CAPE TOWN, South Africa (BRAIN) — Leatt Corporation's second-quarter revenue decreased 31% year-over-year despite mountain bike and moto helmet sales increasing 48% compared with the same time last year.
Global revenue for the quarter ending June 30 was $12.35 million, compared with $17.93 million at the same time last year. Helmet sales accounted for $3.52 million, making up 29% of the protective gear brand's second-quarter total revenue.
The 116% year-over-year surge in MTB helmet sales was fueled by initial shipments of its 3.0 models designed to reach a wider audience of riders. Leatt also released a redesigned line of moto helmets, resulting in that category's sales volumes increasing 141% year-over-year.
Net income was $776,139, down 72%, compared with $2.73 million at the same time last year. Earnings per share for the quarter decreased from $0.47 to $0.13.
"Compared to 2022, the best year in our company's history, 2023 continues to be challenging for the entire moto and MTB industry due largely to post-COVID stocking and sell-through dynamics," said CEO Sean Macdonald said. "Although international distribution remains constrained, we are enthusiastic about the momentum that the Leatt brand continues to maintain and expect the early stages of a moderate recovery in domestic consumer sales to continue to appear in results over the next several quarters."
Leatt is traded on the OTCQB markets under the LEAT symbol.
