Is this actual sequel?

I believe there is a theory that each movie has a different leprechaun, only they got the same actor to return to play each leprechaun. Probably because it's hard to find someone like that, especially in Hollywood. Not sure what we are supposed to call them now with everything being so PC and stuff. So you can't really keep finding someone else to play a leprechaun, especially if they want to go with that height for the leprechaun. I think the actor does well as the character too, so that's another guess as to why they kept bringing him back and making it seem like the same leprechaun. But I believe there is a theory that there is more than one leprechaun out there. They just got the same actor to play each one.

I just found another theory that maybe the movie that takes place in space is chronologically the first movie/prequel and there is some time travel involved. At the end of the space one, the Leprechaun gets blown up. All his pieces land on earth and regenerate over time and stuff and each movie is a different part of the one leprechaun regenerating over time. I kind of like the whole theory of it being a different leprechaun but it's the same actor slightly more than this other theory I found.

http://wannabebub.tripod.com/leptop10.html

This is one of those, "turn off the noggin and enjoy the show" situations. Leprechaun should never have existed, let alone be a series. But, it's entertaining and silly. So treat it like Son of Frankenstein and look past the anomalies.

Having seen all six of the Warwick Davis' Leprechaun films, I can tell you that continuity isn't great.

As said, there is a theory that each movie involves a different leprechaun. It's up to you whether you choose to believe this, but it makes about as much sense as anything else.

Slasher movies such as this often have pretty ropey continuity. So, even if you believe the second one is the same leprechaun as the first, don't sweat it too much. Just enjoy it for the silly entertainment that it is.