GARLAND,
Texas, Jan. 16, 2025 /PRNewswire/ -- Massimo
Group (NASDAQ: MAMO) ("Massimo"), a manufacturer and
distributor of powersports vehicles and pontoon boats, reviews
highlights of the past year and shares upcoming priorities in a
shareholder letter from CEO David
Shan.
Dear Shareholders,
After the close of another remarkable year, I want to take this
opportunity to reflect on our performance, the challenges we have
faced, and the exciting opportunities that lie ahead.
Industry Landscape and Challenges
Massimo Group consists of two wholly-owned subsidiaries: Massimo
Motor Sports and Massimo Marine. In
recent years, both the powersports vehicle industry and the marine
industry have faced significant headwinds. A combination of market
downturns and the ongoing push toward electrification has created
immense pressure for many companies in our sector. From 2023 to
2024, some peers reported profit margins as low as 2%-3%, with some
even experiencing losses or scaling back production.
Despite these challenges, Massimo Group has shown resilience,
innovation, and an unwavering commitment to excellence, standing
out as an industry frontrunner.
Strong Performance Amidst Industry Challenges
I am proud to report that in 2023-2024, Massimo Motor Sports
believe we have achieved strong year-over-year sales growth that
will outpace the industry average. While many competitors struggled
to maintain profitability, we expect that our focus on high-quality
products, operational efficiency, and customer satisfaction has
positioned us among the top-performing companies in the sector.
Highlights of our performance include:
- Strong sales compared to the previous year for Massimo Motor
Sports.
- Industry competitive profitability for 2024, with margins
expected to exceed industry average.
- Strategic initiatives that enhanced our market share and
strengthened our brand reputation.
While others faced setbacks, we believe that our ability to
adapt and innovate has solidified Massimo's position as a trusted
name in the powersports vehicle industry.
Building for the Future
Looking ahead, we believe that Massimo Group's future is
brighter than ever. Our commitment to innovation, customer-centric
strategies, and sustainable growth will position us to navigate the
evolving market landscape with confidence.
Our plans for the future include:
- Launching new market-driven products, including all-weather
vehicles in 2025 that deliver both comfort and performance, while
addressing the increasing demand for electrification and
sustainability.
- Enhancing operational efficiency to maintain our competitive
edge and ensure long-term profitability, particularly by expanding
distribution centers to enable faster shipping and reduce
transportation costs for our customers.
- Expanding into new markets by building on our strong foundation
to reach a broader customer base, exploring innovative
opportunities such as low-altitude flying vehicles and advanced
smart mobility solutions.
- Actively pursuing industry consolidation and acquisition
opportunities to expand our scale.
- Additionally, we plan to establish a dedicated R&D
department to drive product innovation and promote
technology-driven industrial development. We will focus on
developing unmanned aerial vehicles and launching new product lines
to diversify revenue streams. At the same time, we will optimize
our organizational structure, attract top-tier technology talent,
and explore growth opportunities in the North American, European,
and Asian markets, including the establishment of new distribution
networks.
We firmly believe these strategies will not only sustain our
growth but also strengthen our position at the forefront of the
industry.
Commitment to Shareholder Value
Delivering value to our shareholders remains the cornerstone of
everything we do. Massimo Group has consistently demonstrated its
ability to thrive in challenging conditions, and we are dedicated
to creating sustainable, long-term value through transparency,
innovation, and strategic growth.
As we embark on the next phase of our journey, I want to thank
you for your continued trust, support, and belief in Massimo Group.
Together, we will continue to break new ground and reach greater
heights.
Sincerely,
David Shan
CEO
Massimo Group
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
minibikes. Founded in 2020, Massimo Marine manufactures
and sells Pontoon and Tritoon boats with a dedication to innovative
design, quality craftsmanship, and great customer service. Massimo
Group is also developing electric versions of UTVs, golf carts and
pontoon boats. The company's 376,000-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 and massimomarine.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, market positions, business
plans and future financial results; and any other statements that
are not historical facts. Forward-looking statements may include,
for example, statements about the Company's ability to enhance its
distribution network; reductions to fulfilment times; the future
financial and operational performance of Massimo; competitive
position; Massimo's financial position, including estimated
revenues, profitability, margins, losses and expenses; new
products; operational efficiency; expansion into new markets;
acquisitions; the establishment of an R&D department; and other
plans and objectives of management. 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 year
ended December 31, 2023, as updated by Massimo's subsequent
filings, 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
Corporate Communications
IBN
Austin, Texas
www.InvestorBrandNetwork.com
512.354.7000 Office
Editor@InvestorBrandNetwork.com
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SOURCE Massimo Group
