Welcome to my first monthly Haypp recap. I’ll be doing these every month with one clear goal: to give you a full picture of what’s happening at Haypp without having to wait for quarterly results. Think of it as your shortcut to staying ahead of the curve.
I’m especially excited about the upcoming Q3. A lot could go very right for Haypp, and as you’ll see in this update, we’re already well on track.
In July, web traffic across Haypp Group’s sites jumped 17% compared to Q2 averages and is now approaching all-time highs. That kind of move isn’t just noise — historically, it has been a strong signal for revenue momentum.
Nicokick Traffic Surging
The month of July saw a massive increase in Nicokick’s U.S. traffic — up a whopping 38% month-over-month. This is a clear sign that Haypp is benefitting from the ongoing nicotine pouch boom stateside.
Other strong performers were Haypp.com and, surprisingly, Snus.com. Haypp overall seems to be mean reverting back to its old growth trajectory, while Nicokick is riding the powerful U.S. nicotine trend.
The surge in Snus.com is particularly interesting. Traffic nearly doubled month-over-month, hinting at either a sharp increase in category awareness or Haypp testing new strategies on that platform. Either way, it’s a sign that momentum isn’t concentrated in just one market or brand.
No ZYN in Sight
There’s still no clarity on ZYN availability across Haypp’s U.S. platforms. As of now, both Nicokick and Northerner remain out of stock.
Interestingly, Prilla — Haypp’s main competitor in the U.S. — does appear to have ZYN available. One possible explanation is scale: Prilla, being smaller, can secure enough supply to stay in stock, while Haypp’s larger customer base requires a steadier flow that hasn’t materialized.
That said, the fact that Prilla is getting product suggests that ZYN will eventually return to Haypp’s shelves as well. The timing is uncertain, but when it happens, it could add an immediate lift to revenue. Time will tell.
Looking Forward
As of writing, Haypp has just released its Q2 results — which came in soft, exactly as I expected. Still, the numbers seemed to catch some people off guard, especially analysts. A few even downgraded the stock post-earnings, which I find a bit surprising.
After all, these same analysts were raising their targets only a month earlier. It almost feels like they’re moving in reverse to what actual sales are doing. In July, when web traffic already pointed to a weak Q2, targets were upgraded. Now in early August, when we know Q3 is very likely shaping up to be a strong quarter, the downgrades come.
The market doesn’t seem to be taking these downgrades at full face value — price action has held up relatively well. If the current traffic momentum continues, I believe Haypp will comfortably cross the 1,000 MSEK mark this quarter and could even push closer to 1,100 MSEK if growth keeps compounding.
All in all, now looks like a reasonable entry point. Personally, I added a few percent to my position after the earnings release.
Endnote:
If you want monthly Haypp updates and coverage of future stocks, subscribe to my Substack. Go read my full post on Haypp there, and follow me here on X for ongoing thoughts.
And remember — web traffic predictions aren’t perfect, but they do give a useful ballpark estimate.