As of September 30, 2024, Massimo Group reported total assets of $57.1 million, a significant increase from $41.9 million as of December 31, 2023. This growth was driven by an increase in total current assets, which rose to $45.1 million from $38.4 million during the same period. However, total liabilities also increased, reaching $34.5 million compared to $27.5 million, indicating a rise in financial obligations. Despite this, total equity saw a notable improvement, climbing to $22.5 million from $14.5 million, reflecting enhanced shareholder value.

In terms of revenue performance, Massimo Group experienced a decline in revenues for the three months ended September 30, 2024, totaling $25.6 million, down 14.4% from $29.9 million in the same period of 2023. The gross profit for this quarter was $7.0 million, a decrease from $10.1 million, resulting in a gross margin of 27.2%, down from 33.6% in the prior year. Operating expenses increased significantly to $6.6 million from $4.8 million, which contributed to a sharp decline in income from operations, falling to $303,514 from $5.2 million. The company reported a net loss of $2.5 million for the quarter, contrasting with a net income of $4.0 million in the previous year.

For the nine months ended September 30, 2024, total revenues were $91.2 million, reflecting a 20.8% increase from $75.5 million in 2023. However, net income for this period decreased to $3.5 million, down from $6.6 million in the same timeframe last year. Cash and cash equivalents at the end of the period were $1.7 million, an increase from $1.2 million as of September 30, 2023.

Additionally, Massimo Group completed its initial public offering (IPO) on April 4, 2024, raising approximately $5.0 million in net proceeds. The company also recorded a one-time loss of approximately $3.6 million related to a legal judgment during the three months ended September 30, 2024.