LEAT on OTC

Leatt Corp

American motorcycles company, incorporated in Nevada, listed on OTC (LEAT)1

In its 2026 annual report the company says: “Leatt designs, develops, markets and distributes personal protective equipment for participants in all forms of motor sports and leisure activities, including riders of motorcycles, bicycles, snowmobiles and ATVs. The Company sells its products to customers worldwide through a global network of distributors and retailers. The Company's flagship products are based on the Leatt-Brace® system, a patented injection molded neck protection system owned by Xceed Holdings, designed to prevent potentially devastating injuries to the cervical spine and neck.”3

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Last updated Oct 20, 2026.

Overview

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  • TickerLEAT on OTC1
  • IndustryMotorcycles, Bicycles & Parts1
  • HeadquartersNV1
  • Incorporated inNV2
  • Business address12 Kiepersol Drive, Atlas Gardens, Contermanskloof Road, Durbanville, Western Cape, T3 75502
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We were incorporated in the State of Nevada on March 11, 2005, under the name Treadzone, Inc. We were a shell company with little or no operations until March 1, 2006, when we acquired the exclusive global manufacturing, distribution, sale and use rights to the Leatt-Brace®, pursuant to a license agreement between the Company and Xceed Holdings, a company controlled by the Company's Chairman and founder, Dr. Christopher Leatt. On May 25, 2005, we changed our name to Leatt Corporation in connection with our anticipated acquisition of the Leatt-Brace® rights. Leatt designs, develops, markets and distributes personal protective equipment for participants in all forms of motor sports and leisure activities, including riders of motorcycles, bicycles, snowmobiles and ATVs. The Company sells its products to customers worldwide through a global network of distributors and retailers. Leatt also a…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

44.0%Gross margin4
6.5%Operating margin4
5.3%Net margin4
40.6%Revenue growth, 20254
7.7%Return on equity4
0.00×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue56¢$34.7M
  • Research and development4¢$2.7M
  • Other costs32¢$20.1M
  • Income tax2¢$1.1M
  • Profit5¢$3.3M

Out of $61.9M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$1.8M

Out of $1.8M of cash from operations.4

Financial statements

Revenue567894$61.9M in 2025+119% since 2019
0$20.0M$40.0M$60.0M$80.0M2019: $28.3M$28.3M20192020: $38.6M$38.6M2020+36%2021: $72.5M$72.5M2021+88%2022: $76.3M$76.3M2022+5%2023: $47.2M$47.2M2023−38%2024: $44.0M$44.0M2024−7%2025: $61.9M$61.9M2025+41%
Gross profit567894$27.2M in 2025+109% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $13.0M$13.0M20192020: $17.4M$17.4M2020+34%2021: $31.4M$31.4M2021+81%2022: $31.1M$31.1M2022−1%2023: $19.8M$19.8M2023−36%2024: $17.7M$17.7M2024−11%2025: $27.2M$27.2M2025+54%
Operating income567894$4.0M in 2025+102% since 2019
-$5.0M0$5.0M$10.0M$15.0M$20.0M2019: $2.0M$2.0M20192020: $5.8M$5.8M2020+195%2021: $16.6M$16.6M2021+185%2022: $13.0M$13.0M2022−22%2023: $1.4M$1.4M2023−89%2024: -$3.0M-$3.0M20242025: $4.0M$4.0M2025
Net income567894$3.3M in 2025+137% since 2019
-$5.0M0$5.0M$10.0M$15.0M2019: $1.4M$1.4M20192020: $4.4M$4.4M2020+222%2021: $12.6M$12.6M2021+184%2022: $10.0M$10.0M2022−21%2023: $803.2K$803.2K2023−92%2024: -$2.2M-$2.2M20242025: $3.3M$3.3M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues$61.9M$44.0M
Cost of Revenues$34.7M$26.3M
Gross Profit$27.2M$17.7M
Product Royalty Income$381.8K$326.6K
Salaries and wages$7.9M$7.1M
Commissions and consulting expenses$764.6K$535.6K
Professional fees$853.1K$627.7K
Advertising and marketing$4.6M$4.5M
Office lease and expenses$923.8K$702.8K
Research and development costs$2.7M$2.5M
Bad debt recovery-$65.9K-$76.3K
General and administrative expenses$4.4M$3.9M
Depreciation$1.3M$1.2M
Impairment loss$234.2K$0
Total operating expenses$23.6M$21.0M
Income (Loss) from Operations$4.0M-$3.0M
Interest and other income, net$397.0K$275.4K
Total other Income$397.0K$275.4K
Income (Loss) Before Provision for (Benefit from) Income Taxes$4.4M-$2.7M
Provision for (benefit from) Income taxes$1.1M-$498.8K
Net Income (Loss) Available to Common Shareholders$3.3M-$2.2M
Basic$0.53-$0.35
Diluted$0.51-$0.34
Basic6.2M shares6.2M shares
Diluted6.4M shares6.5M shares
Foreign currency translation$468.7K-$54.1K
Total Comprehensive Income (Loss)$3.7M-$2.3M
Deferred income taxes$0-$49.8K

