Shelly Group maintains offices and subsidiaries across Bulgaria, Germany, the United States, Slovenia, Poland, and China.1

Origins

The corporate history of Shelly traces back to Bulgarian telecommunications businesses. According to historical materials, Teracomm Ltd. was established in 2003, followed by the creation of the Allterco holding structure in 2012. The company subsequently shifted its strategic focus toward IoT and smart home technology.

The first Shelly home automation device was developed in 2013. The company reorganised around IoT in 2015, while the Shelly product family began receiving international distribution and expansion from 2018 onward.

A major strategic milestone occurred in 2019, when the group sold its European telecommunications business to focus primarily on smart home and tracking products. Around this period, Shelly also expanded its presence in the United States.

Public company

The parent company was listed on the Bulgarian Stock Exchange in 2016 and subsequently obtained a listing on the Frankfurt Stock Exchange in 2021. Its shares trade under the ticker SLYG and ISIN BG1100003166.1

In 2024, the company formally adopted Shelly Group as its corporate identity, reflecting the increasing importance of the Shelly brand to the overall business.3

Shelly’s core proposition involves adding intelligent control, monitoring, and automation to ordinary electrical devices or circuits. Rather than replacing entire electrical installations with proprietary ecosystems, many Shelly products can be installed behind existing switches, inside electrical panels, or alongside existing equipment.

The portfolio includes:

• Smart relays: Controlling lights, appliances, motors, and other electrical loads.
• Smart plugs: Remote switching and electricity monitoring.
• Energy meters: Measuring consumption, generation, and electrical parameters.
• Smart switches and controls: Physical and app-based control interfaces.
• Sensors: Monitoring temperature, humidity, motion, doors/windows, and other conditions.
• Motor controllers: Automation for blinds, shutters, curtains, and similar equipment.
• Professional DIN-rail devices: Designed for electrical panels and commercial installations.
• Smart locks and access control products.
• Smart circuit breakers and related electrical infrastructure.
• Software and cloud services for configuration, monitoring, and automation.

The company has increasingly expanded beyond individual consumer gadgets toward whole-building energy management and professional automation.1

Open architecture

A defining characteristic of Shelly is its open architecture. Devices do not need to operate exclusively within the Shelly ecosystem; they work with major platforms such as Amazon Alexa, Google Home, and Samsung SmartThings, alongside hundreds of other smart home applications and integrations.

This flexibility makes Shelly particularly popular among technically sophisticated users who prefer local integration over proprietary hubs. For example, a user might configure a system where a Shelly relay communicates via local Wi-Fi to Home Assistant for automation, rather than relying solely on a manufacturer’s cloud.

Local control and Home Assistant

Shelly has developed a strong reputation among DIY smart home enthusiasts and automation professionals because many devices support local control. This ensures functionality remains available even if the manufacturer’s servers are unavailable or internet connectivity is lost.

Depending on the device generation, Shelly’s architecture allows users to combine:

• Local HTTP/API control
• MQTT
• Web interfaces
• Shelly Cloud
• Bluetooth
• Wi-Fi
• Matter (on supported products)
• Home Assistant
• Other automation platforms

The company’s strategy increasingly positions Shelly not merely as a collection of smart devices but as an open IoT platform.

Shelly Cloud

Shelly Cloud serves as the company’s platform for device management, remote access, monitoring, and automation. In 2025, Shelly reported adding approximately 26,000 newly activated devices per day, with more than 17,000 daily activations through Shelly Cloud and over 9,000 through third-party cloud solutions.

For 2025, the company reported approximately 2.7 million Shelly Cloud users and 5.6 million households using Shelly devices.

Shelly’s product line has evolved through several generations. Early products established the brand’s reputation for affordable Wi-Fi relays installable behind existing wall switches. Later generations added Bluetooth, improved processors, better energy monitoring, enhanced automation, Matter support on selected products, improved security, greater local control functionality, and more sophisticated professional products.

The 2025 investor report noted that third- and fourth-generation devices increased from approximately 20% of revenue in 2024 to 60% in 2025, indicating the rapid commercial adoption of newer hardware.

Naming conventions

Shelly has used various naming systems over time. Well-known families include:

• Shelly 1 / 1PM
• Shelly 2.5
• Shelly Plug
• Shelly Plus
• Shelly Pro
• Shelly Mini
• Shelly BLU
• Shelly Gen3
• Shelly Gen4

The Plus generation represented a significant modernisation, while Gen3 and Gen4 products have further expanded functionality and platform compatibility. Because products from multiple generations are often available simultaneously, selection depends heavily on specific application requirements.

Shelly Pro

The Shelly Pro family targets professional installations. These devices are generally designed for electrical distribution boards and DIN-rail environments rather than residential wall switches. Typical applications include building automation, commercial lighting, energy monitoring, solar energy management, HVAC control, electrical load management, industrial installations, and multi-circuit monitoring.

