Dogness Corp (NASDAQ:DOGZ) stock is trading slightly higher in the opening session on Friday.
Market Action
In the opening session, DOGZ stock gained by 1% at $1.71. The stock has traded 167K shares, well below its average volume of 609K shares. The stock opened at $1.70 and moved in a range of $1.6821 – 1.7157.
Dogness Reports First Half Fiscal Year 2021 Financial Results
- Revenue for the six months ended December 31, 2020 increased 6.7% to $12.2 million from approximately $11.5 million for same period last year. The increase in revenue was primarily attributable to higher sales of the Company’s smart pet products.
- Gross profit increased by approximately $1.0 million or 26.7%, to approximately $4.8 million for the six months ended December 31, 2020 from approximately $3.8 million for the six months ended December 31. 2019. Overall gross profit margin was 39.1%, an increase of 6.2 percentage points, as compared to 32.9% for the six months ended December 31, 2019.
- Comprehensive income was approximately $5.0 million or $0.03 per basic and diluted share for the six months ended December 31, 2020, compared to a loss of $1.2 million or a loss of $0.01 per basic and diluted share for the six months ended December 31, 2019.
- The Company had a $2.3 million balance of cash and short-term investments as of December 31, 2020. This does not include approximately $7.4 million in gross proceeds from the Company’s offering with institutional investors, which closed on January 20, 2021. Over the last 18 years, Dogness has been an innovation leader, which gives the Company a distinct competitive advantage. The Company took another major step forward with the grand opening of its new high-tech headquarters in November 2020. The new Dogness headquarters, based in Dongguan, China, features an expansive 30,000 square meter high-tech campus, with dedicated state-of-the-art facilities for manufacturing, R&D, sales and marketing, IoT platform, warehousing and logistics, and more.
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