Mountain Cog

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Ever wonder how much money bike companies actually make? In this episode, Josh breaks down the real financials behind the mountain bike industry — and the numbers might surprise you. Using publicly available data from Giant, Merida, and Shimano, plus a detailed cost breakdown of a $5,000 acoustic mountain bike and a $15,000 e-MTB, we dig into what bike brands actually pocket after all the bills are paid. Spoiler: it's a lot less than you think.
We also go deep on Shimano — why they financially outperform the other public bike companies, and what four Japanese business philosophies (Kaizen, Monozukuri, Keiretsu, and Genchi Genbutsu) have to do with their margins. Dane and Josh debate whether the bike industry needs to slow its product release cycle, and whether a more Shimano-style approach could actually make bikes more affordable in the long run. If you've ever complained about bike prices — or defended them — this one's required listening.
**EPISODE CORRECTION**: Merida reportedly acquired somewhere between 19%-49% stake in Specialized in 2001 (not in 2022 which we suggested in this episode).  Also, it's been reported that the their stake is ~35% today and that Merida agreed not to sell Merida bikes in the U.S. as a term of the deal.
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Episode 124 marks the debut of Shop Talk — Mountain Cog's new recurring episode format built around four segments that cut through the marketing noise and get to what actually matters on the trail and in the industry. The guys kick things off with what everyone's talking about: Nolly Bikes has entered receivership, and Josh breaks down what that actually means, how it compares to what Rocky Mountain and YT went through, and whether Nolly's decision to skip carbon and e-bikes entirely may have sealed their fate. The Surron backlash, e-bike legislation, and the quiet aluminum comeback round out a packed opening segment.
From there, Shop Talk rolls into what grinds their gears — trail gatekeeping, gravity bros, and the online parts-buying culture that's making life harder for local shops. Then Josh gives his honest take on the Avinox motor after riding an Amflow in Bentonville, and the guys debate whether the DJI hype is actually earned. They wrap it up with Bang for the Buck — a real-world budget drivetrain breakdown and fierce debate covering Shimano Deore & Cues, SRAM NX & Eagle 70, and Microshift Advent MX, priced out component by component so you know exactly what you're getting for your money.
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Brakes are one of those things most riders don't think about until something goes wrong — and then it's all they can think about. This episode of Mountain Cog changes that. Josh and Dane dig into the Hayes versus Shimano debate with the kind of depth and honesty that's hard to find when every other review online is either sponsored content or a five-minute YouTube video that barely scratches the surface. The conversation starts with a simple real-world observation from the trail and quickly evolves into something genuinely eye-opening about how these two systems are fundamentally built to feel different — not better or worse, just different.
Dane has spent decades behind a bike shop bench working on both systems, and that experience comes through in every minute of this episode. He explains why Shimano's brakes have earned their legendary reputation for easy maintenance, why Hayes has quietly built a cult following among riders who prioritize feel and control on technical terrain, and what the actual tradeoffs are when you choose one over the other. DOT fluid versus mineral oil, modulation versus raw bite, easy bleeding versus superior feel — it's all covered here without an agenda. By the end you'll have a clear picture of which system fits your riding and your lifestyle.
Shimano: https://bike.shimano.com/stories/article/the-easy-to-understand-guide-to-brakes.html
Hayes: https://hayes.hayesbicycle.com/en-us/
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Sunglasses might be the most under-thought of piece of gear in mountain biking. Most riders either skip them entirely or default to whatever they already own, without knowing that the wrong tint, frame, or fit can actually make riding harder and riskier. Rob Tavakoli, CEO of SportRX and a guy who's been obsessed with eyewear since he was nine years old, joined the Mountain Cog crew in Tucson for a follow-up to his Episode 71 appearance — and this time he brought a bag full of frames to show and tell.
Rob and the guys cover the full landscape of mountain bike sunglasses: how shields differ from dual-lens frames and when each makes sense, why some frame designs work better for prescriptions, and how to tell at a glance whether a frame is actually going to fit your face. The lens conversation is equally thorough — rose and amber tints for contrast, photochromatic options for variable light, the case against polarization on the trail, and Oakley's Prism technology explained in a way that actually makes sense. Rob also addresses why no mountain bike frame should be made of metal or have glass lenses, shares the care habit that's kept his personal collection pristine over the years, and talks through how SportRX's in-house line makes prescription sport eyewear accessible starting at $99 with a full money-back guarantee.
Link: https://www.sportrx.com/

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When Josh Sprague couldn't find a hydration pack that stayed put, ran cool, and didn't feel like dead weight on his back, he built one himself. Fourteen years later, Orange Mud offers unique solutions to the endurance and mountain bike markets. Sprague joins Josh & Dane this week to explain what makes Orange Mud's Endurance Pack different from everything else on the market. The conversation covers pack geometry, upper-back placement, heat release through open side construction, and why he's convinced that waist packs — no matter how trendy — will never be the answer for serious trail riding.
What makes this episode stand out is the business conversation layered underneath the gear talk. Sprague is one of the more self-aware founders you'll meet — he's honest about the money he wasted early on, the challenges that have hammered small outdoor brands over the last few years, and the somewhat accidental creation of Seven Clay, his custom embroidery company that now runs bigger than his original business. He and the guys also get into retail strategy, the dangers of constant discounting, and the one metric — average order value relative to conversion cost — that Sprague says every entrepreneur needs to nail down before they go all in.
Orange Mud (Hydration): https://www.orangemud.com/
Seven Clay (Embroidery & more): https://sevenclay.com/
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