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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.
On March 23, 2023, Dogness (International) Corporation (NASDAQ: DOGZ) received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as its Class A common shares closed below $1.00 for 30 consecutive trading days. The company has a 180-day compliance period, expiring on September 18, 2023, to rectify this situation. If the closing bid price remains above $1.00 for at least 10 consecutive trading days during this period, Nasdaq will confirm compliance. Failure to comply may lead to an additional 180-day grace period for the Company.
On January 23, 2023, Dogness (NASDAQ: DOGZ) reported a substantial rebound in pet product sales in Australia, benefiting from post-COVID market recovery. Sales to Australia more than doubled compared to the previous year, with the Australian pet market estimated to reach $3.9 billion in 2023. The company continues to grow through established partnerships and expanded distribution channels. CEO Silong Chen expressed optimism for 2023, emphasizing the company's commitment to high-quality pet products. Major customers include Petco, PetSmart, Costco, and online platforms like Amazon and Boqii.
Dogness (NASDAQ: DOGZ), based in Plano, Texas, announced its expansion into protective cold weather pet apparel due to increased demand from European customers. The initial shipment aims to address the urgent needs of pets in colder climates exacerbated by rising utility costs in the EU. CEO Silong Chen emphasized the importance of ensuring pet safety during winter and highlighted the use of high-tech materials in their new apparel line. Dogness maintains a broad sales platform, including partnerships with major retailers like Walmart and Target, enhancing its market presence.
On December 23, 2022, Dogness (International) Corporation (NASDAQ: DOGZ) received notification from NASDAQ confirming that it has regained compliance with the minimum bid price requirement outlined in Listing Rule 5450(a)(1). This compliance issue is now resolved. Founded in 2003, Dogness specializes in a diverse range of pet products, including smart and hygiene products, with a robust vertical supply chain and R&D capabilities, boasting over 200 patents.
Dogness (International) Corporation (NASDAQ: DOGZ) has received a notification from Nasdaq stating that it is not in compliance with the minimum bid price requirement, as its Class A shares closed below $1.00 for 30 consecutive trading days. The Company has until May 31, 2023, to regain compliance, which includes maintaining a closing bid price of at least $1.00 for 10 consecutive trading days. If non-compliance persists, Dogness may qualify for an additional 180-day grace period. The shares will continue to trade on Nasdaq during this compliance period.
Dogness (International) Corporation (NASDAQ: DOGZ), based in Plano, Texas, announced that a major retailer has chosen one of its tailored product sets. The company expects to finalize specifications and order quantities soon. This partnership follows a prior expansion of Dogness products in the retailer's stores, demonstrating strong relations and reliability in delivery. CEO Silong Chen highlights the significance of this win, aiming for further North American growth and potential global expansion. Dogness's diverse product line reaches customers through major retailers and online platforms.
Dogness reported an 11.5% revenue increase to $27.1 million for the fiscal year ending June 30, 2022, primarily driven by a 73% surge in sales of intelligent pet products, which reached $13.5 million. Despite a 20.2% decline in traditional pet product sales, total international sales rose 36.8%. Net income more than doubled to $3.2 million or $0.10 per share. However, a $3.2 million foreign currency loss impacted overall results. The firm’s cash balance grew to $16.7 million, offering strong liquidity for future growth.
Dogness (International) Corporation (NASDAQ: DOGZ) announced an update from Argus Research on its Equity Research Report. The report highlights Dogness' return to profitability in fiscal 2021, driven by a surge in pet ownership due to the COVID-19 pandemic. The company achieved 27% revenue growth in fiscal 2021 and 48% in the first half of fiscal 2022, with a notable increase in sales of smart pet products. As of December 31, 2021, Dogness had $7.1 million in cash and raised over $17 million in equity offerings in 2022, positioning it well for growth amid a favorable long-term outlook in the pet care industry.
Dogness (International) Corporation (NASDAQ: DOGZ) has announced a strategic partnership with Xiuhu, a prominent pet store chain in China, to enhance its retail distribution. This collaboration will feature Dogness' innovative pet products, including Smart GPS Trackers and Bluetooth-enabled leashes, across over 200 Xiuhu stores. Following the launch of 25 new products in Q1 2022, this partnership aims to capitalize on the growing demand for intelligent pet products, expanding Dogness' market presence and fostering sustainable retail growth.
Dogness (NASDAQ: DOGZ) announced its Intelligent Pet products achieved Top 3 rankings for CAM Feeders on JD.com and Taobao during China's major 618 shopping holiday. This success follows a strategic shift in the second half of 2021 to emphasize higher-margin intelligent products. Notable innovations include the Dogness F10 CAM feeder, featuring a 1080P camera for monitoring pet feeding. Chairman Silong Chen highlighted a 192% sales growth in intelligent products for H2 2021, expressing optimism about ongoing growth opportunities.
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