Sales for the quarter were $34.4 million, of which $32.4 million came from Shelly, which had 62% growth in comparison to 2020, based on preliminary internal calculations by the company for 2021. These financial results are even more valuable being delivered during global pandemic crisis and following a major chips supply shortage around the world.
In this environment, Allterco managed to reach over 4.5 million Shelly devices delivered to the market since the first product of the brand was launched in 2017. The company is expected to publish its official financial results for the fourth quarter of 2021 on a consolidated basis by March 1, 2022. The company went public on Nov. 21, 2021.
“We are very pleased with 2021 performance, and ready to perform even better in 2022. This success mirrors the dedication, professionalism, and talent of Allterco’s team, who works tirelessly to develop and deliver the most innovative products and solutions for consumers, and always listens to their needs. Last year we conducted multiple very successful product launches, I am especially proud of the new Pro and Plus product lines, but we have several more in the pipeline,” says Dimitar Dimitrov, CEO of Allterco JSCo.
The past 2021 was a year of many achievements for Allterco. Allterco’s shares were listed for trading on the Frankfurt Stock Exchange by which the company became the first in Bulgaria to be traded also in the German capital market Prime segment. The dual listing in the Prime Standard – the segment with the highest transparency – gave Allterco access to additional investor groups, increased the company’s visibility on the capital markets and increased the attractiveness of the company’s shares. The company continued its expansion by founding Allterco Europe GmbH, which is headed by Wolfgang Kirsch, previously chief operating officer at MediaMarktSaturn.
The high growth results of Allterco were achieved in the context of the company launching two new IoT product lines – Shelly Plus and Shelly Pro. Just before the Christmas holidays Allterco introduced and started delivering to the customers the intelligent thermostatic radiator valve Shelly TRV, and with this announced entering a new line of business in the home automation area of intelligent heating control devices, offering a durable product at competitive price, challenging big international brands in this market.