CAPE TOWN, South Africa (BRAIN) — Leatt Corporation recorded record revenue for 2022 despite a fourth-quarter losses of 53%. The protective gear brand reported full-year revenue of $76.3 million, up 5% year-over-year.
In 2021, Leatt recorded revenue of $72.5 million. Fourth-quarter revenue in 2022 was $10.9 million compared with $23.2 million at the same time last year.
Sales of helmets, footwear and technical apparel all increased during 2022 by double digits over 2021.
"These products showcase our engineering and design teams ability to build exceptional products that appeal to large addressable global markets," said Leatt CEO Sean Macdonald. "We believe that our successes in these critical product areas bode very well for our future."
Net income for the year was $9.96 million, down 20.7% from $12.57 million in 2021. Earnings per share fell from $2.29 to $1.71. For the quarter, net income decreased 71% year-over-year to $1.1 million compared with $3.8 million. Earnings per share for the quarter was $0.18 compared with $0.68 at the same time last year.
"The second half of 2022 proved to be a difficult period for the global MTB and moto industry," Macdonald said. "COVID supply-chain dynamics, global geo-political issues, inflation, the strengthening of the U.S. dollar and the resultant moderation in consumer demand have resulted in overstocked inventory across brands at the global distribution and dealer level and have caused a reduction in product purchases. Changes in our customer buying patterns have begun to filter through in the fourth quarter of 2022."
Leatt is traded on the OTCQB markets under the LEAT symbol.
