Leatt Corp Announces Results for Fourth Quarter and Full Year 2024
Leatt (LEAT) reported mixed results for Q4 and full year 2024. Fourth quarter revenues increased 14% to $11.20 million, with a net loss of $(446,459), showing a 69% improvement from 2023. However, full-year revenues declined 7% to $44.03 million.
Q4 highlights include body armor revenues up 14%, helmet revenues up 41%, and other products up 9%. The company's cash position strengthened, with cash and equivalents increasing 9% to $12.37 million. Gross profit margin improved from 36% to 41% in Q4.
Notable developments include consumer direct sales growing 15% year-over-year, international distributor sales rising 24% in Q4, and the appointment of Rob Ramlose as U.S. VP of MOTO and ADV sales. The company also won two 2025 Design & Innovation Awards for its MTB products.
Leatt (LEAT) ha riportato risultati misti per il quarto trimestre e per l'intero anno 2024. I ricavi del quarto trimestre sono aumentati del 14% a 11,20 milioni di dollari, con una perdita netta di $(446.459), mostrando un miglioramento del 69% rispetto al 2023. Tuttavia, i ricavi dell'intero anno sono diminuiti del 7% a 44,03 milioni di dollari.
I punti salienti del Q4 includono ricavi per armature corporee in aumento del 14%, ricavi per caschi in aumento del 41% e altri prodotti in aumento del 9%. La posizione di liquidità dell'azienda si è rafforzata, con liquidità e equivalenti in aumento del 9% a 12,37 milioni di dollari. Il margine di profitto lordo è migliorato dal 36% al 41% nel Q4.
Sviluppi notevoli includono una crescita delle vendite dirette al consumatore del 15% anno su anno, un aumento delle vendite ai distributori internazionali del 24% nel Q4 e la nomina di Rob Ramlose come VP MOTO e ADV per gli Stati Uniti. L'azienda ha anche vinto due premi Design & Innovation Awards 2025 per i suoi prodotti MTB.
Leatt (LEAT) reportó resultados mixtos para el cuarto trimestre y el año completo 2024. Los ingresos del cuarto trimestre aumentaron un 14% a 11,20 millones de dólares, con una pérdida neta de $(446,459), mostrando una mejora del 69% en comparación con 2023. Sin embargo, los ingresos del año completo disminuyeron un 7% a 44,03 millones de dólares.
Los aspectos destacados del Q4 incluyen ingresos por armaduras corporales que aumentaron un 14%, ingresos por cascos que aumentaron un 41% y otros productos que aumentaron un 9%. La posición de efectivo de la empresa se fortaleció, con efectivo y equivalentes aumentando un 9% a 12,37 millones de dólares. El margen de beneficio bruto mejoró del 36% al 41% en el Q4.
Desarrollos notables incluyen un crecimiento en las ventas directas al consumidor del 15% interanual, un aumento en las ventas a distribuidores internacionales del 24% en el Q4, y el nombramiento de Rob Ramlose como VP de ventas MOTO y ADV en EE. UU. La empresa también ganó dos premios Design & Innovation Awards 2025 por sus productos MTB.
Leatt (LEAT)는 2024년 4분기 및 전체 연도에 대해 혼합된 결과를 보고했습니다. 4분기 수익은 14% 증가하여 1,120만 달러에 달했으며, 순손실은 $(446,459)로 2023년 대비 69% 개선되었습니다. 그러나 전체 연도 수익은 7% 감소하여 4,403만 달러에 이르렀습니다.
4분기의 주요 사항으로는 바디 아머 수익이 14% 증가하고, 헬멧 수익이 41% 증가하며, 기타 제품이 9% 증가했습니다. 회사의 현금 위치는 강화되어, 현금 및 현금성 자산이 9% 증가하여 1,237만 달러에 달했습니다. 총 이익률은 4분기 동안 36%에서 41%로 개선되었습니다.
주목할 만한 발전으로는 소비자 직접 판매가 전년 대비 15% 성장했으며, 국제 유통업체 판매가 4분기 동안 24% 증가했으며, Rob Ramlose가 미국 MOTO 및 ADV 판매 부사장으로 임명되었습니다. 이 회사는 MTB 제품으로 2025년 디자인 및 혁신 상을 두 번 수상하기도 했습니다.
Leatt (LEAT) a annoncé des résultats mitigés pour le quatrième trimestre et l'année entière 2024. Les revenus du quatrième trimestre ont augmenté de 14% pour atteindre 11,20 millions de dollars, avec une perte nette de $(446,459), montrant une amélioration de 69% par rapport à 2023. Cependant, les revenus de l'année entière ont diminué de 7% à 44,03 millions de dollars.
