Farmmi Inc. (FAMI) shares declined 4.26% in after-hours on Tuesday, August 03, 2021, and closed the daily trading at $0.45 per share. in the regular trading on Tuesday, FAMI’s stock gained 15.48%. The stock volume remained 52.59 million shares, which was higher than the average daily volume of 19.27 million shares within the past 50 days. FAMI shares have fallen 32.66% over the last 12 months, and they have moved up 26.51% in the past week. Over the past three months, the stock has gained 3.98%, while over the past six months, it has shed 62.10%.
Let’s have a look at its recent news and developments.
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FAMI recent financial results announcement
On August 2, 2021, Farmmi, Inc (FAMI) announced its financial results for the six months ended March 31, 2021.
Financial highlights of the first half of 2021
- FAMI reported revenue of 79 million for the first half of 2021, compared to $13.58 million for the first half of 2020.
- The cost of revenues was $14.80 million for the six months ended March 31, 2021, compared to $11.47 million for the six months ended March 31, 2020.
- In the first half of 2021, gross profit was $2.99 million compared to $2.11 million in the first half of 2020.
- Net income in the first six months of 2021 was $1.36 million compared to a net loss of $0.06 million for the six months ended March 31, 2020.
- The company had a cash balance of $16.0 million, with total current assets of $46.1 million on March 31, 2021.
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FAMI subsidiary received the new order
On June 25, 2021, Zhejiang Forest Food Co Ltd, which is a subsidiary of Farmmi Inc (FAMI) won a new product order of dried black fungus from a long-term customer. The customer will export Farmmi’s products to Vancouver, Canada.
FAMI new investment
On June 23, 2021, Farmmi, Inc (FAMI) signed a strategic investment and cooperation agreement through its subsidiary Farmmi (Hangzhou) Enterprise Management Co., Ltd., with Sigma Holding (Hangzhou) Co., Ltd and Hangzhou Xuyue Interactive Culture and Media Co., Ltd. The strategic investment and cooperation agreement signal Farmmi’s active expansion into the distribution network of agricultural products.
The partners will jointly invest in establishing a new urban distribution company with initial registered capital of RMB 20 million before September 30, 2021. Farmmi will invest RMB 5 million, accounting for 25% of the total registered capital of the new company.
FAMI product export order to Israel
On June 15, 2021, Farmmi, Inc further expanded its international footprint by getting another follow-up, multi-product order for export to Israel. This latest sales win is for dried whole and sliced Shiitake mushrooms, and dried black fungus by its subsidiary, Zhejiang Forest Food Co., Ltd.
The stock surged in the morning session due to the financial result announced a day ago but there was no reason whatsoever for its decline in the after-market session.