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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 14, 2024
MASSIMO
GROUP |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
001-41994 |
|
92-0790263 |
(State
or other jurisdiction of incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
3101
W Miller Road
Garland,
TX |
|
75041 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: 866-403-5272
Not
applicable |
(Former
name or former address, if changed since last report) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.001 per share |
|
MAMO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
2.02. Results of Operations and Financial Condition
On
May 14, 2024, Massimo Group (the “Company”) issued a press release announcing its financial results for the quarterly period
ended March 31, 2024. A copy of the press release is furnished hereto as Exhibit 99.1.
The
information provided in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and
shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section. Such information shall not be deemed incorporated by reference
into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date
hereof, regardless of any general incorporation language in such filing, except as otherwise expressly set forth by specific reference
in such filing.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
The
following exhibits are filed as part of this report:
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
Dated:
May 14, 2024 |
MASSIMO
GROUP |
|
|
|
|
By: |
/s/
David Shan |
|
Name: |
David
Shan |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
Massimo
Group Reports First Quarter 2024 Financial Results
Q1
2024 Revenue Increases 60% YoY to $30.2 Million
Q1
2024 Net Income Increases 480% YoY to $3.2 Million
New
In-Store Agreements with Leading Global Retailers for Motor Vehicles
Increased
Massimo Motor Production Capacity to 3,000+ Vehicles a Month
Garland,
TX – May 14, 2024 — Massimo Group (NASDAQ: MAMO) (“Massimo”), a manufacturer and distributor
of powersports vehicles and pontoon boats, has reported its financial and operational results for the first quarter ended March 31, 2024.
Key
Financial Q1 2024 and Subsequent Operational Highlights and Business Updates
($ millions) | |
Q1 Comparison | |
| |
Q1 2024 | | |
Q1 2023 | | |
$ Change YoY | | |
% Change YoY | |
Revenue | |
$ | 30.2 | | |
$ | 18.8 | | |
$ | 11.3 | | |
| 60 | % |
Gross Profit | |
$ | 10.5 | | |
$ | 5.6 | | |
$ | 4.8 | | |
| 86 | % |
Gross Margin | |
| 34.7 | % | |
| 29.8 | % | |
| — | | |
| 500 bps | |
Net Income | |
$ | 3.2 | | |
$ | 0.5 | | |
$ | 2.6 | | |
| 480 | % |
| ● | Closed
$5.85 million IPO listing on Nasdaq Capital Market under the ticker symbol “MAMO”
on April 4, 2024. |
| ● | Revenue
increased 60% to $30.2 million in Q1 2024 compared to $18.8 million in Q1 2023. |
| ● | Gross
profit increased 86% to $10.5 million in Q1 2024 from $5.6 million in Q1 2023. Gross margin
increased 500 basis points to 34.7% in Q1 2024 from 29.8% in Q1 2023. |
| ● | Net
income increased 480% to $3.2 million in Q1 2024, or $0.08 per basic and diluted share, as
compared to net income of $0.5 million, or $0.01 per basic and diluted share, in Q1 2023. |
| ● | Entered
into an ongoing national agreement with a global omnichannel retailer for its youth series
Mini Tractor and Mini 125 Go Karts to be sold in stores. |
| ● | Entered
into an ongoing agreement with Fleet Farm, a retailer serving active, outdoor, suburban and
farm communities in the Midwest U.S., for its UTV, ATV, and youth series product lines to
be sold in stores. |
| ● | Increased
production capacity to 3,000+ vehicles each month, a significant jump from previous output
levels |
| ● | Added
two new models to its 2024 ATV lineup, the Massimo MSA 600 and MSA 1000 ATVs, providing customers
with new options for work or on the trail. |
| ● | Unveiled
new 2024 1000 UTV, with a powerful 83hp EFI engine that allows for an efficient workday while
leaving plenty of room for thrills on the weekends. |
| ● | Showcased
a range of vehicles at the 2024 Tractor Supply Company Annual Sales Meeting, annual Thiesen’s
Home and Farm Show, and 40th Annual Equip Expo. |
Management
Commentary
“The
first quarter of 2024 was highlighted by our successful IPO and Nasdaq listing, along with substantial top and bottom line growth on
strong sales and margin improvement for our diversified and comprehensive product portfolio,” said David Shan, Founder, Chairman
& CEO. “Our production crew is able to produce 3,000+ vehicles each month, a significant jump from previous output levels.
