Hasselblad Is Making Serious Money From Mirrorless Cameras

Hasselblad’s latest financial results show just how much its mirrorless medium format cameras have changed the company’s fortunes. Sales reached $325.9 million in 2025, up 20% from $271.7 million a year earlier, while operating profit rose 12% to $46.8 million. 

The figures, reported by Photo Rumors based on financial filings from Hasselblad’s operating subsidiaries, also show a business that is growing rapidly, even as its margins come under pressure.

Mirrorless cameras helped transform Hasselblad’s business

The strongest part of Hasselblad’s recent growth has been its X System of mirrorless medium format cameras. Photo Rumors identifies the X2D 100C as a major driver of the company’s financial turnaround, followed by products such as the 907X and CFV 100C and a growing range of XCD lenses.

The X2D 100C arrived in 2022 with a 100 megapixel BSI CMOS sensor, five axis image stabilization, phase detection autofocus and a built in 1TB SSD. Hasselblad also introduced smaller XCD lenses alongside the camera, making the medium format system more practical for photographers who wanted high resolution without the bulk traditionally associated with the format.

The strategy appears to have coincided with a sharp increase in revenue. Hasselblad reported $77.2 million in revenue in 2022, followed by $154.8 million in 2023, $271.7 million in 2024 and $325.9 million in 2025, according to the figures compiled by Photo Rumors.

That means revenue more than quadrupled between 2022 and 2025. The increase also came alongside a broader expansion of the mirrorless lineup. The 907X and CFV 100C, announced in 2024, brought a 100 megapixel sensor to Hasselblad’s modular system and allowed photographers to use the digital back with V System film cameras and technical cameras.

Sales are rising, but margins tell another story

The growth in sales did not translate directly into higher gross margins. Hasselblad’s gross profit increased only slightly from $81.4 million in 2024 to $84.7 million in 2025, while revenue increased by $54.2 million. As a result, gross margin fell from about 30% to 26%, according to Photo Rumors’ analysis of the filings.

Operating profit nevertheless reached $46.8 million, up from $41.7 million in 2024. Operating margin slipped from 15.4% to 14.3%, but the company still recorded its highest operating profit in the six year period covered by the report.

Net profit tells a different story. Profit for the year fell 20.2%, from $42.5 million in 2024 to $33.9 million in 2025. Photo Rumors notes that the results included a much larger tax expense in 2025, helping explain why net income declined even as operating profit increased.

For Hasselblad, the numbers suggest that the mirrorless strategy has delivered substantial sales growth, but maintaining profitability as the business expands could prove just as important as selling more cameras. 

With the X2D II 100C now extending the same product line with faster autofocus, HDR and improved stabilization, photographers will be watching to see what the next generation means for Hasselblad’s growth.

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