Belgian bicycle manufacturer Cowboy has published an absolutely abysmal annual report: its turnover is in freefall, its loss is sky-high and its debt is out of control. A deal with potential saviour Rebirth Group has not yet been finalised.
Untenable situation
With considerable delay, the Belgian manufacturer of “the ultimate connected e-bikes” has finally filed its annual report with the National Bank. As expected, it is not an uplifting read: sales fell 30 % to 21.7 million euros, down from more than 40 million euros in 2022. Losses increased from 19.4 to 21.2 million euros, meaning that Cowboy’s losses are as high as its turnover. Since its founding in 2017, accumulated losses already exceed 123 million euros. Equity is 43 million euros below zero, while the debt burden rose to 56 million euros.
