Company Overview - Massimo Group (NASDAQ: MAMO) is a manufacturer and distributor of powersports vehicles and pontoon boats, founded in 2009. The company offers a range of utility UTVs, recreational ATVs, and minibikes, and has a dedicated division for manufacturing pontoon and Tritoon boats since 2020 [7] - The company is also developing electric versions of UTVs, golf carts, and pontoon boats, which are currently available for sale [7] Leadership and Expertise - Dr. Yunhao Chen, the Chief Financial Officer of Massimo, has extensive experience, having led another Nasdaq-listed company through its IPO process and raised over $80 million. She holds a Ph.D. in accounting and an MBA in finance, and has served on the boards of several public companies [5] Event Participation - Dr. Chen will participate in a panel discussion titled "Small Cap Playbook: Entering and Advancing in the Public Market Arena" at the SEC's 44th Annual Government-Business Forum on Small Business Capital Formation on April 10, 2025 [2][3] - The forum will focus on capital raising policies affecting small businesses and will include discussions with SEC Commissioners and thought leaders from the small business ecosystem [4]

Massimo Group Fiscal Year 2024 Financial Results [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) Massimo Group achieved a 4.0% revenue increase in core powersports to $107.5 million, with $19.2 million working capital and $9.4 million net cash increase, alongside operational advancements and AI robotic product expansion Financial Highlights (USD) | Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | UTVs, ATVs, E-bikes Revenue | $107.5 million | $103.3 million | +$4.1M (+4.0%) | | Working Capital (as of Dec 31) | $19.2 million | N/A | N/A | | Net Increase in Cash | $9.4 million | N/A | N/A | - The revenue growth was primarily driven by expanding product sales into large U.S. retail stores and a strategic shift in the company's sales approach[2](index=2&type=chunk) - Operational highlights for the year include: - Relocating MVR Golf Cart production to its Garland, Texas facility - Installing a new robotic assembly line to boost efficiency and quality control - Expanding the nationwide distribution network to six strategic centers[3](index=3&type=chunk) - The company announced plans to expand into AI Application Robotic Products, partnering with manufacturers to distribute AI-powered companions and utility assistants[3](index=3&type=chunk) [Consolidated Financial Statements](index=2&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements for FY2024 show total assets increased to $56.7 million, but overall revenue slightly decreased to $111.2 million, leading to a net income drop to $3.15 million due to higher expenses and a litigation loss [Consolidated Balance Sheets](index=2&type=section&id=MASSIMO%20GROUP%20AND%20SUBSIDIARIES%20CONSOLIDATED%20BALANCE%20SHEETS) As of December 31, 2024, total assets grew to $56.7 million from $41.9 million in 2023, driven by a significant increase in cash and cash equivalents to $10.2 million, while total liabilities rose to $33.6 million and total equity increased to $23.1 million Consolidated Balance Sheet Items (USD) | Balance Sheet Items | 2024 | 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $10,210,084 | $765,814 | | Total current assets | $45,385,846 | $38,360,008 | | Total Assets | $56,691,756 | $41,943,479 | | **Liabilities & Equity** | | | | Total current liabilities | $26,148,843 | $18,827,655 | | Total Liabilities | $33,595,138 | $27,455,673 | | Total Equity | $23,096,618 | $14,487,806 | [Consolidated Statement of Operations](index=3&type=section&id=MASSIMO%20GROUP%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENT%20OF%20OPERATIONS%20AND%20COMPREHENSIVE%20INCOME) For the fiscal year 2024, total revenues decreased slightly to $111.2 million from $115.0 million in 2023, with a significant increase in operating expenses leading to a sharp decline in net income to $3.15 million and EPS falling to $0.08 Consolidated Income Statement Items (USD) | Income Statement Items | 2024 | 2023 | | :--- | :--- | :--- | | Revenues | $111,209,142 | $115,037,544 | | Gross profit | $34,343,339 | $35,911,090 | | Income from operations | $6,811,991 | $12,922,894 | | Net income | $3,154,207 | $10,415,225 | | Earnings per Share (basic) | $0.08 | $0.26 | - Operating expenses increased to **$27.5 million** from **$23.0 million**, driven by higher General and Administrative costs, a new **$0.77 million** impairment charge, and a **$3.6 million** loss on litigation[6](index=6&type=chunk) [Consolidated Statements of Cash Flows](index=4&type=section&id=MASSIMO%20GROUP%20AND%20SUBSIDIARIES%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) The company generated $6.7 million in net cash from operating activities in 2024, with financing activities providing $3.0 million, resulting in a net cash increase of $9.4 million and ending with a cash balance of $10.2 million Consolidated Cash Flow Items (USD) | Cash Flow Items | 2024 | 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $6,672,278 | $10,905,544 | | Net cash used in investing activities | ($225,875) | ($121,162) | | Net cash provided by (used in) financing activities | $2,997,867 | ($10,966,539) | | **Net increase (decrease) in cash** | **$9,444,270** | **($182,157)** | | **Cash and cash equivalents, end of year** | **$10,210,084** | **$765,814** | - Financing activities in 2024 were significantly impacted by **$5.04 million** in net proceeds from the company's initial public offering[8](index=8&type=chunk) [Company Information](index=6&type=section&id=About%20Massimo%20Group%20and%20Forward-Looking%20Statements) Massimo Group, founded in 2009 and headquartered in Garland, Texas, manufactures and distributes powersports vehicles and pontoon boats, while also developing electric versions of its products, with the report including standard forward-looking statements - Massimo Group manufactures and distributes a range of powersports vehicles (UTVs, ATVs) and pontoon boats, and is developing electric versions of UTVs, golf carts, and boats[10](index=10&type=chunk) - The report contains forward-looking statements regarding future operations, financial results, and business plans, which are subject to risks and uncertainties and are not guarantees of future performance[11](index=11&type=chunk)

