CAPE TOWN, South Africa (BRAIN) — Leatt Corporation reported record fourth-quarter and full-year revenue gains of more than 80% year-over-year despite what it said were challenging global supply-chain conditions.
The protective gear brand had double-digit revenue growth in all product categories during 2021 and in every major geographical region where it sells its products, according to CEO Sean Macdonald.
Fourth-quarter revenue of $23.2 million was up 82% year-over-year, and yearly revenue of $72.5 million jumped 88% compared with 2020. Net income for the quarter climbed 115% to $3.8 million, with full-year net income rising 184% to $12.6 million, both year-over-year. Earnings per share for the year increased 179%, from $0.82 to $2.29.
"We closed out the year with a strong fourth quarter, the strongest quarter in our history in terms of revenue," Macdonald said. "... We have now achieved record-breaking revenues for six consecutive quarters."
Leatt's product highlights in 2021 included launching its initial line of eco-friendly mountain bike apparel while continuing to employ biodegradable packaging.
Leatt is traded on the OTCQB markets under the LEAT symbol.
