Mips AB (publ) MIPS
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Full analysis: 6 Apr 2026
Latest news check: 1 Aug 2026
General analysis — not personal advice.
BUY
7/10
Confidence
Add in tranches rather than chasing strength; prioritize buying on pullbacks or if upcoming Q3 commentary suggests margins can be sustained despite the settlement cost.
Q2 confirms scalability and strong demand (high organic growth and margin expansion) while the largest legal overhang has been reduced via the settlement. After a sharp share-price move, timing matters, but the improved risk/reward supports selectively adding rather than simply holding.
Market sentiment
10/10
↑
Trend: Improving
Sentiment has strengthened to very positive after a clear Q2 beat (growth and margins) and reduced legal overhang following the settlement; near-term concerns remain around the Q3 one-off impact and post-rally volatility.
Price context
The stock trades near its 52-week high after a strong rally, reflecting the market's high expectations for continued growth and margin expansion.
Risk assessment
4/10
Dilution:
Low
Profitable, cash-flow positive, low leverage
Jurisdiction:
Medium
US tariffs and China-linked supply chain exposure
Execution:
Medium
Koroyd integration and cost control are key
Recent changes
- The report beat expectations driven by strong organic growth and margin expansion following customer inventory adjustments.
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Show all changes (7) — follow the company freeAbout the company
Mips AB develops and licenses rotational impact protection technology (Mips BPS) integrated into helmets across sports, motorcycle and professional safety. The company is profitable with a scalable ingredient-brand model, but faces margin pressure, FX and trade/tariff uncertainty. The Koroyd acquisition broadens the technology portfolio and could support growth through 2026.
Sector:
Helmet safety technology
Type:
Tech
Next report
21 Oct 2026
Q3
Catalysts
21 Oct 2026
Q3 2026 report (incl. settlement impact)
High
Oct 2026
US tariff/trade developments
Medium
Q3 2026
Koroyd integration and synergies
High
Horizon:
Bull case
Q1 report (23 Apr 2026) may show stabilising margins and early Koroyd contribution
- Order recovery/normalisation after customer inventory adjustments
- Positive institutional interest (e.g., AP3 stake increase per research)
Bear case
Continued margin pressure from legal costs, logistics and FX
- US tariffs/trade rules may delay orders, especially in Moto/Safety
- High valuation sensitivity to any earnings/margin miss
Signal rationale (informational)
Q2 confirms scalability and strong demand (high organic growth and margin expansion) while the largest legal overhang has been reduced via the settlement. After a sharp share-price move, timing matters, but the improved risk/reward supports selectively adding rather than simply holding.
Recent news
- Since the last analysis: (1) The BrainGuard patent dispute (via customer Revelyst) has been settled; Mips will pay USD 3.25m (~SEK 31m) with a negative impact on adjusted operating profit in Q3 2026. (2) A new CFO has been appointed (Marie Björklund), starting no later than 11 January 2027. (3) Q2 2026 was released on 16 July and beat expectations: revenue SEK 232m (+72% YoY, organic +42%), adjusted EBIT SEK 108m and adjusted margin ~46.7%; the share price surged on the report day.
Key figures
Revenue
Q2 2026
SEK 232M
Net income
Q2 2026
SEK 95.0M
Gross margin
Q2 2026
74.1%
Price & valuation
Last close
SEK 410
1 week
+2.6 %
3 months
+54.8 %
12 months
+3.8 %
From 52w high
-6.7 %
From 52w low
+95.2 %
Exchange
Stockholm
Type
Technology
Sector
Helmet safety technology
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.