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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 Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary22 Oct, 2025
Executive summary
Achieved 19% organic growth in Q3 2025, with all categories delivering growth despite challenging market conditions and US tariff uncertainties.
Europe delivered 73% growth, marking the fourth consecutive quarter above 50% growth, while the US market saw modest growth amid headwinds.
Year-to-date organic growth reached 22%.
Underlying profitability improved, but EBIT declined by 7% to SEK 44m due to SEK 13m in legal costs and Forex headwinds.
Long-term outlook and financial targets remain unchanged.
Financial highlights
Q3 net sales increased 10% to SEK 135m, with organic growth of 19%.
Gross profit rose 11% to SEK 100m, with gross margin at 74.2% (up 0.8pp year-over-year), driven by sales mix.
EBIT down 7% to SEK 44m, with EBIT margin at 32.6% (down 6pp); excluding legal costs, EBIT margin was 42.1%.
Operating cash flow was SEK 41m in Q3; SEK 96m for the first nine months.
Equity ratio at 86%; cash and equivalents of SEK 280m; no loans.
Outlook and guidance
Expect continued positive progress, especially from Europe, with less impact from tariffs.
Safety category sales expected to resume doubling every 6–12 months within 1–2 quarters.
Q4 anticipated to show further progress over Q3, driven by strong European performance.
U.S. market growth expected to remain modest, with gains mainly from market share.
Legal costs expected to remain similar in Q4, then decrease in 2026.
Customer manufacturing relocation impact?
Future legal costs and currency impact on EBIT?
Evolution of helmet tests for rotational protection?
Safety category: When will doubling sales resume?
Tariff-driven production shifts: Mips' long-term view
European growth: Detail key awareness initiatives
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Q4 202511 Feb, 2026
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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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