CAPE TOWN, South Africa (BRAIN) — Leatt Corporation reported its seventh consecutive quarter of record-breaking revenue, with first-quarter revenue increasing 88% year-over-year, led by mountain bike and moto helmet sales.
Revenue for the quarter ending March 31 was $24.2 million, compared with $12.8 million at the same time last year. Net income was $4.2 million, up 105%, compared with $2 million. Earnings per share for the quarter went up to $0.73 compared with $0.38 in 2021.
"Helmet sales, an increasingly important product for us, were up 269%, compared to the 2021 first quarter," said CEO Sean Macdonald. "Helmets accounted for 23% of our first-quarter revenues and remain an area where we are investing heavily."
Leatt also announced that its Reno, Nevada, warehouse is now fully operational and positioned to deliver more inventory faster in the U.S.
"We are continuing to build and invest heavily in our sales and distribution facilities in the U.S., an area that offers enormous potential for growth," Macdonald said. "We are also actively growing our team of in-house sales reps to reach a wider dealer base of both moto and MTB dealers."
Leatt is traded on the OTCQB markets under the LEAT symbol.
