Subsequently, the company raised $4 million in gross proceeds from an equity offering in July 2021. As of June 30, 2021, Dogness had $5.5 million in cash and short-term investments on its balance sheet.Thus, we expect Dogness to continue its evolution into a higher-margin technology-focused pet product company with a diversified global footprint, and to capitalize on favorable long-term global trends in the pet care industry as pet owners return to offices and require mobile pet monitoring and care.retailers including Target, Petco, IKEA, and Walmart, and online platforms including Amazon and, which we think should ease customer concentration risk. We expect this momentum to continue, as Dogness has established new and expanding partnerships with leading U.S. During fiscal 2021, Dogness expanded availability across multiple sales channels, including online, specialty stores, big box warehouse clubs, and general retail.Given its higher margins compared to the traditional pet product line, fiscal 2021 gross margin rose to 37.6%, levels not seen since 2018. The smart line made up 32.1% of revenues in fiscal 2021, up from just 8% in two years. We are encouraged by the companyвЂ™s 27% revenue growth in fiscal 2021 and demand trends for the smart product portfolio.Dogness has benefitted from a surge in demand related to increased pet ownership during the COVID-19 pandemic and increased momentum for its core product line, led by higher-margin smart pet products. In our view, DognessвЂ™ successful execution of its business plan led the company back to profitability in fiscal 2021, which ended on June 30, 2021.Highlights, as conveyed by Argus Analyst Steve Silver, include: 15, 2021 /PRNewswire/ - Dogness (International) Corporation (вЂњDognessвЂќ or the вЂњCompanyвЂќ) (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products, today announced that Argus Research, an independent investment research firm, updated its Equity Research Report coverage on Dogness.

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