Leatt Corp. reported second-quarter revenues of $14.3 million, up 106 percent, compared to the 2020 second quarter. Net income reached $2.4 million, or 44 cents, up 257 percent year-over-year.
Income from operations of $3.1 million, up 246 percent, compared to the 2020 second quarter
CEO Sean Macdonald commented: “We are very pleased with our 2021 second-quarter results as we continue to create awareness of Leatt as a global consumer brand to drive demand for our exceptional, award-winning products and reach a wider global audience. The second quarter was yet another ground-breaking and record-setting quarter for Leatt. We achieved strong double-digit growth across all of our ‘Head-to-Toe’ product categories and in every major geographical area in which we sell our products.
“Global revenues for the second quarter more than doubled to $14.3 million, an increase of 106 percent over the 2020 second quarter. Net income for the second quarter rose to $2.4 million, an increase of 257 percent over the 2020 second quarter.
“For the first six months of 2021, revenues were $27.2 million, up 88 percent over the same period last year. Net income for the first six months was $4.5 million, up 331 percent over the same period last year.
“The numbers for the quarter demonstrate our ability to grow revenues strongly while remaining operationally efficient. The increase in the second quarter of 2021 was driven by a 46 percent increase in neck brace sales, a 107 percent increase in body armor sales, a 91 percent increase in helmet sales, and a 165 percent increase in sales of other products, parts and accessories.
“We continued to build steady momentum during the 2021 second quarter, which marked the fourth quarter in a row of record-breaking revenue growth, and the 13th consecutive quarter of year-on-year revenue growth. We believe that our ongoing growth is a testament to the success of our strategy that is focused on building Leatt into a global consumer brand by growing our product categories to anticipate and serve the needs of our riders.
“Consumer spending on outdoor products continues to increase as people around the world participate widely in outdoor activities that provide some escape from the Covid-19 pandemic, a trend that we expect to continue.”
Founder and Chairman Dr. Christopher Leatt said, “Our design and engineering team continues to be energized by the surging consumer demand levels and the recognition our products are receiving from athletes around the world, the media and our business partners. We look forward to presenting our 2022 product line to consumers around the world in the second half of this year.”
Business Outlook
Macdonald added: “We expect to continue making substantial progress in building the Leatt brand globally as we refine and expand our suite of protective gear to meet the surging demand around the world for our exceptional ‘Head-to-Toe’ offering of protective gear for off-road motorcycle and MTB riders.
“We are working closely with our global supply chain team, particularly in Asia, to streamline and optimize our processes to mitigate rising raw material and logistics costs to maintain a stable and predictable supply of our product pipeline. We continue to differentiate the Leatt brand and build on our ongoing momentum to create long-term shareholder value.”
Photo courtesy Leatt Corp.