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Corporate structure

Leatt Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Leatt Corp

  • Warren Street Capital Partners LP Filed SCHEDULE 13G/A on Leatt Corp, latest Oct 9, 2026 (2 filings since Jul 25, 2024)
  • Astoria Investments Ltd Filed SC 13G on Leatt Corp, latest Sep 25, 2024
  • Villiers Jean-Pierre De Filed SC 13D/A on Leatt Corp, latest Mar 15, 2024 (2 filings since Aug 18, 2022)
  • Christopher James Leatt Filed SC 13D/A on Leatt Corp, latest Jul 21, 2022 (3 filings since Jan 14, 2022)
  • Leatt Corp NV

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Leatt Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$14.7M4 Dec 31, 2025$13.6M4 Dec 31, 2024+8.2%
Accumulated depreciation$11.0M4 Dec 31, 2025$9.6M4 Dec 31, 2024+15.2%
Property and equipment, net$3.7M4 Dec 31, 2025$4.0M4 Dec 31, 2024−8.5%
Operating-lease assets (leased space)$342.4K4 Dec 31, 2025$553.0K4 Dec 31, 2024−38.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$13.0M4 Dec 31, 2025$12.4M4 Dec 31, 2024+5.0%

Inventory

ItemLatestA year beforeChange
Inventory, total$20.9M4 Dec 31, 2025$18.0M4 Dec 31, 2024+16.2%

Properties, in its own words

Our corporate headquarters are located in a 948 square meter space located at 12 Kiepersol Drive, Atlas Gardens, Contermanskloof Road, Durbanville, Western Cape, South Africa, 7550. Approximately 20% of the space is used by our finance, legal and operations teams, 45% is used by marketing and the remaining 35% is used by Leatt Lab and our research and development team. We purchased this property during 2023.

We entered into a lease agreement for office space and warehouse space to store inventory located at Unit 9, 36 Sycamore Crescent, Atlas Gardens, Durbanville, Western Cape, South Africa, 7550. We occupy these premises pursuant to a lease agreement, dated February 24, 2022, between Leatt SA and Montprop Beleggings (Pty) Ltd, which as amended, is scheduled to expire on February 28, 2027. The renewed lease agreement requires us to pay a monthly rent of ZAR 34,478 or $1,840 for the twelve months, and ZAR 36,892 or $1,969 for the following twelve months. The rent payable excludes VAT, water, electricity, and other associated costs.

The rest of Item 2

We entered into a lease agreement on February 20, 2025, to lease office and warehouse space at Unit 8, Sycamore Park, 36 Sycamore Crescent, Atlas Gardens, Durbanville, Western Cape, South Africa, 7550 for 20 months from July 1, 2025, to February 28, 2027. The first eight months the Company shall pay ZAR 33,260 or $1,775, and then ZAR 35,588 or $1,899, per month for the remainder of the lease term. The rent payable excludes VAT, water, electricity, and other associated costs.

