$2.72
3.4%
Revenue increased by 35.9% to a record $86.85 million primarily driven by increased sales of stainless steel coil and strip and partially offset by decreased weighted average selling prices ( ASP ) offered to customers as a temporary sales strategy during the pandemic by providing one-off discount on certain products to some key customers.
Gross profit decreased by 74.8% to $3.94 million. Gross margin was 4.5%, compared to 24.5% for the prior fiscal year. The decreases in gross profit and gross margin were primarily due to increased sales percentage of low gross margin products such as stainless steel coil and strip and decreased sales percentage of high gross margin products such as stainless steel piping and fitting products.
xSigma Corporation, a wholly owned subsidiary of ZK International, Recruits Leading Blockchain Engineer to Join xSigma DeFi
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WENZHOU, China, Dec. 21, 2020 /PRNewswire/ ZK International Group Co., Ltd. (Nasdaq: ZKIN) ( ZKIN , ZK International or the Company ), a designer, engineer, manufacturer, and supplier of patented high-performance stainless steel and carbon steel pipe products primarily used for water and gas supplies, today announced that xSigma Corporation, a wholly owned subsidiary of the Company, has appointed Jesse Brauner as Senior Engineer. Mr. Brauner joins xSigma with nearly a decade of experience in various technical capacities in the fields of finance, trading, digital payments and cryptocurrencies.