Business
TDH Holdings, Inc. Reports Full Year 2021 Audited Financial Results
QINGDAO, China, April 29, 2022 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) ("TDH" or the "Company"), a PRC-based company that specializes in the
About this update from Tdh Holdings, Inc.
[{"type":"text","content":"QINGDAO, China, April 29, 2022 /PRNewswire/ -- TDH Holdings, Inc. (NASDAQ: PETZ) (\"TDH\" or the \"Company\"), a PRC-based company that specializes in the development, manufacturing and sales of pet food products in China and beyond, announced today its financial results for the twelve months ended December 31, 2021.\nFull Year 2021 Financial Highlights:\n For the Twelve Months Ended December 31, \n ($ millions, except per share data) \n2021\n2020\n % Change \n Revenues \n$1.09\n$0.82\n33.94%\n Gross loss \n($0.02)\n($0.04)\n50.82%\n Gross loss margin \n-1.88%\n-5.13%\n3.19 pp*\n Loss from operations \n($4.61)\n($1.93)\n121.11%\n Operating loss margin \n-422.58%\n-236.25%\n-153.76 pp*\n Net loss attributable to common stockholders \n($6.12)\n($0.87)\n-498.21%\n Loss per share - basic and diluted \n($0.10)\n($0.02)\n-150.00%\n * pp: percentage points \n \nRevenues increased by 33.94% from $0.82 million in fiscal year 2020 to $1.09 million in fiscal year 2021, our sales of pet food decreased from approximately $0.82 million in fiscal year 2020 to approximately $0.49 million in fiscal year 2021, or by approximately 40.5%, which was offset by an increase in revenue from our newly acquired restaurant business in Kansas by approximately $0.61 million. The decrease of pet food revenue in 2021 was mainly due to: (1) the continuous development of COVID-19, we had to close a factory and stop production for a period of time again in 2021, which caused the delay of orders and some customers canceled their orders, decreasing our pet food sales revenue and sales volume; (2) the cost of raw materials required for pet food production has risen to a certain extent due to the COVID-19 pandemic and general inflation, which led to our reduced production and sales of pet food products during 2021; and (3) we declined taking orders that were historically unprofitable. As a result, our pet food sales volume significantly decreased in 2021 as compared to 2020. On the other side, on October 31, 2021, we acquired a 51% equity interests of Far Ling's Inc. and 100% equity interests of Bo Ling's Chinese Restaurant, Inc. This resulted in an increase of $0.6 million in revenue from our restaurant business operations segment. Gross loss was $0.02 million in fiscal year 2021 as compared to gross loss of $0.04 million in fiscal year 2020. The decrease in gross l...