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Recon Technology, Ltd Reports Financial Results for the First Six Months of Fiscal Year 2025

BEIJING, April 1, 2025 /PRNewswire/ — Recon Technology, Ltd (NASDAQ: RCON) (“Recon” or the “Company”), a China-based independent solutions integrator in the oilfield service and environmental protection, electric power and coal chemical industries, today announced its financial results for the first six months of fiscal year 2025.

First Six Months of Fiscal 2025 Financial Highlights:

  • Total revenue decreased to RMB42.1 million ($5.8 million) for the six months ended December 31, 2024, from RMB45.3 million ($6.2 million) for the same period in 2023.
  • Gross profit increased to RMB13.4 million ($1.8 million) for the six months ended December 31, 2024, from RMB12.1 million ($1.7 million) for the same period in 2023.
  • Gross margin increased to 31.7% for the six months ended December 31, 2024 from 26.7% for the same period in 2023.
  • Net loss was RMB20.7 million ($2.8 million) for the six months ended December 31, 2024, a decrease of RMB2.4 million ($0.3 million) from net loss of RMB23.1 million ($3.2 million) for the same period of 2023.

For the Six Months Ended

December 31,

(in RMB millions, except earnings per share; differences due

 to rounding)

2024

2023

Increase /(Decrease)

Percentage Change

Revenue

RMB

42.1

RMB

45.3

RMB

(3.2)

(7.0)

%

Gross profit

13.4

12.1

1.3

10.3

%

Gross margin

31.7

%

26.7

%

18.7

%

Net loss

(20.7)

(23.1)

(2.4)

(10.3)

%

Net loss per share – Basic and diluted

(2.29)

(8.27)

5.98

(72.3)

%

 

Management Commentary

Mr. Shenping Yin, Founder and CEO of Recon, said, “For the six months ended December 31, 2024, our oilfield customers’ production continued to increase, and demand for our automation and oilfield specialized equipment also increased, with corresponding revenue and gross profit both rising and improving. However, our revenue as a whole declined slightly due to fluctuations in demand from some of our new businesses and customers. We anticipate a steady rebound in our business and operating quality, particularly in our two core segments: digital solutions and oilfield environmental protection. As China’s oil service companies are in a stage of development driven by customers’ rising demand for stable production and supply and technology upgrades, we will continue to increase our investment in technology and continue to improve our long-term corporate competitiveness. In addition, our ongoing project to build a chemical recycling plant for low-value plastics made a significant breakthrough during the period. We have successfully obtained the necessary qualifications for the production and commencement of construction of the plant, which is scheduled to begin in April 2025 and enter the formal production phase in the second half of 2025.”

First Six Months Fiscal 2025 Financial Results:

Revenue

Total revenues for the six months ended December 31, 2024 were approximately RMB42.1 million ($5.8 million), a decrease of approximately RMB3.2 million ($0.4 million) or 7.0% from RMB45.3 million ($6.2 million) for the same period in 2023.

  •  Revenue from automation product and software increased by RMB3.4 million ($0.5 million) or 19.2%. For the six months ended December 31, 2024, the increase in revenue from automation products and software is primarily due to the growing market demand for automated operations.
  • Revenue from equipment and accessories decreased by RMB2.2 million ($0.3 million) or 12.2%. For the six months ended December 31, 2024, revenues from the heating furnace category increased by RMB1.9 million compared to the same period in 2023, driven by our oilfield customers’ expanded production capacity. Revenues from equipment used in the offshore oilfield category decreased by RMB3.3 million, primarily due to reduced demand from our customers. We anticipate an overall increase in revenues from offshore customers in 2025.
  • Revenue from oilfield environmental protection decreased by RMB5.3 million ($0.7 million) or 66.2%, primarily due to the expiration of Gansu BHD’s hazardous waste operation permit during the six-month period ending December 31, 2024. As a result, no revenue was recorded. The company is currently engaged in the active application process for the renewal of relevant qualifications. Besides, some customers request and we agreed to a lower price for a portion of our wastewater business in order to establish a long-term relationship, resulting in a decrease in revenue from that portion of the business.
  • Revenue from platform outsourcing services increased by RMB1.0 million ($0.1 million) or 53.7%. The increase was mainly due to the rise in transaction volumes of diesel users and the higher settlement rates with freight trading platforms clients.

Cost of revenue

Cost of revenues decreased from RMB33.2 million ($4.5 million) for the six months ended December 31, 2023 to RMB 28.7 million ($3.9 million) for the same period in 2024.

  • For the six months ended December 31, 2023 and 2024, cost of revenue from automation product and software was approximately RMB14.0 million and RMB12.4 million ($1.7 million), respectively, representing a decrease of approximately RMB1.6 million ($0.2 million) or 11.8%. The decrease in cost of revenue from automation product and software was primarily attributable to the proportion of operation and maintenance services, which have lower costs.
  • For the six months ended December 31, 2023 and 2024, cost of revenue from equipment and accessories was approximately RMB12.8 million and RMB11.2 million ($1.5 million), respectively, representing a decrease of approximately RMB1.6 million ($0.2 million) or 12.7%. The costs of the furnace business increased in this period due to the corresponding increase in revenue, whereas the costs of the offshore oilfield customers decreased in line with the decreased revenue, resulting in a reduced total cost of sales.
  • For the six months ended December 31,2023 and 2024, cost of revenue from oilfield environmental protection was approximately RMB6.0 million and RMB4.9 million ($0.7 million), respectively, representing a decrease of approximately RMB1.1 million ($0.2 million) or 19.4%. The decrease in the cost of revenue from oilfield environmental protection was in line with decrease in revenue.
  • For the six months ended December 31,2023 and 2024, cost of revenue from platform outsourcing services remained stable at RMB0.3 million ($0.05 million).

Gross profit

Gross profit increased to RMB13.4 million ($1.8 million) for the six months ended December 31,2024 from RMB12.1million ($1.7 million) for the same period in 2023. Our gross profit as a percentage of revenue increased to 31.7% for the six months ended December 31, 2024 from 26.7% for the same period in 2023.

  • For the six months ended December 31, 2023 and 2024, our gross profit from automation product and software was approximately RMB3.5 million and RMB8.5 million ($1.2 million), respectively, representing an increase in gross profit of approximately RMB5.0 million ($0.7 million) or 143.2%. The increase in gross margin was primarily due to the elevated proportion of high-margin service businesses.
  • For the six months ended December 31, 2023 and 2024, gross profit from equipment and accessories was approximately RMB5.1 million and RMB4.5 million ($0.6 million), respectively, representing a decrease of approximately RMB0.6 million ($0.1 million) or 10.9 %. The gross margin for equipment and accessories has remained relatively stable in this period.
  • For the six months ended December 31, 2023 and 2024, gross profit from oilfield environmental protection was approximately RMB2.0 million and negative RMB2.1 million (negative $0.3 million), respectively, representing a decrease of RMB4.1 million ($0.6 million), or 204.8%. The main reason for the decrease in gross margin is that one of our customers reduced the settlement price.
  • For the six months ended December 31, 2023 and 2024, gross profit from platform outsourcing services was approximately RMB1.5 million and RMB2.4 million ($0.3 million), respectively, representing an increase of approximately RMB0.9 million ($0.1 million), or 63.8%, primarily due to the increase in the settlement rate.

