Good day everyone, and welcome to Leatt Corporation fourth quarter 2025 results conference call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. You may register to ask a question at any time by pressing the star and one on your telephone keypad. You may withdraw yourself from the queue by pressing star and two. Please note this call may be recorded and I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Michael Mason. Please go ahead. Thanks, Raisa. Good morning and welcome to the Leatt Corporation Investor Conference call to discuss the financial results for the fourth quarter and full- year 2025. My name is Michael Mason. The company issued a press release today, Tuesday, March 24, 2026 at 8 A.M. Eastern and filed its report with the SEC. The press release is posted on Leatt's website at leatt-corp.com. This call is being broadcast live and may be accessed on the company's website. An audio replay of this call will be available for seven days and may be accessed from North America by calling 1-844-512-2921 or 1-412-317-6671 for international callers. The replay PIN number is 11161317. A replay of the webcast will be available immediately following this call and will continue for seven days. Certain statements in this conference call may constitute forward-looking statements. Actual results could differ materially from those discussed in this call. Leatt Corporation does not undertake any obligation to update such statements made in this call. Please refer to the complete cautionary statement regarding forward-looking statements in today's press release dated March 24, 2026. The company will make a presentation on the quarterly results and then open the call to questions. I'd now like to turn the call over to Mr. Sean Macdonald, CEO of Leatt Corporation. Good afternoon to you in Cape Town, Sean. Thank you, Mike, and thank you all for joining us today. 2025 was a remarkable year for us, fueled by strong international demand for our innovative products, improved stocking dynamics, encouraging ordering patterns, and a surge in consumer direct sales. The global demand for our products and an expanding Leatt brand that reaches a much wider group of riders around the world are helping us to build tremendous traction and momentum. We achieved double-digit revenue growth for the fifth consecutive quarter and year-over-year growth for the sixth consecutive quarter, following the post-COVID industry-wide inventory overhang. Total global revenues for the year were $61.91 million, a 41% increase over 2024. International revenues were $44.64 million for the full 2025 year, up 47% year- over- year. Our distributors continue to reorder and restock in line with global demand and stocking dynamics. Customer direct sales, an important focus for us, increased by 44% year-over-year, and dealer direct sales with our reorganized and re-energized domestic sales force increased by 22%. For the fourth quarter of 2025, revenues increased by 33% year-over-year, and gross profit as a percentage of sales increased to 46% as domestic sales continue to grow and we continue to ship our new products. Net income for the quarter was $465,000, an increase of 204% over last year. We closed the year with robust double-digit revenue growth in all of our major product categories in 2025. It's a testament to the expertise of our creative design and engineering team and continued strong brand momentum. Helmet sales grew by 59% year- over- year. Sales of our flagship neck brace increased by 18%. Body armor revenues increased by 29%, which included a 40% increase in footwear sales. Sales in our other products, parts and accessories category increased by 56% as technical apparel sales continue to show strong progress. Gross profit as a percentage of sales for the year increased to 44% year- over- year as domestic trading conditions continue to improve and our supply chain team achieved logistical efficiencies despite some uncertainty around global trade tariffs. For the full- year 2025, income before tax was $4.41 million, an increase of $7.1 million compared to the full- year of 2024. Net income for the year 2025 increased by 248% to $3.26 million, which we believe is a testament to our ability to generate strong revenues and robust margins. As we announced in December, our board authorized an extension of our share repurchase program to purchase shares of our outstanding Leatt common stock valued at up to $750,000. The program has been extended to March 31, 2026. We believe that this demonstrates our continued confidence in the strength of the company and our business plan, as well as our commitment to enhance long-term shareholder value. Now I will turn to more details on sales of our product categories for the full- year 2025 compared to 2024. Sales of our flagship neck brace, designed to prevent potentially devastating sports injuries to the cervical spine, were $2.89 million. An 18% increase, primarily due to a 35% increase in the volume