Hasselblad sales jump 20%, but profits fall

Hasselblad’s sales jumped 20 per cent in 2025, but a closer look at the company’s latest financial results paint a more complicated picture of its growth.

According to financial data analysed by Photo Rumours, the Swedish medium-format specialist, which is owned by DJI, recorded revenue of $325.9 million, up from $271.7 million in 2024. The increase continues a remarkable run for the company, with sales having more than quadrupled since 2022.

Hasselblad’s mirrorless X System, led by the 100-megapixel X2D 100C, appears to have played an important role in that growth, alongside the 907X/CFV 100C and expanding XCD lens range.

However, higher sales haven't translated directly into higher profitability.

Gross profit increased only slightly, from $81.4 million to $84.7 million, while gross margin dropped from around 30 per cent to 26 per cent.

Operating profit did reach a record for the six-year period covered by the figures, rising 12 per cent to $46.8 million.

But net profit fell by about 20 per cent, from $42.5 million to $33.9 million.

A much higher tax expense contributed to the decline in net profit.

The results therefore offer both good and bad news for Hasselblad. On the one hand, the company is clearly selling significantly more cameras and lenses, but on the other its margins remain under significant pressure. How it chooses to navigate this will be interesting to follow in the next couple of years.