Operating expenses

Selling expenses increased by 13.9%, or RMB0.7 million ($0.1 million), from RMB4.6 million for the six months ended December 31, 2023 to RMB5.2 million ($0.6 million) in the same period of 2024.

General and administrative expenses increased by 9.1%, or RMB2.0 million ($0.3 million), from RMB22.0 million for the six months ended December 31, 2023 to RMB24.0 million ($3.3 million) in the same period of 2024.

The Company also recorded allowance for credit losses of RMB1.6 million for the six months ended December 31, 2023 as compared to allowance for credit losses of RMB0.9 million ($0.1 million) for the same period in 2024.

Research and development expenses increased by 50.3%, or RMB3.4 million ($0.5 million) from RMB6.8 million for the six months ended December 31, 2023 to RMB10.2 million ($1.4 million) for the same period of 2024.

Loss from operations

Loss from operations was RMB26.9 million ($3.7 million) for the six months ended December 31, 2024, compared to a loss of RMB22.8 million for the same period of 2023. This RMB4.1 million ($0.6 million) increase in operating losses was mainly driven by higher operating expenses, as previously discussed.

Change in fair value of warrant liability

The Company classified the warrants issued in connection with common share offering as liabilities at their fair value and adjusted the warrant instrument to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in our statement of operations. Loss in fair value changes of warrant liability was RMB1.9 million and RMB0.01 million ($0.001 million) for the six months ended December 31, 2023 and 2024, respectively. The primary reason for the decrease of loss in the fair value of the warrant liability was that on December 14, 2023, we redeemed an aggregate of 17,953,269 warrants (equivalent to 997,404 warrants post the 2024 Reverse Split) from the Sellers.

Interest income

Net interest income was RMB6.6 million ($0.9 million) for the six months ended December 31, 2024, compared to net interest income of RMB10.4 million for the same period of 2023. The RMB3.8 million ($0.5 million) decrease in net interest income was primarily due to the collection of loans to third parties and coupled with a reduction in interest rates for new loans.

Other income (expenses), net.

Other net expenses was RMB0.4 million ($0.1 million) for the six months ended December 31, 2024, compared to other net expenses of RMB8.6 million for the same period of 2023, the RMB8.2 million ($1.1 million) decrease in other net expenses was primarily due to a decrease of RMB0.1million($0.02 million) in subsidy income  and a decrease in other expenses of RMB8.5 million ($1.2 million) which was partially offset by an increase loss from foreign currency of RMB0.2 million ($0.03 million). The decrease in other expenses, as we accrued RMB8.5 million ($1.2 million) estimated liability based on the potential for future significant transaction compensation in contracts to repurchase investor warrants during the six months ended December 31, 2023. For the six months ended December 31, 2024, we do not have this situation.

Net loss

As a result of the factors described above, net loss was RMB20.7 million ($2.8 million) for the six months ended December 31, 2024, a decrease of RMB2.4 million ($0.3 million) from net loss of RMB23.1 million for the same period of 2023.

Cash and short-term investment

As of June 30, 2024, we had cash in the amount of approximately RMB110.0 million ($15.1 million) and short-term investment in bank fixed income product of approximately RMB88.1 million ($12.1 million). As of December 31, 2024, we had cash in the amount of approximately RMB145.3 million ($19.9 million) and short-term investment in bank fixed income product of approximately nil.

About Recon Technology, Ltd (“RCON”)

Recon Technology, Ltd (NASDAQ: RCON) is the People’s Republic of China’s first NASDAQ-listed non-state owned oil and gas field service company. Recon supplies China’s largest oil exploration companies, Sinopec (NYSE: SNP) and The China National Petroleum Corporation (“CNPC”), with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. Through the years, RCON has taken leading positions within several segmented markets of the oil and gas filed service industry. RCON also has developed stable long-term cooperation relationship with its major clients. For additional information please visit: http://www.recon.cn/

Forward-Looking Statements

Recon includes “forward-looking statements” within the meaning of the federal securities laws throughout this press release. A reader can identify forward-looking statements because they are not limited to historical fact or they use words such as “scheduled,” “may,” “will,” “could,” “should,” “would,” “expect,” “believe,” “anticipate,” “project,” “plan,” “estimate,” “forecast,” “goal,” “objective,” “committed,” “intend,” “continue,” or “will likely result,” and similar expressions that concern Recon’s strategy, plans, intentions or beliefs about future occurrences or results. Forward-looking statements are subject to risks, uncertainties and other factors that may change at any time and may cause actual results to differ materially from those that Recon expected. Many of these statements are derived from Recon’s operating budgets and forecasts, which are based on many detailed assumptions that Recon believes are reasonable, or are based on various assumptions about certain plans, activities or events which we expect will or may occur in the future. However, it is very difficult to predict the effect of known factors, and Recon cannot anticipate all factors that could affect actual results that may be important to an investor. All forward-looking information should be evaluated in the context of these risks, uncertainties and other factors, including those factors disclosed under “Risk Factors” in Recon’s most recent Annual Report on Form 20‑F and any subsequent half-year financial filings on Form 6‑K filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by the cautionary statements that Recon makes from time to time in its SEC filings and public communications. Recon cannot assure the reader that it will realize the results or developments Recon anticipates, or, even if substantially realized, that they will result in the consequences or affect Recon or its operations in the way Recon expects. Forward-looking statements speak only as of the date made. Recon undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances arising after the date on which they were made, except as otherwise required by law. As a result of these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements included herein or that may be made elsewhere from time to time by, or on behalf of, Recon.

 

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(UNAUDITED)

As of June 30,

As of December 31,

As of December 31,

2024

2024

2024

RMB

RMB

US Dollars

ASSETS

Current assets

Cash

¥

109,991,674

¥

145,284,391

$

19,903,880

Restricted cash

848,936

8,123

1,113

Short-term investments

88,091,794

Notes receivable

1,341,820

3,206,733

439,321

Accounts receivable, net

38,631,762

40,366,074

5,530,129

Inventories, net

1,128,912

1,541,020

211,119

Other receivables, net

3,352,052

3,934,865

539,074

Other receivables – related parties

275,976

279,976

38,357

Loans to third parties

208,928,370

231,952,064

31,777,302

Purchase advances, net

5,156,550

9,485,972

1,299,573

Contract costs, net

48,335,817

41,628,922

5,703,139

Prepaid expenses

401,586

696,877

95,471

Deferred offering cost

810,082

110,981

Total current assets

506,485,249

479,195,099

65,649,459

Property and equipment, net

22,137,940

20,859,877

2,857,791

Construction in progress

219,132

1,144,095

156,740

Long-term loan to third parties

18,500,000

2,534,490

Operating lease right-of-use assets, net (including ¥1,769,840 and ¥1,269,146 ($173,872) from related parties as of June 30,

