Leatt Q3 2026 Earnings Results & Report

Leatt EPS Results

• Actual EPS: $0.34
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Leatt Revenue Results

• Actual Revenue: $20.46 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Leatt (OTCMKTS:LEAT) Corporation designs, develops and markets protective equipment and apparel for powersports and cycling. Its products are intended for activities such as motocross and mountain biking, where riders need equipment to help protect against injury.

The company’s range includes neck braces, helmets, body armor and other protective gear, as well as riding apparel and accessories. Leatt is particularly known for its neck-brace products, which were developed by founder Dr. Chris Leatt.

Founded in 2004, Leatt serves customers internationally through a network of distributors and retailers. Its products are sold under the Leatt brand.

Leatt Q3 2026 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Leatt reported record quarterly revenue in four years of $20.46 million, up 43% year over year, and net income of $2.2 million, up 309%. Operating costs grew more slowly than revenue, lifting operating income 367% and net margin to 10.8% from 3.8%.
• Positive Sentiment: Growth was broad across products: helmet sales rose 68%, body armor 48%, and other products, parts, and accessories 26%; neck brace sales declined 12%. Distributor sales benefited from shipments shifted out of Q2, though distributor growth across Q2 and Q3 combined was about 22%.
• Positive Sentiment: Cash, cash equivalents, and restricted cash stood at $15.5 million, while operating cash flow for the first nine months more than tripled year over year to $4.59 million. Inventory fell $1.6 million from year-end despite revenue growth, and management said it expects to deploy cash toward growth, including GRiTT.
• Neutral Sentiment: Management said demand and reordering momentum remain strong and expects growth to continue, with GRiTT beginning its U.S. rollout and ADV seen as a faster-growing category. It also flagged geopolitical risks and shipping-cost pressure; a $500,000–$600,000 tariff recovery boosted Q3 margins by about two percentage points, while management said margins excluding the recovery were roughly stable year over year.

Presentation

[Operator]

Hello, and welcome everyone, joining today's Leatt Corporation Third Quarter 2026 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. To register to ask a question at any time, please press star one on your telephone keypad. Please note, this call is being recorded. We are standing by should you need any assistance. It is now my pleasure to turn the program over to Michael Mason, Investor Relations. Please go ahead.

[Moderator]

Thanks, Aaron. Good morning, and welcome to the Leatt Corporation Investor Conference Call to discuss the financial results for the third quarter of 2026. The company issued a press release today, Thursday, November 12, 2026, at 8:00 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 11163009. A replay of the webcast will be available immediately following this call and will continue for seven days. Certain statements made in this conference call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

[Moderator]

Forward-looking statements represent our estimates and assumptions only as of the date of this call. Actual results could differ materially. 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 November 12, 2026. The company will make a presentation on the quarterly results and then open the call to questions. I would now like to turn the call over to Mr. Sean MacDonald, CEO of Leatt Corporation. Good afternoon to you in Cape Town, Sean.

[Sean MacDonald, CEO at Leatt Corporation]

Thank you, Mike, and thank you all for joining us today. I'd like to begin today by telling you about the excitement that we all shared a few weeks ago at our global distributor conference in Barcelona. Our distributors, business partners, and customers joined us, and the energy in the room was incredible. We had just closed our highest revenue quarter in four years and launched our first consumable product line, GRiTT by Leatt, a full range of high-performance bike care products. We shared our latest plans for the company, including the exciting new products in our pipeline and how we will amplify the brand to reach a much wider rider audience. It was wonderful to see firsthand how strongly our partners believe in Leatt and how committed they are to growing with us. Now, on to the third quarter.

[Sean MacDonald, CEO at Leatt Corporation]

By nearly every measure, the third quarter of 2026 was a very strong quarter for Leatt. Total global revenues were $20.46 million, up 43% over the third quarter of 2025, and as I mentioned, our highest quarterly revenues in four years. The numbers for the quarter tell the story. Sales to global distributors increased by 52%, which includes moto shipments that moved from the end of the second quarter into the third. Looking at the two quarters together, distributor sales increased by approximately 22%. Dealer direct revenues increased by 24%. We are investing in our selling capabilities and dealer outreach programs to grow our dealer base and in-store presence. Our moto and MTB domestic sales force is gaining fantastic traction with our head-to-toe product offering. Consumer direct sales, another investment focus for us, increased by 25% on top of 61% growth in the third quarter of 2025.

