CAPE TOWN, South Africa (BRAIN) — Leatt Corporation reported its best quarter in company history with revenue increasing 71% year-over-year, driven by 109% surge in mountain bike and motocross helmet sales.
First-quarter revenue was $12.9 million, compared to $7.5 million in the first quarter of 2020. Net income was $2.1 million, a 469% jump from $363,000 reported a year ago. Earnings per share was $0.38, up from $0.07 in Q1 2020.
CEO Sean Macdonald said while the first quarter traditionally is slowest of the year, revenue grew because of demand for its "head-to-toe" range of mountain bike and motocross products.
"We saw surging growth in most of our products, particularly body armor, mountain bike and moto helmets, and footwear, including boots and shoes, with encouraging growth in neck brace revenues," Macdonald said.
Leatt had increases of 48% in neck brace sales, 79% in body armor, and 47% in sales of other products, parts, and accessories.
Leatt is traded on the OTCQB markets under the LEAT symbol.
