Fire-Boltt vs Garmin: Revenue, Profit and Business Model
Fire-Boltt had ~$365.4M of annual revenue in FY2024. Garmin had $7.2B of annual revenue in FY2025 and $1.7B of net income.
Latest financial snapshot
Fire-Boltt
- Latest annual revenue
- ~$365.4M (FY2024)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Garmin
- Latest annual revenue
- $7.2B (FY2025)
- Net income
- $1.7B
- Net margin
- 23.0%
- Revenue growth
- +10.2% a year, FY2016–FY2025
Financial summary
Fire-Boltt
Fire-Boltt does not publish audited financials in its own name, and no reliable FY24-FY26 revenue figure is public. In December 2022 Arnav Kishore told PTI the company made about $58 million (₹500 crore) in FY22 revenue and ~$139 million (₹1,200 crore) in the first half of FY23, with a target of about $278 million (₹2,400 crore) for the full year. That target has not been confirmed. Industry data points to a sharp drop since then, as Fire-Boltt's smartwatch shipments fell 52.2% in 2025. No external funding round or valuation has been disclosed.
Garmin
Garmin has no long-term debt, and its revenue grew from $4.98 billion in 2021 to $7.25 billion in 2025. In fiscal 2025 gross margin was 58.7%, operating margin 25.9%, and GAAP EPS $8.59. In February 2026 the board proposed a 17% dividend increase and a new $500 million share buyback. Q2 2026 set records, with gross margin at 62.4%, operating margin at 30.4%, and pro forma EPS up 29% to $2.81. Management then raised its full-year 2026 outlook, which had started at about 9% revenue growth. Garmin Ltd. is a dominant multinational technology company specializing in GPS technology, sustaining a robust market valuation generally exceeding $30 billion.
Revenue and profit by year
Fire-Boltt
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | ~$365.4M | — | — | — | Source |
| FY2023 run-rate | ~$278.4M | — | — | — | Source |
| FY2022 (unaudited) | $66M | — | — | — | Source |
Garmin
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $7.2B | $1.7B | 23.0% | +15.1% | Source |
| FY2024 | $6.3B | $1.4B | 22.4% | +20.4% | Source |
| FY2023 | $5.2B | $1.3B | 24.7% | +7.6% | Source |
| FY2022 | $4.9B | $973.6M | 20.0% | -2.5% | Source |
| FY2021 | $5B | $1.1B | 21.7% | +19.0% | Source |
| FY2020 | $4.2B | $992.3M | 23.7% | +11.4% | Source |
| FY2019 | $3.8B | $952.5M | 25.3% | +12.2% | Source |
| FY2018 | $3.3B | $694.1M | 20.7% | +7.2% | Source |
| FY2017 | $3.1B | $709M | 22.7% | +3.4% | Source |
| FY2016 | $3B | $517.7M | 17.2% | — | Source |
Where the revenue comes from
Fire-Boltt
- Smartwatches
Not disclosed
Bluetooth-calling, AMOLED, metal and rugged smartwatches; the core business.
- Audio and eyewear
Not disclosed
TWS earbuds, neckbands and smart eyewear such as FireLens.
- Smartphones
Not disclosed
Boltt 4G/5G handsets launched from August 2026.
Garmin
- Fitness
~33% (FY2025: $2.36B)
Running watches, cycling computers, smart trainers, health wearables and the Garmin Connect ecosystem. Revenue was up 33% in 2025.
- Outdoor
~28% (FY2025: $2.05B)
Adventure watches, handheld GPS units and inReach satellite communicators and plans.
- Marine
~16% (FY2025: $1.18B)
Chartplotters, sonar, cartography and marine audio. Revenue was up 10% in 2025.
- Aviation
~14% (FY2025: $987M)
Certified OEM and aftermarket avionics plus aviation databases and services. Revenue was up 13% in 2025.
- Auto OEM
~9% (FY2025: ~$0.67B, derived)
Domain controllers and infotainment for automakers. The segment posted a $49M operating loss in 2025.
Business model and strategy
Fire-Boltt
How it makes money
Fire-Boltt runs an asset-light hardware model. It designs and markets smartwatches, earbuds and eyewear, sources components and finished devices from Chinese ODMs and Indian EMS partners, and sells them through Amazon, Flipkart, its own website and offline retail served by Savex Technologies. Margin comes from hardware sales at entry-level prices, so volume and fast launches matter more than per-unit profit.
Growth strategy
With smartwatch demand falling, Fire-Boltt is spreading into adjacent devices: TWS audio, smart eyewear (FireLens), smart rings, and from 2026 smartphones. It plans to use the 4 crore+ users of its connected ecosystem and its existing offline network, and it says supply for the phones was locked in for 12-18 months before the memory-chip price spike.
Competitive advantage
Its edge has been speed and price: Fire-Boltt launched many new models a year and brought features like Bluetooth calling and metal finishes to sub-₹2,000 watches early. Savex Technologies, with 86 sales offices and coverage of over 750 Indian cities (Forbes India, 2023), gave it offline reach that most D2C rivals lacked. Celebrity endorsements built quick brand recall.
Garmin
How it makes money
Garmin designs, makes and sells hardware through five reporting segments, and most of its production happens in its own factories. In fiscal 2025 Fitness (running watches, cycling computers, smart trainers, health wearables) brought in $2.36 billion. Outdoor (fēnix and Instinct adventure watches, handhelds, inReach satellite communicators) brought in $2.05 billion.
Growth strategy
Garmin grows by adding sport- and activity-specific products, moving premium features such as AMOLED displays, ECG and satellite messaging into more price tiers, and building recurring software revenue through Garmin Connect+ and, since 2026, TrainingPeaks and TrainHeroic. In aviation and marine it pursues OEM wins with aircraft and boat builders.
Competitive advantage
Garmin's edge is long battery life, accurate multi-band GPS and sport-specific software in rugged devices, and it owns most of the chain that makes them.
Questions about Fire-Boltt vs Garmin
Which company has higher revenue — Fire-Boltt or Garmin Ltd.?
Fire-Boltt had ~$365.4M (FY2024), while Garmin Ltd. had $7.2B (FY2025). By latest annual revenue, Garmin Ltd. is the larger business, with Fire-Boltt showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Fire-Boltt vs Garmin Ltd.?
Garmin Ltd. has a market capitalisation of $54.0B. A public market cap figure for Fire-Boltt was not available (it may be privately held).
How does revenue per employee compare for Fire-Boltt and Garmin Ltd.?
Garmin Ltd. generates $315k / employee in revenue per employee. A comparable figure for Fire-Boltt requires matching employee and revenue data from the same reporting period.
How do Fire-Boltt and Garmin Ltd. make money?
Fire-Boltt and Garmin Ltd. generate revenue in fundamentally different ways. Fire-Boltt: Fire-Boltt runs an asset-light hardware model. Garmin Ltd.: Garmin designs, makes and sells hardware through five reporting segments, and most of its production happens in its own factories.
Is Fire-Boltt bigger than Garmin Ltd.?
By last reported revenue, Garmin Ltd. ($7.2B (FY2025)) is the larger company compared to Fire-Boltt (~$365.4M (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Fire-Boltt vs Garmin overview