The pizza oven sector has changed dramatically over the past five years. It went from massive growth with few players to many companies all fighting for a piece of the pie. It’s a normal maturation cycle but the headwinds are more pronounced with the current macroeconomic pressures.

Ooni was an originator in the sector, so they’ve been through the complete ride. You can see from their financials below, their revenue is 41% lower than their high in 2021 and down 24% in 2024 from 2023.

Ooni just reported their financials for 2024, and noted that they expect their revenue in 2025 to be similar to 2024. That’s a win considering the annual declines over the previous three years.

2024 was a year of consolidation and operational improvement following the challenging trading conditions of 2022 and 2023. Group turnover was £120.4m (2023: £157.6m), reflecting a softer consumer environment and
intensified competition in the outdoor cooking sector. Despite the revenue decline, the Group significantly improved gross margin to 63% (2023: 55%) and reduced the loss for the year to £6.8m (2023: £9.3m loss).

Performance improvements were driven by the continuation of cost-saving initiatives, including tighter inventory management, optimisation of logistics and distribution costs, and rationalisation of overheads. These measures enhanced working capital efficiency and delivered year-on-year proportional reductions in distribution costs. Their benefits are expected to continue into 2025, underpinning stronger cash generation and greater resilience.

Ooni 12-31-25 Financial Filing

Despite the shrinking revenue, Ooni did a great job expanding their gross margin. They accomplished it through lower negotiated rates on cost of goods and reduced rates on global freight. It will be interesting to see in their next financial filing how significantly the tariffs hurt their margin in 2025.

The Group imports manufactured products into the US, UK and
EU, and remains exposed to risks from political change, tariffs and duties. In 2025, tariff increases on goods entering the US raised prices and eroded gross margin. Management continues to monitor and mitigate these impacts.

Ooni 12-31-25 Financial Filing

With their shrinking revenue, they also shrunk the size of their business to match. They conducted a round of layoffs in 2024. Their average number of employees through the year was down 111 to 243 from 354.

In 2025 they also conducted layoffs to continue to resize their business. That’s a common theme for the year across the industry. Tariffs shrinking gross profit for companies with products or inputs from overseas, so they’re cutting staff to preserve operating income.

Another change to the business in 2025 is Ooni made a number of leadership changes. They appointed a new COO and the founders stepped out of their co-CEO roles and brought on a new CEO.

The Directors remain confident in the long-term outlook for Ooni. While market conditions remain competitive, we expect 2025 revenue to be broadly in line with 2024 and anticipate a return to operating profit.

The Group will continue to reinvest in product innovation to maintain market leadership, while strengthening retailer partnerships, expanding digital capabilities and driving brand awareness. Cost discipline and supply chain optimisation will remain priorities, offsetting external pressures such as tariffs.

Ooni 12-31-25 Financial Filing

Despite the headwinds, Ooni has been successful at reducing their debt burden. They worked down inventory in the previous year and used cash to pay off debt, and have managed to keep it down.

One dynamic that has remained constant since the downturn in the outdoor cooking market is that consumers are still willing to buy innovation. That may be how Ooni has managed to keep their revenue constant in 2025 and return to profitability. They released a number of innovations including a new Koda pizza oven, their first mixer, and a updated electric oven.