Our newly redomiciled Nevada subsidiary, Two Eleven, entered into a Lease Agreement, dated December 14, 2020, with CP Logistics NVCC IV, LLC, to lease warehouse and office space comprising approximately 43,056 square foot in Reno, Nevada. The lease commenced upon the date of substantial completion of the landlord's work, as defined in the Lease Agreement, August 2, 2021, and the term will continue for a period of sixty-six (66) months from such commencement date, subject to renewal, at Two Eleven's option, for an additional five (5) year term. The rent payable from the 3rd month following the commencement date through to the 14th month will be $21,959 and thereafter the rent payable will escalate in subsequent months in accordance with the terms of the Lease Agreement, up to a monthly payment of $25,455 in the 63rd through 66th month. The rent payable will exclude other associated costs, such as real estate taxes, association dues, insurance, and other fees.

We also lease extra warehouse space from time to time to store inventory. These agreements are on a month-to-month basis and vary during the year.

We believe that all premises used by the Company and its subsidiaries are in good condition, and that the property located there are adequately insured.

Item 2 of the 10-K filed Mar 24, 2026.3

Leadership

Who has led Leatt Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Sean Macdonald2012–2022

Chief financial officer

  1. Sean Macdonald2012–2022
201520202025
Board members and other officers (4)

Timeline

  1. Sep 29, 20268-K Director nominations16
  2. Aug 17, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote17
  3. Aug 14, 20268-K Results of operations; Regulation FD disclosure18
  4. May 13, 20268-K Other events19
  5. May 12, 20268-K Results of operations; Regulation FD disclosure20
  6. Mar 24, 20268-K Results of operations; Regulation FD disclosure21
  7. Nov 6, 20258-K Results of operations; Regulation FD disclosure22
  8. Aug 7, 20258-K Results of operations; Regulation FD disclosure23
  9. Jul 3, 20258-K Shareholder vote24
  10. May 14, 20258-K Results of operations; Regulation FD disclosure25
  11. Apr 3, 20258-K Change of auditor26
  12. Mar 28, 20258-K Results of operations; Regulation FD disclosure27
  13. Jul 5, 2012New chief executive Sean Macdonald becomes CEO12

Calendar

Coming up

  1. Around Nov 16, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results18
  2. May 12, 2026Reported quarterly or annual results20
  3. Mar 24, 2026Reported quarterly or annual results21
  4. Nov 6, 2025Reported quarterly or annual results22
  5. Aug 7, 2025Reported quarterly or annual results23
  6. May 14, 2025Reported quarterly or annual results25
  7. Mar 28, 2025Reported quarterly or annual results27
  8. Oct 29, 2024Reported quarterly or annual results28

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

89 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 29 major events, 16 insider forms, 8 large holders, 16 other. The latest 20:

  1. Oct 9, 2026SCHEDULE 13G/A EDGAR
  2. Oct 8, 2026DEFA14A DEFINITIVE ADDITIONAL MATERIALS EDGAR
  3. Oct 8, 2026DEF 14A PROXY STATEMENT EDGAR
  4. Sep 29, 2026PRE 14A PRELIMINARY PROXY STATEMENT EDGAR
  5. Sep 29, 20268-K CURRENT REPORT EDGAR
  6. Aug 17, 20268-K EDGAR
  7. Aug 14, 20268-K EDGAR
  8. Aug 14, 202610-Q EDGAR
  9. May 13, 20268-K EDGAR
  10. May 12, 202610-Q EDGAR
  11. May 12, 20268-K EDGAR
  12. Mar 24, 202610-K EDGAR
  13. Mar 24, 20268-K EDGAR
  14. Nov 6, 202510-Q EDGAR
  15. Nov 6, 20258-K EDGAR
  16. Aug 7, 202510-Q EDGAR
  17. Aug 7, 20258-K EDGAR
  18. Jul 3, 20258-K EDGAR
  19. May 20, 2025DEFA14A EDGAR
  20. May 19, 2025DEF 14A EDGAR

