$LEAT

Leatt Corp

CIK:0001456189|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Statement of Operations [Abstract]
Revenues	$ 16,390,944	$ 16,176,339	$ 35,898,430	$ 31,544,203
Cost of Revenues	8,955,702	9,287,146	19,888,761	17,933,997
Gross Profit	7,435,242	6,889,193	16,009,669	13,610,206
Product Royalty Income	135,115	48,306	507,934	133,604
Operating Expenses
Salaries and wages	2,176,254	1,846,237	4,324,880	3,703,617
Commissions and consulting expenses	219,661	187,434	455,454	345,156
Professional fees	212,003	155,345	502,495	515,396
Advertising and marketing	1,428,833	1,152,207	2,490,029	2,044,264
Office lease and expenses	199,053	176,120	439,768	345,296
Research and development costs	664,839	616,795	1,462,187	1,281,285
Bad debt expense (recovery)	(80,543)	(31,155)	49,539	(94,659)
General and administrative expenses	1,313,482	1,101,992	2,523,715	2,114,641
Depreciation	284,244	332,606	798,860	659,614
Total operating expenses	6,417,826	5,537,581	13,046,927	10,914,610
Income from Operations	1,152,531	1,399,918	3,470,676	2,829,200
Other Income
Interest and other income, net	76,268	117,737	150,764	199,884
Total other Income	76,268	117,737	150,764	199,884
Income Before Provision for Income Taxes	1,228,799	1,517,655	3,621,440	3,029,084
Provision for Income taxes	319,810	378,921	941,757	769,226
Net Income Available to Common Shareholders	$ 908,989	$ 1,138,734	$ 2,679,683	$ 2,259,858
Net Income per Common Share
Basic	$ 0.15	$ 0.18	$ 0.43	$ 0.36
Diluted	$ 0.14	$ 0.18	$ 0.41	$ 0.35
Weighted Average Number of Common Shares Outstanding
Basic	6,229,656	6,217,550	6,232,899	6,217,550
Diluted	6,464,988	6,475,942	6,468,231	6,475,942
Comprehensive Income
Net Income	$ 908,989	$ 1,138,734	$ 2,679,683	$ 2,259,858
Other comprehensive income, net of $0 and $0 deferred income taxes in 2026 and 2025
Foreign currency translation	160,119	136,096	46,087	202,476
Total Comprehensive Income	$ 1,069,108	$ 1,274,830	$ 2,725,770	$ 2,462,334

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net Income	$ 2,679,683	$ 2,259,858
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	798,860	659,614
Stock-based compensation	324,523	243,017
Bad debt expense (recovery)	49,539	(100,091)
Inventory reserve	87,259	40,203
Gain on sale of property and equipment	(388)	(18,943)
Increase in refund liability	22	0
(Increase) decrease in:
Accounts receivable	811,561	(1,753,961)
Inventory	6,886,587	5,052,510
Payments in advance	(78,240)	(206,557)
Prepaid expenses and other current assets	(1,429,745)	(416,686)
Income tax receivable	(74,422)	31,330
Long-term accounts receivable	0	56,391
Deposits	(345)	(6,904)
Increase (decrease) in:
Accounts payable and accrued expenses	(2,670,848)	(2,498,082)
Other current liabilities	54,921	772,741
Net cash provided by operating activities	7,438,967	4,114,440
Cash flows from investing activities
Capital expenditures	(490,405)	(349,011)
Proceeds from sale of property and equipment	743	19,250
Net cash used in investing activities	(489,662)	(329,761)
Cash flows from financing activities
Repayment of notes payable to bank	(1,804)	(18,140)
Repayments of short-term loan, net	(575,591)	(548,464)
Purchase of treasury stock under share repurchase plan	(101,893)	0
Net cash used in financing activities	(679,288)	(566,604)
Effect of exchange rates on cash, cash equivalents and restricted cash	24,863	140,013
Net increase in cash, cash equivalents and restricted cash	6,294,880	3,358,088
Cash, cash equivalents and restricted cash - beginning of period	13,233,047	12,368,100
Cash, cash equivalents and restricted cash - end of period	19,527,927	15,726,188
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	19,384,885	15,726,188
Restricted cash	143,042	0
Total cash, cash equivalents and restricted cash	19,527,927	15,726,188
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest	33,269	30,206
Other noncash investing and financing activities
Cancellation of treasury shares	$ 330,583	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 19,384,885	$ 12,988,111
Restricted cash	143,042	244,936
Accounts receivable, net	7,043,786	7,904,885
Inventory, net	13,923,847	20,897,693
Payments in advance	1,275,524	1,197,284
Income tax receivable	808,615	734,193
Prepaid expenses and other current assets	5,064,000	3,634,255
Total current assets	47,643,699	47,601,357
Property and equipment, net	3,373,116	3,660,704
Operating lease right-of-use assets, net	186,657	342,413
Deferred tax asset, net	396,294	396,294
Other Assets
Deposits	45,534	45,189
Total Assets	51,645,300	52,045,957
Current Liabilities
Accounts payable and accrued expenses	5,925,043	8,595,892
Refund liability	65,162	65,140
Notes payable, current	0	1,804
Operating lease liabilities, current	186,657	309,019
Other current liabilities	63,291	8,370
Short term loan, net of finance charges	224,409	800,000
Total current liabilities	6,464,562	9,780,225
Operating lease liabilities, net of current portion	0	33,394
Total liabilities	6,464,562	9,813,619
Commitments and contingencies
Preferred stock, $.001 par value, 1,120,000 shares authorized, 120,000 shares issued and outstanding as of June 30, 2026 and December 31, 2025	3,000	3,000
Common stock, $.001 par value, 28,000,000 shares authorized, 6,229,556 shares issued and 6,227,380 outstanding as of June 30, 2026 and 6,255,989 shares issued and 6,234,689 outstanding as of December 31, 2025	130,527	130,534
Accumulated other comprehensive loss	(937,553)	(983,640)
Retained earnings	34,538,786	31,859,103
Additional paid - in capital	11,472,346	11,478,399
Treasury stock, at cost, 2,176 and 21,300 shares of common stock, as of June 30, 2026 and December 31, 2025, respectively	(26,368)	(255,058)
Total stockholders' equity	45,180,738	42,232,338
Total Liabilities and Stockholders' Equity	$ 51,645,300	$ 52,045,957