STOCKHOLM (BRAIN) — Driven by continued global bicycle helmet demand, MIPS' net sales increased 48% year-over-year in one of the helmet technology company's best-ever first quarters.
Net sales were SEK 83 million ($9.9 million), compared to SEK 56 million at the same time last year. Net income jumped 167% for the quarter, from SEK 12 million to SEK 32 million. Earnings per share increased 157%, from SEK 0.48 to SEK 1.23.
"Historically, the first quarter has been dominated by the production of primarily snow helmets," said Max Strandwitz, MIPS president and CEO. "This was not the case this year, since most of our sales continued to support the increased demand for bicycle helmets around the world."
Strandwitz added stock levels will continue to be an issue "at least for the rest of the season."
MIPS placed more emphasis on marketing during the quarter, sponsoring additional athletes — including the Scott SRAM mountain bike team, and the Honda RC motocross team — with more athletes joining in 2021.
MIPS' corporate headquarters is in Stockholm. Its stock is traded on the Stockholm Stock Exchange under the MIPS symbol. Stock quote at Marketwatch.com.
