Dogness (International) Corporation announced its financial results for the fiscal year ended June 30, 2024, reporting a decrease in total revenues and a continued net loss. Revenues declined by approximately $2.7 million, or 15.6%, reaching $14.8 million in fiscal 2024, down from $17.6 million in fiscal 2023. This reduction was primarily driven by a significant $3.0 million decrease in sales of intelligent pet products.
The company's net loss improved by approximately $1.4 million, or 18.8%, decreasing from $7.5 million in fiscal 2023 to $6.1 million in fiscal 2024. Despite the overall revenue decline, the gross profit margin saw a slight improvement to 21.0% in fiscal 2024, up from 20.8% in the prior year, attributed to a shift towards lower-cost traditional pet products.
Sales of intelligent pet products fell by 40.8% to $4.4 million, while traditional pet products revenue increased by 8.7% to $9.0 million. Dogness also reported reductions in selling expenses by $1.3 million and general and administrative expenses by $2.0 million, reflecting efforts to enhance operational efficiency during a challenging market period.
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