ZK International Group Stock Price, News & Analysis

ZK International Group Co., Ltd. (Nasdaq: ZKIN) announced that its subsidiary, xSigma Corporation, received a grant from the Solana Foundation to develop a DeFi project. This initiative aims to leverage Solana's high transaction throughput, positioning xSigma within the rapidly expanding DeFi sector. Solana's native token market cap has exceeded $40 billion, reflecting significant growth over the past six months. xSigma's focus will be on creating innovative financial tools, with further updates expected soon.

ZK International Group Co., Ltd. (Nasdaq: ZKIN) announces a partnership between its subsidiary, xSigma Collectibles, and ACES, Inc., to launch NFTs for athletes on the MaximNFT platform. MaximNFT is an NFT marketplace being developed in collaboration with Maxim magazine, targeting the rapidly growing NFT sector, which surpassed $2 billion in 2021. ACES is recognized as a leading baseball agency, and the partnership aims to enhance NFT offerings for athletes. The MaximNFT platform will go live this fall with numerous NFT releases for celebrities, athletes, and brands.

ZK International Group's investee, MaximBet, has announced its expansion into Ohio and Pennsylvania, enhancing online sports betting and casino opportunities in these states. Following a successful launch in Colorado, MaximBet is now operational in six states, providing exclusive sports betting experiences and promotional events. The CEO expressed enthusiasm about leveraging market scale and anticipates further access arrangements. MaximBet’s partnership with Caesars Entertainment will facilitate iGaming in Pennsylvania, promising a broad range of services and customer engagement strategies.

ZK International Group (Nasdaq: ZKIN) congratulates its investee, MaximBet, on the successful launch of its online sports betting license in Colorado. MaximBet exceeded expectations in its opening weekend and plans to expand into Indiana, Iowa, and New Jersey by Q4 2021. The company aims to be live in at least 50% of the legalized US market by the end of 2022. Special promotions include a welcome offer of a 100% deposit bonus up to $1,000. ZKIN sees this expansion as a way to diversify its technology investments in the growing US gaming market.

ZK International Group (ZKIN) has invested an additional $10 million in Maximbet.com, raising its ownership stake to 15.73%. This investment aligns with ZKIN's strategy to capitalize on the growing U.S. sports betting market, which is projected to increase significantly. Maximbet aims to expand its operations in several states and could increase ZKIN's equity position to 25% by January 1, 2022. ZKIN anticipates that Maximbet's strong management and technology will enable it to compete with major players in the multi-billion dollar industry.

ZK International Group Co., Ltd. (Nasdaq: ZKIN) announced the appointment of Jon Orlando as CEO of its subsidiary, xSigma Collectibles, which runs the new NFT marketplace, MaximNFT. This strategic move aims to enhance content creation and partnerships within the rapidly growing NFT sector. The marketplace is set to launch in fall 2021, featuring celebrity and brand NFTs and unique offerings like autograph sessions. With Maxim's extensive readership and xSigma's expertise, the project targets a robust NFT market that saw over $2 billion in sales volume in 2021.

ZK International Group (Nasdaq: ZKIN) has commenced supplying pressed-type carbon steel pipelines to ENN Energy Holdings Limited, a major clean energy distributor in China. The estimated sales amount for this procurement is USD 12.5 million, based on ENN's gassing projects. Approved as a Qualified Supplier in May 2021, ZKIN's involvement in ENN's projects supports China's Clean Energy Initiative aimed at replacing coal with clean energy. ZKIN's Chairman emphasized the quality and innovation of their products, reinforcing their commitment to high standards in gas pipeline supply.

ZK International Group (Nasdaq: ZKIN) announced the formation of its subsidiary, xSigma Collectibles Limited, and a partnership with Maxim to launch MaximNFT.com, an NFT marketplace. xSigma will manage the platform, offering innovative solutions for creating and trading NFTs across various blockchains. The NFT market is experiencing rapid growth, with over $1.5 billion in transaction volume reported in Q1 2021. The platform is set to launch this fall, focusing on sports and celebrity collectibles as well as gaming content.

ZK International Group Co., Ltd. (ZKIN) reported a 4.98% revenue increase for H1 FY2021, achieving $42.17 million largely due to growing domestic orders. Gross profit surged by 46.83% to $4.71 million, with an improved gross margin of 11.16%. However, operational losses were noted at $1.65 million, contrasting with a prior profit, leading to a net loss of $0.58 million or $0.03 per share. Significant marketing expenses for new initiatives and a rise in R&D costs contributed to the operational challenges. Cash reserves increased to $23.79 million, reflecting a healthy liquidity position.