Dogness revenue up 39.5% to $20.7M, loss narrows to $5.1M. Stock down 75%. Founder started from shoelace factory. Pet tech boosts hopes.

Dogness, a pet product seller, has seen a 39.5% increase in revenue to $20.7 million in its fiscal year through June, while its loss narrowed by 15.8% to $5.1 million. The company's shares have dropped by 75% since the start of the year despite strong growth in smart products. Chen Silong, the founder, started the company in 2008 after previously working in industries like shoelace production and carabiners. The rise of China's pet economy, especially among millennials and GenZ, has driven demand for pet products. The company went public in 2017 and saw success in 2022 due to the pandemic's effect on pet adoption. However, recent declines in revenue and share prices have affected Dogness negatively. With the emergence of high-tech pet products, there is potential for the company's recovery as shown in its latest annual results.