Malmö, SWEDEN ( BRAIN) — Swedish hydration pack and accessory maker USWE is reporting first-half sales of SEK62.8 million ($6.4 million), down 11% from the first half last year.
USWE's currency-adjusted organic growth for the period was -4%, compared to 24% growth in the period last year.
Earlier this year the company began to transition from the use of distributors to direct sales through its own hubs globally, including a U.S. operation in Bend, Oregon. Bend is also home to Giant Loop, a motorcycle luggage brand that USWE acquired in 2022.
The company noted that its financial performance improved in its second quarter, which ran from July 1 to Sept. 30. Sales in the quarter were up 14% over the same period last year, and earnings before tax improved to -SEK2.2 million, compared to -SEK2.4 million in the second quarter last year.
USWE also explained that the 2025 first-half figures included sales revenue from the one-time divestment of VOID cycling apparel inventory, amounting to SEK4.6 million. USWE had acquired VOID after its 2021 IPO, but then sold the brand to WeSports Group last year.
"During the year, we have dedicated significant time and resources to transforming our business model and establishing the systems, logistics flows, and processes required for profitable growth," said Jacob Westerberg, CEO and President, in a statement Thursday.
Westerberg said USWE's market environment "remains mixed" with subdued demand in markets including North America. He said the brand is focused on increasing market share and lowering delivery costs.
USWE's stock is traded on the Nasdaq First North Growth Market. Stock quotes are available at nasdaq.com/european-market-activity/shares/uswe.
