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Massimo Group Reports Fiscal Year End 2024 Financial Results

GARLAND, Texas, March 27, 2025 /PRNewswire/ -- Massimo Group (NASDAQ: 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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