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.
