Dogness Half Year Ended December 31, 2023 Revenue $6.7M VS $10.4M YoY
Portfolio Pulse from Benzinga Newsdesk
Dogness reported a significant decrease in revenue for the half year ended December 31, 2023, with total revenue dropping to $6.7M from $10.4M YoY. The decline was across both domestic and international markets, with intelligent pet products seeing the largest decrease. Despite reduced costs, gross profit and net loss worsened, reflecting challenges in pricing and competition.
April 18, 2024 | 8:48 pm
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Dogness' revenue fell to $6.7M from $10.4M YoY in H2 2023, with a notable decline in intelligent pet products sales and increased net loss despite lower operating expenses.
The significant revenue decline, especially in intelligent pet products, and the increased net loss despite reduced operating expenses, suggest a challenging market environment for Dogness. The decrease in both domestic and international sales, along with a drop in gross profit margin, indicates potential short-term pressure on the stock price.
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