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Allterco JSCo in 3M/23 with growth acceleration – medium-term guidance of more than EUR 200 million revenue and EBIT of over EUR 50 million by the end of 2026

  • Consolidated operating revenue increased by 61.0% to EUR 14.1 million (BGN 27.7 million)
  • EBITDA with strong growth of 55.6% to EUR 3.8 million (BGN 7.5 million) following intensified investments in sales and R&D structures in the previous year
  • EBIT grew by 59.3% to EUR 3.7 million (BGN 7.2 million)
  • Net profit at Group level up 51.5% to EUR 3.0 million (BGN 5.9 million)
  • Shelly cloud user base growth of 27.0% driven by new app to 857 thousand in 3M/23 alone (31 December 2022: 677 thousand)
  • Outlook 2023: Revenue growth of 51.0% to EUR 72.0 million and EBIT to increase by at least 63.5% to more than EUR 17.0 million


Sofia / Munich, 15 May 2023 – Allterco JSCo (ticker A4L / ISIN: BG1100003166) (“Allterco”), a provider of IoT and smart home products based in Sofia, Bulgaria, continued its strong and profitable growth in 3M/23. Increased investments in sales and R&D structures in the past year already started bearing results. With strong revenue growth in almost all regional markets, German-speaking countries made the largest contribution to growth, doubling to EUR 7.2 million. Allterco expects the strong growth in sales and earnings to continue in the current fiscal year 2023 as well as in the medium term until 2026.

Group figures (unaudited)

in EUR million   3M/23   3M/22  
Group operating revenues   14.1   8.8   61.0%
EBITDA   3.8   2.5   55.6%
EBIT   3.7   2.3   59.3%
Net profit   3.0   2.0   51.5%
Equity ratio   87.4%   89.0%   -1.8%
Operating cash flow   5.2   0.2   >1,000%
Cash and cash equivalents   17.2   14.4   19.2%

Note: The equity ratio comparison is from 31 March 2023 to 31 December 2022. The figures for the three-month period 2023 are unaudited. Rounding differences may occur.

Allterco achieved a 61.0% increase in consolidated operating revenues to EUR 14.1 million (BGN 27.7 million) the three-month period 2023. Earnings before interest, taxes, depreciation and amortization (EBITDA) grew strongly by 55.6% to EUR 3.8 million (BGN 7.5 million) following the intensified investment in sales and R&D structures in the previous year. Earnings before interest and taxes (EBIT) increased by 59.3% to EUR 3.7 million (BGN 7.2 million). Net result at the Group level increased by 51.5% to EUR 3.0 million (BGN 5.9 million).

With an equity ratio of 87.4% as of 31 March 2023, Allterco enjoys a solid balance sheet (31 December 2022: 89.0%). Here, the unappropriated profit was offset in particular, by loss carryforwards in connection with the acquisition of a Slowenian company, bonus payments to employees and the increase in current liabilities.

Cash flow from operating activities with a cash inflow of EUR 5.2 million (BGN 10.2 million) in 3M/23 compared to a cash inflow of EUR 0.2 million (BGN 0.4 million) in the previous year’s period reflects in particular reduced inventories while in the prior year period increased inventory levels and advance payments to suppliers to proactively address potential delays in the supply chains were noticeable. Cash and cash equivalents as of 31 March 2023 increased accordingly to EUR 17.2 million (BGN 33.6 million) compared to EUR 14.4 million (BGN 28.2 million) as of 31 December 2022, providing a sufficient basis for financing further growth.

Outlook 2023 and mid-term guidance 2026

For the current fiscal year 2023, the Board of Directors expects revenue growth of 51.0% to EUR 72.0 million and EBIT to increase by at least 63.5% to more than EUR 17.0 million.

By 2026, revenue is expected to grow at an average annual growth rate of 43.2% to more than EUR 200.0 million in the medium term, while EBIT is expected to increase by as much as 48.1% per year to over EUR 50.0 million.

Dimitar Dimitrov, Co-CEO of Allterco JSCo, commented on product development: “The combination of our powerful and feature-rich hardware, combined with flexible and forward-looking software, and the creative and vibrant community of our users, has also more than proven itself in 3M/23 and contributed to the acceleration of our growth. We will continue this growth with the launch of new products. Our customers can be particularly excited about the new Bluetooth product line, which additionally offer extremely long runtimes in a smaller form factor due to smaller batteries. Last but not least, we will introduce the first own Shelly chips to the market and, together with the new Shelly OS, once more set new standards in performance and functionality.”

Wolfgang Kirsch, Co-CEO of Allterco JSCo, added on business performance: “3M/23 was really more than pleasing in terms of revenue and earnings. We are particularly proud that the German-speaking markets in particular have shown that investments in regional structures pay off. We will therefore continue the increased investment in regional sales structures and expect the development of the Nordic markets, which began in the second half of 2022, to progress at a similar pace. We also see high growth potential in the UK, France, Italy, and Spain. Another growth driver is the expansion of our user base. Here, we are tapping into entirely new revenue streams with the upcoming introduction of a freemium model for our extremely popular app. In addition to the DYI segment, we expect significant future growth contributions from the substantially larger market for professional electrical installations. Negotiations with the largest distributors are just as promising as the started cooperation with several professional schools.“

Earnings Call:

Co-CEOs Dimitar Dimitrov and Wolfgang Kirsch will comment on the unaudited consolidated 3M 2023 results by means of a webcast presentation on 16 May 2023, 09.00 CEST (10.00 EEST). The webcast/call will be held in English.

Please register to participate in the webcast/call at:
Allterco JSCo – Earnings Call Unaudited 3M 2023.

The unaudited three-month report is available in the Investor Relations section of the Company’s website at

Note: EUR/BGN exchange rate fixed at EUR 1 = BGN 1.95583.