This surge in manufacturing is expected to allow Massimo to meet growing demand while paving the way for exciting new developments.
“Two
new recent partnership agreements highlighted our in-store distribution channel expansion efforts with major retailers. We signed an
ongoing national agreement with a global omnichannel retailer for the youth series Mini Tractor and Mini 125 Go Kart to be sold in stores.
The retailer’s online marketplace currently features over 100 Massimo products, and with the expanded partnership, the two products
will now be eligible to be stocked at over 1,300 stores in 13 states beginning in May. The addition of this first national in-store opportunity
with this global retailer represents a significant milestone for our company, and we are well positioned to accelerate robust sales growth
with the retailer. We believe with successful sales we can continue to add vehicles to the in-store program.
“We
also entered into an ongoing agreement with Fleet Farm for six UTV, ATV, and youth series products to be sold in stores and featured
on the retailer’s online marketplace.
“Our
focus on distribution channel expansion has resulted in over 2,800 retail locations promoting our brand in 48 states where our products
are distributed and will continue to drive sales across our full motor product line of Massimo vehicles.
“Looking
ahead, with increased participation in outdoor activities and higher utilization of utility vehicles in ranch and farm-work, demand for
UTVs and ATVs in the U.S, we believe we are well positioned for continued market penetration in this high-growth category with our full
suite of consumer motor products. We believe with increased operating efficiencies we can further enhance margins while continuing to
grow our revenue and expand our product line with new models and capabilities,” concluded Mr. Shan.
First
Quarter 2024 Financial Results
For
the three months ended March 31, 2024, revenues increased by $11.3 million, or 60.0%, to $30.2 million, compared to $18.8 million in
the prior year period. The first quarter increase in revenue was principally due to our expansion at major chain stores and our dealer
network.
Revenue
from sales of UTVs, ATVs and electric bikes increased by $12.2 million, or 74.1%, from $16.5 million in the three months ended March
31, 2023 to $28.7 million in the three months ended March 31, 2024. The increase in revenue was attributable to the expansion into more
large retail stores in the US and to a shift in our sales strategy, focusing mostly on in-store sales, which generally involve larger
volumes and fewer returns.
Revenue
from sales of pontoon boats decreased by $0.9 million, or 38.2%, from $2.4 million in the three months ended March 31, 2023 to $1.5 million
in the three months ended March 31, 2024. The decrease in revenue was primarily attributable to the fact that we shifted from retailing
in Q1 2023 to dealer sales in Q1 2024 and the dealers have experienced more difficulty amid the current high interest rate environment
obtaining floorplan financing for customers from providers such as Northpoint. This is consistent with industry-wide trends.
Gross
profit increased by $4.8 million, or 86.1%, from $5.6 million in the three months ended March 31, 2023 to $10.5 million in the three
months ended March 31, 2024. Gross profit margin was 34.7% in the three months ended March 31, 2024, as compared with 29.8% in the prior
year quarter. The increase in the gross profit margin was primarily attributable to higher net sales partly due to decreased returns,
as well as the lower cost of sales due to reduced freight costs in the first quarter of 2024 as compared to the previous year.
Cost
of revenue on UTVs, ATVs and electric bikes increased by $7.2 million, or 63.7%, from $11.3 million in the three months ended March 31,
2023 to $18.5 million in the three months ended March 31, 2024 and gross profit increased by $5.0 million, or 96.7%, from $5.2 million
in three months ended March 31, 2023 to $10.2 million in three months ended March 31, 2024. Gross profit margin increased by 4.1%, from
31.6% in the three months ended March 31, 2023 to 35.7% in the three months ended March 31, 2024. The increased cost of revenue was in
line with the increase in sales. The increase in gross profit margin was mainly due to a significant decline in global container freight
when compared with last year.
