Leatt Corp ( (LEAT) ) has realeased its Q3 earnings. Here is a breakdown of the information Leatt Corp presented to its investors.
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Leatt Corporation, based in South Africa, is a prominent developer and marketer of comprehensive protective gear for high-velocity sports, focusing primarily on motorcycling and mountain biking.
In its latest earnings report for the third quarter of 2024, Leatt Corp showcased a return to revenue growth alongside strategic efforts to enhance product offerings and manage inventory efficiently.
The company reported a 1% increase in global revenues, amounting to $12.14 million, compared to the same period last year. Gross profit margins saw a sequential rise of 4%, while direct-to-consumer sales surged by 12%. However, net income experienced a significant decline of 75%, attributed to industry-wide challenges and strategic reinvestments. Despite a downturn in footwear sales, Leatt continues to focus on its new ADV apparel line and has effectively managed to increase cash and cash equivalents by 10% since the end of 2023.
Looking forward, Leatt Corp remains committed to its growth strategy, focusing on product innovation and expanding its sales capabilities globally. The company aims to leverage its strong balance sheet and multi-channel sales organization to drive future growth and increase shareholder value.