[Sean MacDonald, CEO at Leatt Corporation]

U.S. revenues increased by 24% to $5.33 million, and international revenues increased by 50% to $15.12 million. Net income increased by 309% to $2.2 million, or $0.35 per basic share and $0.34 per diluted share, compared to $540,000, or $0.09 per basic share and $0.08 per diluted share in the third quarter of 2025. Gross profit increased by 48%, or $3.01 million, in part due to the recoupment of global trade tariffs levied on the importation of goods into the U.S. We clearly demonstrated our operating leverage in the quarter. Revenues for the quarter grew by 43%, while operating costs grew only 15%, allowing our operating costs to fall to 32% of revenues from 40% in the third quarter of 2025. Income from operations grew by 367%, and our net margin improved to 10.8% from 3.8%.

[Sean MacDonald, CEO at Leatt Corporation]

Our growth was broad-based across product categories. Body armor sales increased by $2.93 million, or 48%. Helmet sales increased by $2.25 million, or 68%, and other products, parts, and accessory sales increased by $1.04 million, or 26%, as compared to the third quarter of 2025. Neck brace sales were down slightly by $110,000 against the strong prior year quarter. On a year-to-date basis, revenues increased by 23% to $56.36 million, and net income increased 74% to $4.88 million, or $0.78 per basic share. And $0.76 per diluted share, as compared to the same period of 2025. Consumer direct sales continue to be a highlight, increasing by 48% to $5.24 million. Gross profit increased by 27%, and gross profit as a percentage of sales improved to 45%, up from 43%.

[Sean MacDonald, CEO at Leatt Corporation]

Now, I will turn to more details on sales of our product categories for the third quarter of 2026, compared to the third quarter of 2025. Sales of our flagship neck brace, designed to prevent potentially devastating sports injuries to the cervical spine, were down slightly to $750,000, a 12% decrease compared to a very strong prior year quarter in which neck brace volumes grew by 39%. The decrease was primarily due to a 22% decrease in the volume of neck braces sold. Neck braces represented 4% of our revenues for the third quarter. Sales of our body armor products, which include upper body and limb protection, moto and ADV boots, and MTB shoes, were $9.03 million, a 48% increase over the third quarter of 2025. The increase was driven by a 33% increase in upper body and limb protection sales, and an 88% increase in footwear volume.

[Sean MacDonald, CEO at Leatt Corporation]

Body armor products represented 44% of our revenues for the quarter. Helmet sales totaled $5.58 million, a 68% increase driven by a 93% increase in the volume of off-road moto, ADV, and MTB helmets sold, as global demand for these products continues to grow. Helmet sales represented 27% of our revenues for the quarter. Sales of our other products, parts, and accessories category, which includes goggles, apparel, bike care products, and parts, were $5.1 million, a 26% increase driven by a 16% increase in sales of MTB, ADV, and moto apparel compared to last year. Also, initial shipments of GRiTT bike and rider care products exceeded our expectations. Other products, parts, and accessories represented 25% of our revenues for the quarter. We are continuing our previously announced board-authorized share repurchase program of up to $750,000 of Leatt's outstanding common stock.

[Sean MacDonald, CEO at Leatt Corporation]

We repurchased approximately $182,000 of common stock during the first nine months of 2026. We believe that this demonstrates our continued confidence in the strength of our company and our business plan, as well as our commitment to enhancing long-term shareholder value. Now I will turn to our financial results in a bit more detail. Revenue for the third quarter ended September 30th, 2026, were $20.46 million, a 43% increase compared to $14.34 million for the third quarter ended September 30th, 2025. This increase in worldwide revenues was attributable to a $2.93 million increase in body armor sales, a $2.25 million increase in helmet sales, and a $1.04 million increase in other products, parts, and accessory sales, partially offset by $110,000 decrease in neck brace sales.