Revenue Performance - Total revenue decreased by $3.8 million, or 3.3%, from $115.0 million in fiscal 2023 to $111.2 million in fiscal 2024[244]. - Revenue from UTVs, ATVs, and e-bikes increased by $4.1 million, or 4.0%, from $103.3 million in fiscal 2023 to $107.5 million in fiscal 2024, representing 96.6% of total revenue in 2024[247]. - Revenue from sales of Pontoon Boats decreased by $7.9 million, or 68.0%, from $11.7 million in fiscal 2023 to $3.8 million in fiscal 2024, representing 3.4% of total revenue in 2024[248]. Profitability - Gross profit decreased by $1.6 million, or 4.4%, from $35.9 million in fiscal 2023 to $34.3 million in fiscal 2024, with a gross margin of 30.9% in 2024[249]. - Income from operations decreased by $6.1 million, or 47.3%, from $12.92 million in fiscal 2023 to $6.81 million in fiscal 2024[242]. - Net income decreased by $7.26 million, or 69.7%, from $10.42 million in fiscal 2023 to $3.15 million in fiscal 2024[242]. Operating Expenses - Operating expenses increased by $4.5 million, or 19.8%, from $22.99 million in fiscal 2023 to $27.53 million in fiscal 2024[242]. - General and administrative expenses increased by $3.4 million, or 25.6%, from $13.2 million in fiscal 2023 to $16.6 million in fiscal 2024, representing 14.9% of total revenue[254]. Cash Flow and Financing - Net cash provided by operating activities was approximately $6.7 million in fiscal 2024, a decrease of $4.2 million compared to fiscal 2023[265]. - Net cash provided by financing activities was approximately $3.0 million in fiscal 2024, compared to net cash used of approximately $11.0 million in fiscal 2023, primarily due to net proceeds from IPO[266]. - As of December 31, 2024, the company had cash and cash equivalents of approximately $10.2 million and positive working capital of $19.2 million[270]. Legal and Other Liabilities - The company recorded a one-time loss of approximately $3.6 million on legal judgment related to a lawsuit, bringing total accrual related to this lawsuit to approximately $6.0 million[259]. - The company recorded an additional accrual of $3,645,092 related to a lawsuit, bringing the total accrual to approximately $5,988,961 as of December 31, 2024[287]. - Warranty liabilities decreased from $619,113 in 2023 to $503,553 in 2024, with warranty expenses of $1,274,037 in 2024 compared to $1,924,203 in 2023[282]. Inventory and Provisions - Inventory provision increased slightly from $439,900 in 2023 to $469,900 in 2024, with impairment provision of $30,000 in 2024 compared to $439,900 in 2023[285]. - The allowance for credit loss was recorded at $0.5 million for 2024, down from $0.6 million in 2023[284]. - Sales return liabilities were recorded at $261,588 for 2024, down from $283,276 in 2023, with sales returns of $1,061,694 and $3,355,112 for the respective years[281]. Business Strategy and Risks - The company expanded its distribution network through large retail stores in the U.S., focusing on in-store sales to enhance market penetration[244]. - The company is facing risks from intense competition, economic changes in China, and fluctuations in raw material costs, which could adversely affect its financial condition[240][241]. - The company has initiated research and development expenses amounting to $343,493 in fiscal 2024, reflecting a focus on innovation[242]. Capital Expenditures - Capital expenditures for Fiscal 2024 amounted to approximately $387,876, a substantial increase from $134,662 in 2023, reflecting business growth[276]. - The company's lease commitments total $11,549,277, with $2,904,205 due within one year[277]. Other Income - Other income increased by $1.0 million, or 688.6%, from $0.1 million in fiscal 2023 to $1.1 million in fiscal 2024, primarily due to write-offs and additional insurance claims[261]. Debt and Loans - As of December 31, 2024, the total loan balance was $0, compared to $303,583 in 2023, indicating a significant reduction in outstanding loans[272][275]. - There were no off-balance sheet arrangements that could materially affect the financial condition or results of operations for the years ended December 31, 2024 and 2023[278].

