Massimo Group Segments Disclosure
NOTE 18 — SEGMENT REPORTING
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Company’s chief operating decision maker in order to allocate resources and assess the performance of the Company.
The Company is primarily engaged in the business of manufacturing and sales of a wide selection of farm and ranch tested UTVs, recreational ATVs, and Pontoon Boats. The Company has identified that the Company engages in two distinct business activities, generates revenues from different products, and individually holds assets exceeding 10% of the Group’s consolidated total. Hence, the Company concludes that it has two reporting segments.
The summary of key information by segments for the years ended December 31, 2025 and 2024 was as follows:
For year ended December 31, 2025
| Sales of UTVs, ATVs and e-bikes | Sales of Pontoon Boats | Total | ||||||||||
| Revenue from external customers | $ | 70,425,174 | $ | 1,403,270 | $ | 71,828,444 | ||||||
| Cost of revenue | $ | 43,581,528 | $ | 1,297,718 | $ | 44,879,246 | ||||||
| Gross profit | $ | 26,843,646 | $ | 105,552 | $ | 26,949,198 | ||||||
| Depreciation & amortization | $ | 126,128 | $ | 15,414 | $ | 141,542 | ||||||
| Long-lived assets | $ | 7,121,546 | $ | 753,358 | $ | 7,874,904 | ||||||
| Segment assets | $ | 44,820,370 | $ | 6,612,441 | $ | 51,432,811 | ||||||
For year ended December 31, 2024
| Sales of UTVs, ATVs and e-bikes | Sales of Pontoon Boats | Total | ||||||||||
| Revenue from external customers | $ | 105,575,151 | $ | 3,750,591 | $ | 109,325,742 | ||||||
| Cost of revenue | $ | 73,463,577 | $ | 3,402,226 | $ | 76,865,803 | ||||||
| Gross profit | $ | 32,111,574 | $ | 348,365 | $ | 32,459,939 | ||||||
| Depreciation & amortization | $ | 145,693 | $ | 25,653 | $ | 171,346 | ||||||
| Long-lived assets | $ | 9,950,148 | $ | 1,315,925 | $ | 11,266,073 | ||||||
| Segment assets | $ | 47,769,759 | $ | 7,119,759 | $ | 54,889,518 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 31, 2026 | Showing above |
| 2024 | Mar 26, 2025 | |
| 2023 | Apr 15, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.