Massimo Group(MAMO) - 2024 Q4 - Annual Results

Massimo Group Fiscal Year 2024 Financial Results Financial and Operational Highlights 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] - 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] - The company announced plans to expand into AI Application Robotic Products, partnering with manufacturers to distribute AI-powered companions and utility assistants[3] Consolidated Financial Statements 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 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 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] Consolidated Statements of Cash Flows 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] Company Information 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] - 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]