     2024 and December 31, 2024, respectively)

23,547,193

22,014,961

3,016,037

Total Assets

¥

552,389,514

¥

541,714,032

$

74,214,517

LIABILITIES AND EQUITY

Current liabilities

Short-term bank loans

¥

12,425,959

¥

11,582,636

$

1,586,815

Accounts payable

10,187,518

14,100,871

1,931,811

Other payables

2,769,685

1,559,371

213,633

Other payable- related parties

2,299,069

1,787,315

244,861

Contract liabilities

1,820,481

4,098,136

561,442

Accrued payroll and employees’ welfare

3,237,164

3,416,373

468,041

Taxes payable

993,365

1,685,496

230,912

Short-term borrowings – related parties

10,002,875

10,018,208

1,372,489

Operating lease liabilities – current (including ¥1,775,114 and ¥1,832,236 ($251,015) from related parties as of June 30, 2024

     and December 31, 2024, respectively)

3,741,247

3,891,976

533,198

Total Current Liabilities

47,477,363

52,140,382

7,143,202

Operating lease liabilities – non-current (including ¥335,976 and ¥119,411 ($16,359) from related parties as of June 30, 2024

     and December 31, 2024, respectively)

3,971,285

2,781,196

381,022

Long-term borrowings – related party

10,000,000

10,000,000

1,369,994

Warrant liability – non-current

6,969

17,504

2,398

Total Liabilities

¥

61,455,617

¥

64,939,082

$

8,896,616

Commitments and Contingencies

Shareholders’ Equity

Class A Ordinary Shares, $0.0001 US dollar par value, 500,000,000 shares authorized; 7,987,959 shares and 7,987,959 shares

     issued and outstanding as of June 30, 2024 and December 31, 2024, respectively

99,634

99,634

13,650

Class B Ordinary Shares, $0.0001 US dollar par value, 80,000,000 shares authorized; 7,100,000 shares and 20,000,000 shares

     issued and outstanding as of June 30, 2024 and December 31, 2024, respectively

4,693

14,038

1,923

Additional paid-in capital

681,476,717

686,830,523

94,095,396

Statutory reserve

4,148,929

4,148,929

568,401

Accumulated deficit

(220,312,085)

(240,900,414)

(33,003,221)

Accumulated other comprehensive income

37,136,649

38,344,150

5,253,127

Total Recon Technology, Ltd’ equity

502,554,537

488,536,860

66,929,276

Non-controlling interests

(11,620,640)

(11,761,910)

(1,611,375)

Total shareholders’ equity

490,933,897

476,774,950

65,317,901

Total Liabilities and Shareholders’ Equity

¥

552,389,514

¥

541,714,032

$

74,214,517


The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

 

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(UNAUDITED)

For the six months ended

December 31,

2023

2024

2024

RMB

RMB

USD

Revenue

45,256,672

42,069,270

5,763,466

Cost of revenue

33,150,930

28,714,468

3,933,866

Gross profit

12,105,742

13,354,802

1,829,600

Selling and distribution expenses

4,547,115

5,177,944

709,375

General and administrative expenses

22,042,042

24,038,744

3,293,294

Allowance for credit losses

1,553,364

870,714

119,287

Research and development expenses

6,765,287

10,167,182

1,392,898

Operating expenses

34,907,808

40,254,584

5,514,854

Loss from operations

(22,802,066)

(26,899,782)

(3,685,254)

Other income (expenses)

Subsidy income

131,428

21,045

2,883

Interest income

12,060,640

7,136,259

977,663

Interest expense

(1,683,289)

(580,977)

(79,594)

Loss in fair value changes of warrants liability

(1,941,195)

(10,327)

(1,415)

Foreign exchange transaction loss

(76,040)

(313,263)

(42,917)

Other expenses

(8,701,288)

(80,945)

(11,088)

Other income, net

(209,744)

6,171,792

845,532

Loss before income tax

(23,011,810)

(20,727,990)

(2,839,722)

Income tax expenses

96,041

1,609

220

Net loss

(23,107,851)

(20,729,599)

(2,839,942)

Less: Net loss attributable to non-controlling interests

(553,829)

(141,270)

(19,354)

Net loss attributable to Recon Technology, Ltd

¥

(22,554,022)

¥

(20,588,329)

$

(2,820,588)

Comprehensive income (loss)

Net loss

(23,107,851)

(20,729,599)

(2,839,942)

Foreign currency translation adjustment

(4,609,399)

1,207,501

165,427

Comprehensive loss

(27,717,250)

(19,522,098)

(2,674,515)

Less: Comprehensive loss attributable to non- controlling interests

(553,829)

(141,270)

(19,354)

Comprehensive loss attributable to Recon Technology, Ltd

¥

(27,163,421)

¥

(19,380,828)

$

(2,655,161)

Loss per share – basic and diluted

¥

(8.27)

¥

(2.29)

$

(0.31)

Weighted – average shares -basic and diluted

2,728,056

8,978,328

8,978,328


The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

 

 

RECON TECHNOLOGY, LTD

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(UNAUDITED)

For the six months ended December 31,

2023

2024

2024

RMB

RMB

US Dollars

Cash flows from operating activities:

Net loss

¥

(23,107,851)

¥

(20,729,599)

$

(2,839,942)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

1,426,971

1,724,066

236,196

Loss from disposal of equipment

32,252

9,607

1,316

Gain in fair value changes of warrants liability

10,461,075

10,327

1,415

Allowance for credit losses

1,553,364

870,714

119,287

Allowance for slow moving inventories

(350,637)

(523,228)

(71,682)

Amortization of right-of-use assets

570,959

1,532,232

209,915

Restricted shares issued for management and employees

2,866,560

5,353,151

733,376

Restricted shares issued for services

1,070,143

Accrued interest income from loans to third parties

(4,415,298)

(6,779,697)

(928,815)

Accrued interest income from short-term investment

(2,352,250)

Changes in operating assets and liabilities:

Notes receivable

(8,790,327)

(1,864,913)

(255,492)

Accounts receivable

(4,412,034)

(3,348,819)

(458,786)

Inventories

4,863,435

(718,490)

(98,433)

Other receivables

5,465,227

(358,057)

(49,051)

Other receivables-related parties

(4,000)

(548)

Purchase advances

558,040

81,256

11,132

Contract costs

10,442,916

8,057,774

1,103,911

Prepaid expense

54,734

(295,291)

(40,455)

Operating lease liabilities

(2,027,067)

(1,039,360)

(142,392)

Accounts payable

1,271,140

3,913,353

536,127

Other payables

(4,103,150)

(1,194,817)

(163,689)

Other payables-related parties

(383,378)

(511,754)

(70,110)

Contract liabilities

2,140,385

2,277,655

312,037

Accrued payroll and employees’ welfare

17,399

179,209

24,552

Taxes payable

537,591

691,901

94,790

Net cash used in operating activities

(6,609,801)

(12,666,780)

(1,735,341)

Cash flows from investing activities:

Purchases of property and equipment

(216,082)

(455,380)

(62,387)

