Foxway, one of Europe’s trade-in enabler and reseller of used devices, has showcased impressive growth despite ongoing market pressures, according to their press release detailing Q3 results. In the 3rd quarter of 2024, the company’s net revenue increased by 10%, reaching € 182.5 million, supported by 12% organic growth. This comes amidst challenging European market conditions, where end-users are delaying IT investments as stated by the company.
Specializing in sustainable technology solutions, Foxway focuses on extending the lifecycle of IT devices. This aligns with a growing industry trend, as major OEMs place greater emphasis on certified refurbishment programs. Foxway was selected as the first pilot partner for these certified refurbishment initiatives, further solidifying its leadership in the circular IT economy.
Recognitions and partnerships drive momentum
Foxway received the Lenovo 360 Circle Outstanding Climate Action Award for 2024, cementing its status as a sustainability leader in the tech sector. The company also entered a strategic partnership with F9 to reinvigorate the distribution of sustainable technology solutions. In addition to these accomplishments, Patrick Höijer was appointed as the new CEO, positioning the company for its next phase of growth.
Overview financial results in Q3 2024
Foxway’s financial performance in the third quarter reflects its ability to navigate challenging market conditions while maintaining profitability. Net revenue reached €182.5 million, representing a 10% year-over-year increase. The company achieved organic growth of 12% and an adjusted EBITDA of € 19.1 million, yielding a margin of 10.4%. This looks all positive, but Foxway reported still a net loss € 8.5 million in this quarter.
Year-to-date performance: January–September 2024
Foxway’s performance from January to September 2024 highlights its consistent growth. Net revenue for this period reached € 512.9 million, reflecting an 11% year-over-year increase, with organic growth of 10.6%. The loss in this period came out on € 181.3 million.
A more detailed analysis will follow in the coming days.
Market
Trade-in
Repair
Refurbishing
