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2023-11-27 21:00 EX - 99.1 2 exhibit99-1.htm EXHIBIT 99.1 LEATI THE SCIENCE OF THRILL Leatt Corp : Exhibit 99.1 - Filed by newsfilecorp.com Leatt Corp Announces Record Breaking Results for Second Quarter 2021 Best Quarter to Date in Company's History ; 106 % Increase in Global Revenues to $ 14.3 million ; 257 % Increase in Net Income to $ 2.4 million CAPE TOWN , South Africa ( August 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 2021 second quarter . All financial numbers are in U.S. dollars . Second Quarter 2021 and Recent Highlights : Record second quarter revenues of $ 14.3 million , up 106 % , compared to the 2020 second quarter Record second quarter net income of $ 2.4 million , up 257 % , compared to the 2020 second quarter Income from operations of $ 3.1 million , up 246 % , compared to the 2020 second quarter Cash and cash equivalents increased to $ 3.7 million , compared to $ 2.6 million in 2020 Earnings per share increased to $ 0.44 up 238 % , compared to $ 0.13 in the 2020 second quarter CEO Sean Macdonald commented : " We are very pleased with our 2021 second quarter results as we continue to create awareness of Leatt as a global consumer brand to drive demand for our exceptional , award - winning products and reach a wider global audience . The second quarter was yet another ground - breaking and record - setting quarter for Leatt . We achieved strong double - digit growth across all of our ' Head - to - Toe ' product categories and in every major geographical area in which we sell our products . " Global revenues for the second quarter more than doubled to $ 14.3 million , an increase of 106 % over the 2020 second quarter . Net income for the second quarter rose to $ 2.4 million , an increase of 257 % over the 2020 second quarter . " For the first six months of 2021 , revenues were $ 27.2 million , up 88 % over the same period last year . Net income for the first six months was $ 4.5 million , up 331 % over the same period last year . " The numbers for the quarter demonstrate our ability to grow revenues strongly while remaining operationally efficient . The increase in the second quarter of 2021 was driven by a 46 % increase in neck brace sales , a 107 % increase in body armor sales , a 91 % increase in helmet sales , and a 165 % increase in sales of other products , parts , and accessories . " We continued to build steady momentum during the 2021 second quarter , which marked the fourth quarter in a row of record breaking revenue growth , and the 13th consecutive quarter of year - on - year revenue growth . We believe that our ongoing growth is a testament to the success of our strategy that is focused on building Leatt into a global consumer brand by growing our product categories to anticipate and serve the needs of our riders . " " Consumer spending on outdoor products continues to increase as people around the world participate widely in outdoor activities that provide some escape from the Covid - 19 pandemic , a trend that we expect to continue . " Founder and Chairman Dr. Christopher Leatt remarked : " Our design and engineering team continues to be energized by the surging consumer demand levels and the recognition our products are receiving from athletes around the world , the media and our business partners . We look forward to presenting our 2022 product line to consumers around the world in the second half of this year . " Financial Summary Total revenues for the second quarter of 2021 increased to $ 14.3 million , up 106 % , compared to $ 6.9 million for the second quarter of 2020 . Income from operations for the second quarter of 2021 increased to $ 3.1 million , up 246 % , compared to $ 908,820 for the second quarter of 2020 . Net income for the second quarter of 2021 was $ 2.4 million , or $ 0.44 per basic and $ 0.39 per diluted share , compared to $ 674,507 , or $ 0.13 per basic and $ 0.12 per diluted share . https://www.sec.gov/Archives/edgar/data/1456189/000106299321007380/exhibit99-1.htm 1/6