Proceeds from disposal of equipment

20,000

Purchase of land use right

(15,000,251)

Collection of loans to third parties

44,613,948

2,904,352

397,895

Payments made for loans to third parties

(16,600,000)

(36,897,900)

(5,054,992)

Payments and prepayments for construction in progress

(5,337,873)

(731,286)

Payments for short-term investments

(131,598,400)

Redemption of short-term investments

180,338,865

88,892,092

12,178,167

Net cash generated by investing activities

61,558,080

49,105,291

6,727,397

Cash flows from financing activities:

Repayments of short-term bank loans

(123,000)

(843,487)

(115,557)

Proceeds from short-term borrowings-related parties

10,000,000

Repayments of short-term borrowings-related parties

(10,018,222)

Deferred offering costs

(810,082)

(110,981)

Redemption of warrants

(31,866,604)

Capital contribution by controlling shareholders

10,000

1,370

Net cash used in financing activities

(32,007,826)

(1,643,569)

(225,168)

Effect of exchange rate fluctuation on cash and restricted cash

(5,945,117)

(343,038)

(46,996)

Net increase in cash and restricted cash

16,995,336

34,451,904

4,719,892

Cash and restricted cash at beginning of period

104,857,345

110,840,610

15,185,101

Cash and restricted cash at end of period

¥

121,852,681

¥

145,292,514

$

19,904,993

Supplemental cash flow information

Cash paid during the period for interest

¥

468,440

¥

518,086

$

133,730

Cash paid during the period for taxes

¥

16,505

¥

1,363,403

$

294,729

Reconciliation of cash and restricted cash, beginning of period

Cash

¥

104,125,800

¥

109,991,674

$

15,068,797

Restricted cash

731,545

848,936

116,304

Cash and restricted cash, beginning of period

¥

104,857,345

¥

110,840,610

$

15,185,101

Reconciliation of cash and restricted cash, end of period

Cash

¥

121,848,777

¥

145,284,391

$

19,903,880

Restricted cash

3,904

8,123

1,113

Cash and restricted cash, end of period

¥

121,852,681

¥

145,292,514

$

19,904,993

Non-cash investing and financing activities

Right-of-use assets obtained in exchange for operating lease obligations

¥

298,783

¥

$

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

 

Dogness Reports Financial Results for the Six Months Ended December 31, 2024

DONGGUAN, China and PLANO, Texas, March 31, 2025 /PRNewswire/ — Dogness (International) Corporation (“Dogness” or the “Company”) (NASDAQ: DOGZ), a developer and manufacturer of a comprehensive line of Dogness-branded, OEM and private label pet products,  today announced its financial results for the six months ended December 31, 2024.

Mr. Silong Chen, the CEO of the Company, commented: “We delivered robust financial results for the half year ended December 2024, marked by strong revenue growth, increased operational efficiency, and progress toward profitability. Our revenue reached $12.1 million for the six months ended December 2024, an 81.1% increase from the same period in 2023, driven by high demand across all product categories and regions. Meanwhile, our ongoing efforts on cost management and economies of scale have significantly improved operating results.

“Looking ahead, Dogness aims to accelerate product innovation, expand its global market presence and drive cost efficiencies. The Company plans to acquire smaller pet product manufacturers in China to strengthen supply chain control and operational efficiencies, thereby increasing market share. With a focus on developing sustainable, high-tech pet products and leveraging strategic partnerships, we anticipate further revenue growth, improved profitability and increased shareholder value.”  

Financial Results for the Half Year Ended December 31, 2024

Revenues increased by approximately $5.4 million, or 81.1%, from about $6.7 million for the year ended December 31, 2023 to approximately $12.1 million for the six months ended December 31, 2024. The increase in revenue was primarily attributable to the strong sales performance in both China’s domestic market and international markets, driven by higher demand from existing customers and new customer. 

The following table breaks down Dogness’ revenue by product and service type for the six months ended December 31, 2024 and 2023:

For the six months ended December 31,

2024

2023

Products and services
category

Revenue

Revenue

Variance %

Products

Traditional pet products

$

 

4,660,824

$

 

3,601,676

 

29.4

%

Intelligent pet

4,546,642

2,234,220

103.5

%

Climbing hooks and
others

 

2,878,245

 

761,742

 

277.9

%

Total revenue from
products

 

12,085,711

 

6,597,638

 

83.2

%

Services

Dyeing services

77,049

(100.0)

%

Total revenue from
services

 

77,049

(100.0)

%

Total

$

12,085,711

$

6,674,687

81.1

%

 

─ Traditional pet products

Revenue from traditional pet products increased by approximately $1.1 million, or 29.4%, from approximately $3.6 million for the six months ended December 31, 2023 to approximately $4.7 million for the six months ended December 31, 2024. This growth was driven both higher sales volume and increased average selling prices. Of the revenue growth, $1.0 million came from international sales and $0.1 million from the domestic Chinese market, primarily due to expanded order volumes from customers.

─ Intelligent pet products

Revenue from intelligent pet products grew by approximately $2.3 million, or 103.5%, from around $2.2 million for the six months ended December 31, 2023, to roughly $4.5 million for the same period in 2024, mainly due to increased sales volume. The revenue increase included $1.2 million from international customers and $1.1 million from domestic Chinese customers, primarily from new and existing orders.

─ Climbing hooks and others

Revenue from climbing hooks and other products increased by about $2.1 million, or 277.9%, from roughly $0.8 million for the six months ended December 31, 2023, to about $2.9 million for the same period in 2024. This increase was influenced by higher sales volume and prices. International sales contributed $1.3 million to the revenue increase, while domestic sales accounted for $0.8 million, driven by higher orders.

─ Dyeing service

For the six months ended December 31, 2024 and 2023, the Company earned approximately $Nil and $0.1 million, respectively, for dyeing services.

─ International vs. Domestic sales

Total international sales rose by about $3.4 million, or 75.9%, from approximately $4.5 million for the six months ended December 31, 2023, to about $8.0 million during the same period in 2024, driven by increased orders across all product types.

Domestic sales also saw a significant increase of about $2.0 million, or 92.0%, from around $2.1 million in 2023 to approximately $4.1 million in 2024. In the domestic market, sales of traditional pet products, intelligent pet products, and climbing hooks increased by 16.2%, 109.2%, and 198.5%, respectively, compared to the previous year.

Cost of revenues increased by $3.3 million, or 61.6%, from approximately $5.4 million for the six months ended December 31, 2023, to approximately $8.7 million for the six months ended December 31, 2024, due to a significant increase in sales volume. As a percentage of revenues, the cost of goods sold decreased by approximately 8.7 percentage points to 71.7% for the six months ended December 31, 2024, compared to 80.4% for the six months ended December 31, 2023.

Gross profit rose by approximately $2.1 million, or 160.7%, from about $1.3 million for the six months ended December 31, 2023, to around $3.4 million for the same period in 2024. This increase resulted from higher sales volume and average selling prices. The overall gross profit margin improved to 28.3%, up 8.7 percentage points from 19.6% in the previous period.

