Farmmi, Inc. (FAMI) stock popped high today following the announcement of additional multi-Product sales win. FAMI stock price saw a push of 17.57% to reach $0.27 a share at the time of this writing. The stock was also green in the previous trade and went high by 14.09% at closing. Farmmi, Inc operates by selling agricultural products in China, United States, and in many countries across the globe. Let’s dig in to explore more about this stock.
According to a recent announcement, FAMI stock’s subsidiary Zhejiang Forest Food Co., Ltd has received an additional multi-product for export to Israel. Farmmi will export dried black fungus, dried whole, and sliced Shiitake mushrooms under this agreement.
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A week ago, FAMI stock did receive the new products order for its popular dried whole Shiitake mushrooms. The mushrooms will be exported to Southwest Asia.
Public Offering by FAMI stock:
On September 15, 2021, FAMI stock announced the closing of an underwritten public offering of ordinary shares and pre-funded warrants to buy ordinary shares. The gross proceeds under this offering were approximately $81 million before deducting underwriter discounts and offering related expenses. Farmmi offered 368,261,717 ordinary shares at $0.22 per share price. The company is anticipating using net proceeds for general corporate purposes as well as capital expenditures.
Financial View of FAMI stock:
Back on August 2, 2021, FAMI stock announced first half 2021 financial results according to which
- FAMI stock generated $17.79 million in revenue for the six months ended June 30, 2021. The revenue increased by 31.0% as compared to $13.58 million revenue in the same tenure of the previous year.
- The stock reported $14.80 million in cost of revenue for the first half of 2021. The previous year’s cost of revenues for the same tenure was $11.47 million.
- Gross profit reached $2.99 million in the first half of 2021 representing an increase of 41.6% from the same tenure of the previous year.
- General and administrative expenses increased by 103.4% from the first half of 2020 to reach $1.68 million in the first half of 2021.
FAMI stock is not only benefitting from the traditional geographies but also expanding its business via the development of new markets. Moreover, the company is keen to strengthen its competitive and financial position in order to outperform in the future. The management anticipated earlier that its sales momentum will continue to grow in the future. If we look upon per-share price, the stock has lost 78% in the last six months and almost 76%