Les points forts du Q4 incluent des revenus d'armures corporelles en hausse de 14%, des revenus de casques en hausse de 41%, et d'autres produits en hausse de 9%. La position de trésorerie de l'entreprise s'est renforcée, avec des liquidités et équivalents en hausse de 9% à 12,37 millions de dollars. La marge brute a augmenté de 36% à 41% au quatrième trimestre.
Parmi les développements notables, on trouve une croissance des ventes directes aux consommateurs de 15% d'une année sur l'autre, une augmentation des ventes aux distributeurs internationaux de 24% au Q4, et la nomination de Rob Ramlose en tant que VP des ventes MOTO et ADV aux États-Unis. L'entreprise a également remporté deux Design & Innovation Awards 2025 pour ses produits MTB.
Leatt (LEAT) hat gemischte Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 berichtet. Die Einnahmen im vierten Quartal stiegen um 14% auf 11,20 Millionen Dollar, mit einem Nettoverlust von $(446.459), was eine Verbesserung um 69% im Vergleich zu 2023 zeigt. Die Jahresumsätze hingegen sanken um 7% auf 44,03 Millionen Dollar.
Zu den Highlights des Q4 gehören Einnahmen aus Körperpanzerungen, die um 14% gestiegen sind, Einnahmen aus Helmen, die um 41% gestiegen sind, und andere Produkte, die um 9% gestiegen sind. Die Liquiditätsposition des Unternehmens hat sich verbessert, mit einem Anstieg von 9% auf 12,37 Millionen Dollar bei Bargeld und Äquivalenten. Die Bruttogewinnmarge verbesserte sich im Q4 von 36% auf 41%.
Bemerkenswerte Entwicklungen sind das Wachstum der Direktverkäufe an Verbraucher um 15% im Jahresvergleich, ein Anstieg der Verkäufe an internationale Händler um 24% im Q4 und die Ernennung von Rob Ramlose zum VP für MOTO- und ADV-Verkäufe in den USA. Das Unternehmen gewann außerdem zwei Design & Innovation Awards 2025 für seine MTB-Produkte.
- Q4 revenue growth of 14% to $11.20 million
- Q4 gross profit margin improved from 36% to 41%
- Cash position increased 9% to $12.37 million
- Consumer direct sales grew 15% year-over-year
- Strong Q4 product performance: helmets +41%, body armor +14%
- Full-year revenue declined 7% to $44.03 million
- Net loss of $(2.20) million for full year 2024
- International distributor sales decreased 11.5% for full year
- Neck brace sales declined 25% in Q4
- Challenging U.S. MOTO dealer direct sales at brick-and-mortar level
Fourth Quarter and Full Year 2024 Recent Highlights
- Fourth quarter 2024 revenues were
$11.20 million 14% compared to 2023. - Fourth quarter 2024 net loss was
$(446,459) 69% improvement compared to 2023. - Total revenues for 2024 were
$44.03 million 7% compared to 2023. - Cash and cash equivalents for 2024 increased
9% to$12.37 million - Cash flow generated by operations of
$2.80 million - Rob Ramlose was named as
U.S. VP of MOTO and ADV sales. - Winner of two prestigious 2025 Design & Innovation Awards.
Chief Executive Officer Sean Macdonald commented, "Our team is very encouraged by our return to double-digit revenue growth in the 2024 fourth quarter. Total global revenues increased by
"It was particularly encouraging to see body armor, helmets, and other products, parts, and accessories sales return to growth on a global basis during the fourth quarter. Body armor revenues increased by
"Gross profit as a percentage of sales continued to improve during the fourth quarter, increasing by
"On a full-year basis, total revenues were
"International distributor sales decreased by
"Cash increased by
"Overall, we continue to believe strongly that our strategy of investing in talent, innovative product development and brand momentum will fuel growth going forward."
Financial Summary
Total revenues for the fourth quarter of 2024 were
Net loss for the fourth quarter of 2024 was
Total revenues for the full year 2024 were
Net loss for the full year 2024 was
Leatt continued to meet its working capital needs from cash on hand and internally generated cash flow from operations. At December 31, 2024, the Company had cash and cash equivalents of
Founder and Research and Development lead, Dr. Christopher Leatt remarked, "We continue to build out a strong pipeline of innovative protective gear for the riding community. We are very proud of the work of our design and engineering team which has received yet another honor from their peers and experts in the industry. Our team was once again honored with two 2025 Design and Innovation Awards for our Ride Kit MTB 1.0 apparel and CeraMag All MTN 8.0 Ti Flat pedals."
Business Outlook
Mr. Macdonald added, "We are very enthusiastic about the future at Leatt. Although there are still some challenging geo-political and economic headwinds globally that could impact demand, inventory continues to be digested, participation remains strong, and ordering patterns continue to improve and have started to filter through to our revenues. These are trends that we believe will continue.
"As these ordering patterns show encouraging growth, we do expect working capital investments to grow in the coming periods. We are confident that we have sufficiently strong liquidity to fuel this growth.
