The helmet technology company MIPS reported a 32% drop in net sales in the three months between July and the end of September, compared to the same period in 2022.
The company said the drop was due to “continued 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 to SEK 113 million ($10,101,168 / £8,320,585) at the same point last year.
Net sales in the sports category, which includes bicycle helmets, decreased 29% for the period, compared to the same period last year.
Max Strandwitz, president and CEO of MIPS, said that despite the drop, the company “remains confident” about its “long-term growth opportunities in the bicycle subcategory” once the market begins to balance out after wild fluctuations induced by the Covid pandemic.