of neck braces sold. Neck Braces represented 5% of our total revenues for the year. Our body armor products are comprised of chest protectors, full upper body protectors, upper body protection vests, back protectors, knee braces, knee and elbow guards, off-road motorcycle boots and mountain biking shoes. Body armor revenues were $28.98 million, a 29% increase over 2024. The increase was due primarily to a 22% increase in the sales of upper body and limb protection products and a 40% increase in footwear sales, comprised of motorcycle boots and mountain biking shoes. Body armor products represented 47% of our total revenues for 2025. Helmet sales were $13.31 million, a 59% increase, primarily due to a 33% increase in the volume of helmets sold during the year. Helmets represented 21% of our revenues for the 2025 year. Our other parts, products and accessories category is comprised of goggles, hydration bags and apparel items including jerseys, pants, shorts and jackets, as well as aftermarket support items. Other products, parts and accessories sales were $16.73 million, a 56% increase in the sales volumes of our Moto MTB and ADV technical apparel lines designed for off-road motorcycle, mountain biking and adventure motorcycle riding. Other products, parts and accessories represented 27% of our total revenues for the year. Now I will turn to our financial results in a bit more detail. Total revenues for the fourth quarter of 2025 were $16 million, a 43% increase compared to $11.2 million for the fourth quarter of 2024. Net income for the fourth quarter was $465 thousand or 7 cents per basic and 7 cents per diluted share, as compared to a net loss of $447 thousand or 7 cents per basic and 7 cents per diluted share for the fourth quarter of 2024. Total revenues for the full- year 2025 were $61.91 million, a 41% increase compared to revenues of $44 million for the full- year 2024. This increase in worldwide revenues is attributable to a $6.52 million increase in body armor sales, a $4.92 million increase in helmet sales, a $6 million increase in other products, parts and accessories sales and a $450,000 increase in neck brace sales. Net income for the full year 2025 was $3.26 million or $0.53 per basic share and $0.51 per diluted share, up 248% compared to a net loss of $2.2 million or $0.35 per basic share and $0.34 per diluted share for 2024. Leatt continued to meet its working capital needs from cash on hand and internally generated cash flow from operations. At December 31, 2025, the company had cash equivalents and restricted cash of $13.23 million compared to $12.37 million at December 31, 2024, and a current ratio of 4.9- 1. Looking forward, the momentum we are achieving at all levels of our business has our entire team energized and optimistic about the future of the company. Although there are some potentially challenging geopolitical headwinds globally, domestic sales at the dealer level are gaining very promising traction. Participation remains strong and international ordering patterns remain robust, all driven by strong demand for Leatt products around the world. Sales of our adventure motorcycling lineup of apparel, helmets and boots, backed by positive industry reviews and our proven ability to develop exciting and durable products, continues to exceed our expectations and contributes strongly to our revenues. We look forward to delivering a pipeline of new innovative products to the growing ADV market over the next several quarters. Total operating costs increased by 12% and we do expect working capital investments to grow in the coming periods, reflecting our strong drive to continue building a global multi-channel team of sales and marketing professionals in emerging and developed markets. The team is building and leveraging revenue opportunities by enabling our brand to reach a much wider group of riders of all levels around the world. We are confident that we have sufficient liquidity to fuel this growth. As always, we are very proud of our design, engineering and innovation expertise focused on technical innovations and functional rider protection. These innovations are being increasingly recognized by riders at all levels all over the world, as well as by our peers. Our team was honored twice at Eurobike 2025 for our Gravity 5.0 helmet and our 6.0 HydraDri jacket designs. In conclusion, we are very enthusiastic about the future. With a growing portfolio of innovative products in the market and in the pipeline, a focus on elevating and amplifying our brand and a robust balance sheet position to fuel growth, we remain confident that we are very well positioned for future growth and sustained shareholder value. As always, we'd like to thank our entire Leatt family, our dedicated employees, business partners and team riders for their continued strong support. With that, I'd like to turn the call over to the operator for questions. At this time, we will open the floor for questions. If you would like