Dogness Reports Financial Results for the Six Months Ended December 31, 2024

Core Viewpoint - Dogness (International) Corporation reported strong financial results for the six months ended December 31, 2024, with significant revenue growth and improved operational efficiency, indicating progress towards profitability [2][4]. Financial Performance - Revenue for the six months ended December 31, 2024, reached approximately $12.1 million, an increase of 81.1% from about $6.7 million in the same period of 2023 [2][4]. - Gross profit rose by approximately $2.1 million, or 160.7%, from about $1.3 million in 2023 to around $3.4 million in 2024, with an improved gross profit margin of 28.3% [13]. - Net loss decreased by approximately $1.4 million, or 43.2%, from about $3.2 million in 2023 to approximately $1.8 million in 2024 [18]. Revenue Breakdown - Revenue from traditional pet products increased by approximately $1.1 million, or 29.4%, from about $3.6 million in 2023 to approximately $4.7 million in 2024 [6]. - Revenue from intelligent pet products grew by approximately $2.3 million, or 103.5%, from around $2.2 million in 2023 to roughly $4.5 million in 2024 [7]. - Revenue from climbing hooks and other products increased by about $2.1 million, or 277.9%, from roughly $0.8 million in 2023 to about $2.9 million in 2024 [8]. Sales Performance - Total international sales rose by about $3.4 million, or 75.9%, from approximately $4.5 million in 2023 to about $8.0 million in 2024 [10]. - Domestic sales increased by about $2.0 million, or 92.0%, from around $2.1 million in 2023 to approximately $4.1 million in 2024 [11]. Cost Management - Cost of revenues increased by $3.3 million, or 61.6%, from approximately $5.4 million in 2023 to approximately $8.7 million in 2024, but as a percentage of revenues, it decreased by approximately 8.7 percentage points to 71.7% [12]. Future Outlook - Dogness aims to accelerate product innovation, expand its global market presence, and drive cost efficiencies, including plans to acquire smaller pet product manufacturers in China [3].