Shelly Group expands production capacity taking into account further growing demand

Sofia / Munich, 31 October 2023 – Shelly Group AD (Ticker: SLYG / ISIN: BG1100003166), a provider of IoT and smart building solutions based in Sofia, Bulgaria, continues to experience growing demand for its energy efficiency management products and solutions, as well as plug-and-play and recently launched new Bluetooth and Z-Wave products. To increase supply volumes accordingly for the upcoming Black Friday and Christmas shopping season, Shelly ramped up two new production lines at its partner factory in China, which will also provide capacity for planned growth in 2024. The two new production lines represent a potential revenue contribution of up to EUR 30 million per year. This is part of Shelly’s growth strategy for reaching the sales growth of 43% per year on average to over EUR 200 million by the end of 2026 as envisaged in the medium-term guidance.

Dimitar Dimitrov, Co-CEO of Shelly Group: “We are very pleased so soon after the recent announcement of more than 10 million units sold that we can now announce an expansion of our production capacity driven by current demand. The continuous expansion of our technology portfolio and the associated broadening of the product range for both end consumers and professional users is bearing fruit. As such, we are very proud of the increasing demand for our energy management solutions and products from industrial and professional users. The Z-Wave products for smart home solutions and intelligent building systems acquired under the Qubino brand at the beginning of the current fiscal year are also already paying off on the Company's success.”

Wolfgang Kirsch, Co-CEO of Shelly Group, adds: “The ramp-up of new production lines is evidence of Shelly's successful business development in the current economic environment and also marks an important milestone in the continuation of our growth strategy. Based on the increasing importance of energy efficiency management and smart building solutions, as well as our success in tapping and developing attractive niche markets, we remain on track to achieve our medium-term guidance.”

About Shelly Group

Shelly Group AD is a technology holding company that stands for innovation through the development, manufacture, and distribution of high-quality IoT products. End users and their needs are always at the heart of development. Shelly Group was founded in Bulgaria and works with a team of young, talented developers who are dedicated to producing competitive and user-friendly products. The Group consists of 6 subsidiary companies and has offices in Bulgaria, Germany, and Slovenia as well as in China and USA. Shelly Group’s products have already conquered over 100 markets. Shelly Group AD has been listed on the Bulgarian Stock Exchange since December 2016 and in the Prime Standard of the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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