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Edge24 Jan 2025
Mips: The Gore-Tex of Brain Protection
How Mips turned a critical safety flaw into a global success, redefining helmet protection with its technology and ingredient brand business model.
Mips (MIPS) investor relations material
Mips Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary16 Jul, 2025
Executive summary
Achieved 12% organic growth in Q2 2025 despite challenging tariff conditions; year-to-date organic growth at 23%.
Tariffs caused significant short-term sales impact across all categories, but sales improved as effects became more predictable.
Volume growth in the US market and strong momentum in Europe, with Europe driving Q2 sales growth (over 43%).
EBIT/operating profit decreased 22% to SEK 41M, mainly due to legal costs and negative Forex effects.
Management remains confident in long-term strategy and financial targets.
Financial highlights
Q2 net sales increased 1% to SEK 135M; organic growth was 12%.
Gross profit up 3% with gross margin at 74.2% (vs 72.9% last year), driven by favorable sales mix.
EBIT/operating profit down 22% to SEK 41M (from SEK 52M); EBIT margin decreased to 30.1% from 38.9%.
Operating cash flow SEK 18M vs SEK 29M last year.
H1 net sales up 16% to SEK 251M (23% organic), gross margin 73.2%, EBIT flat at SEK 65M, and operating cash flow SEK 55M.
Outlook and guidance
Short-term uncertainty expected to persist due to tariffs, but less severe than Q2.
Acceleration in organic growth expected in H2 vs H1, with Q3 likely around 20%+ and Q4 trending higher.
No change to long-term sales target of SEK 2B by 2029; management expects to trend above 30% annual growth.
Customers relocating production outside China may temporarily slow new product development.
Long-term demand for helmet safety remains robust.
Assess impact of production relocation.
Explain legal costs impact on operating profit.
How do tariffs affect motorcycle sales?
Assess tariff impact on Moto/Safety H2 rebound.
Explain the drivers behind Q2's gross margin.
Detail Mips' strategy for Asia/Australia growth.
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Next Mips earnings date
Q3 202522 Oct, 2025
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Frequently asked questions
Swedish pioneering technology in helmets
If you’ve used or seen someone using a helmet in the last few years, you’ve likely seen a MIPS-equipped helmet, recognizable from the yellow liner and small yellow dot on the helmet shell.
Multi-directional Impact Protection (MIPS) is an integral part of the safety technology in helmets, and over 140 brands incorporate it in over 883 helmets. In 2021, over twelve million helmets with MIPS were sold.
A new way of protecting your brain
The first MIPS helmet was actually an equestrian one, launched in 2007 after the student Peter Haldin and the brain surgeon Hans Von Holst had discovered the shortcomings of standard helmets. The traditional helmets were only tested for linear impacts rather than rotational forces, which are more harmful to the human brain. Marcus Seyffarth is head of product development at MIPS. He uses the analogy of stretching a rubber band to explain the strain these rotational forces can have:
“The more you stretch a rubber band, the less likely it is to return to its original shape, and the same can be said for rotational forces in the brain.”
Exclusively in third-party collaborations
Halldin and Von Holst realized, however, that it can be hard to break through with a new product and brand in a fairly brand-dominated market. So, the founders released their first third-party helmet, including the MIPS system. Today, the company works exclusively with manufacturers and integrates their technology into the helmets from the beginning of the design process.
Licensing, for a constant cash flow
After the initial lower margin “heavy lifting” when onboarding a new brand and/or model (fitting the MIPS technology into a specific helmet, safety testing it, and then mass producing the layers) is paid for, basically every incremental licensing dollar for producing and selling the helmets drops straight to the bottom line. As a result of this, the company has increased their EBIT by an incredible 125x in the last six years, and revenue by 11.3x, due to en impressive margin expansion and increased adoption of the MIPS technology.
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