Leatt Corp (NASDAQ: LEAT) is a protective gear company that designs and sells helmets, neck braces, and body armor for motorcycle and bicycle riders. Revenue comes from product sales transacted through a network of international distributors, domestic dealers in the United States and South Africa, and direct-to-consumer e-commerce channels. All manufacturing is outsourced to third-party subcontractors based predominantly in China, making Leatt an asset-light design and distribution business. The company operates through a wholly-owned U.S. subsidiary that distributes to dealers and end consumers, a South African branch serving that domestic market, and a consolidation warehouse that drop-ships to international distributors elsewhere. Leatt has never paid a cash dividend and intends to retain earnings for business development. Advertising spend was $4.56 million in FY2025, directed at motorsport and bicycle online platforms plus event and athlete sponsorships. Commissions paid to U.S. sales representatives rose 43% to $764,602 in FY2025, reflecting growth in domestic sales.
- Revenue model
- Transactional product sales. Revenue is recognized on shipment to dealers, distributors, or end consumers. Direct-to-consumer web sales allow 30-day returns; dealer sales are generally final except under warranty. International sales outside the U.S. and South Africa are drop-shipped from a consolidation warehouse or third-party manufacturing partner to distributors.
- Products and services
- Protective gear for off-road motorcycle and bicycle riders, including neck braces (Leatt-Brace), helmets across multiple lines (Moto 9.5, Moto 8.5, Moto 7.5, Moto 3.5, Moto 2.5, ADV 9.5, ADV 8.5, ADV 7.5, Enduro 4.0, All-Mountain 4.0, Gravity 5.0, Moto GPX), and body armor. Helmets carry certifications including DOT (FMVSS 218), CE, CPSC 1203, ASTM F1952, AS/NZS 2063, ACU Gold, JIS T 8133, NBR 7471, CCC, NTA8776, and FRHPhe-02-2023 depending on market. Trademarks include Leatt, Leatt-Brace, BraceOn, ALPT, and Alternative Load Path Technology, registered across more than 20 jurisdictions.
- Customers and end markets
- End markets are off-road motorcycle riding (motocross, enduro, adventure) and mountain biking (downhill, all-mountain, e-bike). Sales channels include international distributors, domestic dealers in the U.S. and South Africa, and direct consumers via e-commerce. Credit is extended to distributors on an unsecured basis.
- Value-chain role
- Design, brand ownership, and distribution. Manufacturing is fully outsourced to third-party subcontractors based predominantly in China. Leatt holds the IP, manages certifications across global markets, and distributes through subsidiaries in the U.S. and South Africa and via third-party distributors elsewhere.
- Geographic exposure
- United States (distributed through wholly-owned subsidiary), South Africa (distributed through a branch), and international markets served via drop-shipment from a consolidation warehouse or third-party manufacturing partner. Trademarks registered in over 20 countries including the EU, China, Australia, Japan, Brazil, and the U.K.
