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