MIPS sales fall of 32% blamed on slow bike helmet demand

Net sales decline primarily because of weak demand in bike sub-category, according to helmet technology company

The MIPS HQ building shown with lawn at the front, flags to the right and blue sky
(Image credit: MIPS)

The helmet technology company MIPS has reported a 32% fall in net sales in the three months between July and the end of September, compared with the same period in 2022.

The company said the fall was due to a "continued soft demand" in the cycling market.

Net sales for the Swedish company for the quarter were SEK 77 million ($6.9 million / £5,691,660) compared with SEK 113 million ($10,101,168 / £8,320,585) at the same point last year.

Net sales in the sport category, which includes bike helmets, declined 29% for the period, compared with the same period last year.

Max Strandwitz, MIPS president and CEO, said that despite the fall the company “remains confident” about its “long term growth opportunities in the bike sub-category” once the market begins to balance out following wild fluctuations induced by the Covid pandemic.

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Tom joined Cycling Weekly in early 2022 and his news stories, rider interviews and features appear both online and in the magazine. 

He has reported from some of professional cycling's biggest races and events including the Tour de France and the recent Glasgow World Championships. He has also covered races elsewhere across the world and interviewed some of the sport's top riders. 

When not writing news scoops from the WorldTour, or covering stories from elsewhere in the domestic professional scene, he reports on goings on at bike shops up and down the UK, where he is based when not out on the road at races. He has also appeared on the Radio Cycling podcast.