"Despite some constrained brick-and-mortar MOTO dealer sales in the
"In addition to body armor, helmets, and other products, parts, and accessories sales returning to growth on a global basis during the fourth quarter and margins improving, growth in sales of our ADV apparel exceeded our expectations and we remain confident that we have the core competencies and talent to reach the substantial and growing ADV market segment in the upcoming quarters.
"With a strong portfolio of innovative products in the market and in the pipeline, a multi-channel sales organization that is growing and developing, and a robust balance sheet to fuel brand and revenue growth, we remain confident that we are well-positioned for future growth and shareholder value."
Conference Call
The Company will host a conference call at 10:00 am ET on Friday, March 28, 2025, to discuss the 2024 fourth quarter and full year results.
Participants should dial in to the call ten minutes before the scheduled time, using the following numbers: 1-877-407-9716 (
Audio Webcast
There will also be a simultaneous live webcast through the Company's website, www.leatt-corp.com. Participants should register on the website approximately ten minutes prior to the start of the webcast.
Replay
An audio replay of the conference call will be available for seven days and can be accessed by dialing 1-844-512-2921 (
For those unable to attend the call, a recording of the live webcast will be archived shortly following the event for 30 days on the Company's website.
About Leatt Corp
Driven by the science of thrill, Leatt Corporation develops head-to-toe personal protective gear for various sports, with a focus on mountain biking and extreme motorsports. This includes the award-winning Leatt-Brace®, a neck brace system considered the gold standard for neck protection when worn in conjunction with a helmet. Leatt products are designed for participants in extreme sports that use motorcycles, bicycles, mountain bikes, all-terrain vehicles, snowmobiles, and other open-air vehicles.
For more information, visit www.leatt.com.
Follow Leatt® on Facebook, Twitter, and Instagram.
Forward-looking Statements
This press release may contain forward-looking statements regarding Leatt Corporation (the "Company") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding the impact of Rob Ramlose's addition to the
[FINANCIAL TABLES TO FOLLOW]
LEATT CORPORATION | ||||
CONSOLIDATED BALANCE SHEETS | ||||
ASSETS | ||||
December 31, 2024 | December 31, 2023 | |||
Audited | Audited | |||
Current Assets | ||||
Cash and cash equivalents | $ 12,368,100 | $ 11,347,420 | ||
Accounts receivable, net | 6,409,610 | 6,970,322 | ||
Inventory, net | 17,988,737 | 20,391,873 | ||
Payments in advance | 870,920 | 664,754 | ||
Deferred asset, net | - | 9,601 | ||
Income tax receivable | 526,498 | 623,081 | ||
Prepaid expenses and other current assets | 3,003,173 | 2,297,934 | ||
Total current assets | 41,167,038 | 42,304,985 | ||
Property and equipment, net | 4,000,225 | 4,026,821 | ||
Operating lease right-of-use assets, net | 552,970 | 845,209 | ||
Accounts receivable, net | 56,391 | 309,947 | ||
Deferred tax asset, net | 675,000 | 84,200 | ||
Other Assets | ||||
Deposits | 37,322 | 36,210 | ||
Total Assets | $ 46,488,946 | $ 47,607,372 | ||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Current Liabilities | ||||
Accounts payable and accrued expenses | $ 6,906,939 | $ 5,202,368 | ||
Notes payable, current | 28,722 | 112,858 | ||
Operating lease liabilities, current | 251,946 | 299,432 | ||
Short term loan, net of finance charges | 733,794 | 1,135,761 | ||
Total current liabilities | 7,921,401 | 6,750,419 | ||
Notes payable, net of current portion | 1,804 | 30,652 | ||
Operating lease liabilities, net of current portion | 301,024 | 545,777 | ||
Commitments and contingencies | ||||
Preferred stock, | ||||
authorized, 120,000 shares issued and outstanding | 3,000 | 3,000 | ||
Common stock, | ||||
authorized, 6,217,550 and 6,215,440 shares issued | ||||
and outstanding | 130,555 | 130,553 | ||
Additional paid - in capital | 10,988,316 | 10,745,384 | ||
Accumulated other comprehensive loss | (1,452,335) | (1,398,258) | ||
Retained earnings | 28,595,181 | 30,799,845 | ||
Total stockholders' equity | 38,264,717 | 40,280,524 | ||
Total Liabilities and Stockholders' Equity | $ 46,488,946 | $ 47,607,372 | ||
The accompanying notes are an integral part of these consolidated financial statements. | ||||
