Fire-Boltt vs Sony: Revenue, Profit and Business Model
Fire-Boltt had ~$365.4M of annual revenue in FY2024. Sony had ~$83.6B of annual revenue in FY2025 and a net loss of ~$2.2B.
Latest financial snapshot
Fire-Boltt
- Latest annual revenue
- ~$365.4M (FY2024)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Sony
- Latest annual revenue
- ~$83.6B (FY2025)
- Net income
- ~-$2.2B
- Net margin
- -2.6%
- Revenue growth
- +4.4% a year, FY2015–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.
Sony
Sony's finances were reshaped in the 2010s by exits from VAIO PCs and the spin-out of the TV business, and a shift toward games, music and sensors. Sales grew from ~$55.3B (JPY 8.26T) in FY2019 to ~$80.6B (JPY 12.03T) in FY2024. In FY2025, Sony Financial Group was partially spun off and reported as discontinued operations: continuing sales rose 3.7% to ~$83.6B (JPY 12.48T), operating income was ~$9.7B (JPY 1.448T) (11.6% margin), and continuing net income attributable was ~$6.91B (JPY 1.031T), but the spin-off produced a consolidated net loss attributable of ~$2.19B (JPY 326.9B). Q1 FY2026 (April-June 2026) set records: sales of ~$19B (JPY 2.8378T) (+8%), operating income of ~$3.19B (JPY 476.5B) (+40%) and net income of ~$2.29B (JPY 342.2B) (+32%), with sensors operating income up 125% to ~$819M (JPY 122.2B). Sony raised its FY2026 forecast to ~$83.8B (JPY 12.5T) in sales, ~$11.5B (JPY 1.72T) in operating income and ~$8.11B (JPY 1.21T) in net income, and lifted its annual dividend by JPY 10. Sony Group Corporation maintains a market valuation consistently over $100 billion, driven by its massive entertainment and gaming divisions.
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 |
Sony
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$83.6B | ~-$2.2B | -2.6% | +3.7% | Source |
| FY2024 | ~$80.6B | ~$7.6B | 9.5% | +6.9% | Source |
| FY2023 | ~$75.4B | ~$6.5B | 8.6% | +2.6% | Source |
| FY2022 | ~$73.5B | ~$6.7B | 9.2% | +10.6% | Source |
| FY2021 | ~$66.5B | ~$5.9B | 8.9% | +10.2% | Source |
| FY2020 | ~$60.3B | ~$7.9B | 13.0% | +9.0% | Source |
| FY2019 | ~$55.3B | ~$3.9B | 7.0% | -4.7% | Source |
| FY2018 | ~$58.1B | ~$6.1B | 10.6% | +1.4% | Source |
| FY2017 | ~$57.2B | ~$3.3B | 5.7% | +12.4% | Source |
| FY2016 | ~$50.9B | ~$491M | 1.0% | -6.2% | Source |
| FY2015 | ~$54.3B | ~$990.2M | 1.8% | — | 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.
Sony
- Game & Network Services (PlayStation)~38%
PS5 hardware, game software, PlayStation Plus and PlayStation Store. FY2025 sales were ~$31.4B (JPY 4.6857T), roughly flat year over year, with network services up 13.9% to ~$5.11B (JPY 763.1B).
- Imaging & Sensing Solutions~17%
CMOS image sensors, mainly for smartphones, plus automotive and industrial sensors. FY2025 sales were ~$14.4B (JPY 2.1515T); Sony forecasts ~$14.1B (JPY 2.11T) in FY2026 sales and ~$2.81B (JPY 420B) in operating income.
- Music~17%
Recorded music streaming, physical sales, licensing and publishing royalties through Sony Music Entertainment and Sony Music Publishing. FY2025 sales were ~$14.2B (JPY 2.1201T); Q1 FY2026 sales rose 21% to ~$3.77B (JPY 562.0B).
- Pictures
Not formally reported
Theatrical films, TV production, content licensing to streamers and Crunchyroll anime subscriptions. Revenue swings with release slates; Q1 FY2026 sales fell 13%.
- Entertainment, Technology & Services
Not formally reported
Bravia TVs, Alpha and Cinema Line cameras, audio and professional equipment. Q1 FY2026 sales were ~$3.64B (JPY 543.9B), up 2%, with operating income of ~$285M (JPY 42.6B).
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.
Sony
How it makes money
Sony makes money from five main businesses. Game & Network Services (~$31.4B (JPY 4.6857T) in FY2025 sales) sells PS5 hardware, first-party and third-party games, PlayStation Plus subscriptions and PlayStation Store transactions; network services alone grew 13.9% to ~$5.11B (JPY 763.1B) in FY2025.
Growth strategy
Sony's growth plan centers on IP across games, music, film and anime, plus creator technology. In gaming it is expanding network services, PC releases of first-party titles and live-service games, while investing in next-generation hardware. Crunchyroll (bought for $1.175 billion in 2021) extends anime reach globally.
Competitive advantage
Sony's edge is owning both popular entertainment IP and the technology that delivers it. PlayStation Studios franchises such as God of War, Spider-Man, The Last of Us and Ghost of Tsushima anchor an installed base of more than 95 million PS5 consoles, while PlayStation Network reached 125 million monthly active users at the end of FY2025.
Questions about Fire-Boltt vs Sony
Which company has higher revenue — Fire-Boltt or Sony Group Corp.?
Fire-Boltt had ~$365.4M (FY2024), while Sony Group Corp. had ~$83.6B (FY2025). By latest annual revenue, Sony Group Corp. 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 Sony Group Corp.?
Sony Group Corp. has a market capitalisation of $136.0B. 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 Sony Group Corp.?
Sony Group Corp. generates $881k / 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 Sony Group Corp. make money?
Fire-Boltt and Sony Group Corp. generate revenue in fundamentally different ways. Fire-Boltt: Fire-Boltt runs an asset-light hardware model. Sony Group Corp.: Sony makes money from five main businesses.
Is Fire-Boltt bigger than Sony Group Corp.?
By last reported revenue, Sony Group Corp. (~$83.6B (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 Sony overview