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    Chris Brennan

    Research Analyst at ROTH Capital Partners

    Chris Brennan is an analyst at ROTH Capital Partners, specializing in equity research across select small- and mid-cap companies. He has covered names such as Leatt Corporation, focusing on performance drivers and company outlooks with thoughtful, data-driven analysis. Though specific platform rankings and detailed performance metrics are not publicly available, Brennan is recognized for his pointed questioning and research rigor in company conference calls and earnings reviews. His prior experience includes analytical roles at other financial institutions, and he holds compliance with industry standards and requisite securities licenses.

    Chris Brennan's questions to Leatt (LEAT) leadership

    Chris Brennan's questions to Leatt (LEAT) leadership • Q4 2024

    Question

    Chris Brennan noted that Leatt's revenue is similar to 2020 levels while operating expenses have doubled, leading to recent net losses. He asked if the $100 million sales target is still feasible and whether the company expects to achieve profitability on the path to that goal, or only after reaching it. Brennan also inquired about management's view on a normalized level of sales for the industry, given current depressed conditions.

    Answer

    CEO Sean MacDonald affirmed the $100 million sales goal is feasible and stated that the company expects to be profitable on the way to achieving it, not just upon arrival. He explained that the current cost structure is designed to support future growth and that profitability should grow as the company returns to double-digit revenue growth. Regarding normalized sales, MacDonald found it difficult to provide a specific level due to varying recovery rates across categories but agreed the industry is still depressed, highlighting that Leatt's low market share presents a significant opportunity for growth regardless of the broader market.

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    Chris Brennan's questions to Leatt (LEAT) leadership • Q4 2024

    Question

    Chris Brennan of ROTH Capital Partners questioned Leatt's path to its $100 million sales target, noting that operating expenses have nearly doubled since 2020 while revenue has remained flat. He asked about the feasibility of the goal, the expectation for profitability during the growth phase, and how management views a 'normalized' level of sales for the business given the currently depressed industry.

    Answer

    CEO Sean MacDonald affirmed the $100 million sales goal is achievable and expects strong profitability upon reaching it, stating the current cost structure is built for future growth. He anticipates a return to double-digit annual growth and profitability along the way. Regarding normalized sales, MacDonald acknowledged the industry is still depressed but noted that Leatt's small market share provides significant growth opportunities independent of the broader market recovery, which he estimates could take 1-2 years of strong growth to normalize.

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