[Sean MacDonald, CEO at Leatt Corporation]

Revenues generated from sales to our customers in the U.S. increased by 24% from $4.29 million to $5.33 million for the quarter ended September 30th, 2026. Revenues associated with international customers were $15.12 million and $10.06 million, or 74% and 70% of our revenues for the quarters ended September 30th, 2026 and 2025, respectively. Turning to our balance sheet and cash. Cash, cash equivalents, and restricted cash increased by $2.27 million since year-end to $15.5 million at September 30th, 2026. Cash flow is provided by operations were $4.59 million for the first nine months of 2026, more than 3x the $1.45 million for the same period in 2025. Despite 23% revenue growth, inventory decreased by $1.6 million since year-end, reflecting strong sell-through and disciplined working capital management. The current ratio at September 30th, 2026, was 4.7:1.

[Sean MacDonald, CEO at Leatt Corporation]

A two-year picture of our results shows the progress that we are making. Third quarter revenues have grown 69% since the third quarter of 2024. Year-to-date revenues are up 72%. Year-to-date gross margins have improved from 40% to 45%. Year-to-date net income has gone from a loss of $1.76 million in 2024 to a profit of $4.88 million in 2026. Helmet sales have more than doubled over the same period. Looking forward, we are on track for a very solid year in 2026. While there is still the potential for geopolitical headwinds, we are optimistic that the traction that we have gained will continue, participation remains strong, and demand for our expanding line of innovative products continues to grow, fueling robust international reordering patterns and momentum in domestic sales at the dealer and consumer levels.

[Sean MacDonald, CEO at Leatt Corporation]

We believe that this momentum will be sustained as we continue to invest in building Leatt as a global consumer brand that riders are compelled to engage with. We are actively building out our global team of sales, marketing, and brand management professionals and continuing to build a pipeline of innovative products. In terms of marketing and product launches, the third quarter of 2026 was one of our busiest ever, and that momentum continues into the fourth quarter. In addition to GRiTT, which I mentioned earlier, we launched global campaigns across all three of our riding categories, moto, MTB, and ADV, designed to support the sell-through we are seeing at dealers and distributors. In September, we collaborated with California-based Seager Co. on a 5.5 Racewear kit for Leatt rider Justin Hill, who debuted it at the SuperMotocross playoffs. Seager has built a strong following for its Western-inspired apparel and headwear.

[Sean MacDonald, CEO at Leatt Corporation]

We also worked with Nukeproof Axess Racing on a limited edition casual apparel capsule released at the Whistler World Cup. The same weekend, Nukeproof junior rider Camden Rutherfurd won the junior men's downhill at Whistler. Continuing onto the fourth quarter, this week we launched two new MTB flat pedal riding shoes featuring our unique SuperTackâ„¢ technology, designed to maximize grip and enhance the riding experience for riders of all levels. In December, we are planning an ADV brand campaign with the model year 2027 ADV range, so please stay tuned for that. In conclusion, our team remains very excited about our future.

[Sean MacDonald, CEO at Leatt Corporation]

That excitement is driven by our innovative and expanding product portfolio, our plans to amplify the brand to reach a much wider rider audience, riders that we've never reached before, the launch of GRiTT by Leatt, and a strong balance sheet that is well-positioned to fuel growth and sustain shareholder value. As always, we'd like to thank our entire Leatt family, our dedicated employees, distributors, business partners, team riders, and shareholders for their continued strong support. With that, I'd like to turn the call over for questions. Operator?

[Operator]

Thank you. If you'd like to ask a question, please press star one on your keypad. To leave the queue at any time, press star two. Once again, that is star one to ask a question, and we'll pause for just a moment to allow everyone the chance to queue. We can take our first question from private investor Christopher Muller. Your line is open.

[Christopher Muller, Private Investor]

Hi, Sean. Hope you're doing well today.

[Sean MacDonald, CEO at Leatt Corporation]

Hey, Chris. Good to hear from you.

