Ooni has the economic rocket ship of the Pandemic and subsequent crash in rear view. They’ve corrected course and are actively building a stronger and more stable business.

They recently overhauled their management team and rebuilt their board as they look towards the future of the business. This new phase of growth and stability are also showing up in their financial statements.

Their revenue has been declining since 2021, but 2025 was the first year that they showed growth in revenue. It was relatively small at 1.3%, but in the face of a tough market, that is a major accomplishment.

It’s not just revenue that is improving for Ooni, they’ve also gotten back to profitability with a 2.1% operating margin. They had gross margin challenges that caused a 370 bps decrease year-over-year from the tariffs but cost controls let them drop more money to the bottom. As you can see in our model, operating efficiency increased by 1,060 bps in 2025.

Performance improvements were driven by the continuation of cost-saving initiatives, including improved marketing efficiency, renegotiation of logistics and distribution contracts, and rationalisation of overheads. These measures reduced the overall cost base and have enhanced working capital efficiency. Their impacts are expected to continue into 2026, underpinning stronger cash generation and greater resilience.

Ooni Nov. 2026 Financial Filing

They really turned the corner on corporate health in 2023 when they sold down inventory and paid down debt. That has continued and they’re in a good cash position. They even paid a dividend of 2 million GBP to Ordinary A shareholders.

In 2025 they launched their first mixer with the Halo Pro that Ooni noted exceeded sales targets. That’s in addition to a revamp of their pizza ovens. Ooni has continued to lean into the overall pizza ecosystem with the release of the smaller Halo Core mixer in 2026.