---
schema_version: "secwatch.filing_event.v1"
accession: "0001062993-23-010715"
form_type: "8-K"
ticker: "LEAT"
cik: "0001456189"
company_name: "Leatt Corp"
filed_at: "2023-05-11T23:59:59+00:00"
generated_at: "2026-06-15T03:57:20.862903+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001062993-23-010715
- form_type: 8-K
- ticker: LEAT
- cik: 0001456189
- company_name: Leatt Corp
- filed_at: 2023-05-11T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1456189/000106299323010715/0001062993-23-010715-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1456189/000106299323010715/form8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001062993-23-010715
- JSON: https://secwatch.observer/filing/0001062993-23-010715.json
- Plain text: https://secwatch.observer/filing/0001062993-23-010715.txt

## Key facts
- Earnings Releases
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1456189/000106299323010715/0001062993-23-010715-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.