Bulgaria's Shelly Group widens Q1 non-cons net loss

Shelly Group's operating expenses grew to 809,000 levs in the review period from 640,000 levs in January-March 2023 on the back of higher costs for hired services and remuneration, the company said in an interim financial statement.

At the same time, the company's overall revenue rose to 68,000 levs in the first three months of this year from 50,000 levs in the comparable period of 2023.

Earlier this month, Shelly Group said its revenue from sales of IoT devices jumped by 45.5% on the year to 20.5 million euro ($22 million) in the first quarter of 2024.

On Monday, shares in Shelly Group closed flat at 68.00 levs on the Bulgarian Stock Exchange, bourse data show.

(1 euro = 1.95583 levs)