[Christopher Muller, Private Investor]

Yep, always good to speak with you. Just a few questions. First, now that GRiTT has begun reaching distributors, could you maybe give some color on the geographic range of that rollout, when it's coming to the U.S., and maybe the initial response you're seeing at a dealer level?

[Sean MacDonald, CEO at Leatt Corporation]

Absolutely, no problem. We have shipped GRiTT internationally, and in some areas that are a bit further out, it's still on the way. We do have GRiTT in some European countries and in U.K. currently. The dealer uptake has been pretty strong. We're seeing that GRiTT has got a really nice positioning for the dealers. The model itself, in terms of the margins, it really does work at the dealer level, so that's been pretty good. In terms of the U.S., it's on the way, should be there in a couple of weeks, at which time we're going to do a full GRiTT U.S. launch. We didn't want to hold back the launch to make sure that everything was in every single country, but certainly GRiTT is on the way, and so far the uptake has been very strong and very positive.

[Christopher Muller, Private Investor]

Great. That sounds good. I believe last year you pegged the ADV segment revenue around 15% of total revenue. Given the expansion of that product range, the notable gains you've had in helmets and footwear sales this year, is that still a reasonable estimate, or has ADV become a meaningfully larger share of the overall business?

[Sean MacDonald, CEO at Leatt Corporation]

Currently, it is slightly higher than that. Not significantly higher. We're still less than 20%, but higher than 16%. So obviously that fluctuates on a quarterly basis, but we're more in the 16%-18% range right now. I do foresee that growing slightly faster than the other categories, although MTB is also growing really fast, and it's not that moto is going backwards. Moto isn't growing quite as fast as ADV. But I think ADV will continue to grow in terms of being a strength for Leatt, and I think the percentage of our sales will continue to grow into the future.

[Christopher Muller, Private Investor]

Okay, great to hear. Lastly for me, could you quantify the impact of the tariff refunds here in the third quarter? Maybe just a dollar amount so we could back into a normalized gross margin?

[Sean MacDonald, CEO at Leatt Corporation]

Sure. I can give you the normalized gross margin. It impacted our margins by about 2%, so $500,000-$600,000 in tariffs came back during Q3. So if you look at the normalized margin, it was in line with what we did last year. So you could say the normalized margin was stable. Our margins, there's been some pressure on the margins, primarily due to shipping costs that have obviously increased due to the geopolitical crisis that we've seen and the oil price increases. But we have managed to keep our margins relatively stable. If you had to strip out the impact of the tariff recoupment, you'd see that margins are still stable, at roughly the same level as last year.

[Christopher Muller, Private Investor]

All right. Well, thanks for the color there. Thanks for the time. Chat soon.

[Sean MacDonald, CEO at Leatt Corporation]

Thanks. Appreciate it, Chris. Take care.

[Operator]

We will move next to Olivier Colombo, a private investor. Please go ahead.

[Olivier Colombo, Private Investor]

Good afternoon, Sean.

[Sean MacDonald, CEO at Leatt Corporation]

Hi, Olivier. How are you?

[Olivier Colombo, Private Investor]

Doing fine, thank you. Congratulations on the fantastic Q3. Reminds me of the good time of 2022. Another $20 million to go, and that will be your best year ever.

[Sean MacDonald, CEO at Leatt Corporation]

Interesting.

[Olivier Colombo, Private Investor]

Sean, I have actually two questions for you. The one is coming back to the GRiTT question here. For the moment, it is only available at distributors. You will not be able to, or you are not selling it for the time being under the website GRiTT by Leatt or Leatt?

[Sean MacDonald, CEO at Leatt Corporation]

It is on the way to those websites. Some of those websites will already have the stock in stock and are already selling it. Some of those websites, the stock is on the way, nearly there, and it will be available on those sites relatively soon.

[Olivier Colombo, Private Investor]

Yeah. That is perfect. Thank you very much. Do you know what the size of this market is and who the bigger players are?

