According to Excitingcommerce.de, German refurbisher AsGoodAsNew set a revenue target of € 152 million for 2024, as indicated by recent filings in the Handelsregister. This follows a stronger-than-expected performance in 2023. While the final 2024 figures have yet to be confirmed, the company appears to be continuing its steady growth trajectory. Asgoodasnew remains focused on the professional refurbishment and resale of used devices, primarily targeting the German-speaking and French markets. With only top-line figures currently available, the company’s overall financial performance remains a topic of interest.
Tim Seewoster, CEO of AsGoodAsNew commented on our request on the numbers: “We’re seeing intense margin pressure driven by rising trade-in prices, while in several categories, resale prices are dropping significantly. Add to that a general reluctance to buy, delayed trade-in cycles, and a market that’s becoming increasingly commoditized. Even the launch of new models, like the Apple iPhone 16 or the latest iPads, no longer triggers frequent device upgrades as they once did.”
He also expresses concern about rising cases of (marginal) VAT fraud and other challenges affecting the European secondary market. He calls on the industry “to open up and provide greater transparency.”
Based on recent reports, a number of both large and smaller players in the European secondary mobile market appear to be facing financial challenges. Earlier, Foxway — one of the largest refurbishers in Europe — reported net losses. More recently, Romanian refurbished marketplace Flip disclosed strong revenue growth for 2024, but also revealed it operated at a net loss in both 2022 and 2023. Financial results for 2024 have not yet been published.
Secondary market is struggling financial
SecondaryMarket.news previously reported on Swappie’s relatively significant net losses. Despite this, the company continues to outpace market growth in terms of revenue, reaching € 249 million last year. This represents an increase of 15% compared to 2023.
Margin under pressure
Rapid growth in a volatile market is putting pressure on cash flow. At the same time, trade-in, or more broadly, sourcing, prices are rising. However, resale prices, which are largely determined by the market, are not increasing at the same pace. The result is a growing squeeze on profit margins.
Conclusion
What we observe in the market is that the largest players such as Assurant, Alchemy, PCS Wireless, and Likewize, appear to be operating profitably. Smaller companies with turnover below € 50 million, especially those with lean cost structures, also seem able to generate modest profits. Overall, however, the European secondary electronics market is facing significant challenges. We expect that some businesses will not withstand the current pressures, leading to a notable shakeout. Consolidation is likely to continue, with the market potentially stabilising toward the end of 2026.
Market
Trade-in
Repair
Refurbishing
