1. Massimo reported $107.5 million in revenue for FY 2024. 2. Working capital improved to $19.2 million, reflecting better liquidity. 3. Revenue growth was driven by retail expansion and sales strategy shift. 4. Net income decreased to $3.15 million from $10.42 million in 2023. 5. Total assets climbed to $56.69 million, supporting growth potential.
The revenue increase and improved liquidity suggest strong operational health. Despite a drop in net income, underlying growth is promising.
The article outlines financial results that may drive investor interest and stock price stability.
The immediate financial results should influence investor sentiment quickly, particularly in retail-driven stocks.
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.
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 |
| Total current assets | $45,385,846 | $38,360,008 |
FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023
| For the Years Ended | December 31, 2024 | December 31, 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 |
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.
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.
Company: Dr. Yunhao Chen, Chief Financial Officer, Massimo Group, [email protected]
Corporate Communications: IBNA, Austin, Texas, www.InvestorBrandNetwork.com, 512.354.7000, [email protected]