Leatt (LEAT) Q4 2025 earnings summary

Executive summary

• Achieved double-digit revenue growth for the fifth consecutive quarter and sixth consecutive year-over-year period, with total revenues up 41% and net income up 248% for 2025 compared to 2024, driven by strong international demand, improved stocking, and increased consumer direct sales.

• Fourth quarter 2025 revenues rose 43% year-over-year to $16.02 million, with net income up 204% to $464,808.

• All major product categories posted robust double-digit revenue growth, reflecting strong brand momentum and product innovation.

Financial highlights

• Full-year 2025 revenues were $61.91 million, a 41% increase over 2024; Q4 revenues were $16.02 million, up 43% year-over-year.

• Net income for 2025 was $3.26 million, up 248% from a net loss of $2.2 million in 2024; Q4 net income was $465,000, up 204% year-over-year.

• Gross profit margin for the year increased to 44%, with Q4 gross margin at 46%.

• Cash, cash equivalents, and restricted cash totaled $13.23 million at year-end, up from $12.37 million in 2024.

• Cash flow from operations was $1.80 million for 2025.

Outlook and guidance

• Management remains optimistic about future growth, citing strong momentum, robust international and domestic demand, and a pipeline of innovative products.

• Plans to continue expanding the sales and marketing team globally and invest in working capital to support growth.

• Anticipates continued strong performance in the adventure motorcycling segment and further product launches.

• Expects continued growth despite potential geopolitical headwinds.