Shelly Group Reports Strong Sales Growth in Q1 2024 and Provides Positive Guidance for the Year

On April 9, 2024, Shelly Group AD, a prominent company in the IoT and smart home devices market, announced a significant increase in their preliminary consolidated sales revenues for the first quarter of 2024. The company recorded a 45.5% year-on-year growth, achieving EUR 20.5 million in sales. This increase is primarily attributed to the sales of Shelly IoT and smart home devices, which saw a 46.4% rise, reaching EUR 20.2 million.

Looking ahead, the Board of Directors of Shelly Group is optimistic about the financial year 2024. The company anticipates sales revenues from devices and related services to hit EUR 105.0 million, with earnings before interest and taxes (EBIT) expected to surpass EUR 26.0 million. These projections mark a considerable improvement compared to the previous year's preliminary figures, which reported revenues at EUR 74.9 million and an EBIT of EUR 19.1 million.

Shelly Group plans to release its unaudited consolidated financial results for Q1 2024 on May 15, 2024, after trading hours, providing investors and the public a more detailed overview of its financial health. The EUR/BGN exchange rate has been fixed at EUR 1 = BGN 1.95583 for the purpose of these financial disclosures.