[Sean MacDonald, CEO at Leatt Corporation]

Sure. There are some very big players in this market. I think what is limited in terms of the competitive landscape are players that have got distribution that is global. There is a lot of local players in the different markets that we see that have got a level of strength, and there is many of those, and that differs depending on the geographical market that you are in. But there is very few players that are actually global and have got the ability to distribute these kinds of products into moto, MTB, and ADV. So in terms of that kind of a player, it is relatively limited. In terms of the local players, there are quite a few, I would say. But the full offering that we have, the high-tech products that we have, I believe sets us apart.

[Sean MacDonald, CEO at Leatt Corporation]

Of course, the global footprint that we are able to achieve in the different markets sets us apart. It is a big opportunity. This is not only the kind of product that can be sold into moto, ADV, and MTB shops, Olivier, and we have specifically marketed this as a bike product, and that could be any bike. There is a lot of opportunity outside of our core markets to expand GRiTT. At the beginning, of course, it is a standalone brand. I mean, it is called GRiTT, but it has the support of Leatt behind it. I am very confident that it is going to be a strong category for us.

[Olivier Colombo, Private Investor]

Okay. Thank you very much. When you report, will we be able to monitor the GRiTT performance, or would it be included in the vertical, like your accessory line?

[Sean MacDonald, CEO at Leatt Corporation]

At this point, we're going to include it in other parts and accessories, but we will give information regarding how GRiTT is going and how the sales of GRiTT are progressing.

[Olivier Colombo, Private Investor]

Okay, that's perfect. I have no other further questions. Congratulations once more to the whole team.

[Sean MacDonald, CEO at Leatt Corporation]

Thank you, Olivier. Appreciate it.

[Operator]

We will move next to Aaron Gelband with Warren Street Capital. Please go ahead.

[Aaron Gelband, Analyst at Warren Street Capital]

Hey, Sean. Congrats on a great quarter and all the successful product launches.

[Sean MacDonald, CEO at Leatt Corporation]

Thank you, Aaron. Good to hear from you.

[Aaron Gelband, Analyst at Warren Street Capital]

One question. The growth in direct sales from your website slowed down a bit. We had been growing 60% for a few quarters, 50%, 60%, and we kind of dropped down to 25%. Just curious, what changed there? Are you spending a little less on direct marketing, or have you kind of shifted priorities, or it's just kind of noise?

[Sean MacDonald, CEO at Leatt Corporation]

Still a strong priority. I mean, I expect that to continue to grow very strong double digits into the future. It's also a function of the price level that we decide to sell products at. It's a function, as you said, of the performance marketing, and it's a function of the availability of stock that we have that we can sell on the website. I don't think that there's any handbrake when it comes to selling direct to consumers, and I would expect that to continue to accelerate into the future.

[Aaron Gelband, Analyst at Warren Street Capital]

Got it. Great. I am curious on the kind of restocking dynamics. Obviously, a lot of dealers were very destocked a couple years ago. We are maybe two years into them kind of restocking. If we are looking at your sales this year, how much of it is dealers going, or distributors and dealers going from kind of like having less inventory than they normally would to a normal amount of inventory versus there is just increased end market demand and increased demand in particular for Leatt products? I know it is tough to quantify, but any kind of color on that would be helpful.

[Sean MacDonald, CEO at Leatt Corporation]

I would say that last year was a kind of restocking year for most players in the industry. I think what we are seeing now is a function of sell-through and demand. That certainly is a focus area for us. That is the reason why we are intensifying our work on the brand and reaching riders, and building a strong brand at the consumer level is to make sure that we can get the sell-through. So far, feedback I am getting from dealers and distributors is certainly not that they are now stocked up and they will not be ordering. The ordering patterns that we see now reflect that the participation, the demand, and the sell-through is there.

[Aaron Gelband, Analyst at Warren Street Capital]

Fantastic. I guess, let me just ask one on the balance sheet. I think we have over $15 million in cash, and that is despite growing inventory or growing sales. How are you guys thinking about that? Is there a target net cash level? You mentioned you still have the buyback authorization, but even if you finish that, you will still have a very high kind of net cash position. Any color on that would be helpful.

