we continue to innovate and expand, and by embracing new technologies, sustainable practices, and cross-border pa...