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Farmmi, Inc. does not grow its own mushrooms. It buys dried fungi from family farms and cooperatives, then sorts, processes and packages them at its facilities. Shiitake and black wood-ear mushrooms provide most of its revenue. Most product buyers are distributors in China, which supply supermarkets, produce sellers and foodservice businesses in China and abroad.
A substantial second business provides U.S. customers with warehousing, cargo handling and delivery services, including shipping individual orders. This business is still in its early stages. Farmmi also buys and resells agricultural commodities such as corn and cotton when it finds opportunities to match suppliers with customers; this is now a smaller revenue source.
Yunmihui supplies most of Farmmi’s total revenue, and Lil Republic is another key customer, making their orders and payments important to the business. Farmmi also relies on a small group of suppliers. It agrees mushroom selling prices before purchasing supplies, so higher procurement costs can squeeze margins. Its Chinese food operations require production and distribution licenses and compliance with food-safety rules.
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Farmmi’s results hinge on Chinese demand for dried fungi, orders and payment from Yunmihui—which accounted for 68.1% of fiscal 2025 sales—and the economics of its expanding U.S. warehousing and delivery business.
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