Despite the outdoor cooking industry screeching to a halt in 2022, that didn’t stop Gozney’s growth trajectory. The pizza oven maker recently filed their financials for their fiscal year ended March 2023 (FY 2023), and showed impressive revenue growth of 62% to $53.9 million.
In the financials above, I left the USD conversion rate at 1.22 for easy comparisons to Ooni’s financials. It’s also worth mentioning that it appears that Gozney puts their distribution costs in Cost of Sales, while Ooni puts them below Gross Profit.
Like Ooni, and every other outdoor cooking manufacturer, Gozney was hit by the crazy freight environment. They expect this will normalize in the FY 2024 results.
FY 2023 was the first full year that Gozney sold into wholesale channels in the UK and US markets. They saw substantial growth from this initiative, and wholesale revenue accounted for 31% of total revenue on the year.
We noticed this early in 2023 with their newly forged relationship with Home Depot. It would appear that the relationship is going well because Gozney’s products have made it from Home Depot online to brick and mortar stores. Gozney’s premium Dome pizza oven has units available in my local market.
Gozney invested heavily into product development in FY 2023. Some products we saw come to market include limited edition Roccbox ovens, new accessories that add useability to their ovens, and a more streamlined Dome.
Brand awareness was another area called out as seeing investment. We’ve seen that continue for Gozney with innovative food focused events that they’ve continued to host. Not only have events like that driven awareness, it’s helped shape their brand image.
Gozney’s pizza ovens have always had more of an aesthetic focus than their competitors. The events have shown that they’re also about cooking better food, and a wider array of food. Gozney’s ovens aren’t just utilitarian pizza cooking machines.
New Funding Round
The growth that Gozney has seen has come at a cost, like any start-up. That’s shown by the $10 million operating loss in FY 2023. To continue their trajectory, Gozney is working on closing another funding round as it evolves into a profitable company.
The group is at advanced stages of securing its next round of debt and equity investment to fund the substantial growth forecast for the group which is expected to deliver profitability in future years. Term sheets have been received along with equity investment interest which are currently being considered by the Board. The expectation is that this new funding will be in place by the end of January 2024.Gozney Group Ltd Annual Report
We’re glad to see that Gozney will likely be given the runway it needs to continue growing. Their FY 2023 results, which had some of the highest growth in one of the worst markets, should give investors confidence.