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Dogness (International) Corporation (NASDAQ: DOGZ) is a globally recognized developer and manufacturer of fashionable and high-quality pet products for both dogs and cats. Established in 2003 and headquartered in Dongguan, China, the company offers a diverse range of products including pet leashes, collars, harnesses, retractable leashes, and various intelligent pet products designed for convenience and pet well-being.
The company's intelligent pet products, such as app-controlled feeders, water fountains, and smart pet toys, are at the forefront of pet care innovation. Dogness also manufactures climbing hooks, pet shampoos, and other miscellaneous pet accessories. Their products are sold worldwide through a network of wholesalers and retailers, reaching markets in Mainland China, the United States, Europe, Australia, Canada, Japan, and more.
Dogness has a vertically integrated supply chain and invests significantly in research and development, holding over 200 patents and patents pending. Despite fierce competition and economic challenges, the company remains focused on expanding its market presence by developing new high-tech products and enhancing production efficiency. Recently, Dogness has implemented cost-saving measures and is exploring mergers and acquisitions to strengthen its industrial chain and improve profitability.
For the fiscal year ending June 30, 2023, Dogness reported a revenue decrease of approximately $9.5 million, or 35.1%, primarily due to reduced sales in both domestic and international markets. The company is addressing these challenges by leveraging online sales channels and targeting younger consumers with innovative smart pet products.
On November 6, 2023, Dogness announced a 1-for-20 share consolidation to comply with Nasdaq Marketplace Rule 5550(a)(2). This strategic move aims to maintain their Nasdaq listing by adjusting the authorized shares and par value. Moving forward, Dogness is committed to enhancing its brand identity, improving profit margins, and ensuring long-term growth through strategic initiatives.
Dogness (NASDAQ: DOGZ) reported financial results for the fiscal year ended June 30, 2024, showing a 15.6% revenue decline to $14.8 million. The company faced challenges due to intense competition and the ongoing China-US trade dispute. Gross profit decreased by 14.7% to $3.1 million, primarily due to lower sales volumes in intelligent pet products. However, the gross profit margin improved slightly to 21.0% from 20.8% in fiscal 2023. Dogness effectively reduced selling expenses by $1.3 million and general and administrative expenses by $2.0 million. The net loss improved by 18.8%, decreasing from $7.5 million in fiscal 2023 to $6.1 million in fiscal 2024. The company is focusing on leveraging strengths in traditional pet products, exploring new product lines, and committing to sustainability in its R&D efforts.
Dogness (NASDAQ: DOGZ) has completed a $5.0 million private placement through the sale of 2,000,000 Class A common shares at $2.50 per share. These shares were sold to non-U.S. purchasers under a securities purchase agreement signed on May 9, 2024. The shares are exempt from registration under the Securities Act of 1933, relying on Regulation S, meaning they can't be sold without registration or an applicable exemption. This move raises significant capital but also includes restrictions on share resale.
Dogness announced its entry into a US$5.0 million private placement transaction, selling 2,000,000 Class A common shares for US$2.50 per Share to certain non-U.S. purchasers. The transaction is exempt from registration under the Securities Act of 1933 and is subject to customary closing conditions.
Dogness (International) Corporation reported its unaudited financial results for the six months ending December 31, 2022, indicating a challenging period amid macroeconomic factors. Total revenue dropped by approximately
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