Leatt Q1 2023 revenue down 46% to $13.1M; net income falls 76% to $1.02M

Leatt Corp

2023-Q1 EPS reported $0.16 revenue$13,079,343

Global revenues of $13.1M, down 46% from record $24.2M in Q1 2022; international sales fell 52% to $9.2M.
Net income of $1.02M ($0.17 basic EPS) vs $4.2M ($0.73) in prior year; operating income down 75% to $1.4M.
Gross profit margin improved to 44% from supply-chain improvements; cash and equivalents rose 60% to $11.4M.
Body armor sales fell $6.1M, helmet sales $2.6M; consumer direct sales (Leatt.com) grew 10%.
CEO cites post-Covid industry inventory digestion; expects return to double-digit growth in H2 2023.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Leatt Corp reported first quarter ended March 31, 2023 results: revenue $13.1 million, net income $1.02 million, EPS $0.17 per basic and $0.16 per diluted share.

Period: first quarter ended March 31, 2023
Revenue: $13.1 million
Net income: $1.02 million
EPS: $0.17 per basic and $0.16 per diluted share
Result: reported results

Exact text from the filing

Total revenues for the first quarter of 2023 were $13.1 million, down 46%, compared to $24.2 million for the first quarter of 2022 which was an exceptional quarter for the Company. Revenues for the first quarter of 2022 increased by 88% when compared to the prior year period. The decrease in global revenues is attributable to a $6.1 million decrease in body armor sales, a $2.6 million decrease in helmet sales, a $1.7 million decrease in other products, parts, and accessories sales, and a $0.8 million decrease in neck brace sales. The impact of an exceptionally strong comparative quarter was compounded by industry-wide stocking dynamics that continue to affect distributor and dealer ordering levels. Income from operations for the first quarter of 2023 was $1.4 million, down 75%, compared to $5.6 million for the first quarter of 2022. Net income for the first quarter of 2023 was $1.02 million or $0.17 per basic and $0.16 per diluted share, down 76%, as compared to net income of $4.2 mi

View on SEC.gov

Browse all earnings releases →

Leatt Corp filing history →

Source: SEC EDGAR

accession 0001062993-23-010715

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.