Core Viewpoint - Massimo Motor is actively engaging with retail partners through participation in industry events to enhance relationships and gain insights into customer preferences and market trends [1][2][4]. Company Engagement - Massimo Motor participated in the Rural King Vendor Summit and is attending the Tractor Supply Company & PetSense ASM and Partner Trade Show, which are critical for collaboration with retail partners [1][2]. - The company emphasizes the importance of listening and learning from retail partners to refine product offerings and meet customer expectations [2][3]. Market Positioning - The shared customer base between Massimo, Rural King, and Tractor Supply focuses on practicality, value, and high-quality equipment, reinforcing Massimo's commitment to serving farmers, ranchers, and outdoor enthusiasts [3][4]. - Massimo's proactive approach to market expansion and strategic growth is highlighted by strengthening partnerships with established retail leaders, ensuring competitive and accessible products [4]. Product Focus - Massimo Motor specializes in manufacturing UTVs, ATVs, and outdoor equipment, aiming to deliver high-performance, durable, and affordable solutions tailored for rural communities and outdoor enthusiasts [5].

Company Overview - Massimo Group (NASDAQ: MAMO) is transitioning the production of its MVR Golf Cart series to its facility in Garland, Texas, to enhance quality control and strengthen its position in the U.S. market [1] - The company manufactures and distributes powersports vehicles and pontoon boats, with a focus on high-quality and innovative designs [5] Industry Context - U.S. trade regulators have taken action against unfair practices in the low-speed personal transportation vehicle market, imposing countervailing duties and antidumping tariffs ranging from 149% to 500% on certain foreign manufacturers [2] - This regulatory environment has prompted Massimo to shift production domestically, addressing trade challenges while maintaining high manufacturing standards [3] Strategic Initiatives - By relocating production to the U.S., Massimo aims to reinforce its supply chain and enhance quality assurance, positioning itself competitively in the market [4] - The company is also exploring strategic partnerships in Vietnam to diversify its supply chain and mitigate potential cost increases from tariffs affecting imports from China [3]

Company Overview - Massimo Group (NASDAQ: MAMO) is a manufacturer and distributor of powersports vehicles and pontoon boats, founded in 2009 and 2020 respectively [3] - The company offers a range of products including utility UTVs, recreational ATVs, and minibikes, as well as pontoon and Tritoon boats [3] - Massimo is also developing electric versions of UTVs, golf carts, and pontoon boats [3] - The company's manufacturing facility spans 376,000 square feet and is located in Garland, Texas [3] Upcoming Events - Massimo's Chief Financial Officer, Dr. Yunhao Chen, will attend The Microcap Conference 2025 from January 28-30, 2025, at Borgata Hotel Spa & Casino in Atlantic City, NJ [1][2] - Dr. Chen is scheduled to host one-on-one meetings with investors and deliver a live presentation during the event [2]