Total operating expenses increased by approximately $0.7 million or 14.6%, to about $5.6 million for the six months ended December 31, 2024, compared to around $4.9 million for the same period in 2023.

─ Selling expenses

Selling expenses increased by about $0.1 million, or 18.0%, from approximately $0.5 million for the six months ended December 31, 2023, to approximately $0.6 million for the six months ended December 31, 2024. This rise was driven by an increase in marketing research activities. Selling expenses accounted for 5.2% of total revenues in 2024, compared to 7.9% in 2023.

─ General and Administrative Expenses 

General and administrative expenses rose by approximately $0.4 million, or 11.3%, from about $3.9 million for the six months ended December 31, 2023, to roughly $4.3 million for the same period in 2024. This increase was primarily attributable to office decoration costs at our new Dongguan facility. As a percentage of sales, these expenses decreased to 35.7% in 2024 from 58.0% in 2023.

─ Research and Development Expenses

Research and development expenses increased by $0.2 million, or 37.0%, from approximately $0.5 million for the six months ended December 31, 2023, to about $0.7 million for the same period in 2024. These expenses were 5.5% of total revenues in 2024, down from 7.3% in 2023. We anticipate continued growth in research and development as we expand our efforts to use environmentally friendly materials and develop new high-tech products to meet customer demand.

Net loss decreased by approximately $1.4 million, or 43.2%, from about $3.2 million for the six months ended December 31, 2023, to approximately $1.8 million for the six months ended December 31, 2024, as a result of the foregoing.

About Dogness

Dogness (International) Corporation was founded in 2003 from the belief that dogs and cats are important, well-loved family members. Through its smart products, hygiene products, health and wellness products, and leash products, Dogness’ technology simplifies pet lifestyles and enhances the relationship between pets and pet caregivers. The Company ensures industry-leading quality through its fully integrated vertical supply chain and world-class research and development capabilities, which has resulted in over 200 patents and patents pending. Dogness products reach families worldwide through global chain stores and distributors. For more information, please visit: ir.dogness.com. 

Forward Looking Statements

No statement made in this press release should be interpreted as an offer to purchase or sell any security. Such an offer can only be made in accordance with the Securities Act of 1933, as amended, and applicable state securities laws. Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the “safe harbor” under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding, our ability to raise capital on any particular terms, fulfillment of customer orders, fluctuations in earnings, fluctuations in foreign exchange rates, trade policies affecting our business including tariffs on our products, our ability to manage growth, our ability to realize revenue from expanded operation and acquired assets in China and the U.S., our ability to attract and retain highly skilled professionals, client concentration, industry segment concentration, reduced demand for technology in our key focus areas, our ability to successfully complete and integrate potential acquisitions, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings. These filings are available at www.sec.gov. Dogness may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company’s filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

For investor and media inquiries, please contact:
Wealth Financial Services LLC
Connie Kang, Partner
Email: ckang@wealthfsllc.com
Tel: +86 1381 185 7742 (CN)

 

 

 

DOGNESS (INTERNATIONAL) CORPORATION

CONSOLIDATED BALANCE SHEETS

(All amounts in USD)

(Unaudited)

As of

December 31,

As of
June 30,

2024

2024

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

6,057,762

$

6,956,434

Accounts receivable from third-party customers, net

3,298,433

2,269,341

Accounts receivable from related party

311,713

582,182

Inventories, net

3,228,661

3,119,827

Due from related party

101,491

97,037

Prepayments and other current assets

3,374,352

3,328,189

Advances to supplier- related party

50,908

Total current assets

16,372,412

16,403,918

NON-CURRENT ASSETS

Property, plant and equipment, net

60,593,968

61,303,327

Operating lease right-of-use lease assets

15,679,000

16,325,988

Intangible assets, net

1,744,340

1,780,856

Long-term investments in equity investees

1,507,000

1,513,600

Deferred tax assets

1,972,480

1,873,140

Total non-current assets

81,496,788

82,796,911

TOTAL ASSETS

$

97,869,200

$

99,200,829

LIABILITIES AND EQUITY

CURRENT LIABILITIES

Short-term bank loans

$

890,500

$

894,400

Current portion of long-term bank loans

900,936

759,339

Accounts payable

2,264,565

1,286,981

Accounts payable – related party

12,913

Due to related parties

71,994

518,003

Advances from customers

224,676

264,832

Taxes payable

1,029,282

1,007,482

Accrued expenses and other current liabilities

1,504,502

1,452,225

Operating lease liabilities, current

2,279,655

2,352,482

Total current liabilities

9,179,023

8,535,744

NON-CURRENT LIABILITIES

Long-term bank loans

2,845,274

3,315,715

Operating lease liabilities, non-current

11,150,861

10,938,477

Total non-current liabilities

13,996,135

14,254,192

TOTAL LIABILITIES

23,175,158

22,789,936

Commitments and Contingencies (Note 6)

EQUITY

Class A Common shares, no par value, unlimited shares
authorized; 3,661,658 issued and outstanding as of
December 31, 2024 and June 30, 2024

92,403,766

92,004,296

Class B Common shares, no par value, unlimited shares
authorized; 9,069,000 issued and outstanding as of
December 31, 2024 and June 30, 2024

18,138

18,138

Statutory reserve

291,443

291,443

Accumulated deficit

(7,207,552)

(5,391,709)

Accumulated other comprehensive loss

(10,811,795)

(10,511,317)

Equity attributable to owners of the Company

74,694,000

76,410,851

Non-controlling interest

42

42

Total equity

74,694,042

76,410,893

TOTAL LIABILITIES AND EQUITY

$

97,869,200

$

99,200,829

 

 

DOGNESS (INTERNATIONAL) CORPORATION

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(All amounts in USD)

(Unaudited)

For the Six Months Ended

December 31,

2024

2023

Revenues–third party customers

$

12,085,711

$

6,573,379

Revenues – related parties

101,308

Total Revenues

12,085,711

6,674,687

Cost of revenues – third party customers

(8,668,552)

(5,280,923)

Cost of revenues – related parties

(82,835)

Total Cost of revenues

(8,668,552)

(5,363,758)

Gross Profit

3,417,159

1,310,929

Operating expenses:

Selling expenses

624,410

529,021

General and administrative expenses

4,312,486

3,873,442

Research and development expenses

665,494

485,849

Total operating expenses

5,602,390

4,888,312

Loss from operations

(2,185,231)

(3,577,383)

Other income (expense):

Interest income (expense), net

6,884

(113,690)

Foreign exchange transaction gain

114,443

32,469

Other income, net

41,357

80,891

Rental income from related parties, net

107,737

148,406

Total other income, net

270,421

148,076

Loss before income taxes

(1,914,810)

(3,429,307)

Income taxes benefit

(98,967)

(231,756)

Net loss

(1,815,843)

(3,197,551)

Less: net loss attributable to non-controlling interest

(934)

Net loss attributable to Dogness (International)
Corporation

(1,815,843)

(3,196,617)

Other comprehensive loss

Foreign currency translation adjustments

(300,478)

1,666,560

Comprehensive loss

(2,116,321)

(1,530,991)

