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2023-11-27 21:00 EX - 99.1 2 exhibit99-1.htm EXHIBIT 99.1 LEATT THE SCIENCE OF THRILL Leatt Corp .: Exhibit 99.1 - Filed by newsfilecorp.com Leatt Corp Announces Record Breaking Results for Third Quarter 2021 94 % Increase in Global Revenues to $ 22.1 million ; 166 % Increase in Net Income to $ 4.3 million ; Global Year to Date Revenues of 49.3 million CAPE TOWN , South Africa ( November 12 , 2021 ) - Leatt Corporation ( OTCQB : LEAT ) , a leading developer and marketer of protective equipment and ancillary products for sports , especially extreme high - velocity sports , today announced record financial results for the 2021 third quarter . All financial numbers are in U.S. dollars . Third Quarter 2021 Performance and Recent Highlights Record third quarter revenues of $ 22.1 million , up 94 % , compared to the 2020 third quarter Income from operations of $ 5.8 million , up 170 % , compared to the 2020 third quarter Record third quarter net income of $ 4.3 million , up 166 % compared to the 2020 third quarter Earnings per share increased to $ 0.79 , up 163 % , compared to $ 0.30 in the 2020 second quarter New 43,056 square foot warehouse in Reno , Nevada to boost US operations Chief Executive Officer , Sean Macdonald , commented : " By nearly every measure this was a ground - breaking quarter for Leatt , the best in our company's history . For the third quarter of 2021 , revenues increased by 94 % , gross profit increased by 93 % , and net income increased by 166 % , when compared to the 2020 third quarter , led by an exceptionally strong increase in international revenues from global orders of our highly anticipated 2022 line of products . " We have achieved record - breaking quarterly revenue for 5 consecutive quarters , and year - over - year revenue growth for the last 14 quarters , as we continue to build the Leatt brand and increase global recognition for the design and engineering of exceptional products for the sporting industry . Despite the dynamic and challenging environment , we expect the year - over - year growth trend to continue in the fourth quarter , as our global supply chain team and manufacturing partners have kept pace with our inventory requirements to provide timely shipments of Leatt products to meet growing customer demand levels . " Broken down by product category , third quarter growth was impressive across our entire " head - to - toe " line with a $ 6.6 million increase in body armor sales , a $ 1.5 million increase in neck brace sales , a $ 1.5 million increase in the sales of other products , parts and accessories and a $ 1.1 million increase in helmet sales . " Although revenues in the U.S. grew marginally during the third quarter due to temporary domestic port congestions , dealer and consumer demand for our products remains strong in this market , and we expect to fulfill significant orders in the current quarter in time for the holiday season . Our new warehouse in Reno , Nevada has the capacity for high volume order fulfilment which will be a key driver of our continued development in the U.S. " This extraordinary 2021 third quarter has again demonstrated our ability to grow year to date revenues , remain operationally efficient and generate significant shareholder value . Revenues for the first nine months of 2021 were up 91 % , to $ 49.3 million . Net income year to date grew by 231 % , to $ 8.8 million , a return on revenue of 18 % and earnings of $ 1.61 per basic share . " Founder and Chairman , Dr. Christopher Leatt , remarked : " As we continue to design and build an innovative product pipeline , our team is adopting new technologies that change the way our products are sourced , produced and delivered . Financial Summary Total revenues for the third quarter of 2021 increased to $ 22.1 million , up 94 % , compared to $ 11.4 million for the third quarter of 2020 . Gross profit for the third quarter of 2021 increased to $ 9.5 million , up 93 % , compared to $ 4.9 million for the third quarter of 2020 . https://www.sec.gov/Archives/edgar/data/1456189/000106299321010624/exhibit99-1.htm 1/6