The 89 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

99 open-market trades by officers, directors and large owners since October 2021: 0 buys and 99 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jul 20, 2022Leatt Christopher JamesDirectorSale120,000$27.00$3.2MForm 4
Jul 20, 2022Macdonald SeanDirectorSale10,000$27.00$270.0KForm 4
May 20, 2022Leatt Christopher JamesDirectorSale500$24.00$12.0KForm 4
May 20, 2022Leatt Christopher JamesDirectorSale500$24.00$12.0KForm 4
May 19, 2022Leatt Christopher JamesDirectorSale1,000$24.90$24.9KForm 4
May 19, 2022Leatt Christopher JamesDirectorSale1,000$24.90$24.9KForm 4
May 18, 2022Leatt Christopher JamesDirectorSale500$25.84$12.9KForm 4
May 18, 2022Leatt Christopher JamesDirectorSale500$25.84$12.9KForm 4
May 17, 2022Leatt Christopher JamesDirectorSale500$27.50$13.8KForm 4
May 17, 2022Leatt Christopher JamesDirectorSale500$27.50$13.8KForm 4
May 16, 2022Leatt Christopher JamesDirectorSale500$26.88$13.4KForm 4
May 16, 2022Leatt Christopher JamesDirectorSale500$26.88$13.4KForm 4
May 13, 2022Leatt Christopher JamesDirectorSale1,000$25.40$25.4KForm 4
May 13, 2022Leatt Christopher JamesDirectorSale1,000$25.40$25.4KForm 4
May 12, 2022Leatt Christopher JamesDirectorSale1,000$24.68$24.7KForm 4
May 12, 2022Leatt Christopher JamesDirectorSale1,000$24.68$24.7KForm 4
May 11, 2022Leatt Christopher JamesDirectorSale500$21.50$10.8KForm 4
May 11, 2022Leatt Christopher JamesDirectorSale500$21.50$10.8KForm 4
May 10, 2022Leatt Christopher JamesDirectorSale500$22.10$11.1KForm 4
May 10, 2022Leatt Christopher JamesDirectorSale500$22.10$11.1KForm 4

All 99 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Dr. Christopher James LeattChairman and Head of Research and Development58$71.0K$746.6K33
2025Sean MacdonaldPresident, CEO, CFO and Director49$399.9K$623.7K33
2024Dr. Christopher James LeattChairman and Head of Research and Development58$65.9K$668.1K33
2024Sean MacdonaldPresident, CEO, CFO and Director49$367.4K$487.8K33
2023Dr. Christopher James LeattChairman and Head of Research and Development58$61.7K$620.8K33
2023Sean MacdonaldPresident, CEO, CFO and Director49$342.3K$431.7K33

SEC filer profile

How Leatt Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARLeatt Corp1
  • CIK0001456189
  • Employer ID (EIN)20-28193673
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inNevada3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3751 Motorcycles, Bicycles & Parts1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address12 Kiepersol Drive, Atlas Gardens, Contermanskloof Road, Durbanville, Western Cape, T3 75501
  • Mailing address12 Kiepersol Cres, Atlas Gardens, Contermanskloof Road, Durbanville, Western Cape, T3 75501
  • Phone(27)21-556-54091
  • Shares outstanding6,229,556 as of Aug 10, 202611
  • Public float$30.1M as of Jun 30, 20253
  • AuditorM&K CPAS, PLLC, The Woodlands, TX PCAOB ID 27383
  • On EDGAR sinceFeb 13, 20091
  • Filings242 in all: 8-K (83), 10-Q (43), 4 (24), 10-K (14), DEF 14A (13), DEFA14A (13), SC 13D/A (9), 3 (5)1
    All 25 form types

    S-8 (5), PRE 14A (4), SC 13G/A (4), UPLOAD (4), 10-12G/A (3), 144 (3), SC 13G (3), CORRESP (2), SC 13D (2), 10-12G (1), 10-Q/A (1), 3/A (1), 8-K/A (1), D (1), RW (1), S-8 POS (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 24, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Oct 8, 2026
    Latest 8-K (8-K) Sep 29, 2026

Risk factors and legal proceedings

The risks Leatt Corp names in Item 1A of its 10-K filed Mar 24, 2026: 29 risks under these headings, as written.3

