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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 | ||||
| Commitments and Contingencies | ||||||||
| EQUITY | ||||||||
| Common shares, $0.001 par value, 100,000,000 shares authorized, 41,539,950 and 40,000,000 issued and outstanding as of December 31, 2024 and 2023, respectively | 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 |
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