Massimo Group reported a decrease in revenue for the fiscal year ended December 31, 2024, totaling $111.2 million, down 3.3% from $115.0 million in 2023. The decline was primarily attributed to a significant drop in sales of pontoon boats, which fell by 68% to $3.8 million, while revenue from UTVs and ATVs increased by 4% to $107.5 million. The company's gross profit also decreased by 4.4% to $34.3 million, resulting in a gross margin of 30.9%, slightly lower than the previous year's 31.2%. Net income for the year was reported at $3.2 million, a substantial decline of 69.7% compared to $10.4 million in 2023.
In terms of operational changes, Massimo Group has expanded its distribution network, focusing on large retail stores that offer financing plans, which has contributed to the increase in UTV and ATV sales. The company also opened five new distribution centers across California, Georgia, New Jersey, Texas, and Illinois, enhancing its logistics capabilities. However, the company faced challenges with high interest rates and inflation, which negatively impacted consumer spending on non-essential goods, particularly affecting the pontoon boat segment.
The company has made strategic investments in its infrastructure, including the implementation of an automated robotic assembly line and upgrades to its IT systems. As of March 24, 2025, Massimo Group employed approximately 100 individuals, a slight increase from previous years, reflecting its growth strategy. The company also reported a significant legal judgment against it, resulting in a loss of approximately $3.6 million, which has been accrued in its financial statements.
Looking ahead, Massimo Group aims to continue expanding its product lines, including the introduction of electric vehicles and AI-powered products. The company plans to enhance its market share in the powersports vehicles and boats industry while navigating the challenges posed by economic conditions and competition. The management remains optimistic about future growth, although it acknowledges the uncertainties related to market dynamics and consumer behavior.
About Massimo Group
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