CAPE TOWN, South Africa (BRAIN) — Leatt Corporation, a protective gear maker for mountain bikers and motorcyclists, saw record revenues and earnings in its fourth quarter and for its full-year 2020.
The South African-based brand announced Wednesday that its fourth-quarter revenues were $12.7 million, up 75% over the same quarter last year. Fourth-quarter net income was $1.8 million, versus a $28,000 loss in the quarter in 2019.
For the full year, revenues were up 36% over 2019, to $38.6 million. Full-year net income was up 222% to $4.4 million.
"By nearly every measure, 2020 was our best year ever, topped off by a fantastic fourth quarter, the best quarter in our history in terms of revenue and profitability," said CEO Sean Macdonald.
"We believe that these results demonstrate the resilience and agility of our business model in the midst of the turmoil brought on by the COVID-19 pandemic, as consumers continued to participate in outdoor activities. Meanwhile, our expanding line of products has defined Leatt as a genuine "head-to-toe" brand with a full offering of cutting-edge products that appeal to an increasingly wider rider audience around the world."
Macdonald said Leatt's market share is "still in its infancy in the majority of categories that we sell."
Leatt is traded on the OTCQB markets under the LEAT symbol.
