Dogness (International) Corporation (DOGZ) shares surged 10.31% in after-market on Monday, June 14, 2021, and closed the day at $2.14 per share. Earlier, DOGZ’s stock lost 5.37% in Monday’s normal session and closed at $1.94. DOGZ shares have risen 12.14% over the last 12 months, and they have moved up 17.58% in the past week. Over the past three months, the stock has lost 2.51%, while over the past six months, it has added 4.86%.
Dogness Smart Pet Products in Costco
On June 10, 2021, Dogness Corporation announced that Costco Wholesale Corporation will feature Dogness in its new Little Rock, AR, and Moore, OK stores, with a larger-scale rollout planned for October to prepare for the 2021 holiday season. The new stores will feature Dogness smart pet products including its Smart Treat Dispenser, Smart Water Fountain Plus, and Smart Cam iPet Robot.
Recent financial results
On June 4, 2021, Dogness Corporation released its unaudited financial results for the six months ended December 31, 2020.
Financial highlights for the six months
- Dogness Corporation reported revenue of $12.2 million for the six months ended December 31, 2020, compared to $11.5 million for the same period last year.
- The cost of revenues was approximately $7.5 million for six months ended December 31 2020 compared to $7.7 million for six months ended December 31
- Gross profit was approximately $4.8 million for the six months ended December 31, 2020, compared to $3.8 million for the six months ended December 31. 2019.
- As of December 31, 2020, the Company had a $2.3 million balance of cash and short-term investments.
Large Order from Petco
OnMay 27, 2021, Dogness International Corporation received a large follow-on order from Petco, expanding the availability of the Company’s 6L programmable automatic dog/cat feeders across Petco’s 1,600 retail stores.
The exceptional surge in China e-commerce sales
On April 8, 2021, Dogness announced that its e-commerce sales in China have increased 24 times due to its new smart pet product line for the calendar year 2020, as compared to the calendar year 2019.
Silong Chen, Chairman and Chief Executive Officer of DognessSilong Chen said that Dogness established itself as a leading brand for pet parents seeking innovative, high-quality products, including our expanded line of enhanced pet IoT solutions and smart products.
New Smart GPS Pet Tracker
On March 2, 2021, Dogness launched the new state-of-the-art smart GPS pet tracker boasting real-time positioning with pinpoint accuracy. The company is looking for initial delivery in the second quarter of 2021.
The GPS tracker has a built-in 4G SIM card for high location accuracy and speed. It comes with standard Qi fast and wireless charging support and also its new high-capacity battery provides more than a week of operation per charge
The closing of share sales offer
On January 20, 2021, Dogness Corporation announced the closing sales offer of,455,130 common shares for $2.15 and Class A warrants to purchase an aggregate of 1,727,565 common shares. The offer will raise approximately $7.4 million in gross proceeds from the sale which will be used for working capital and general business purposes.
The Class A and placement agent warrants are exercisable at $2.70 per share.
Well, as of this writing there is no recent news that could justify its turnaround in the after-market on Monday.