Fire-Boltt vs Xiaomi: Revenue, Profit and Business Model
Fire-Boltt had ~$365.4M of annual revenue in FY2024. Xiaomi had ~$63.6B of annual revenue in FY2025 and ~$5.8B of net income.
Latest financial snapshot
Fire-Boltt
- Latest annual revenue
- ~$365.4M (FY2024)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Xiaomi
- Latest annual revenue
- ~$63.6B (FY2025)
- Net income
- ~$5.8B
- Net margin
- 9.1%
- Revenue growth
- +8.6% a year, FY2021–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.
Xiaomi
FY2025 was Xiaomi's strongest year: revenue rose 25.0% to ~$63.6B (RMB457.3B), profit attributable to owners was ~$5.78B (RMB41.6B), and adjusted net profit rose 43.8% to ~$5.45B (RMB39.2B). The Smart EV, AI and other new initiatives segment more than tripled to ~$14.7B (RMB106.1B) on 411,082 vehicle deliveries and posted its first full-year operating profit. 2026 has been weaker. Q1 revenue was ~$13.8B (RMB99.1B) (down 10.9%) with adjusted net profit of ~$848M (RMB6.1B) (down 43.1%). Q2 revenue was ~$15.1B (RMB108.9B) (down 6.1%) with adjusted net profit of ~$862M (RMB6.2B) (down 42.6%) and a 19.8% gross margin. In Q2 the EV segment had ~$3.46B (RMB24.9B) of revenue and an operating loss of about $361M (RMB2.6B). Xiaomi Corporation is an absolute colossal Chinese designer and manufacturer of consumer electronics, smartphones, and electric vehicles, sustaining a massive market valuation typically exceeding $40 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 |
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.
Xiaomi
- Smartphones
40.8% (FY2025)
~$25.9B (RMB186.4B) from Xiaomi, Redmi and POCO phones.
- IoT, Lifestyle Products and Internet Services
36.0% (FY2025)
Remainder of the Smartphone x AIoT segment, including appliances, TVs, wearables, advertising and games.
- Smart EV, AI and Other New Initiatives
23.2% (FY2025)
~$14.7B (RMB106.1B), mostly from SU7 and YU7 vehicle sales.
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.
Xiaomi
How it makes money
Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games. Smartphones were the largest single product line in FY2025 at ~$25.9B (RMB186.4B) of revenue. IoT products extend the ecosystem into homes, and many of them are made by ecosystem partner companies Xiaomi has invested in.
Growth strategy
Xiaomi's stated strategy is the Human x Car x Home ecosystem: sell more premium smartphones, add large appliances and other IoT categories, scale the car lineup, and invest in its own AI models and chips, such as the MiMo models and the XRING O1 processor.
Competitive advantage
Xiaomi's advantages are scale in smartphones (top three globally by shipments), a very wide range of connected products under one brand and one operating system, a large device base it can monetize through services, and a fast-growing car business that buyers can connect to the same ecosystem.
Questions about Fire-Boltt vs Xiaomi
Which company has higher revenue — Fire-Boltt or Xiaomi Corp.?
Fire-Boltt had ~$365.4M (FY2024), while Xiaomi Corp. had ~$63.6B (FY2025). By latest annual revenue, Xiaomi 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 Xiaomi Corp.?
Xiaomi Corp. has a market capitalisation of $83.0B. 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 Xiaomi Corp.?
Xiaomi Corp. generates $1.12M / 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 Xiaomi Corp. make money?
Fire-Boltt and Xiaomi Corp. generate revenue in fundamentally different ways. Fire-Boltt: Fire-Boltt runs an asset-light hardware model. Xiaomi Corp.: Xiaomi sells hardware at relatively thin margins and earns higher margins from internet services delivered through its installed base of devices, including advertising, app distribution and games.
Is Fire-Boltt bigger than Xiaomi Corp.?
By last reported revenue, Xiaomi Corp. (~$63.6B (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 Xiaomi overview