Filing Flows › Leatt (LEAT) › Q3 2025
Leatt (LEAT) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Leatt (LEAT) reported revenue of $14.3M for the third quarter 2025 (Q3 2025), +18% from a year earlier and -11% from the quarter before. Operating margin was 4.4%, net earnings $539K (3.8% of revenue).
Leatt, Q3 2025: revenue $14.3M (+18% year over year), operating margin 4.4%, net earnings $539K, operating cash flow −$2.7M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $14.3M | -11% | +18% |
| Gross profit | $6.3M | -8% | +22% |
| Operating profit | $630K | -55% | 24× |
| Net earnings | $539K | -53% | +366% |
| Operating cash flow | −$2.7M | -180% | — |
What changed
Revenue was $14.3M in Q3 2025, up 18% year over year and down 11% from the previous quarter.
Gross margin was 44.0%, up 1.4 points from a year earlier. Operating profit was $630K, a 4.4% margin (up 4.2 points year over year). Of the extra revenue versus a year earlier, 27% reached operating profit, above the 0% margin then. Operating expenses grew 11% against revenue growth of 18%. The fastest-growing cost line was Other operating costs (+26%). Net earnings were $539K, up 366% year over year. The effective tax rate was 26.2%.
Operating cash flow was −$2.7M. Non-cash charges added back $344K of depreciation and amortization and $124K of share-based compensation. Working capital and other items used $3.7M. Capital expenditures of $423K exceeded it, leaving free cash flow of −$3.1M.
Questions
What was Leatt's revenue in the third quarter 2025?
Leatt (LEAT) reported revenue of $14.3M for the third quarter 2025 (Q3 2025), +18% from a year earlier and -11% from the quarter before.
Was Leatt profitable in the third quarter 2025?
Operating profit was $630K (4.4% of revenue) and net earnings $539K.
Source: Leatt 10-Q on SEC EDGAR.