E-bike brand Cowboy has revealed that July was its "best sales month ever" and also its first profitable month. In a post on LinkedIn, founder and CEO Adrien Roose said the brand has been “relentlessly focused” on three key areas: unit economics, discipline with costs, and sales growth.
Cowboy's gross margin is now over 40%, “in line with the very best in the cycling industry,” according to Roose, while its operating costs are down 30% year-on-year.
Sales revenues for its latest generation models are also up 40% year-to-date versus 2022, with “significant growth” achieved since June.
Roose said: “With continued hard work we are now in a strong position to achieve profitability on a full year basis in 2024. In addition to being a resilient company, profitability will enable further investments in product development, manufacturing technologies and customer service.”
> Cowboy crowdfunding campaign soars past €1m mark
Headquartered in Brussels, Belgium, Cowboy was founded in 2017 by start-up entrepreneurs Roose, Karim Slaoui and Tanguy Goretti.
July saw the firm launch its latest model, the Cruiser. The bike was developed following feedback from Cowboy’s urban rider community, which the brand says requested a more upright ‘Dutch’ riding position for “improved posture and increased visibility on the road.”
Shortly after, the brand launched two new initiatives: a software package called Connect and a new "streamlined" bike configuration, known as Core, featuring a reduced software package and employing the firm's older IntuitivePower rather than its newer AdaptivePower technology.
Earlier this year, Cowboy developed the Bikey app to keep VanMoof owners on the road, after its rival was declared bankrupt.
