Farmmi Business Summary

Farmmi, Inc. (FAMI) is an agricultural technology enterprise and investment holding company that generates revenue primarily through the processing and sale of edible fungi and the trading of bulk agricultural commodities. The company’s business model is currently undergoing a significant strategic pivot from capital-intensive Chinese mushroom processing toward asset-light supply chain services in North America. Its primary business segments include Edible Fungi (shiitake and mu er mushrooms), Agricultural Trading (cotton, corn, and tapioca), and a newly established U.S. Logistics and Warehousing division, which as of fiscal year 2025 accounted for approximately 26% of total revenue. Direct competitors include Steakholder Foods (STKH), Top Wealth Group (TWG), Blue Star Foods (BSFC), and Stryve Foods (SNAX). Within this competitive landscape, Farmmi positions itself as a small-cap player leveraging its legacy agricultural network to capture higher-margin opportunities in the international logistics and e-commerce supply chain sectors. The company was co-founded in 2003 by the husband-and-wife team of Yefang Zhang and Zhengyu Wang. Yefang Zhang serves as the current Chairwoman and CEO, bringing over three decades of food industry experience and a leadership pedigree that includes her role as Chairwoman of Tantech Holdings Ltd. Zhimin Lu has served as the Chief Financial Officer since February 2024, following a career in supply chain finance at major trading firms such as Shanghai Yunmihui. Co-founder Zhengyu Wang remains a key Director, contributing extensive operational expertise from his leadership of the Forasen Group. While the company is over 99% retail-owned, notable institutional shareholders include SBI Securities Co. Ltd., UBS Group AG, and Bank of America Corp. The board is further supported by independent directors with specialized backgrounds, such as Dr. Hui Ruan, an associate professor of food science at Zhejiang University.