Cost
of revenue on pontoon boats decreased by $0.7 million, or 36.4%, from $1.9 million from the three months ended March 31, 2023 to $1.2
million in the three months ended March 31, 2024, and gross profit decreased by $0.2 million, or 46.7%, from $0.4 million in the three
months ended March 31, 2023 to $0.2 million in the three months ended March 31, 2024. Gross profit margin decreased by 2.4%, from 17.6%
in the three months ended March 31, 2023 to 15.2% in the three months ended March 31, 2024.
Selling
and marketing expenses increased by $0.3 million, or 13.3%, from $2.0 million in the three months ended March 31, 2023 to $2.2 million
in the three months ended March 31, 2024. This is consistent with the fact that the chargebacks from new big box customer have been increased
as a result of increased sales.
General
and administrative expenses increased by $1.1 million, or 37.2%, from $3.0 million in the three months ended March 31, 2023 to $4.1 million
in the three months ended March 31, 2024. The increase was mainly due to increased rent expense and professional fees.
Total
operating expenses increased 31.1% to $6.5 million for the three months ended March 31, 2024, compared to $4.9 million in the prior year
first quarter.
Net
income for the three months ended March 31, 2024, was $3.2 million, or $0.08 per basic and diluted share, as compared to net income of
$0.5 million, or $0.01 per basic and diluted share, in the three months ended March 31, 2023.
Cash
and cash equivalents totaled $0.2 million at March 31, 2024, as compared to $0.8 million at December 31, 2023. On April 24, 2024, Massimo
closed its initial public offering with aggregate gross proceeds, before deducting underwriting discounts and commissions and other offering
expenses payable by Massimo, of $5.85 million.
Net
cash used by operating activities was $0.6 million for the three months ended March 31, 2024, compared to cash provided of $0.8 million
in the three months ended March 31, 2023, primarily due to increases in accounts receivable and inventory.
About
Massimo Group
Massimo
Group (NASDAQ: MAMO) is a manufacturer and distributor of powersports vehicles and pontoon boats. Founded in 2009, Massimo Motor believes
it offers some of the most value packed UTV’s, off-road, and on-road vehicles in the industry. The company’s product lines
include a wide selection of farm and ranch tested utility UTVs, recreational ATVs, and Americana style mini-bikes. Massimo Marine manufacturers
and sells Pontoon and Tritoon boats with a dedication to innovative design, quality craftsmanship, and great customer service. Massimo
is also developing electric versions of UTVs, golf-carts and pontoon boats. The company’s 286,000 square foot factory is in the
heart of the Dallas / Fort Worth area of Texas in the city of Garland. For more information, visit massimomotor.com, massimomarine.com and www.massimoelectric.com.
Forward-Looking
Statements
This
press release contains statements that constitute “forward-looking statements,” including with respect to the initial public
offering and the use of proceeds thereof. In some cases, you can identify forward-looking statements because they contain words such
as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“predict,” “project,” “target,” “potential,” “seek,” “will,”
“would,” “could,” “should,” “continue,” “contemplate,” “plan,”
and other words and terms of similar meaning. These forward-looking statements include information concerning statements regarding future
cash needs, future operations, business plans and future financial results; and any other statements that are not historical facts. No
assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous
conditions, many of which are beyond the control of Massimo, including those set forth in the “Risk Factors” section of Massimo’s
annual report on Form 10-K for the for the fiscal year ended December 31, 2023 filed with the SEC. Copies are available on the SEC’s
website, www.sec.gov. Massimo undertakes no obligation to update these statements for revisions or changes after the date of this release,
except as required by law.
