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Leatt Corp (LEAT-5.51%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's business operations, focusing on the design, development, and distribution of personal protective equipment for motor sports and leisure activities. Leatt's flagship product is the Leatt-Brace®, a neck protection system.
Revenues for the year were $44,027,942, down from $47,241,187 in 2023, reflecting a 7% decrease. This decline was mainly due to reduced sales in helmets and neck braces.
The company's cost of revenues was $26,314,945, resulting in a gross profit of $17,712,997, or 40% of revenues, compared to 42% in the previous year.
Operating expenses increased by 14% to $21,018,487, primarily due to higher salaries, marketing, and general administrative costs.
Leatt reported a net loss of $2,204,664 for the year, a significant decrease from a net income of $803,159 in 2023.
The company highlighted several risk factors, including global economic conditions, trade restrictions, and fluctuations in foreign currency exchange rates.
Leatt continues to focus on expanding its product range and increasing market share in the protective gear industry.
The company has a revolving line of credit agreement with a bank, which was extended to March 1, 2026, with a limit of $1,500,000.
Leatt's research and development efforts are ongoing, with a focus on improving product quality and expanding its portfolio of protective equipment.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Leatt Corp annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.