STOCKHOLM (BRAIN) — Helmet technology company MIPS reported a net sales increase of 61% in the first half of the year with operating profit increasing 108% from the same period last year, according to its interim report.
Net sales topped 127.5 million Swedish krona ($13.5 million) with operating profit increasing to 48.6 million Swedish krona ($5.1 million) in the first half. In the second quarter, sales grew by 49% to 82.6 million Swedish krona ($8.7 million).
In 2018, MIPS’ net sales were 192.5 million krona ($20.3 million).
“I am particularly pleased with the continued positive development in the snow category where we see that more and more customers choose to include MIPS in their full line of product offerings,” said Max Strandwitz, MIPS president and CEO. “As in previous quarters, the increase in revenue is primarily related to our growing sales with existing customers.”
MIPS entered the hockey helmet and construction hard hat categories this year. “These new helmets are made of a more durable material that enables the implementation of the MIPS technology,” Strandwitz said.