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
