Shelly Group SE: Growth with Smart Locks exceeds expectations

Shelly Group SE: Growth with Smart Locks exceeds expectations

Sofia / Munich, 2 April 2025 – Shelly Group SE (Ticker: SLYG / ISIN: BG1100003166), one of the world's fastest-growing IoT brands with solutions for smart home and building automation based in Sofia, Bulgaria, is expanding strongly with the sale of intelligent door locks, so-called Smart Locks. Following the acquisition of LOQED in the past year, Shelly integrated the functions of the Smart Locks into its own app and continues to develop the products. Now, the industry-leading security solutions are offered under the LOQED by Shelly brand. An initial shipment of 1,000 locks in Q1 2025 sold out very quickly.

Dimitar Dimitrov, Co-CEO of Shelly Group: “The demand for LOQED by Shelly's innovative smart door locks is exceeding our expectations. Each newly produced batch is sold out within moments. It's very gratifying that we can see from our customers' cloud registrations that the locks are being installed by end users and are not only stockpiled by retailers. This clearly shows customer interest and the great potential of these innovative products.”

Shelly expects a next batch of at least 4,000 locks in Q2 2025, which is already fully pre-sold. The technology behind the locks, which are made from high-strength stainless steel to meet high security and stability requirements, is more complex than for other products. Production cycles and logistics are correspondingly more complex, resulting in longer delivery times. Two additional door lock models are to be launched on the market in Q3.

Wolfgang Kirsch, Co-CEO of Shelly Group: “With the acquisition of the technology and inventory, Shelly acquired the key assets of Dutch LOQED B.V. in 2024, as well as access to the contract manufacturer’s plant and suppliers of the pre-products. By covering the entire value chain, we were able to ensure the rapid integration of smart locks into our Shelly product portfolio and cloud solutions. The locks can then be connected to the other solutions, enabling the custom design of IoT systems. The high demand now shows that our expectations for the acquisition and the positive impact on sales and earnings were more than justified.“

Smart locks are designed for use in private households as well as for applications in companies and public institutions, where they offer secure and easy management of multiple access points via remote access and the ability to monitor the security of premises. Potential uses also include hotels, which can improve security, customer service and the quality of their guests’ stay by introducing Bluetooth- or WiFi-enabled locks and replacing existing chip card solutions. The locks can also be connected with other Shelly solutions. According to studies, the market is expected to grow by an average of 15.4% annually to up to USD 5.8 billion by 2029.

For further information, please visit corporate.shelly.com.

About Shelly Group

Shelly Group SE 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 SE has been listed on the Bulgarian Stock Exchange since December 2016 and on the Frankfurt Stock Exchange as of November 2021 where its shares are traded under GSIN A2DGX9, ISIN BG1100003166, ticker SLYG.

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