Leatt Corp
Leatt Corp designs, develops, markets, and distributes personal protective equipment for riders in motorsports and action sports, with its best-known product being the Leatt-Brace neck protection system. The company sells through a global distributor network, e-commerce partners, and direct channels in the U.S. and South Africa, while also manufacturing products through outsourced third-party factories, primarily in China.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaLeatt-Brace neck braces and related protection products sold under licensing arrangements.
Protective apparel and equipment for motorcycle riders, including impact and body protection.
Protection products for mountain biking and other cycling use cases.
Protection products for snowmobiles, ATVs, and other action-sport activities.
Original equipment manufacturing for third-party brands and small royalty streams.
Asiakkaat
Leatt sells primarily to distributors, dealers, and e-commerce partners that then serve retailers and end consumers in motorsports and cycling markets. The company also sells directly to consumers in the U.S. and South Africa when no dealer is available or when customers choose online purchase. Its customer base is therefore a mix of channel partners and end users who value safety, brand reputation, and product performance.
Buy Leatt products for resale into motorcycle and bicycle retail channels worldwide.
Purchase directly in the U.S. and South Africa when dealer coverage is limited or convenience matters.
Online channel partners that extend reach and help convert end-user demand digitally.
Third-party brands that source protective equipment manufacturing from Leatt.
Strategia
Leatt's near-term focus is to support working capital with cash flow, its revolving credit line, and inventory discipline while continuing to grow revenue in the U.S. and abroad. Strategically, it is broadening manufacturing outside China and using direct and digital channels to improve reach, resilience, and control over customer relationships.
Revenue growth depends on widening distribution and increasing brand penetration across rider categories.
Reducing reliance on China lowers supply chain and geopolitical concentration risk.
The business is inventory- and channel-dependent, so cash and credit availability support operations.
Maantiede
Leatt sells products worldwide through approximately 61 distributors and 6 e-commerce partners, with direct distribution in the United States and South Africa. Manufacturing is concentrated in China, while the company is building additional capacity in Thailand and Bangladesh to diversify supply. Geography matters because the business depends on cross-border shipping, local distributor coverage, and exposure to manufacturing concentration in Asia.
Riskit
Leatt faces supply-chain concentration risk because most products are manufactured by third-party subcontractors in China, making the company vulnerable to disruptions, tariffs, and logistics issues. It also depends on distributor and dealer channels, so demand can be affected by inventory swings, channel execution, and consumer spending in discretionary action-sports markets. Accounting and royalty obligations tied to neck brace sales add another layer of margin sensitivity.
Most products are produced by third-party subcontractors in China, so disruptions there can affect supply, lead times, and cost.
Kohdistuu: Product availability and gross margin
Sales rely on distributors, dealers, and e-commerce partners, which can create order volatility and stocking cycles.
Kohdistuu: Revenue timing and working capital
The company pays 4% and 1% royalties on neck brace sales, directly reducing profitability on a core product line.
Kohdistuu: Gross margin and operating income
Motorcycle and cycling protective gear purchases can soften when consumer spending weakens.
Kohdistuu: Top-line growth
Kirjanpito
Harkinnanvaraiset erätRevenue is recorded when control transfers, which varies by U.S., South African, and international shipping arrangements.
Vaikutus: Affects quarterly revenue comparability and cut-off risk
The company manufactures and distributes physical products, so obsolescence and slow-moving stock can require write-downs.
Vaikutus: Can affect gross margin and working capital
Sales are made through distributors and dealers, so collectability depends on channel partner credit quality.
Vaikutus: Affects receivables and earnings
The company operates in multiple jurisdictions and must estimate current and deferred tax positions.
Vaikutus: Can create volatility in tax expense and deferred tax assets
Contractual royalty payments to related parties and third parties are tied to billed and received neck brace revenue.
Vaikutus: Directly reduces profitability on a core product line
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Päivitetty: 24.9.2026