Massimo Group

Listed Company

MAMOCIK 0001952853NasdaqEmerging GrowthMiscellaneous Transportation EquipmentNevada

Period

FY 2025

Revenue

$71.83M

Net Income

$1.51M

Total Assets

$51.43M

Equity

$23.71M

Shares Out

41.64M

Op. Cash Flow

$-98.3K

Business

Massimo Group manufactures, imports and distributes mid-tier powersports vehicles and recreational pontoon boats in the United States. Its main products include UTVs, ATVs, motorcycles, scooters, golf carts, go-karts, juvenile wheeled vehicles, pontoon and tritoon boats, and a range of accessories such as EV chargers, power stations and portable solar panels. The company operates through two primary lines—Massimo Motor Sports for land vehicles and Massimo Marine for pontoon boats—supporting in-house boat manufacturing and vehicle assembly. Products are sold via e-commerce, a network of independent dealers and distributors, and major retail partners and distribution centers across the U.S.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Revenues	72	109	115	87
Cost of revenues	45	77	—	—
Gross profit	27	32	36	22
Selling expense	7	10	10	—
General and administrative expense	15	16	13	9
Impairment of advance to suppliers	—	772,780	—	—
Research and development expense	2	343,493	—	—
Total operating expenses	25	27	23	18
Income from operations	2	5	13	5
Other income, net	187,156	1	140,866	—
Loss on litigation	—	−4	—	—
Changes in fair value of Crypto assets	−92,337	—	—	—
Interest expense	−45,353	−98,667	−518,731	—
Total other (expense) income, net	49,466	−3	−377,865	−443,394
Income before income taxes	2	2	13	4
Provision for income taxes	520,103	654,758	2	—
Net income and comprehensive income	2	2	10	4
Earnings per Share basic	0.04	0.04	0.26	—
Weighted average shares outstanding basic	42	41	40	—
Earnings per Share diluted	0.04	0.04	0.26	—
Weighted average shares outstanding diluted	42	41	40	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	6	10	—	—	—
Accounts receivable, net	5	5	10	7	—
Inventories, net	26	27	26	24	—
Advance to suppliers	193,403	99,076	2	3	—
Due from a related party	—	8,576	—	—	—
Prepaid and other current assets	3	1	637,509	—	—
Total current assets	40	44	38	35	—
Property and equipment at cost, net	456,078	532,259	399,981	414,554	—
Right of use operating lease assets, net	7	9	1	1	—
Right of use financing lease assets, net	30,513	71,801	113,549	94,857	—
Crypto Assets	573,333	—	—	—	—
Other non-current assets	49,500	49,500	—	—	—
Deferred tax assets	3	1	134,601	—	—
Total non-current assets	12	11	4	2	—
TOTAL ASSETS	51	55	42	37	—
Short-term loans	—	—	303,583	6	—
Accounts payable	8	10	10	11	—
Other payable, accrued expenses and other current liabilities	6	6	2	402,056	—
Accrued return liabilities	12,166	261,588	283,276	556,538	2
Accrued warranty liabilities	152,795	503,553	619,113	260,531	—
Contract liabilities	609,171	449,999	2	696,274	—
Current portion of obligations under operating leases	2	2	847,368	750,719	—
Current portion of obligations under financing leases	23,927	43,421	41,647	27,559	—
Income tax payable	4	1	2	—	—
Loan from a related party	2	6	—	—	—
Total current liabilities	22	26	19	31	—
Obligations under operating leases, non-current	5	7	630,853	589,334	—
Obligations under financing leases, non-current	9,676	33,602	77,024	70,310	—
Loan from a related party	—	—	8	—	—
Total non-current liabilities	5	7	9	659,644	—
TOTAL LIABILITIES	28	33	27	32	—
Commitments and Contingencies	—	—	—	—	—
Common shares, $0.001 par value, 100,000,000 shares authorized, 41,640,950 and 41,539,950 issued and outstanding as of December 31, 2025 and 2024, respectively	41,640	41,539	40,000	40,000	—
Subscription receivable	—	—	−832,159	−2	—
Additional paid-in-capital	7	7	2	2	—
Retained earnings	17	15	13	5	—
Total equity	24	22	14	5	13
TOTAL LIABILITIES AND EQUITY	51	55	42	37	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Depreciation	141,542	129,598	151,512	146,658
Non-cash operating lease expense	2	2	974,973	—
Amortization of finance lease right-of-use assets	44,192	41,748	42,113	39,214
(Reversal of) provision of allowance for expected credit loss	109,682	−173,168	203,301	−97,635
Gain on disposal of property and equipment	—	−36,001	−15,777	—
Addition of inventories reserve, net	—	30,000	439,900	—
Amortization of share-based compensation related to options granted	191,565	224,190	—	—
Amortization of share-based compensation related to RSU granted	307,379	922,399	—	—
Common stock issued for services	—	48,444	—	—
Deferred income tax recovery	−2	−992,013	−134,601	—
Accounts receivable	−610,082	5	−4	1
Inventories	1	−1	−2	−1
Advance to suppliers	−94,327	717,472	1	−630,389
Prepaid and other current assets	−1	−632,423	−566,370	−22,117
Due from a related party	8,576	−8,576	—	26,250
Accounts payables	−2	−761,764	1	−1
Other payable, accrued expense and other current liabilities	64,492	82,135	−303,959	106,430
Tax payable	2	−1	2	—
Accrued warranty liabilities	−350,758	−115,560	358,582	−20,277
Accrued return liabilities	−249,422	−21,688	−273,262	−954,102
Contract liabilities	159,172	−1	1	−637,207
Lease liabilities operating lease	−2	−2	−974,973	−698,379
Net cash provided by operating activities	−98,276	7	11	621,293
Proceed from sales of property and equipment	—	162,001	13,500	—
Purchase of Crypto assets	−665,670	—	—	—
Purchase of short-term investment	−3	—	—	—
Proceeds from short-term investment	3	—	—	—
Acquisition of property and equipment	−65,361	−387,876	−134,662	−197,802
Net cash used in investing activities	−731,031	−225,875	−121,162	−197,802
(Repayment of) proceeds from other loans	—	−303,583	303,583	—
Repayment of finance lease liabilities	−46,325	−41,648	−40,003	−42,503
Deferred offering costs	—	−246,890	−825,330	−421,789
Repayment of loan from a related party	−4	−2	—	—
Proceeds from initial public offering, net of share issuance costs	—	5	—	—
Proceeds from subscription deposits	—	920,331	601,841	600,000
Net cash provided by (used in) financing activities	−4	3	−11	−764,374
Net increase (decrease) in cash and cash equivalents	−4	9	−182,157	−340,883
Cash paid for interest	45,353	98,667	518,731	805,229
Cash paid for income taxes	16,470	3	143,322	—
Right of use assets obtained in exchange for operating lease obligations	—	10	1	255,066
Right of use assets obtained in exchange for finance lease	—	—	60,805	—
Common shares cancellation	—	31,556	—	—

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