STOCKHOLM (BRAIN) — MIPS net sales increased 72% year-over-year in the second quarter with the Sports category — which includes bike and snow helmet sub-categories — growing by 51%.
Net sales totaled SEK 232 million ($24 million), compared with SEK 135 million at the same time last year. The Sports category net sales were SEK 189 million, compared with SEK 125 million year-over-year. Net sales for the Bike sub-category increased for the 11th consecutive quarter following the post-pandemic slide. According to President and CEO Max Strandwitz, the growth is being spurred by an ongoing "premiumization" of the market.
"This trend is being driven both by the higher share of e-bike sales and by increasingly discerning consumers who are willing to pay more for higher-quality products, which benefit strong brands such as MIPS," he said.
While the Snow sub-category benefited from strong European market demand in the 2025-2026 winter season, it was hurt in North America because of a poor snowfall in central and western U.S.
"In North America, we faced a weak comparative figure following the introduction of tariffs in the prior year and we therefore grew by as much as 91% during the quarter," Strandwitz said. "Adjusted for those effects, we see continued strong performance in the U.S. market, particularly in the higher-price segments. It is also pleasing to see that the Asian market has returned to strong growth after a period of weaker performance."
Net income was SEK 68 million for the quarter, up 113% from SEK 32 million year-over-year. Earnings per share increased from SEK 1.20 to SEK 2.55.
Two weeks ago, MIPS announced it will pay $3.25 million to fellow helmet technology company BrainGuard Technologies as part of a patent infringement lawsuit settlement brought against Revelyst and its helmet brands. MIPS said the settlement decision was based on avoiding costs and added it will have a negative impact on the company's adjusted operating profit in the third quarter.
MIPS' corporate headquarters is in Stockholm, and its stock is traded on the Stockholm Stock Exchange under the MIPS symbol. Stock quote at Marketwatch.com.