to ask a question, please press the star key followed by the one key on your telephone keypad. Once again, that is star one to ask a question. We'll take our first question from Olivier Colombo. Please go ahead. Yes, hello, Sean. Hey, Olivier. Congrats on the fantastic performance of 2025. I'm looking for future growth as well this year. I had three questions for you this afternoon. The first one is regarding the U.S. business, which saw a very significant growth of 27%. This is quite an achievement. How happy are you with this performance? What are you doing to push those U.S. sales even higher to match the overall international growth of 41%? Well, thanks, Olivier. Good to hear from you. I think we're very happy with the performance. It's been quite a strong turnaround in the U.S. We have a brand new management and sales team in place. We have a re-energized and refocused group of sales representatives on the motorcycle and the mountain biking side in place, all highly motivated to take sales in the U.S. to the next level. I think it's a very strong performance. I'm proud of the team there. I think this is just the beginning of what we can achieve in the U.S. I think you know, we've managed to gain some significant footprint through our outreach to dealers around the country. We've managed to grow consumer direct sales in the U.S. significantly also. We really are pushing on all cylinders there. I think in future you can expect us to continue to build out the team and to improve our dealer penetration across the country as well as our direct-to-consumer business, which is a strong focus area for us, balancing that out with our B2B business. A strong push on the distribution side in the U.S. and also a very strong focus on marketing. You know, we've got a new Head of Global Marketing, Nick Larsen, and he's very enthusiastic about the future and the opportunities that this will have. There'll be a strong focus on the U.S. market, where I think we've still got a lot of market share that we can still gain. Big opportunities in the U.S. for sure. Perfect. Thank you very much. My next question is regarding the tariffs. How much do you think the tariff situation has hurt your business in the U.S.? That's an interesting question to quantify. I think it definitely has had an impact. Of course, we've tried our best to mitigate that as far as possible. We have had some price increases. Having said that, if I look at you know, competing brands, the supply chain is very similar, and there have been increases across the board. I think the biggest impact has perhaps been due to the uncertainty that tariff situation created in terms of global trade. You know, the US dollar has obviously weakened, and it's started to strengthen again. For us, you know, that is beneficial in Europe for sure. It impacts the retail selling price in Europe when the dollar gets a bit weaker. The tariff uncertainty around the world definitely did impact our business particularly in the first half of the year. I do think that we acted quite quickly. We got support of our suppliers. We increased pricing without doing anything that takes the price points outside of where the consumers are at. We analyzed the market very, very carefully to make sure that we were acting within market constraints. I think it definitely did have an impact. I do not think it was extreme, though. Perfect. Thank you very much. My final question is, how much growth came from the new customers and distributors versus distributors restocking? I think it was a combination of things in terms of on the distribution side. I think the biggest factor has been an increase in the demand for Leatt products. Of course, that leads to restocking, and that's certainly been the biggest contributor of the growth on the international side. If I look at the new customers that we brought on, you know, we have new customers in emerging markets and also in some developed areas. I mean, we had really strong sales to those customers as well, and they're very energized by the sell-through that they've experienced. We are expecting that, you know, to carry on driving sales and reordering patterns in the future. Primarily, restocking due to an increase in demand, but a really nice contribution from new customers as well. Okay, perfect. Thank you very much for answering my questions. Thanks, Olivier. Have a great day. Talk soon. As a reminder, if you would like to ask a question, that is star one to join the question queue. We'll pause for just a moment to allow questions to queue. Once more, that is star one to ask a question. We'll pause for another moment. It appears we have no further questions. I'll turn the call back to the speakers for any additional or closing remarks. Thank you all for joining us today. We are looking forward to our next call to review the results for the 2026 first quarter. This concludes today's program. Thank you for your participation, and you may disconnect at any time.