[Sean MacDonald, CEO at Leatt Corporation]

Yeah. Of course, we are looking at how to optimize our use of working capital. Certainly, if we look at a product like GRiTT, which is consumable in nature, there will be a need to make sure that we have the correct inventory levels in the marketplace. So, that is one use of cash for sure. Of course, you can see how our cash can swing in a quarter as we invest in inventory. If you look at our inventory, which if you look from the end of Q2 to the end of Q3, you will see that our inventory obviously increased because we had to invest in inventory and receivables in order to generate the sales at the distributor level. So, although we do have $15 million of cash, we are going to put that to good use. That is for certain.

[Aaron Gelband, Analyst at Warren Street Capital]

Okay. If we have like $25 million at this time next year, I am going to push you harder on that, but that is a nice problem to have.

[Sean MacDonald, CEO at Leatt Corporation]

Deal.

[Aaron Gelband, Analyst at Warren Street Capital]

All right. Well, congrats on all the success, and thanks for answering my questions.

[Sean MacDonald, CEO at Leatt Corporation]

Thanks, Aaron. Thanks, Aaron. I appreciate it. Chat soon.

[Operator]

We will move next to Mayur Kenia with IWD Capital Management. Please go ahead.

[Mayur Kenia, Analyst at IWD Capital Management]

Hi, Sean. Thanks for the questions.

[Sean MacDonald, CEO at Leatt Corporation]

Hey, Mayur. How you doing?

[Mayur Kenia, Analyst at IWD Capital Management]

Doing well. I had a couple of questions and two comments. The first question I had was around CapEx. Could you provide a little bit more color on the somewhat elevated capital expenditures in the quarter relative to the last few quarters?

[Sean MacDonald, CEO at Leatt Corporation]

Are we talking in terms of actual CapEx? Currently, on investing in new products, that's a big area of CapEx expenditure. That's the primary area of CapEx expenditure that you probably are seeing coming through there. That's for sale of the new product categories that we're selling. That will be to generate growth in the future.

[Mayur Kenia, Analyst at IWD Capital Management]

Okay. All right. That's helpful. To kind of go back to something you guys had mentioned on the Q1 call on the marketing front, I know you gave a little bit of color here, but I just wanted to see if there's more color. Basically, it's in reference to the comment of, on the marketing front, you guys are elevating everything, athletes, content, media impact, and people, and I'm enthusiastic about sharing the results of that shift. If there's any additional color you have around that shift, that would be helpful.

[Sean MacDonald, CEO at Leatt Corporation]

Sure. I think we've been monitoring quite closely a couple of different metrics internally at Leatt. One of the metrics we've been looking at that maybe gives you an idea of the kind of scale that we're starting to see now in terms of brand awareness is views on some of the videos that we put out there. If we look at last year, we would routinely get views in the hundreds of thousands on our videos. These days, it's in the millions. The Seager video that we did, the Seager launch that I spoke of earlier, that got 4.7 million views, and 4.2 million views of those were in the first 72 hours. Of course, it's a lot more complex than that, and I can go a lot deeper into it in terms of analysis.

[Sean MacDonald, CEO at Leatt Corporation]

To give you an idea of the kinds of awareness that we are now generating, we've gone from hundreds of thousands to millions, which I think is testament really to the investment that we put into the brand, and also into raising the kind of content level that we're putting out there to engage with consumers. Of course, that's all driven by what you said earlier, which is the new people that we have on board that have got the skills to really reach those wider audiences.

[Mayur Kenia, Analyst at IWD Capital Management]

Okay. That's super helpful color. I appreciate that. My last question is related to the SuperTackâ„¢ shoe line. It was nice to get the insight on the development process around that. Is that level of extensive field product testing typical, or is that unique to the shoe line? If you could talk a little bit about product testing and product introduction discipline on your end. Thanks.

