Roger Federer-backed On Running posts $558 million in revenue for 2024 Q1, sends stock price soaring

Roger Federer-backed On Running recently released its financial reports for the first quarter. The results have beaten the analysts' estimates and as a result, the stock price rose 15% when the market opened.

On posted record net sales, and they surpassed $550 million in a single quarter for the first time in their history. They also experienced 20.9% year-on-year growth in their net sales, touching more than $560 million. Gross profit increased to $334 million, an increase of 23.9%.

According to its financial report for Q1, On wants to continue to build on the strong results and reiterated its projection of achieving 30% growth in net sales for the full year, which would take its net sales to $2.5 billion in 2024.

They want to build on their 'Dream On' strategy and build close connections with fans. They also announced that many product launches are currently in the pipeline, which would power On's growth in the next phase.

"On continues on its Dream On strategy and looks to further increase the global awareness for the On brand, and build even closer connections with existing fans and new audiences globally through the power of a seamless omni-channel experience. Significant brand moments and exciting product launches in the coming months are expected to pave the way for the next growth phase on On's vision to be the most premium global sportswear brand."

Roger Federer, Iga Swiatek and Ben Shelton: On Running's involvement with tennis

Roger Federer at the 96th Annual Academy Awards

Roger Federer joined the company as a shareholder, and owned a 3% stake, in 2019. In 2024, the Swiss maestro launched his namesake sneakers with the company called 'The Roger Clubhouse Pro'.

In 2023, On forayed into tennis as they signed World No. 1 and Grand Slam champion Iga Swiatek and American up-and-coming star Ben Shelton. They also signed a then 16-year-old prodigy Joao Fonseca along with Swiatek and Shelton. Contrary to the Pole and the American, Fonseca was yet to debut on the ATP Tour. The teenage Brazilian won the 2023 Junior US Open title.

In September 2023, Federer admitted that he did not anticipate that On would grow this much in a short period.

"No, I mean, my expectations were just, I want to help a Swiss brand, and let's create something cool. Let's do something different than just a classic ambassador collaboration or partnership. Let's make it more meaningful. And On was feeling the same way, because On was coming up," Roger Federer told Complex in September 2023.

Roger Federer is a 20-time Grand Slam champion, who retired in 2022.