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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 (International) Corporation (NASDAQ: DOGZ) announced that its Discover Smart GPS Pet Tracker is now the 2nd most popular product in its category in China, just three weeks after launch. The tracker offers real-time positioning, long battery life, and advanced features like activity monitoring and virtual fences. Following its success in China, the company plans to expand to key global markets including North America, South America, Europe, and Japan. Chairman Silong Chen expressed confidence in the product's long-term sales potential and innovation in pet IoT solutions.
Dogness (International) Corporation (NASDAQ: DOGZ) announced an expansion of cooperation with a leading eCommerce company in China, which has over 500 million active customers. CEO Silong Chen expressed confidence in this partnership, emphasizing its role in enhancing logistics and supply chain efficiency. Dogness has built an integrated sales platform across various channels, including major customers like Petco and Walmart, as well as online platforms such as Amazon. The company focuses on quality products aimed at pet owners, supported by a strong vertical supply chain.
Dogness (International) Corporation (NASDAQ: DOGZ) announced that Argus Research has updated its Equity Research Report on the company. Key highlights include a return to profitability in fiscal 2021, driven by a 27% revenue growth, largely due to increased demand for smart pet products. Smart products now constitute 32.1% of revenues, contributing to a gross margin of 37.6%. The company has expanded its sales channels, partnering with major retailers like Target and Walmart. As of June 30, 2021, Dogness held $5.5 million in cash, along with $4 million raised in a recent equity offering.
Dogness (International) Corporation (NASDAQ: DOGZ) announced the successful completion of deliveries of its pet products to two leading warehouse retailers, marking a significant rollout across the U.S. The company is recognized for high-quality, durable pet-tech products. CEO Silong Chen highlighted the team's efforts to overcome supply chain challenges, ensuring timely delivery and contributing to a positive holiday shopping experience. Dogness has established a robust sales platform encompassing multiple major retailers and online platforms, positioning itself strongly in the pet products market.
Dogness (International) Corporation (NASDAQ: DOGZ) announced its pet products will be featured on a major retailer's TV shopping programs, potentially reaching millions daily. CEO Silong Chen highlighted this exposure as pivotal, likening it to the 'Super Bowl of retailing.' The company's products target both the intelligent pet-tech and traditional pet markets. Dogness boasts an extensive sales platform, serving customers like Petco, Walmart, and Amazon, with over 200 patents. The PR also mentions forward-looking statements regarding risks linked to market conditions and operational growth.
Dogness (International) Corporation (NASDAQ: DOGZ) has achieved a significant milestone by completing over $1 million in pet-tech shipments to a major U.S. retailer in preparation for the holiday season. The retailer will feature Dogness’ Smart CAM Treater in its holiday gift guide. CEO Silong Chen highlighted the increasing adoption of smart technologies in the retail sector and a 15% increase in order size. Dogness focuses on enhancing pet lifestyles through innovative products and maintains a robust supply chain to meet high customer demand.
Dogness reported a 26.9% year-over-year revenue increase to $24.3 million for the fiscal year ended June 30, 2021, driven by an 81.4% surge in intelligent pet product sales. Gross profit rose 282.8% to $9.1 million, resulting in a gross margin of 33.1%. The company achieved comprehensive income of $6.2 million, a stark recovery from a loss of $10.3 million the previous year. Earnings per share improved to $0.05 from a loss of $0.33. Despite challenges from global logistics, Dogness is optimistic about future growth.
Dogness (International) Corporation (NASDAQ: DOGZ) announced its partnership expansion with Boqii Holding Limited (NYSE: BQ) on September 23, 2021. This collaboration will allow Boqii to offer a range of Dogness' intelligent pet-tech products, such as Smart Fountains and Smart Feeders, in addition to its traditional offerings. The partnership highlights Dogness' commitment to enhancing pet health and quality of life. The company has a robust sales platform, with major clients including Petco, Walmart, and Amazon, aimed at leveraging Boqii's market presence in China's fast-growing pet sector.
Dogness (International) Corporation (NASDAQ: DOGZ) announced the closure of an offering with institutional investors, raising approximately $3.96 million through the sale of 2,178,120 common shares at $1.82 per share. In addition, 174,249 warrants were issued to the placement agent. The net proceeds will be utilized for working capital and general business purposes. FT Global Capital acted as the exclusive placement agent. The offering's registration was filed with the SEC, ensuring compliance with relevant securities laws.
Dogness (International) Corporation (NASDAQ: DOGZ) has announced a registered direct offering of approximately $3.96 million in Class A common shares at $1.82 per share. The total issuance amounts to 2,178,120 shares, expected to be completed by July 19, 2021. Proceeds will support general working capital. This offering utilizes the Company's effective shelf registration statement with the SEC, and FT Global Capital acted as the exclusive placement agent.
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