Leatt Q1 2025

Is this the turnaround?

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Welcome,

In this Earnings Update, I will have a closer look at the recently published results of Leatt.

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On May 14, Leatt published its Q1 2025 results:

• Revenues of USD 15.37 million (+45 %)

  • International Distributors of USD 0.86 million (+79 %)

  • Dealer Direct of USD 3.22 million (-9 %)

  • Consumer Direct of USD 11.29 million (+14 %)

• Gross Profit of USD 6.72 million (+68 %)

  • Gross Profit Margin of 44 % (vs. 38 %)

• Operating income of USD 1.43 million (vs. -0.8 million)

• Net income of USD 1.12 million (+237 %)

• Cash of USD 12.7 million

“The first quarter of 2025 was a very strong and encouraging start to the year. 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.” - CEO Sean MacDonald

Leatt was finally able to show an impressive double-digit growth of the top line, something investors had been waiting for for quite some time now. The management comments have also been quite optimistic during the call.