Dogness (DOGZ) Reports Wider Loss Despite Lower Annual Net Loss

In a recent report, Dogness (International) Corp disclosed a net loss of $6.06 million for the fiscal year ending June 30, 2024. Although the loss narrowed from the previous year, revenue declines raise concerns about the company's performance in the intelligent pet product segment.

Date: 17-10-2024

AI Rating: 5

Dogness (International) Corp (DOGZ) revealed a net loss of $6.06 million, which is an improvement compared to a net loss of $7.2 million from the previous year. This indicates a reduction in losses, resulting in a loss per share of $0.55, improving from $0.68.

However, the overall revenue for the year fell by 15.6%, amounting to $14.8 million, down from $17.6 million in fiscal 2023. This decline is primarily driven by a significant drop in sales of intelligent pet products, which decreased by 40.8% to $4.4 million.

Additionally, revenue from traditional pet products saw a slight increase of 8.7% to $9.0 million. Still, the overall decline in sales raises concerns regarding the company's performance in a competitive market. The revenue from climbing hooks and other products reduced by 25.0% to $1.4 million, and dyeing services accounted for a minimal revenue of $0.1 million.

Domestic sales were significantly affected, declining by 24.4% to around $4.8 million, while international sales fell by 10.6% to $10.1 million. This trend emphasizes a pressing need for Dogness to innovate and improve product offerings to regain market share.

Stocks: DOGZ