Bulgarian IoT company Shelly Group reported a significant increase in revenue for 2025, reaching €149.7 million. The company, founded in Bulgaria and formerly known as Allterco, now sells 30 million devices across more than 100 markets.
Shelly Group’s portfolio includes smart relays and switches, sensors, solutions for energy, lighting, and access management, and a variety of other connected devices. This growth reflects the increasing demand for smart home technology and the company’s expanding international reach.
According to internal estimates, the number of households using Shelly products has grown by one-third, reaching 5.6 million. This indicates strong consumer adoption and brand recognition within the smart home sector.
The company is also expanding its international network of installers, which grew sixfold last year to 5,300 professionals worldwide. Shelly Group plans to continue its expansion into four new markets in 2026 – the Iberian Peninsula (Spain and Portugal), the United Kingdom, France, and Italy.
Source: Shelly Group
The company reported a 78% increase in subscription revenue, demonstrating the growing importance of premium software services as an additional revenue stream. This shift towards recurring revenue models is a common strategy for IoT companies.
Shelly Group is currently developing new AI assistant functionalities, alongside new devices for energy monitoring, smart controllers and outlets, sensors, and building automation. These products will leverage software improvements and new hardware platforms.
Shelly Group anticipates revenue between €195 million and €205 million for 2026, with EBIT in the range of €47-€52 million.