Less: comprehensive loss attributable to non-controlling
interest

(931)

Comprehensive loss attributable to Dogness
(International) Corporation

$

(2,116,321)

$

(1,530,060)

Loss Per share

Basic

$

(0.14)

$

(0.30)

Diluted

$

(0.14)

$

(0.30)

Weighted Average Shares Outstanding

Basic

12,755,658

10,622,663

Diluted

12,755,658

10,622,663

 

 

DOGNESS (INTERNATIONAL) CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in USD)

(Unaudited)

For the Six Months Ended

December 31,

2024

2023

Cash flows from operating activities:

Net loss

$

(1,815,843)

$

(3,197,551)

Adjustments to reconcile loss income to net cash provided by
(used in) operating activities:

Depreciation and amortization

1,395,756

1,414,937

Share-based compensation for services

399,470

399,470

Loss (gain) from disposal of property, plant and equipment

176,347

(9,845)

Change in credit losses

(232,600)

111,105

Deferred tax benefit

(108,490)

(275,121)

Amortization of right-of-use lease assets

585,466

591,705

Warrants modification

239,308

Changes in operating assets and liabilities:

Accounts receivable

(824,001)

(682,445)

Accounts receivable-related party

272,429

177,374

Inventories

(121,257)

(359,976)

Prepayments and other current assets

(61,720)

(1,080,158)

Advances to supplier-related party

51,537

126,527

Accounts payables

999,703

425,101

Accounts payables-related party

13,130

Accrued expenses and other current liabilities

24,691

16,516

Advance from customers

(39,639)

104,887

Operating lease liabilities

200,827

188,379

Taxes payable

26,242

159,612

Net cash provided by (used in) operating activities

942,048

(1,650,175)

Cash flows from investing activities:

Purchase of property, plant and equipment

(1,050,711)

(294,828)

Proceeds from disposition of property, plant and equipment

787

56,000

Net cash used in investing activities

(1,049,924)

(238,828)

Cash flows from financing activities:

Net proceeds from exercise of warrants

15,101

Reverse split shares

(810)

Proceeds from short-term bank loans

696,500

691,000

Repayment of short-term bank loans

(696,500)

(885,800)

Proceeds from long-term bank loans

2,625,800

Repayment of long-term bank loans

(316,297)

(2,793,472)

(Repayment of) proceeds from related-party loans

(456,160)

6,498

Net cash used in financing activities

(772,457)

(341,683)

Effect of exchange rate changes on cash and restricted cash

(18,339)

226,388

Net decrease in cash and cash equivalents

(898,672)

(2,004,298)

Cash and cash equivalents, beginning of period

6,956,434

4,483,308

Cash and cash equivalents, end of period

$

6,057,762

$

2,479,010

SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:

Cash paid for interest

$

115,430

$

154,884

Non-Cash Investing Activities

Liabilities incurred (settled) for purchase of property and
equipment

$

34,909

$

(40,251)

Prepaid share-based compensation for services

$

$

(223,000)

 

 

 

Healthcare Sector Faces Escalating Cybersecurity Risks Amid Digital Transformation

Advanced Security Solutions and Regulatory Compliance Key to Strengthening Resilience

LONDON, April 1, 2025 /PRNewswire/ — The digital transformation of healthcare is improving patient care and operational efficiency but has also exposed the sector to heightened cybersecurity threats. Ransomware attacks, data breaches, and unauthorised access to sensitive information have surged, making healthcare a prime target for cybercriminals.

Frost & Sullivan’s latest growth opportunity analysis highlights the urgent need for healthcare organisations to strengthen cybersecurity frameworks and invest in advanced security solutions to protect patient data and ensure operational resilience.

Healthcare Security Market Poised for Significant Growth

As healthcare organisations prioritise security, the global healthcare cybersecurity market is set to grow from $84.53 billion in 2023 to $174.79 billion by 2030. This growth is driven by the increasing integration of cybersecurity capabilities and the enforcement of stringent data protection laws across regions.

North America and Europe to Drive Security Investments

The North American healthcare sector is expected to remain the largest regional market for healthcare security, with spending anticipated to achieve a CAGR of 11.4% by 2030. The United States continues to lead the development of security standards and regulatory frameworks, ensuring that healthcare providers remain resilient against emerging cyber threats.

Meanwhile, Europe is also witnessing significant growth in healthcare cybersecurity investments, driven by the implementation of the General Data Protection Regulation (GDPR) and increasing awareness of the need for advanced security measures. European healthcare institutions are focusing on threat intelligence and proactive security strategies to safeguard critical infrastructure, with cybersecurity spending in the region projected to grow steadily over the forecast period.

Frost & Sullivan forecasts that spending on threat intelligence solutions – one of the fastest-growing segments – will increase globally from $202.4 million in 2023 to $879.2 million by 2030, at an impressive CAGR of 23.4%. With hospitals and healthcare entities being prime targets for ransomware attacks and phishing schemesthreat intelligence is becoming an essential component of a robust security strategy.

Danielle VanZandt, Growth Expert at Frost & Sullivan, highlights the importance of a multi-faceted approach to security: “A resilient security ecosystem requires not only cutting-edge cybersecurity tools but also robust policies and continuous staff education. By combining technology with workforce training, healthcare organisations can build a secure foundation for digital transformation.”

Looking Ahead: The Future of Healthcare Security

As cyber threats evolve, the integration of threat intelligence tools, proactive security measures, and compliance with regulatory frameworks will be critical to maintaining a secure healthcare environment. Healthcare organisations that invest in these capabilities will be better equipped to protect sensitive patient data while continuing to provide uninterrupted care.

Click here to unlock growth potential and explore the future of healthcare security.

About Frost & Sullivan

YOUR TRANSFORMATIONAL GROWTH JOURNEY STARTS HERE. Frost & Sullivan’s Growth Pipeline Engine, transformational strategies and best-practice models drive the generation, evaluation, and implementation of powerful growth opportunities. Is your company prepared to survive and thrive through the coming transformation? Join the Journey

Editor’s note: To arrange for an interview or for any questions, please contact:

Alix Strowel
Marketing & Communications
Frost & Sullivan
alix.strowel@frost.com

Metrea announced today it has been awarded an air-to-air refueling contract with the Indian Air Force

WASHINGTON, April 1, 2025 /PRNewswire/ — Metrea, a leading provider of commercial air-to-air refueling (AAR), today announced a contract with the Indian Air Force (IAF) to enhance IAF AAR training capabilities. Metrea will provide Flight Refueler Aircraft (FRA) based out of Indian Air Force Station Agra in Central India.

Metrea commercial KC-135. Photo by Mark Chen. Used by permission.
Metrea commercial KC-135. Photo by Mark Chen. Used by permission.

This comes after Metrea announced in July the acquisition of the French Air & Space Force C-135FR and KC-135RG tanker fleet, increasing their presence in the commercial AAR market by fourteen tankers from an initial four KC-135R tankers. Metrea’s fleet of 18 now stands as the world’s largest commercial aerial refueling fleet which eclipses all but four sovereign countries in terms of size and capability.

