Farmmi, Inc. (FAMI), a company that processes and sells agricultural products in several different countries, has soared 24.34% during the premarket trading session and consequently is trading at $0.25 at the time of the writing. The surge could be attributed to the announcement of robust revenues for fiscal 2021. On Wednesday, the stock had a decline of 1.79% during the regular trading session and closed the day at $0.20.
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FAMI FY2021 Operational Results
In the late hours of Wednesday, FAMI released the operational results for the fiscal year 2021, which ended on 30th September 2021. The company generated net revenue of $39.29 million during the year against $28.36 million for the fiscal year 2020. The gross profit for the period stood at $5.11 million against $4.65 million for the fiscal year 2020. The net income attributable to the common shareholders of the company for the year was estimated to be $2.36 million (or $0.02 per basic and diluted share) against $0.81 million (or $0.07 per basic and diluted share) for fiscal 2020.
Alongside the operational results, FAMI also released the financial results for the 12 month period ended 30th September 2021. The cash balance of the company was $59.25 million on the said date. The advances to the supplier as of the said date were $66.72 million. On the said date, the accounts receivable balance of the company was $24.47 million.
Ms. Yefang Zhang, Farmmi’s Chairwoman and CEO of FAMI, while commenting said that the company has unveiled its ambitious diversification and growth strategy during the month of September 2021. The strategy is designed to deliver greater opportunities for revenue as well as for-profit growth. The company is working on building a strong platform. Looking ahead, the company is focused to close the gap between its valuation and the Company’s compelling fundamentals.
Future Outlook for FAMI
During the last three months, FAMI stock has declined by more than 40%. The decline could be attributed to both company-specific and market-related factors. Moving ahead, analysts believe that there are no positive signals for the stock at the moment, hence, they are holding a negative evaluation of the stock, i.e. it is expected to decline further during upcoming weeks.