Bulgaria's Shelly Group flagship device sales up 33% in YTD

The number of Shelly smart devices has thus grown by some 2.5 million since the end of 2022, the group said in a stock exchange filing.

The company has also seen a 63% jump in Shelly mobile application users to 1.1 million over the same period.

For the first half of 2023, Shelly Group reported a surge of over 53% in its preliminary consolidated revenue from sales of IoT devices to 54.8 million levs ($29.6 million/28 million euro), according to a recent interim financial statement. The company expects full-year sales of IoT devices to grow by over half to 72 million euro ($76 million) in 2023.

Shares in Shelly Group were trading flat at 41.90 levs on the Sofia bourse as at 1338 CEST. The company has a current market capitalisation of 756.3 million levs.

(1 euro = 1.95583 levs)