Massimo Group Reports Fiscal Year End 2024 Financial Results
PR Newswire
GARLAND, Texas, March 27, 2025
GARLAND, Texas, March 27, 2025 /PRNewswire/ -- Massimo Group $(MAMO)$ ("Massimo" or the "Company"), a manufacturer and distributor of powersports vehicles and pontoon boats, today released its financial results for the fourth quarter and the year ended Dec. 31, 2024, noting revenue from sales of UTVs, ATVs and electric bikes increased by $4.1 million, or 4.0%, from $103.3 million in fiscal 2023 to $107.5 million in fiscal 2024. As of Dec. 31, 2024, Massimo reported a positive working capital of $19.2 million, with an increase in net cash and cash equivalents of $9.4 million for the year ended Dec. 31, 2024.
The increase in revenue was primarily attributed to Massimo's expansion of product sales into large retail stores in the U.S., along with a shift in the Company's sales strategy.
Massimo Group, through its subsidiaries Massimo Motor Sports and Massimo Marine LLC, manufactures, imports and distributes a diversified and competitive portfolio of products including UTVs, ATVs, motorcycles, scooters, golf carts, tractors and recreational pontoon boats among other product lines designed for outdoor enthusiasts.
David Shan, CEO of Massimo Group, emphasized operational highlights including the below.
-- Relocation of its MVR Golf Cart series production to its state of the art
facility located in Garland, Texas.
-- A new robotic assembly line, which increases efficiency, enhances quality
control and improves worker safety in Garland.
-- Massimo's nationwide distribution network now includes six strategically
located centers: Edison, New Jersey; City of Industry, California; Port
Wentworth, Georgia; Houston, Texas; Garland, Texas; and Edwardsville,
Illinois.
-- The Company continues to deepen its relationships with key retail
partners through active engagement at major industry events.
-- The company plans to expand into AI Application Robotic Products,
partnering with manufacturers to distribute AI-powered companions and
utility assistants, transforming the business beyond
traditional powersports into high-tech, AI-driven applications.
MASSIMO GROUP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2024 AND 2023
As of December 31,
------------------------
2024 2023
----------- -----------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $10,210,084 $ 765,814
Accounts receivable, net 6,589,038 9,566,445
Inventories, net 27,258,640 25,800,912
Advance to suppliers 99,076 1,589,328
Due from a related party 8,576 -
Prepaid and other current assets 1,220,432 637,509
---------- ----------
Total current assets 45,385,846 38,360,008
---------- ----------
NON-CURRENT ASSETS
Property and equipment at cost, net 532,259 399,981
Right of use operating lease assets, net 9,485,899 1,478,221
Right of use financing lease assets, net 71,801 113,549
Deferred offering costs - 1,457,119
Other non-current assets 49,500 -
Deferred tax assets 1,166,451 134,601
---------- ----------
Total non-current assets 11,305,910 3,583,471
---------- ----------
TOTAL ASSETS $56,691,756 $41,943,479
========== ==========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term loans $ - $ 303,583
Accounts payable 9,572,444 10,334,208
Other payable, accrued expenses and
other current liabilities 6,169,193 2,441,966
Accrued return liabilities 261,588 283,276
Accrued warranty liabilities 503,553 619,113
Contract liabilities 449,999 1,835,411
Current portion of obligations under
operating leases 2,119,894 847,368
Current portion of obligations under
financing leases 43,421 41,647
Income tax payable 1,482,203 2,121,083
Loan from a related party 5,546,548 -
---------- ----------
Total current liabilities 26,148,843 18,827,655
---------- ----------
NON-CURRENT LIABILITIES
Obligations under operating leases,
non-current 7,412,693 630,853
Obligations under financing leases,
non-current 33,602 77,024
Loan from a related party - 7,920,141
---------- ----------
Total non-current liabilities 7,446,295 8,628,018
---------- ----------
TOTAL LIABILITIES $33,595,138 $27,455,673
---------- ----------
Commitments and Contingencies
EQUITY
Common shares, $0.001 par value,
100,000,000 shares authorized,
41,539,950 and 40,000,000 issued and
outstanding as of December 31, 2024 and
2023, respectively 41,539 40,000
Subscription receivable - (832,159)
Additional paid-in-capital 6,614,907 1,994,000
Retained earnings 16,440,172 13,285,965
---------- ----------
Total equity 23,096,618 14,487,806
---------- ----------
TOTAL LIABILITIES AND EQUITY $56,691,756 $41,943,479
========== ==========
MASSIMO GROUP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
For the Years Ended
December 31,
--------------------------
2024 2023
------------ ------------
Revenues $111,209,142 $115,037,544
Cost of revenues 76,865,803 79,126,454
----------- -----------
Gross profit 34,343,339 35,911,090
----------- -----------
Operating expenses:
Selling expense 9,804,547 9,761,090
General and administrative 16,610,528 13,227,106
Impairment of advance to suppliers 772,780 -
Research and development 343,493 -
----------- -----------
Total operating expenses 27,531,348 22,988,196
----------- -----------
Income from operations 6,811,991 12,922,894
Other income (expense):
Other income, net 1,110,837 140,866
Loss on litigation (3,645,092) -
Interest expense (98,667) (518,731)
----------- -----------
Total other (expense) income, net (2,632,922) (377,865)
----------- -----------
Income before income taxes 4,179,069 12,545,029
Provision for income taxes 1,024,862 2,129,804
----------- -----------
Net income and comprehensive income $ 3,154,207 $ 10,415,225
=========== ===========
Earnings per Share -- basic $ 0.08 $ 0.26
----------- -----------
Weighted average shares outstanding --
basic 41,010,654 40,000,000
----------- -----------
Earnings per Share -- diluted $ 0.08 $ 0.26
----------- -----------
Weighted average shares outstanding --
diluted 41,161,849 40,000,000
----------- -----------
MASSIMO GROUP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
Year Ended December 31,
---------------------------