As the only company to own and operate a fleet of C-/KC-135 aircraft, Metrea offers an air-to-air refueling service that seamlessly, safely, and professionally integrates into military aviation training and operations. This new contract with India represents additional growth of the commercial AAR market beyond Metrea’s existing contract with the US Navy which already supports a large and growing list of US, allied, and partner air forces. The combined Metrea aviation units have flown over 130,000 hours, across multiple aircraft types, missions, and geographies in support of US, UK, and other allied and partner government national security objectives.

Metrea’s tanker aircraft are equipped with two wing-mounted Multi-Point Refueling System (MPRS) pods which facilitate refueling with probe equipped Navy, Marine Corps and partner nation aircraft.

“Metrea is honored to be working with the Indian Air Force. Our contract will quickly expand their AAR training capability and will facilitate extensive training, exercise, and movement opportunities to improve IAF readiness.” (James “Slim” Morgan – Head of Metrea Strategic Mobility)

About Metrea

Metrea is the leading provider of effects-as-a-service to national security partners across multiple domains and over a dozen mission-centric solution areas, including airborne ISR, aerial refueling, electronic warfare, secure communications, space-based ISR and advanced simulation.

Metrea is headquartered in Washington, DC with facilities across the United States, the United Kingdom, and the EU.

Media Contact:

Thomas West

Communications Manager

Communications@metrea.aero 

Photo – https://laotiantimes.com/wp-content/uploads/2025/04/metrea_commercial_kc_135.jpg
Logo – https://laotiantimes.com/wp-content/uploads/2025/04/metrea_logo_logo.jpg

The Grand Opening of The Whiteley Ushers In A New Era For Queensway

LONDON, April 1, 2025 /PRNewswire/ — The Whiteley, London’s first department store, has been reimagined as a landmark residential and hospitality destination. Marking the pinnacle of its eight-year transformation, councillors, residents, stakeholders, professional teams, neighbours and The Whiteley Community Foundation, gathered to celebrate the grand opening of this magnificent storied building. The show-stopping event, attended by over 600 guests was hosted by MARK and C C Land.

The Whiteley Grand Opening. Credit: Oliver Holms
The Whiteley Grand Opening. Credit: Oliver Holms

The momentous celebration was held in The Whiteley’s palatial atrium beneath a grand pavilion, to honour the achievements and broad neighbourhood regeneration created by this 1,000,000 sq. ft. scheme. Beneath the building’s iconic dome, its courtyard was transformed into a striking circular bar, where guests enjoyed masterfully crafted cocktails whilst immersing themselves in the evening’s world-class entertainment. With a captivating performance by renowned singer-songwriter Rag’n’Bone Man, followed by a dazzling set from London-based DJ Sally K, the evening was an unforgettable celebration. Adding to the spectacle, aerialist performers glided gracefully through the atrium’s soaring voids and a semi-circular stage served as the event’s focal point, showcasing a film by the team behind The Whiteley’s transformation.

Originally completed in 1911 by William Whiteley, Whiteley’s department store was once a global emporium. Today, The Whiteley’s regeneration breathes new life into this historical icon whilst forming the cornerstone of Queensway’s ambitious £3 billion revival. The Queensway Steering Group – a collective of local landowners – is driving a transformative vision for the street, reshaping it into one of London’s most dynamic new neighbourhoods. This ambitious rejuvenation includes major public realm improvements such as widened pavements, extensive regreening and upgraded tube stations. Additionally, the introduction of new pavilions for all-day outdoor dining, public art installations and a brand-new entrance to Hyde Park – set for completion this year – will all solidify Queensway’s reputation as a vibrant hub.

The founding force behind The Queensway Steering Group, The Whiteley is leading the way in redefining the area, establishing it as a sought-after destination for both visitors and residents alike. Central to Queensway’s transformation is The Whiteley’s curated selection of commercial tenants. In addition to the UK’s first Six Senses hotel, other notable brands that will call The Whiteley home include an Everyman Cinema, a Third Space gym and a new restaurant by Pachamama Group. The first retail tenants will open in summer 2025.

The residential offering at The Whiteley seamlessly blends heritage with contemporary design, within a collection of newly constructed buildings set behind a historic façade. Foster + Partners’ architectural masterplan provides a grand canvas for 139 unique homes which are all aesthetically connected by exquisite detailing and natural light. Nestled amongst restored original architectural features, including a majestic glass dome and an iconic clock tower, residences range from studios to five-bedroom apartments and a collection of townhouses and penthouses. With 70% of the apartments now sold, The Whiteley is already home to many residents as owners began moving in from late 2024. This enclave just north of Hyde Park is now setting sales records, with The Whiteley achieving an average of £3,600 per sq. ft., and a 200% premium over the surrounding Bayswater area, according to Savills. Proving a popular choice for both domestic and international buyers alike, the scheme has seen significant interest from British, American, Asian and European buyers.

Beyond the residences, purchasers at The Whiteley enjoy access to an impressive 60,000 sq. ft. of exclusive amenities. These include a 20-meter swimming pool, a state-of-the-art gym, a padel court, children’s playrooms, a library, and a world leading spa. Additionally, à la carte services including grocery stocking, wine sommelier expertise, as well as pet care and dog walking, set an unprecedented global standard for residential living.

With a gross development value of over £1.5 billion, The Whiteley has firmly established itself as the transformative project in London, not only redefining the landscape of Queensway but also setting a new benchmark for luxury living in the city. The celebratory event, supported by influential groups including Westminster City Council, and SEBRA was a defining moment, ushering in a vibrant new chapter in The Whiteley’s remarkable history.

The Whiteley Grand Opening. Credit: Oliver Holms
The Whiteley Grand Opening. Credit: Oliver Holms

 

EDGNEX Data Centers by DAMAC Confirms Strategic Partnership with Nordic Data Center Developer Hyperco

  • New acquisition in Nordics is part of the company’s ambitious European and global expansion plan.
  • The acquisition is expected to strengthen the expansion of the Hyperco brand further by adding significant growth capital to deliver significant future capacity in the Nordics

DUBAI, UAE, April 1, 2025 /PRNewswire/ — EDGNEX Data Centers by DAMAC, the digital infrastructure platform of the Dubai-headquartered DAMAC Group, has confirmed the acquisition of Finland-founded data center company, Hyperco. Aligned with its vision to deliver next-generation, sustainable digital infrastructure globally, the move underscores the Group’s commitment to strengthening its presence in the European market and contributing to the region’s evolving data center landscape, creating new jobs and promoting economic development.

Hyperco’s operations are focused on Finland and Sweden, leveraging the Nordic region’s sustainable energy resources, mature digital ecosystems, and high connectivity. All three Hyperco founders, together with the team, will continue to steer the company forward during the next growth phase.

Hussain Sajwani, Founder of DAMAC Group said: “This acquisition aligns with our vision to develop strong partnerships, invest, and build scalable, world-class digital infrastructure. Hyperco brings a great team, deep market expertise, and a shared commitment to innovation, which will drive our success in the region. We plan to build a significant future capacity in the Nordics and establish a strong foothold in the market.”