The introduction of the Pro series marked a significant step in Shelly’s transition from a consumer smart home brand toward a broader smart building technology company.3

Energy management

Energy management has become a primary strategic area for Shelly. Products such as the 3EM energy meters monitor electrical consumption and, depending on the model, generation and other parameters. Applications include tracking household consumption, monitoring solar production, measuring individual circuits, identifying energy-intensive appliances, load balancing, automating appliances based on electricity conditions, monitoring commercial buildings, and integrating battery storage systems.

The 2025 strategy highlighted decentralised energy management as a major opportunity. A partnership with EcoFlow, for example, integrates Shelly devices into EcoFlow’s energy ecosystem.

Smart locks and access control

Access control is an expanding component of Shelly’s product strategy. By positioning technology around broader building control, future Shelly-controlled environments could combine lighting, HVAC, energy, doors, sensors, security, and automation under a common IoT architecture.

Smart circuit breakers

A notable newer category is smart circuit breakers. Shelly presented compact smart circuit breakers at IFA 2025 and subsequently introduced a professional series. These products integrate directly into electrical infrastructure rather than simply attaching controls to existing equipment, placing Shelly closer to the electrical distribution layer of a building.

“Powered by Shelly”

Through the “Powered by Shelly” initiative, Shelly technology can be incorporated into products manufactured by other companies. This approach treats Shelly’s technology as an underlying IoT platform, allowing third-party products to benefit from Shelly’s integrations and ecosystem as part of its open-platform strategy.2

Business model

Historically centred on physical IoT hardware sales, Shelly is increasingly adding recurring software and subscription revenue. The ecosystem creates a flywheel effect: once a customer installs several Shelly devices, adding another Shelly product is often easier than adopting a different ecosystem.

In 2025, Shelly reported 78% growth in subscription revenue and a 61% increase in Premium App users.

Financial growth

Shelly Group has experienced substantial growth in recent years. For fiscal year 2025, the group reported approximately:

• €149.7 million revenue
• 46.7% growth in adjusted EBIT
• €37.8 million adjusted EBIT
• 25.3% adjusted EBIT margin

Growth was attributed to international expansion, increased sales capabilities, and a broader product portfolio.

In the first half of 2026, Shelly Group reported:

• €68.3 million revenue
• 26.5% year-over-year revenue growth
• €17.7 million EBIT
• €15.4 million net profit1

Although originating in Bulgaria, Shelly is now an international company with corporate presence in Bulgaria, Germany, the United States, Slovenia, Poland, and China. Products are available in more than 100 countries, with Europe remaining particularly important alongside expanding markets in North America and elsewhere.1

Shelly Group SE has evolved from its former Allterco identity into a technology holding company focused on IoT and smart building solutions. It consists of multiple subsidiaries covering technology development, sales, distribution, and regional operations. As a publicly traded entity, Shelly occupies a distinctive position as both a recognisable hardware brand and a listed European technology company.

Acquisitions

Shelly has utilised acquisitions to expand beyond its original relay business. Notable examples include the acquisition of assets associated with LOQED, a smart lock technology company, which facilitated entry into the smart access market. Another key acquisition was GOAP, a Slovenian IoT company, which strengthened Shelly’s technology and product development capabilities.

Competition

Shelly operates in a highly competitive smart home market alongside companies and ecosystems such as Aqara, SONOFF / iTead, SwitchBot, TP-Link Tapo, Philips Hue / Signify, Lutron, IKEA smart home products, Bosch Smart Home, Apple Home, Google Home, Amazon Alexa, Samsung SmartThings, and DIY/open-source ecosystems like Home Assistant.

Unlike brands that concentrate heavily on finished consumer products, Shelly maintains particular strength in retrofit electrical control, energy monitoring, local APIs, and professional electrical installations.

Enthusiast appeal

Shelly has developed a strong following among technically inclined users due to several factors:

1. Retrofit capability: Many products install into existing electrical systems without replacing entire setups.
2. Open ecosystem: Users are not locked into a single proprietary platform.
3. Local control: Meaningful local control options reduce dependence on manufacturer clouds.
4. APIs and integrations: Products are developer-friendly and compatible with advanced automation systems.
5. Energy monitoring: A substantial portfolio exists for measuring and controlling electricity.
6. Professional products: The Pro range scales from DIY to formal building automation projects.

The company’s stated mission is to develop affordable smart solutions that facilitate daily life while improving energy efficiency. Its vision is to become a preferred partner for long-lasting smart solutions that promote sustainable living. This philosophy drives the evolution from smart switches toward energy monitoring, automation, smart buildings, and energy infrastructure.1

As of September 2026, Shelly functions as a global IoT and smart building technology company rather than solely a smart switch manufacturer. With over 28 million devices sold across more than 100 markets, the company continues to expand into energy management, access control, professional building automation, smart circuit breakers, and platform partnerships.2

1. About Shelly Group | Shelly Group – Investor Relations
2. Connected Solutions for Greater Comfort, Safety, and Flexibility in the Smart Home | Shelly Europe
3. Shelly Smart Home