Mips AB is a Sweden-based company focused on helmet-based safety technology, specifically designed to protect against brain injuries caused by rotational motion. The company operates an asset-light, business-to-business (B2B) "ingredient brand" model. Rather than manufacturing and selling its own finished consumer helmets, Mips develops and licenses its patented Brain Protection System (BPS)—a low-friction layer integrated into helmets—to established global helmet brands. The company generates revenue primarily through per-unit licensing fees and implementation services charged to its brand partners.
Mips categorizes its business into three main segments: Sports, Moto, and Safety. The Sports category is the company's dominant revenue driver, historically accounting for over 90% of total sales, and includes helmets for cycling, snow sports, equestrian, and team sports. The Moto category covers on-road and off-road motorcycle helmets, while the Safety category represents a growing strategic focus on protective headgear for construction, manufacturing, mining, and military applications.
Geographically, Mips has a global footprint, with North America and Europe serving as its largest end markets. The company's technology is utilized by over 150 helmet brands worldwide, including major industry players in the cycling and snow sports markets. By outsourcing the physical manufacturing of its components to third-party contractors and relying on its brand partners for consumer sales and marketing, Mips maintains high margins and strong cash generation. The company's competitive position is underpinned by its extensive intellectual property portfolio, which is based on over 25 years of biomechanical research conducted in collaboration with the KTH Royal Institute of Technology and the Karolinska Institute in Sweden.