LEATT CORPORATION | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | ||||
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 | ||||
2024 | 2023 | |||
Revenues | $ 44,027,942 | $ 47,241,187 | ||
Cost of Revenues | 26,314,945 | 27,435,115 | ||
Gross Profit | 17,712,997 | 19,806,072 | ||
Product Royalty Income | 326,614 | 93,696 | ||
Operating Expenses | ||||
Salaries and wages | 7,140,550 | 5,443,685 | ||
Commissions and consulting expenses | 535,584 | 434,657 | ||
Professional fees | 627,659 | 748,608 | ||
Advertising and marketing | 4,454,906 | 4,127,798 | ||
Office lease and expenses | 702,785 | 596,862 | ||
Research and development costs | 2,523,881 | 2,526,550 | ||
Bad debt recovery | (76,278) | (10,288) | ||
General and administrative expenses | 3,879,553 | 3,438,746 | ||
Depreciation | 1,229,847 | 1,174,664 | ||
Total operating expenses | 21,018,487 | 18,481,282 | ||
Income (Loss) from Operations | (2,978,876) | 1,418,486 | ||
Other Income (Expenses) | ||||
Interest and other income (expenses), net | 275,413 | (39,138) | ||
Total other income (expenses) | 275,413 | (39,138) | ||
Income (Loss) Before Income Taxes | (2,703,463) | 1,379,348 | ||
Income Taxes | (498,799) | 576,189 | ||
Net Income (Loss) Available to Common Shareholders | $ (2,204,664) | $ 803,159 | ||
Net Income (Loss) per Common Share | ||||
Basic | $ (0.35) | $ 0.13 | ||
Diluted | $ (0.34) | $ 0.13 | ||
Weighted Average Number of Common Shares Outstanding | ||||
Basic | 6,215,619 | 5,992,072 | ||
Diluted | 6,471,072 | 6,287,849 | ||
Comprehensive Income (Loss) | ||||
Net Income (Loss) | $ (2,204,664) | $ 803,159 | ||
Other comprehensive income (loss), net of ( | ||||
( | ||||
Foreign currency translation | (54,077) | (317,115) | ||
Total Comprehensive Income (Loss) | $ (2,258,741) | $ 486,044 | ||
The accompanying notes are an integral part of these consolidated financial statements. | ||||
LEATT CORPORATION | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023 | ||||
2024 | 2023 | |||
Cash flows from operating activities | ||||
Net income (loss) | $ (2,204,664) | $ 803,159 | ||
Adjustments to reconcile net income (loss) to net cash provided by | ||||
operating activities: | ||||
Depreciation | 1,229,847 | 1,174,664 | ||
Deferred income taxes | (590,800) | (150,400) | ||
Stock-based compensation | 242,934 | 100,131 | ||
Bad debts reserve | (186,011) | (54,080) | ||
Inventory reserve | 306,425 | 122,456 | ||
Deferred asset allowance | (6,400) | (98,671) | ||
(Gain) loss on sale of property and equipment | 233 | (2,817) | ||
(Increase) decrease in: | ||||
Accounts receivable | 746,723 | 5,923,355 | ||
Deferred asset | 16,001 | 1,105,885 | ||
Inventory | 2,096,711 | 2,291,133 | ||
Payments in advance | (206,166) | 382,383 | ||
Prepaid expenses and other current assets | (705,239) | 580,178 | ||
Income tax receivable | 96,583 | (623,081) | ||
Long-term accounts receivable | 253,556 | (309,947) | ||
Deposits | (1,112) | 4,586 | ||
Increase (decrease) in: | ||||
Accounts payable and accrued expenses | 1,704,571 | (809,022) | ||
Income taxes payable | - | (3,382,700) | ||
Deferred compensation | - | (400,000) | ||
Net cash provided by operating activities | 2,793,192 | 6,657,212 | ||
Cash flows from investing activities | ||||
Capital expenditures | (1,229,937) | (1,999,500) | ||
Proceeds from sale of property and equipment | 1,002 | 3,248 | ||
Net cash used in investing activities | (1,228,935) | (1,996,252) | ||
Cash flows from financing activities | ||||
Repayment of notes payable to bank | (112,984) | (106,855) | ||
Proceeds from short-term loan, net | (401,967) | 105,565 | ||
Net cash used in financing activities | (514,951) | (1,290) | ||
Effect of exchange rates on cash and cash equivalents | (28,626) | (415,195) | ||
Net increase in cash and cash equivalents | 1,020,680 | 4,244,475 | ||
Cash and cash equivalents - beginning of period | 11,347,420 | 7,102,945 | ||
Cash and cash equivalents - end of period | $ 12,368,100 | $ 11,347,420 | ||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
Cash paid for interest | $ 74,502 | $ 71,354 | ||
Cash paid for income taxes | $ 33,826 | $ 4,534,605 | ||
Other noncash investing and financing activities | ||||
Common stock issued for services | $ 242,934 | $ 100,131 | ||
The accompanying notes are an integral part of these consolidated financial statements. | ||||
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SOURCE Leatt Corporation
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