Company
Dr. Yunhao Chen
Chief Financial Officer
Massimo Group
ir@massimomotor.com
Investor Relations
Chris Tyson
Executive Vice President
MZ North America
Direct: 949-491-8235
MAMO@mzgroup.us
MASSIMO
GROUP AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
| |
As of | |
| |
March 31, 2024 (unaudited) | | |
December 31, 2023 (audited) | |
ASSETS | |
| | |
| |
CURRENT ASSETS | |
| | | |
| | |
Cash and cash equivalents | |
$ | 207,137 | | |
$ | 765,814 | |
Accounts receivable, net | |
| 14,203,770 | | |
| 9,566,445 | |
Inventories, net | |
| 27,182,635 | | |
| 25,800,912 | |
Advance to suppliers | |
| 1,406,100 | | |
| 1,589,328 | |
Other current assets | |
| 679,319 | | |
| 637,509 | |
Total current assets | |
| 43,678,961 | | |
| 38,360,008 | |
| |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | |
Property and equipment at cost, net | |
| 384,551 | | |
| 399,981 | |
Right of use operating lease assets, net | |
| 1,197,431 | | |
| 1,478,221 | |
Right of use financing lease assets, net | |
| 103,169 | | |
| 113,549 | |
Deferred offering assets | |
| 1,563,547 | | |
| 1,457,119 | |
Deferred tax assets | |
| 346,948 | | |
| 134,601 | |
Total non-current assets | |
| 3,595,646 | | |
| 3,583,471 | |
TOTAL ASSETS | |
$ | 47,274,607 | | |
$ | 41,943,479 | |
| |
| | | |
| | |
LIABILITIES AND EQUITY | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Short-term loans | |
$ | - | | |
$ | 303,583 | |
Accounts payable | |
| 14,772,382 | | |
| 12,678,077 | |
Other payable, accrued expenses and other current liabilities | |
| 90,463 | | |
| 98,097 | |
Accrued return liabilities | |
| 138,229 | | |
| 283,276 | |
Accrued warranty liabilities | |
| 640,525 | | |
| 619,113 | |
Contract liabilities | |
| 1,052,342 | | |
| 1,835,411 | |
Current portion of obligations under operating leases | |
| 681,872 | | |
| 847,368 | |
Current portion of obligations under financing leases | |
| 42,083 | | |
| 41,647 | |
Income tax payable | |
| 3,221,201 | | |
| 2,121,083 | |
Total current liabilities | |
| 20,639,097 | | |
| 18,827,655 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Obligations under operating leases, non-current | |
| 515,559 | | |
| 630,853 | |
Obligations under financing leases, non-current | |
| 66,338 | | |
| 77,024 | |
Loan from a shareholder | |
| 7,909,525 | | |
| 7,920,141 | |
Total non-current liabilities | |
| 8,491,422 | | |
| 8,628,018 | |
TOTAL LIABILITIES | |
$ | 29,130,519 | | |
$ | 27,455,673 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| | | |
| | |
| |
| | | |
| | |
EQUITY | |
| | | |
| | |
Common shares, $0.001 par value, 100,000,000 shares authorized, 40,000,000 and 40,000,000 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | |
| 40,000 | | |
| 40,000 | |
Preferred shares, $0.01 par value, 5,000,000 preferred shares authorized, no shares were issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | |
| - | | |
| - | |
Subscription receivable | |
| (357,159 | ) | |
| (832,159 | ) |
Additional paid-in-capital | |
| 1,994,000 | | |
| 1,994,000 | |
Retained earnings | |
| 16,467,247 | | |
| 13,285,965 | |
Total equity | |
| 18,144,088 | | |
| 14,487,806 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND EQUITY | |
$ | 47,274,607 | | |
$ | 41,943,479 | |
MASSIMO GROUP AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHESIVE INCOME
| |
For the Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
$ | 30,151,677 | | |
$ | 18,840,415 | |
Cost of revenues | |
| 19,700,290 | | |
| 13,223,421 | |
Gross Profit | |
| 10,451,387 | | |
| 5,616,994 | |
| |
| | | |
| | |
Operating expenses: | |
| | | |
| | |
Selling and marketing expenses | |
| 2,210,484 | | |
| 1,950,285 | |
General and administrative expenses | |
| 4,106,905 | | |
| 2,984,262 | |
Research and development expenses | |
| 162,250 | | |
| - | |
Total operating expenses | |
| 6,479,639 | | |
| 4,934,547 | |
| |
| | | |
| | |
Income from operations | |
| 3,971,748 | | |