2024 2023
------------ -------------
Cash flows from operating
activities:
Net income $ 3,154,207 $ 10,415,225
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation 129,598 151,512
Non-cash operating lease expense 1,580,173 974,973
Amortization of finance lease
right-of-use assets 41,748 42,113
Write-off of accounts receivable - 598,434
(Reversal of) provision of allowance
for expected credit loss (52,169) 203,301
Gain on disposal of property and
equipment (36,001) (15,777)
Addition of inventories reserve, net 30,000 439,900
Impairment of advance to suppliers 772,780
Loss on litigation 3,645,092 --
Amortization of share-based
compensation related to options
granted 224,190 --
Amortization of share-based
compensation related to RSU granted 922,399 --
Common stock issued for services 48,444
Deferred income tax recovery (1,031,850) (134,601)
Changes in operating assets and
liabilities:
Accounts receivable 3,029,576 (3,536,449)
Inventories (1,487,728) (2,477,862)
Advance to suppliers 717,472 1,388,084
Prepaid and other current assets (632,423) (566,370)
Due from a related party (8,576) --
Accounts payables (761,764) 1,356,453
Other payable, accrued expense and
other current liabilities 82,135 (303,959)
Tax payable (638,880) 2,121,083
Accrued warranty liabilities (115,560) 358,582
Accrued return liabilities (21,688) (273,262)
Contract liabilities (1,385,412) 1,139,137
Lease liabilities -- operating lease (1,533,485) (974,973)
----------- ------------
Net cash provided by operating
activities 6,672,278 10,905,544
----------- ------------
Cash flows from investing
activities:
Proceed from sales of property and
equipment 162,001 13,500
Acquisition of property and equipment (387,876) (134,662)
----------- ------------
Net cash used in investing activities (225,875) (121,162)
----------- ------------
Cash flows from financing
activities:
Proceeds from bank loan - 3,150,000
Repayment of bank loan - (8,750,000)
(Repayment of) proceeds from other
loans (303,583) 303,583
Repayment of finance lease
liabilities (41,648) (40,003)
Repayment to related party - (142,427)
Deferred offering costs (246,890) (825,330)
Repayment of shareholder advance, net (2,373,593) (5,264,203)
Proceeds from initial public
offering, net of share issuance
costs 5,043,250 -
Proceeds from subscription deposits 920,331 601,841
----------- ------------
Net cash provided by (used in)
financing activities 2,997,867 (10,966,539)
----------- ------------
Net increase (decrease) in cash and
cash equivalents 9,444,270 (182,157)
Cash and cash equivalents, beginning
of the year 765,814 947,971
----------- ------------
Cash and cash equivalents, end of the
year $ 10,210,084 $ 765,814
=========== ============
SUPPLEMENTAL DISCLOSURES OF CASH
FLOW INFORMATION:
Cash paid for interest $ 98,667 $ 518,731
=========== ============
Cash paid for income taxes $ 2,695,591 $ 143,322
=========== ============
NON-CASH ACTIVITIES
Right of use assets obtained in
exchange for operating lease
obligations $ 9,587,851 $ 1,113,140
=========== ============
Right of use assets obtained in
exchange for finance lease $ - $ 60,805
=========== ============
Common shares cancellation $ 31,556 $ -
=========== ============
About Massimo Group
Massimo Group (NASDAQ: MAMO) is a manufacturer and distributor of powersports vehicles and pontoon boats. Founded in 2009, Massimo Motor believes it offers some of the most value packed UTV's, off-road, and on-road vehicles in the industry. The company's product lines include a wide selection of farm and ranch tested utility UTVs, recreational ATVs, and Americana style minibikes. Founded in 2020, Massimo Marine manufactures and sells Pontoon and Tritoon boats with a dedication to innovative design, quality craftsmanship, and great customer service. Massimo Group is also developing electric versions of UTVs, golf carts and pontoon boats, all of which are currently available for sale. The company's 376,000-square-foot factory is in the heart of the Dallas / Fort Worth area of Texas in the city of Garland. For more information, visit massimomotor.com and massimomarine.com.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements." In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "estimate," "expect," "intend," "may," "predict," "project," "target," "potential," "seek," "will," "would," "could," "should," "continue," "contemplate," "plan," and other words and terms of similar meaning. These forward-looking statements include information concerning statements regarding future cash needs, future operations, market positions, business plans and future financial results; and any other statements that are not historical facts, although not all forward-looking statements contain such identifying words. Forward-looking statements may include, for example, statements about the Company's ability to enhance its distribution network; entering into partnership with new retail partners, reductions to fulfilment times; the future financial and operational performance of Massimo; competitive position; Massimo's financial position, including estimated revenues, profitability, margins, losses and expenses; new products; operational efficiency; expansion into new markets; acquisitions; the establishment of an R&D department; and other plans and objectives of management. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of Massimo, including those set forth in the "Risk Factors" section of Massimo's Annual Report on Form 10-K for the year ended Dec. 31, 2024, as updated by Massimo's subsequent filings, with the SEC. Copies are available on the SEC's website, www.sec.gov. Massimo undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company
Dr. Yunhao Chen
Chief Financial Officer
Massimo Group
ir@massimomotor.com
Corporate Communications
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000
Editor@InvestorBrandNetwork.com
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SOURCE Massimo Group
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March 27, 2025 08:30 ET (12:30 GMT)
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