  • RISKS RELATED TO OUR BUSINESS
  • Our business and financial performance may be adversely affected if our information technology systems fail to perform adequately or if they are the subject of a security breach or cyberattack.
  • Global political and economic turmoil could negatively affect our domestic and international sales, results of operations, and financial condition.
  • Our international operations expose us to foreign exchange risk and currency fluctuations affect our operating profits.
  • We engage in international manufacturing and sales, which exposes us to trade restrictions and disruptions that could harm our business and competitive position.
  • In order to grow at the pace expected by management, we may require additional capital to support our long-term growth strategies. If we are unable to obtain additional capital in future years, we may be unable to proceed with our plans and we may be forced to curtail our operations.
  • A substantial amount of our sales revenue is derived from sales to a limited number of customers, and our business will suffer if sales to these customers decline.
  • Significant fluctuations in fuel prices could have an adverse impact on our business and operations.
  • Expansion of our business may put added pressure on our management, financial resources and operational infrastructure impeding our ability to meet any increased demand for our products and possibly hurting our operating results.
  • We rely on patent and trade secret laws that are complex and difficult to enforce and we may not be able to prevent others from unauthorized use of our intellectual property. If we are not able to adequately secure and protect our patent, trademark and other proprietary rights our business may be materially affected.
  • We depend on key personnel, and turnover of key employees and senior management could harm our business.
  • We face an inherent business risk of exposure to product liability claims that could have a material adverse effect on our operating results.
The other 18 risks
  • We may not be able to adequately finance the significant costs associated with the development of new protective equipment products.
  • We may be exposed to potential risks relating to our internal controls over financial reporting and our ability to have those controls attested to by our independent auditors.
  • We are an "emerging growth company," and have availed ourselves of scaled public company reporting requirements and requirements for stockholder approval and advice applicable to emerging growth companies, which could make our common stock less attractive to investors.
  • Unseasonable weather may disrupt our operations and may reduce consumer demand for our products.
  • Natural or man-made catastrophic events may disrupt our business and negatively impact our results of operation.
  • RISKS RELATED TO OUR INDUSTRY
  • We may not be able to maintain or improve our competitive position because of strong competition in the personal protective equipment industry, and we expect this competition to continue to intensify.
  • If we are unable to develop competitive new products our future results of operations could be adversely affected.
  • The value of our brand and sales of our products could be diminished if we, the individuals who use our products or the sport and activity categories in which our products are used, are associated with negative publicity.
  • We may not be able to receive certain industry certifications and accreditation for our products.
  • RISKS RELATED TO DOING BUSINESS IN NON-US JURISDICTIONS
  • We face risks associated with doing business in non-US jurisdictions.
  • Our operations and assets in China are subject to significant political and economic uncertainties.
  • We may have limited legal recourse under PRC law if disputes arise under our outsourcing manufacturing arrangements with third parties.
  • Our potential inability to adequately protect our intellectual property during the outsource manufacturing of our products in China could negatively impact our performance.
  • We may be exposed to liabilities under the Foreign Corrupt Practices Act and Chinese anti-corruption laws, and any determination that we violated these laws could have a material adverse effect on our business.
  • Your ability to bring an action against us, and those of our officers and directors who are based in South Africa, or to enforce a judgment against us or recover assets in our possession may be difficult since any such action or recovery of assets would be an international matter, involving South African laws and geographic and temporal disparities.
  • RISKS RELATING TO OUR COMMON STOCK
  • We cannot assure you that our common stock will be listed on a national securities exchange.
  • Our holding company structure may limit the payment of dividends.
  • The Company's officers, directors and affiliates collectively have the power to make all major decisions regarding the Company without the need to get consent from any stockholder or other person. This discretion could lead to decisions that are not necessarily in the best interests of minority shareholders.

Legal proceedings

From time to time, we may become involved in various lawsuits and legal proceedings in the ordinary course of our business. We are currently not aware of any legal proceedings the ultimate outcome of which, in our judgment based on information currently available, would have a material adverse effect on our business, financial condition or operating results.

On February 26, 2025, a lawsuit was filed against the Company and other defendant in the Supreme Court of the State of New York, County of Queens, for alleged violation of the American Disabilities Act of 1990, in connection with the accessibility of the Company's website to visually impaired and/or legally blind individuals who may wish to purchase products thereon. This matter has been settled.

On July 31, 2025, a lawsuit was filed against the Company with the Court of the Commissioner of Patents in South Africa, for alleged patent infringement. The litigation is in the initial stage, and no hearing date has yet been set. The Company believes that the lawsuit is without merit and intends to defend itself.

The opening of Item 3, Legal Proceedings.3

Sources

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