CAPE TOWN, South Africa (BRAIN) — Leatt Corporation revenue in the first quarter increased 45% year-over-year driven by a 101% rise in helmet revenue during the period.
All of Leatt's major product categories grew by double-digits compared with the same time last year, including body armor (37%), neck braces (21%), and other products, parts and accessories (37%).
"Overall, we believe that we are making important progress in working our way back to a position of sustainable growth after the contraction that we experienced post COVID," said CEO Sean Macdonald.
Overall revenue for the quarter ending March 31 was $15.37 million, compared with $10.61 million at the same time last year.
Net income was $1.12 million, up 237% compared with a net income loss of $816,679, and earnings per share for the quarter was $0.18, compared with a minus-$0.13 year-over-year.
Leatt reported that international distributor sales went up 79% and consumer-direct sales grew 14% year-over-year. U.S. dealer-direct sales decreased 9%, with Macdonald saying "U.S. moto and MTB dealers continue to manage industry-wide stocking dynamics and some turbulence at the dealer level."
Leatt is traded on the OTCQB markets under the LEAT symbol.
