CAPE TOWN, South Africa (BRAIN) — Leatt Corporation's first-quarter revenue increased 27% year-over-year with growth in all major product categories led by helmet sales.
For the quarter ending March 31, total revenue was $19.51 million, compared with $15.37 million at the same time last year. Net income increased 58%, from $1.12 million to $1.17 million, with earnings per share growing from $0.18 to $0.28.
In addition, consumer-direct sales increased 49% year-over-year, the company reported.
"Cash increased by $3.96 million, to $17.19 million, despite strong investment in our marketing and selling capabilities and in our product and brand development that will fuel future growth," said Leatt CEO Sean Macdonald. "We expect working capital investments to grow in the coming periods as ordering patterns continue to signal growth, and we have sufficient liquidity to fuel this growth."
In addition to helmet sales rising, Leatt reported increases in parts and accessories (9%), neck braces (7%), and body armor (25%).
"While there are still some potentially challenging global geo-political headwinds, domestic sales are gaining promising traction, participation remains strong, and international ordering patterns remain robust, driven by strong demand for our products around the world," Macdonald said.
Leatt is traded on the OTCQB markets under the LEAT symbol.
