Filing Flows › Leatt (LEAT) › Q1 2026 › vs Q4 2025
Leatt (LEAT) Q1 2026 vs Q4 2025 (quarter over quarter)
Leatt's revenue rose $3.5M (+22%) from $16.0M in Q4 2025 to $19.5M in Q1 2026. Gross margin 44.0% against 45.5% (-1.6 pts).
Leatt, Q1 2026: revenue $19.5M (+27% year over year), operating margin 11.9%, net earnings $1.8M, operating cash flow $4.6M. The chart draws each line against Q4 2025, the increases inside each band.
Margins
| Q1 2026 | Q4 2025 | Change | |
|---|---|---|---|
| Gross margin | 44.0% | 45.5% | -1.6 pts |
| Operating margin | 11.9% | 3.4% | +8.5 pts |
| Net margin | 9.1% | 2.9% | +6.2 pts |
| Free cash flow margin | 22.5% | 0.3% | +22.2 pts |
Every line
| Line | Q1 2026 | Q4 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $19.5M | $16.0M | $3.5M | +22% |
| Gross profit | $8.6M | $7.3M | $1.3M | +18% |
| Cost of revenue | $10.9M | $8.7M | $2.2M | +25% |
| Other income, net | $74K | $96K | −$22K | -23% |
| Operating profit | $2.3M | $550K | $1.8M | +322% |
| Operating expenses | $6.3M | $6.7M | −$490K | -7% |
| Pre-tax earnings | $2.4M | $646K | $1.7M | +270% |
| Research & development | $797K | $735K | $63K | +9% |
| Sales & marketing | $1.1M | $1.4M | −$301K | -22% |
| General & admin | $1.2M | $1.2M | −$18K | -1% |
| Other operating costs | $3.2M | $3.4M | −$233K | -7% |
| Net earnings | $1.8M | $465K | $1.3M | +281% |
| Income tax | $622K | $181K | $441K | +243% |
| Depreciation & amortization | $515K | $324K | $191K | +59% |
| Share-based compensation | $184K | $124K | $61K | +49% |
| Working capital & other | $2.1M | −$551K | $2.6M | — |
| Operating cash flow | $4.6M | $361K | $4.2M | 13× |
| Free cash flow (OCF − capex) | $4.4M | $51K | $4.3M | 86× |
| Capital expenditures | $167K | $310K | −$143K | -46% |
Questions
How much did Leatt's revenue grow quarter over quarter in Q1 2026?
Leatt's revenue rose $3.5M (+22%) from $16.0M in Q4 2025 to $19.5M in Q1 2026. Gross margin 44.0% against 45.5% (-1.6 pts).