Aleksi Taipale, Co-founder and CEO of Hyperco adds: “This marks an exciting new chapter for Hyperco. Joining forces with EDGNEX and DAMAC Group empowers us to accelerate our mission of delivering large-scale, sustainable data center infrastructure tailored for hyperscalers and AI-driven workloads. With our established footprint in Finland and Sweden, access to low-carbon energy, and focus on scalability, we are well-positioned to meet the growing digital demands of the region and beyond.”

Since its launch in 2021, EDGNEX has grown its presence globally. Backed by over 100+ seasoned professionals, the company is on track to deliver 55 MW in the Middle East by 2025, with a projected global capacity exceeding 3,000 MW. EDGNEX is targeting 300+ MW of operational capacity by 2026, supported by a robust investment pipeline of over $3 billion, including key Southeast Asian markets.

EDGNEX’s recent European activities include a €150 million joint venture in Greece with Public Power Corporation (PPC) to develop up to 25 MW and a €400 million commitment to build a 40 MW data center in Madrid, Spain. Earlier this year, EDGNEX also announced $20 billion of foreign investment in building state-of-the-art data centres in the USA.

About EDGNEX

EDGNEX is a global digital infrastructure company headquartered in Dubai, United Arab Emirates. It is a wholly owned subsidiary of the DAMAC Group, providing a foundation for local innovation across the globe and disrupting the data center market with new speed and agility. EDGNEX proactively builds, buys, or partners to serve the next wave of demand for data center services. www.edgnex.com 

 

Azazie Launches ‘Made For Your Moments’ Campaign–A Love Letter to Life’s Most Unforgettable Celebrations

LOS ANGELES, April 1, 2025 /PRNewswire/ — Azazie, the leading e-tailer for special occasion and wedding dresses, is bringing the feels with our latest campaign: “Made For Your Moments.” Think proposals, weddings, first dances, proms, graduations, birthdays—all the big moments that make life magical, captured in an Azazie dress. Because let’s be real—what’s a milestone without the perfect outfit?

At the heart of “Made For Your Moments” is you. We’re celebrating real stories from our community—actual customers and influencers who’ve twirled, danced, and said “yes” in an Azazie look. This isn’t just about bridal (though we love a good wedding!); it’s about marking every special moment with confidence, style, and maybe even a happy tear or two.

Want to be featured? Tag @AzazieOfficial and use #AzazieMoments when sharing your special moments in Azazie! We’ll be reposting the most swoon-worthy stories—and yes, there are prizes. Because what’s a celebration without a little something extra?

“At Azazie, we’re all about making you look and feel incredible during life’s most unforgettable moments,” says Roberta Black, Director of PR, Social Media & Partnerships at Azazie. “This campaign is a love letter to our customers—a celebration of the joy, love, and magic that happens in our dresses.”

Whether it’s your first dance or your last first date, Azazie is here for the moments you’ll never forget. Shop Azazie and get ready to make memories in a dress that’s truly made for you. www.azazie.com

ABOUT AZAZIE

Azazie is the leading direct-to-consumer (DTC) e-tailer, providing an array of bridal gowns, bridesmaid dresses, evening wear, and accessories. Designed in Los Angeles, Azazie disrupts the traditional wedding industry by offering made-to-order gowns at an affordable price point. The brand is dedicated to promoting body-positive fashion, ensuring that all dresses—available in sizes 0-30—are meticulously cut and sewn to order. Explore our website to discover hundreds of bridal and bridesmaid gowns and dresses in over 80+ stunning color options.

Media Contact:

pr@azazie.com 

Modern Meadow’s Sustainable Biomaterial Selected by Designer Karmuel Young for Sustasia Fashion Prize Submission

Karmuel Young created a four-in-one jumpsuit made of INNOVERA™ for his final competition piece displayed at Shanghai Fashion Week

NUTLEY, N.J., April 1, 2025 /PRNewswire/ — Modern Meadow, a leader in sustainable materials, announced today Karmuel Young, founder of the Karmuel Young label, used the company’s biomaterial in his Sustasia Fashion Prize submission. Young, based in Hong Kong, elected to use Modern Meadow’s INNOVERA™, formerly known as BIO-VERA®, in his four-in-one jumpsuit that can transition from a jumpsuit to a long coat, short jacket and pants.

Organized by the Shanghai Fashion Designers Association and yehyehyeh, the 2025 Sustasia Fashion Prize is designed to accelerate sustainable practices and innovation in Asia’s fashion industry. By providing a monetary award and industry support, the prize encourages designers to combine sustainable principles, innovative materials and new techniques into their work. The eight prize finalists from across Asia presented their final works on March 28 to a panel of judges who assessed based on sustainability, innovation, aesthetics and practicality.

“We are honored that Karmuel Young chose to use our INNOVERA™ biomaterial in his Sustasia Fashion Prize design to showcase the beauty and versatility of sustainable innovative materials in clothing,” said David Williamson, PhD, CEO of Modern Meadow. “We, like the organizers of the Sustasia Fashion Prize who seek to address sustainability within the fashion industry, are inspired by nature and driven by purpose to introduce new materials and processes that can enable a healthier future for our planet.”

Young, whose brand focuses on a modern masculine wardrobe, used camel INNOVERA™ in suede for his design. He created a multi-functional piece with a modern twist for men to wear for different purposes, meant to promote longevity and timelessness. Given how INNOVERA™ is engineered to replicate the look and feel of the collagen found in leather, the material is ready to resonate through infinite design interpretations. It is crafted using plant-based proteins, biopolymers, and recycled rubber – resulting in over 80% renewable carbon content, and is 25% lighter and two times as strong. It can be customized in color, hand feel, and nap depending on how the designer prefers to use it.

“This is my first convertible look, and it will give men more options to style their wardrobes in a timeless, sustainable way,” Young said. “Modern Meadow’s INNOVERA™ has the smell, look and feel of luxury and held its form well across my stitching and buttons. Being able to do good by using biomaterials and thinking about my impact on earth is very important to my designs and I look forward to incorporating more of these materials in the future.”

Now until April 6, the exhibition of the finalists’ submissions will be open to the public at SUHE HAUS in Shanghai.

About Modern Meadow
Founded in 2011 and based in Nutley, New Jersey, Modern Meadow designs innovative biomaterials inspired by nature. Its products, crafted with over 80% renewable carbon content using a novel hybrid material made of plant proteins and biobased polymers, are sustainable, stronger and lighter than traditional materials. Modern Meadow reduces reliance on oil-based and animal products without sacrificing quality. Its materials integrate seamlessly into existing production processes in the automotive, footwear, furniture and fashion industries. Collaborating with top brands like Tory Burch and industry leaders such as BASF, Bader and ISA TanTec, Modern Meadow ensures high-quality, fully traceable products. For more information, visit modernmeadow.com or follow the company on LinkedIn and Instagram.

Modern Meadow Media Contact
Jordan Vines
+1 (540) 629-3137
jvines@spectrumscience.com

BIO-VERA is a registered trademark of Modern Meadow, Inc.