Massimo Group Reports Fiscal Year End 2024 Financial Results
Massimo Group (NASDAQ: MAMO), a manufacturer of powersports vehicles and pontoon boats, reported its FY2024 financial results. Revenue from UTVs, ATVs, and electric bikes increased by $4.1 million (4.0%) to $107.5 million compared to $103.3 million in FY2023. The company maintained a positive working capital of $19.2 million and increased net cash and cash equivalents by $9.4 million.
Key operational developments include:
- Relocated MVR Golf Cart production to Garland, Texas facility
- Implemented new robotic assembly line for improved efficiency
- Expanded distribution network to six strategic locations nationwide
- Strengthened retail partnerships
- Announced plans to expand into AI Application Robotic Products
Massimo Group (NASDAQ: MAMO), un produttore di veicoli powersports e barche pontoon, ha riportato i risultati finanziari per l'anno fiscale 2024. I ricavi da UTV, ATV e biciclette elettriche sono aumentati di 4,1 milioni di dollari (4,0%) arrivando a 107,5 milioni di dollari rispetto ai 103,3 milioni di dollari nell'anno fiscale 2023. L'azienda ha mantenuto un capitale circolante positivo di 19,2 milioni di dollari e ha aumentato la liquidità netta e gli equivalenti di cassa di 9,4 milioni di dollari.
Sviluppi operativi chiave includono:
- Trasferimento della produzione di golf cart MVR presso lo stabilimento di Garland, Texas
- Implementazione di una nuova linea di assemblaggio robotica per migliorare l'efficienza
- Espansione della rete di distribuzione in sei località strategiche a livello nazionale
- Rafforzamento delle partnership al dettaglio
- Annuncio di piani per espandersi nei prodotti robotici per applicazioni AI
Massimo Group (NASDAQ: MAMO), un fabricante de vehículos powersports y barcos pontoon, ha informado sobre sus resultados financieros del año fiscal 2024. Los ingresos por UTV, ATV y bicicletas eléctricas aumentaron en 4,1 millones de dólares (4,0%) alcanzando 107,5 millones de dólares en comparación con los 103,3 millones de dólares del año fiscal 2023. La empresa mantuvo un capital de trabajo positivo de 19,2 millones de dólares y aumentó su efectivo y equivalentes de efectivo en 9,4 millones de dólares.
Los desarrollos operativos clave incluyen:
- Reubicación de la producción de carritos de golf MVR a la instalación de Garland, Texas
- Implementación de una nueva línea de ensamblaje robótica para mejorar la eficiencia
- Expansión de la red de distribución a seis ubicaciones estratégicas a nivel nacional
- Fortalecimiento de las asociaciones minoristas
- Anuncio de planes para expandirse en productos robóticos de aplicaciones de IA
Massimo Group (NASDAQ: MAMO), 파워스포츠 차량 및 폰툰 보트 제조업체, FY2024 재무 결과를 발표했습니다. UTV, ATV 및 전기 자전거에서의 수익이 410만 달러 (4.0%) 증가하여 1억 750만 달러에 달했습니다. 이는 FY2023의 1억 330만 달러와 비교됩니다. 이 회사는 1920만 달러의 긍정적인 운전 자본을 유지하고, 순 현금 및 현금 등가물을 940만 달러 증가시켰습니다.
주요 운영 개발 사항은 다음과 같습니다:
- MVR 골프 카트 생산을 텍사스주 갈랜드 시설로 이전
- 효율성을 개선하기 위한 새로운 로봇 조립 라인 구현
- 전국 6개의 전략적 위치로 유통망 확장
- 소매 파트너십 강화
- AI 응용 로봇 제품으로의 확장 계획 발표
Massimo Group (NASDAQ: MAMO), un fabricant de véhicules powersports et de bateaux pontoon, a publié ses résultats financiers pour l'exercice 2024. Les revenus provenant des UTV, ATV et vélos électriques ont augmenté de 4,1 millions de dollars (4,0%) pour atteindre 107,5 millions de dollars par rapport à 103,3 millions de dollars lors de l'exercice 2023. L'entreprise a maintenu un fonds de roulement positif de 19,2 millions de dollars et a augmenté ses liquidités et équivalents de liquidités de 9,4 millions de dollars.
Les développements opérationnels clés comprennent :
- Relocalisation de la production de chariots de golf MVR dans l'installation de Garland, Texas
- Mise en œuvre d'une nouvelle ligne d'assemblage robotisée pour améliorer l'efficacité
- Expansion du réseau de distribution à six emplacements stratégiques à l'échelle nationale
- Renforcement des partenariats de détail
- Annonce de projets d'expansion dans les produits robotiques d'application AI
Massimo Group (NASDAQ: MAMO), ein Hersteller von Powersports-Fahrzeugen und Pontonbooten, hat seine finanziellen Ergebnisse für das Geschäftsjahr 2024 veröffentlicht. Der Umsatz aus UTVs, ATVs und E-Bikes stieg um 4,1 Millionen Dollar (4,0%) auf 107,5 Millionen Dollar im Vergleich zu 103,3 Millionen Dollar im Geschäftsjahr 2023. Das Unternehmen hielt ein positives Working Capital von 19,2 Millionen Dollar und erhöhte die liquiden Mittel und Zahlungsmitteläquivalente um 9,4 Millionen Dollar.
Wichtige betriebliche Entwicklungen umfassen:
- Verlagerung der Produktion von MVR-Golfcarts in die Einrichtung in Garland, Texas
- Implementierung einer neuen Roboter-Montagelinie zur Effizienzsteigerung
- Erweiterung des Vertriebsnetzes auf sechs strategische Standorte im ganzen Land
- Stärkung der Einzelhandelspartnerschaften
- Ankündigung von Plänen zur Expansion in KI-Anwendungsrobotikprodukte
- Revenue growth of 4.0% YoY to $107.5 million
- Positive working capital of $19.2 million
- Net cash increase of $9.4 million
- Expansion into large retail stores in the U.S.
- Implementation of automated production line for improved efficiency
- Modest 4% revenue growth may indicate market penetration
- Significant operational changes and expansion may increase short-term costs
Insights
Massimo Group's fiscal 2024 results show
The financial strengthening stems from two key operational developments: expanded distribution through large retail partnerships and the strategic relocation of MVR Golf Cart production to their Garland facility. The new robotic assembly line implementation should drive operational efficiency through reduced labor costs and improved quality control, potentially enhancing margins in future reporting periods.
The nationwide distribution network expansion to six strategic locations (New Jersey, California, Georgia, Texas (2), and Illinois) provides Massimo with enhanced logistics capabilities and potentially reduced shipping costs. This geographic diversification positions them for more efficient inventory management and improved delivery times to their retail partners.
Most intriguing is the planned expansion into AI Application Robotic Products, signaling a strategic pivot beyond traditional powersports. While this diversification could open new revenue streams, investors should note the absence of specifics regarding development timelines, required capital investments, or projected revenue contributions from this initiative.
The increase in revenue was primarily attributed to Massimo's expansion of product sales into large retail stores in the
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, | 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
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
www.InvestorBrandNetwork.com
512.354.7000
Editor@InvestorBrandNetwork.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/massimo-group-reports-fiscal-year-end-2024-financial-results-302413153.html
SOURCE Massimo Group
FAQ
What was Massimo Group's (MAMO) revenue growth in fiscal year 2024?
How much working capital does Massimo Group (MAMO) have as of December 2024?
What are Massimo Group's (MAMO) expansion plans for 2024?
How many distribution centers does Massimo Group (MAMO) operate in 2024?
What operational improvements did Massimo Group (MAMO) implement in 2024?
