Shelly Group Reports Strong Start in Early 2024 with Substantial Growth in Revenue

Shelly Group AD, a Bulgaria-based provider of IoT and smart building solutions, has reported a significant growth in its financial performance for the first three months of 2024. The report highlights a 45.5% increase in group revenue, amounting to EUR 20.5 million. This rise is supported by an enhanced distribution network and an expanded product line, which have favorably impacted the company's market reach.

Earnings Before Interest and Taxes (EBIT) also saw an appreciable increase of 44.8%, reaching EUR 5.3 million. The company's net profit surged by 50.4% to EUR 4.6 million. Noteworthy is the expansion of Shelly's cloud user base, which now exceeds 1.4 million. Furthermore, the opening of a new factory building is set to potentially boost production capacity in the near term.

Despite impressive growth, the group observed a decrease in cash from EUR 15.7 million at the end of 2023 to EUR 14.9 million by March 2024, influenced by higher inventory levels and increased advancements for production. Nonetheless, the equity ratio improved, indicating a robust financial structure. The company reaffirmed its 2024 guidance, expecting revenue to rise to EUR 105.0 million and EBIT to exceed EUR 26.0 million.