Leatt Corp reported sales vaulted 61 percent in the second quarter ended June 30, marking its third consecutive quarter of double-digit growth as the protective gear maker benefited from long-awaited restocking pushes in the bike channel. The gains were led by a 117 percent jump in sales of its body armor segment (upper body armor, limb protection and footwear). Neck brace sales increased 19 percent.
Second Quarter 2025 and Recent Highlights
  • Revenues were $16.18 million, up 61 percent compared to the second quarter of 2024.
  • Gross profit was $6.89 million, up 76 percent compared to the second quarter of 2024.
  • Income from operations was $1.40 million, up 224 percent compared to the second quarter of 2024.
  • Cash and cash equivalents increased 27 percent to $15.73 million.
  • Cash flows provided by operations for the first six months was $4.11 million.
  • Net income was $1.14 million, up 208 percent compared to the second quarter of 2024.
  • 5.0 Gravity Helmet wins gold award at Eurobike 2025.
  • 6.0 HydraDri® Jacket wins award for performance clothing at Eurobike 2025.
Chief Executive Officer Sean Macdonald commented, “The second quarter of 2025 was a fantastic quarter for Leatt, with strong revenue growth and profitability. Total global revenues for the second quarter increased by $6.10 million to $16.18 million, a 61 percent increase over the second quarter of 2024. This was our fourth consecutive quarter of growth and third consecutive quarter of double-digit growth after the post-Covid inventory surplus overhang and resulting industry-wide revenue contraction.
“In the second quarter of 2025, we achieved global double-digit revenue growth in all of our major product categories as we continue to invest in a pipeline of cutting-edge products and innovations to reach a wider rider community. Body armor revenues that include upper body armor, limb protection and footwear increased by 48 percent, helmet revenues increased by 117 percent, other product, parts, and accessory sales that include apparel, goggles, and components increased by 65 percent, and neck brace sales increased by 19 percent, compared to the second quarter of 2024.
“Gross profit as a percentage of sales continued to improve, increasing from 39 percent in the second quarter of 2024 to 43 percent this quarter, as domestic trading conditions continue to improve despite some tariff uncertainty.
“Consumer direct sales, a channel that remains an encouraging growth engine for us, increased by 35 percent, compared to the second quarter of 2024. Dealer direct MOTO and MTB sales in the U.S. were another highlight, returning to growth with global dealer sales increasing by 45 percent in the second quarter. Although U.S. MOTO and MTB brick and mortar dealers continue to manage some areas of elevated inventory levels and industry turmoil that is stabilizing, participation and demand for our products remain strong.
“Our liquidity continues to improve. We do expect working capital investments to increase in the coming periods as ordering patterns at the consumer, dealer, and distributor levels continue to show growth patterns, but we are confident that we have sufficient liquidity to fuel this growth.
“For the first six months of 2025, our revenues increased by $10.85 million or 52 percent to $31.54 million, and net income increased by $4.13 million or 221 percent, to $2.26 million. Cash increased by $3.36 million, to $15.73 million for the first six months of the year, with cashflows provided by operations of $4.11 million.
“We remain passionate about our future, with a strong portfolio of innovative products in the global market and in the pipeline, and a multi-channel sales organization that is growing and developing.”
Financial Summary
  • Total revenues for the second quarter of 2025 were $16.18 million, up 61 percent, compared to $10.08 million for the second quarter of 2024. This increase in worldwide revenues is attributable to a $2.70 million increase in body armor sales, a $1.68 million increase in helmet sales, a $1.60 million increase in other products, part and accessory sales and a $0.11 million increase in neck brace sales.
  • Gross profit for the second quarter was $6.89 million, up 76 percent, compared to $3.92 million for the second quarter of 2024.
  • Net income for the second quarter of 2025 was $1.14 million, or 18 cents per basic and 18 cents per diluted share, up 208 percent, as compared to a net loss of $1.06 million, or 17 cents per basic and 16 cents per diluted share, for the second quarter of 2024.
  • Leatt continued to meet its working capital needs from cash on hand and internally generated cash flow from operations. At June 30, 2025, the company had cash and cash equivalents of $15.73 million and a current ratio of 7.4:1.

Founder and Research and Development lead, Dr. Christopher Leatt, remarked, “We were honored in June at Eurobike, the world’s leading trade fair for cycling and ecomobility, with awards for our ability to consistently develop technical innovations and functional rider protection pieces. Our 5.0 Gravity Helmet won the Gold Award for Technical Highlights, and our 6.0 HydraDri® Jacket won for Performance Clothing.”

Business Outlook
Macdonald added: “Our entire team is energized by the increasingly strong demand for Leatt products around the world, our consistent revenue growth, and the progress that we are making in working our way out of the industry-wide post-COVID contraction.
“The strong revenue growth is being fueled by international sell-through and re-stocking dynamics and domestic sales outreach programs that are gaining momentum, as we continue to invest in our team selling capabilities and brand. We expect this trend to continue as re-ordering patterns continue to improve and filter through to our revenues.
“Although there are still some challenging geo-political and economic headwinds globally, particularly in the U.S., where tariffs could impact inflation, uncertainty, and demand, inventory continues to be digested, our domestic sales outreach and capabilities are gaining traction, and participation remains strong. We continue to manage our costs of sales actively and are working closely with suppliers and customers to mitigate tariff risks and costs as possible.
“We believe strongly that our strategy of investing in talent, innovative product development, and in the development of Leatt as a global consumer-facing brand that appeals to a wide community of riders around the world, will continue to fuel growth moving forward.
“We remain confident that we are well-positioned for future growth and sustained shareholder value.”