| 682,447 | |
| |
| | | |
| | |
Other income (expense): | |
| | | |
| | |
Other income, net | |
| 247,569 | | |
| 44,895 | |
Interest expense | |
| (137,694 | ) | |
| (155,098 | ) |
Total other income (expense), net | |
| 109,875 | | |
| (110,203 | ) |
| |
| | | |
| | |
Income before income taxes | |
| 4,081,623 | | |
| 572,244 | |
| |
| | | |
| | |
Provision for income taxes | |
| 900,341 | | |
| 24,079 | |
| |
| | | |
| | |
Net income and comprehensive income | |
$ | 3,181,282 | | |
$ | 548,165 | |
| |
| | | |
| | |
Earnings per share – basic and diluted | |
$ | 0.08 | | |
$ | 0.01 | |
Weighted average number of shares of common stock outstanding – basic and diluted | |
| 40,000,000 | | |
| 40,000,000 | |
MASSIMO
GROUP AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
Three Months Ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from operating activities: | |
| | | |
| | |
Net income | |
$ | 3,181,282 | | |
$ | 548,165 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | |
Depreciation | |
| 36,511 | | |
| 35,300 | |
Non-cash operating lease expense | |
| 280,790 | | |
| 184,316 | |
Accretion of finance lease liabilities | |
| 1,331 | | |
| 1,784 | |
Amortization of finance lease right-of-use assets | |
| 10,380 | | |
| 9,343 | |
Gain on disposal of fixed asset | |
| (44,655 | ) | |
| - | |
Provision for expected credit loss, net | |
| 234,298 | | |
| 104,631 | |
Deferred tax assets | |
| (212,347 | ) | |
| - | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accounts receivable | |
| (4,871,623 | ) | |
| 93,993 | |
Inventories | |
| (1,381,723 | ) | |
| (672,300 | ) |
Advance to suppliers | |
| 183,228 | | |
| 1,423,742 | |
Other current asset | |
| (41,810 | ) | |
| (302,580 | ) |
Accounts payables | |
| 2,094,305 | | |
| (525,990 | ) |
Other payable, accrued expense and other current liabilities | |
| (7,634 | ) | |
| (33,401 | ) |
Tax payable | |
| 1,100,118 | | |
| 24,079 | |
Accrued warranty liabilities | |
| 21,412 | | |
| (37,558 | ) |
Accrued return liabilities | |
| (145,047 | ) | |
| (292,483 | ) |
Contract liabilities | |
| (783,069 | ) | |
| 403,760 | |
Due to shareholder | |
| (10,616 | ) | |
| (20,273 | ) |
Lease liabilities – operating lease | |
| (280,790 | ) | |
| (184,316 | ) |
Net cash (used in) provided by operating activities | |
| (635,659 | ) | |
| 760,212 | |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Proceed from sales of property and equipment | |
| 128,001 | | |
| - | |
Acquisition of property and equipment | |
| (104,427 | ) | |
| - | |
Net cash provided by investing activities | |
| 23,574 | | |
| - | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from bank loan | |
| - | | |
| 300,000 | |
Repayment of bank loan | |
| - | | |
| (900,000 | ) |
Repayment of other loans | |
| (303,583 | ) | |
| - | |
Repayment of finance lease liabilities | |
| (11,581 | ) | |
| (10,536 | ) |
Repayment to related party | |
| - | | |
| (10,000 | ) |
Deferred offering costs | |
| (106,428 | ) | |
| (75,000 | ) |
Proceeds from subscription deposits | |
| 475,000 | | |
| - | |
Net cash provided by (used in) financing activities | |
| 53,408 | | |
| (695,536 | ) |
| |
| | | |
| | |
Net (decrease) increase in cash and cash equivalents | |
| (558,677 | ) | |
| 64,676 | |
Cash and cash equivalents, beginning of the period | |
| 765,814 | | |
| 947,971 | |
Cash and cash equivalents, end of the period | |
$ | 207,137 | | |
$ | 1,012,647 | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |
| | | |
| | |
Cash paid for interest | |
$ | 137,694 | | |
$ | 155,098 | |
Cash paid for income taxes | |
$ | 12,570 | | |
$ | - | |
| |
| | | |
| | |
NON-CASH ACTIVITIES | |
| | | |
| | |
Right of use assets obtained in exchange for operating lease obligations | |
$ | - | | |
$ | - | |
Right of use assets obtained in exchange for finance lease | |
$ | - | | |
$ | 37,430 | |
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