Leatt Corporation reported significant financial growth in its quarterly results for the three months ended March 31, 2025, with revenues reaching $15.37 million, a 45% increase from $10.61 million in the same period last year. The company also achieved a gross profit of $6.72 million, up 68% from $4.01 million, reflecting improved sales across various product lines, particularly in body armor and helmets. Net income for the quarter was $1.12 million, compared to a net loss of $0.82 million in the prior year, marking a substantial turnaround in profitability.
The increase in revenue was primarily driven by a $1.84 million rise in body armor sales and a $1.71 million increase in helmet sales. International sales accounted for 77% of total revenues, with a notable 79% increase in sales to global distributors. However, dealer direct sales in the U.S. saw a 9% decline as dealers adjusted to industry-wide inventory levels. The company’s product royalty income also saw a significant increase of 117%, totaling $85,298, attributed to higher sales of licensed products.
Operationally, Leatt Corporation has made strategic investments in its workforce, resulting in an 18% increase in salaries and wages, totaling $1.86 million. The company has focused on enhancing its sales and marketing capabilities, which has contributed to its revenue growth. Research and development expenses also rose by 20% to $664,490, reflecting ongoing efforts to innovate and improve product offerings. The total operating expenses increased by 11% to $5.38 million, driven by higher salaries and general administrative costs.
As of March 31, 2025, Leatt's total assets were reported at $45.34 million, a decrease from $46.49 million at the end of 2024. The company maintained a strong cash position with $12.70 million in cash and cash equivalents. Looking ahead, Leatt Corporation expressed optimism about continued growth in the motor sports and bicycle markets, despite potential challenges from global economic conditions and trade restrictions. The company plans to leverage its strong product portfolio and expand its market presence to drive future revenue growth.
About Leatt Corp
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