Company Overview - Massimo Group is a manufacturer and distributor of powersports vehicles and pontoon boats, consisting of two wholly-owned subsidiaries: Massimo Motor Sports and Massimo Marine [1][12] - The company is committed to innovation, customer-centric strategies, and sustainable growth to navigate the evolving market landscape [6][10] Industry Landscape and Challenges - The powersports vehicle and marine industries have faced significant challenges, including market downturns and a push toward electrification, leading to profit margins as low as 2%-3% for some competitors [2][4] - Despite these challenges, Massimo Group has demonstrated resilience and innovation, positioning itself as an industry frontrunner [3][5] Performance Highlights - Massimo Motor Sports achieved strong year-over-year sales growth that is expected to outpace the industry average, while many competitors struggled to maintain profitability [4][8] - The company’s focus on high-quality products, operational efficiency, and customer satisfaction has solidified its position as a trusted name in the industry [5][8] Future Plans - Massimo Group plans to launch new market-driven products, including all-weather vehicles in 2025, to meet the increasing demand for electrification and sustainability [9] - The company aims to enhance operational efficiency by expanding distribution centers to enable faster shipping and reduce transportation costs [9] - Plans include expanding into new markets, exploring innovative opportunities such as low-altitude flying vehicles, and establishing a dedicated R&D department to drive product innovation [9][10] Commitment to Shareholder Value - Delivering value to shareholders is a cornerstone of Massimo Group's strategy, with a focus on creating sustainable, long-term value through transparency, innovation, and strategic growth [11]

Core Insights - Massimo Group has established its sixth distribution center in Edwardsville, Illinois, aimed at enhancing its logistics network and service capabilities across the United States [1][2][3] - The new facility is expected to create logistical efficiencies, reducing fulfillment times and optimizing expenses for both the company and its partners [2][5] - The nationwide distribution network now includes six strategically located centers, which will assist in delivering products faster and more efficiently to meet growing demand [3][4] Company Overview - Massimo Group, founded in 2009, manufactures and distributes powersports vehicles and pontoon boats, with a focus on value-packed utility vehicles [6] - The company is also developing electric versions of UTVs, golf carts, and pontoon boats, showcasing its commitment to innovation [6] - Massimo's factory spans 376,000 square feet and is located in Garland, Texas, emphasizing its operational scale and capacity [6]

Core Insights - Massimo Motor has successfully ramped up production of its new T-Boss 560L and 760L models, which feature a fully enclosed cab with heaters, enhancing comfort and functionality in harsh winter conditions [8][9] - The company expects to increase assembly efficiency by 50% through the implementation of advanced robotic technology in its Garland, Texas facility, which will reduce manual handling, minimize labor, and enhance worker safety [11][12] Company Overview - Massimo Group, founded in 2009, is a manufacturer and distributor of powersports vehicles and pontoon boats, offering a wide selection of utility UTVs, recreational ATVs, and mini-bikes [10] - The company is also developing electric versions of UTVs, golf carts, and pontoon boats, indicating a commitment to innovation and sustainability [10] Production Enhancements - The new assembly line integrates an Automated Guided Robots (AGRs) conveyance system, replacing traditional fixed workstations with flexible, automated robots that improve manufacturing flow [6][11] - The enhancements to the production line are expected to significantly increase output and support the growing demand for Massimo's T-Boss line of UTVs [12]

Core Insights - Massimo Group has launched the MVR HVAC Golf Cart and MVR HVAC Utility Carts, featuring fully enclosed cabs with heating and air conditioning for year-round usability and comfort [1][8][9] - The new models are designed to meet the growing demand for electric low-speed vehicles in recreational and commercial markets, emphasizing quiet operation and advanced features [6][9] Product Features - The MVR HVAC model includes a powerful 48V 5kW motor, fully enclosed cab with HVAC, 12 inches of ground clearance, oversized 14-inch wheels, custom-stitched marine-grade vinyl seats, side mirrors, rearview camera, LEOCH sealed AGM batteries with a 45-mile range, full LED light package, and an 800-pound load capacity [3] - The MVR HVAC Utility model adds a large, heavy-duty metal dump bed, making it suitable for commercial applications such as ranches and farms [4][5] Market Positioning - Massimo Group aims to strengthen its market leadership in the electric vehicle segment through innovative, feature-rich products that cater to evolving customer needs [9] - The company has an extensive network of over 2,800 partners nationwide, enhancing product accessibility and positioning for sustained growth [10] Future Developments - Future releases of the MVR HVAC line are expected to include models powered by Lithium-Ion batteries, which will offer lighter weight, extended range, and improved performance [7]