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EX - 99.1 2 exhibit99-1.htm EXHIBIT 99.1 LEATT THE SCIENCE OF THRILL Leatt Corp Announces Record Breaking Results for First Quarter 2021 Best Quarter in Company's History ; 71 % Increase in Global Revenues to $ 12.9 million ; 469 % Increase in Net Income to $ 2.1 million CAPE TOWN , South Africa , ( May 12 , 2021 ) - Leatt Corporation ( OTCQB : LEAT ) , a leading developer and marketer of protective equipment and ancillary products for many forms of sports , especially extreme high - velocity sports , today announced record financial results for the first quarter of 2021. All financial numbers are in U.S. dollars . ● First Quarter 2021 and Recent Highlights : Record first quarter revenues of $ 12.9 million , up 71 % , compared to the 2020 first quarter Record first quarter net income of $ 2.1 million , up 469 % , compared to the 2020 first quarter Total operating expenses increased 10 % , while revenues increased by 71 % Income from operations of $ 2.8 million , up 460 % , compared to the 2020 first quarter Cash and cash equivalents increased to $ 3.8 million , compared to $ 1.4 million in 2020 Earnings per share increased to $ 0.38 , up 443 % , compared to $ 0.07 in the 2020 first quarter CEO Sean Macdonald commented , " We are pleased that our strong 2020 performance trend has continued into the 2021 first quarter , with record - breaking results . Traditionally a slower quarter of the year , the 2021 first quarter saw a 71 % increase in revenue , compared to a year ago , with revenue growth across our full ' head - to - toe ' range of products for MTB and off - road MOTO in North America and abroad . We saw surging growth in most of our products , particularly body armor , MTB and MOTO helmets and footwear , including boots and shoes , with encouraging growth in neck brace revenues . This was the best quarter in our Company's history , which we believe is a strong testament to our evolving and robust business model and the fantastic work done by our entire team . " The numbers for the first quarter were remarkable : Global first quarter revenues were $ 12.9 million , first quarter net income was $ 2.1 million , an increase of 469 % compared to a year ago . Margins remained consistent with last year at 47 % , which has been a challenge as we continue to actively manage manufacturing and logistics costs amid rising raw materials and shipping costs in Asia . " Leatt's strong performance is the result of more than a decade of innovative and consumer focused work , with a dedication to excellence that is returning dividends . We are extremely encouraged with the momentum that our brand and products have achieved in the marketplace and our increasing value to our partner dealers and distributors around the world . " Founder and Chairman Dr. Christopher Leatt remarked , " Our team of product developers and engineers , as well as our team riders , continue to strive for excellence . As we build out our categories , we continue to refine our ' head - to - toe ' offering with products that offer the riding community sustained value add and the confidence to push themselves further with gear they can rely on . " Financial Summary Total revenues for the first quarter of 2021 increased to $ 12.9 million , up 71 % , compared to $ 7.5 million for the first quarter of 2020 . The increase in the first quarter of 2021 was driven by a 48 % increase in neck brace sales , a 79 % increase in body armor sales , a 109 % increase in helmet sales , and a 47 % increase in sales of other products , parts , and accessories . We are very pleased with the performance of our Neck Brace products which continues to generate a higher gross margin than our other product categories .