Dogness Reports Financial Results for Fiscal Year Ended June 30, 2023

Revenue from climbing hooks and other products remained at approximately $1.8 million in fiscal 2023 and 2022. Revenue from traditional pet products decreased by approximately $3.1 million, or 27.4%, from approximately $11.4 million in fiscal 2022, to approximately $8.3 million in fiscal 2023, primarily reflecting a decreased average selling price per unit. Revenue from intelligent pet products decreased by approximately $6.1 million, or 45.1%, from approximately $13.5 million in fiscal 2022 to approximately $7.4 million in fiscal 2023, primarily reflecting a decrease in sales volume and average selling price per unit.

Total sales in international markets decreased by approximately $3.3 million or 22.6% to approximately $11.3 million in fiscal 2023, from approximately $14.5 million in fiscal 2022. The decrease in international sales was the result of the soft landing of the world economy post-pandemic, due in part to inflation and interest rate hikes in the United States. Domestic sales decreased by approximately $6.2 million or 49.6% from approximately $12.6 million in fiscal 2022 to approximately $6.3 million in fiscal 2023. The decrease was mainly due to a decrease in customer orders caused by intense competition in the domestic market.

Cost of revenues decreased by approximately $3.0 million, or 17.9%, from approximately $17.0 million in fiscal 2022 to approximately $13.9 million in fiscal 2023. As a percentage of revenues, the cost of revenue increased by approximately 16.6 percentage points, reaching 79.2% in fiscal 2023 from 62.6% in fiscal 2022, due to increases in labor costs and raw materials prices. The decreased cost of revenue was the result of lower sales volume.

Gross profit decreased by approximately $6.5 million or 63.9%, to approximately $3.7 million in fiscal 2023 from approximately $10.1 million in fiscal 2022, primarily attributable to the decreased average selling price of our intelligent pet products. Overall gross profit margin was 20.8%, a decrease of 16.6 percentage points, as compared to 37.4% in fiscal 2022, caused by increased cost of revenue as a percentage of revenues.

Net loss attributable to Dogness was approximately $7.5 million in fiscal 2023, as compared to net income of approximately $3.0 million in fiscal 2022. The net loss was the result of decreased sales and gross profit, as well as increased operating expenses.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness' technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com.

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the "safe harbor" under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding lingering effects of the Covid-19 pandemic on our customers' businesses and end purchasers' disposable income, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

For investor and media inquiries, please contact:

Wealth Financial Services LLC
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)

DOGNESS (INTERNATIONAL) CORPORATION
STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
(All amounts in USD)
		For the Years Ended June 30,
		2023				2022				2021
Revenues - third party customers		$	15,884,281			$	24,882,618			$	23,112,435
Revenues - related parties			1,700,173				2,212,579				1,207,686
Total revenues			17,584,454				27,095,197				24,320,121
Cost of revenues - third party customers			(12,760,852)				(15,654,952)				(14,501,166)
Cost of revenues - related parties			(1,162,314)				(1,301,180)				(663,742)
Total cost of revenues			(13,923,166)				(16,956,132)				(15,164,908)
Gross profit			3,661,288				10,139,065				9,155,213
Operating expenses:
Selling expenses			2,478,163				2,077,174				1,815,771
General and administrative expenses			9,800,714				6,742,687				4,941,036
Research and development expenses			913,078				917,227				540,613
Loss from disposal of property, plan and equipment			15,306				327,921				-
Total operating expenses			13,225,261				10,065,009				7,297,420
(Loss) income from operations			(9,564,973)				74,056				1,857,793
Other income:
Interest expense, net			(330,824)				(370,108)				(264,408)
Foreign exchange transaction gain (loss)			800,403				246,211				(228,260)
Other income, net			112,109				115,016				215,233
Rental income from related parties, net			295,362				173,089 Werbung Mehr Nachrichten zur Dogness Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 09:17 - PR Newswire Global Alpha Capital Management Ltd - Form 8.3 - Keywords Studios plc 04:20 - PR Newswire Capital Gearing Trust Plc - Total Voting Rights 02.06.24 - dpa-AFX WDH/ROUNDUP 4/Mit Helis und Booten: Süddeutschland kämpft gegen die Fluten Importverbot für Uran    Hammernachricht im Uran-Superzyklus weiterlesen» Anzeige wo-site-teaser-box-17145_site-teaser-box_2024-06-03_07%253A00%253A00_2024-06-04_09%253A00%253A59