[Sean MacDonald, CEO at Leatt Corporation]

No, absolutely. It is not unique at all to the shoe line. We have got professional athletes, and of course, we have got amateur riders and weekend warriors that are testing our products routinely, not only when we do pre-launch, but also during the season to make sure that durability is in place. Any issues that come up, we can address those really, really quickly. We will not release a product to the market until it has been extensively tested. That is not only rider testing at all levels, professional and amateur level. That is also in our lab down here in Cape Town. We do extensive testing on all of our products. That is not only the standard CE and homologation testing that needs to be done in order to pass the standards.

[Sean MacDonald, CEO at Leatt Corporation]

That is also testing to make sure that those products meet the needs of the most exacting consumers that are out there. So we are very driven on developing products that consumers really need on a functional level. It is a very important part of Leatt's foundation and a very important part of our DNA. I will continue to share information on product testing as we go along with new product launches.

[Mayur Kenia, Analyst at IWD Capital Management]

That is great. Thanks for that color. I guess two last comments from me. One, I appreciate the color on the buybacks, both in the quarter and post-end of quarter in the Q, so I appreciate that. One kind of request, if it is at all possible, if you guys could release the 10-Q and the results a little bit in advance, maybe the night before, so we can go through all the great results you guys are putting out and be ready. Thanks again for a great quarter.

[Sean MacDonald, CEO at Leatt Corporation]

Nice, Mayur. Thanks a lot. Check you soon.

[Mayur Kenia, Analyst at IWD Capital Management]

Yep.

[Operator]

And we will move next to Joe Helmer with Caldwell Sutter Capital. Please go ahead.

[Joe Helmer, Analyst at Caldwell Sutter Capital]

Hi, thanks for taking my question. Good evening there, Sean.

[Sean MacDonald, CEO at Leatt Corporation]

Hi, Joe.

[Joe Helmer, Analyst at Caldwell Sutter Capital]

Hey. Last quarter, you mentioned, when you were talking about the second quarter, there was a little bit of a discussion about temporary supply chain timing challenges that have since been resolved. I am trying to figure out, when I look at these spectacular results, if they have benefited from any of that supply chain timing issues.

[Sean MacDonald, CEO at Leatt Corporation]

Yeah. The supply chain issues were on the distribution side. We had some sales that came through during the quarter in Q3 that were earmarked to ship in Q2. If you look at distributor sales and you take Q2 and you add it to Q3, you will see that the growth is 22%. We managed to clear out the supply chain issues. Absolutely, if you look at the distribution sales in Q3, some of that relates to Q2 sales that came through during the quarter, but we still managed to grow 22% on distribution. If you take an average for Q2 and Q3.

[Joe Helmer, Analyst at Caldwell Sutter Capital]

Okay, that is helpful. I missed it. Last question. Is it this partnership in, I think you said it was in California, is it Seager or Siegel? How do you spell it?

[Sean MacDonald, CEO at Leatt Corporation]

Oh, it is S-E-A-G-A-R, Seager.

[Joe Helmer, Analyst at Caldwell Sutter Capital]

Okay.

[Sean MacDonald, CEO at Leatt Corporation]

You should be able to find them on Instagram. If you have a look at You could also have a look at Justin Hill. He is one of our professional supercross riders, and he is obviously sponsored by Leatt, and he is also has got a sponsorship deal with Seager. That is how we pulled together the collab with Seager, so you can have a look at them.

[Joe Helmer, Analyst at Caldwell Sutter Capital]

Okay. Thanks a lot. Appreciate it. That is all from me.

[Sean MacDonald, CEO at Leatt Corporation]

Perfect. Thanks, Joe. Appreciate it.

[Operator]

At this time, there are no further questions in queue. I will now turn the meeting back to Sean MacDonald for any additional remarks.

[Sean MacDonald, CEO at Leatt Corporation]

Thank you all for joining us for this third quarter call today. We look forward to our next call to review our fourth quarter and full year 2026 results.

[Operator]

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

Participants

Executives

• Sean MacDonald, CEO

Analysts

• Moderator
• Christopher Muller, Private Investor
• Olivier Colombo, Private Investor
• Aaron Gelband, Analyst at Warren Street Capital
• Mayur Kenia, Analyst at IWD Capital Management
• Joe Helmer, Analyst at Caldwell Sutter Capital