Business
Massimo Group Reports Second Quarter 2024 Financial Results
Q2 2024 Revenue Increases 32% YoY to $35.4 Million Q2 2024 Net Income Increases 36% YoY to $2.8 Million New Production, Distribution and Product Initiatives
About this update from Massimo Group
[{"type":"text","content":"Q2 2024 Revenue Increases 32% YoY to $35.4 Million \nQ2 2024 Net Income Increases 36% YoY to $2.8 Million\nNew Production, Distribution and Product Initiatives Fueling Rapid Growth \nGARLAND, Texas, Aug. 12, 2024 /PRNewswire/ -- Massimo Group (NASDAQ: MAMO) (\"Massimo\"), a manufacturer and distributor of powersports vehicles and pontoon boats, has reported its financial and operational results for the second quarter ended June 30, 2024.\n\n \n \n \n \n \n \n\n \nKey Financial Q2 2024 and Subsequent Operational Highlights and Business Updates\n($ millions)\nQ2 Comparison\nQ2 2024\nQ2 2023\n$ Change YoY\n% Change YoY\nRevenue\n$35.4\n$26.7\n$8.7\n32 %\nGross Profit\n$11.5\n$8.1\n$3.4\n42 %\nGross Margin\n32.5 %\n30.3 %\n--\n217 bps\nNet Income\n$2.8\n$2.1\n$0.7\n36 %\nRevenue increased 32% to $35.4 million in Q2 2024 compared to $26.7 million in Q2 2023.Gross profit increased 42% to $11.5 million in Q2 2024 from $8.1 million in Q2 2023. Gross margin increased 217 basis points to 32.5% in Q2 2024 from 30.3% in Q2 2023.Net income increased 36% to $2.8 million in Q2 2024, or $0.07 per basic and diluted share, as compared to net income of $2.1 million, or $0.05 per basic and diluted share, in Q2 2023.Announced the adoption of a new automated vehicle assembly robot line to be installed in the third calendar quarter at its 376,000 square foot factory in Garland, Texas to support production of its ATV and UTV vehicles lines.90,000 sq. ft. expansion of its manufacturing facility in Garland, Texas, to support increased production across its motor and marine product verticals.Entered into strategic partnership agreement with Armlogi Holding Corp (\"Armlogi\"), a U.S.-based warehousing and logistics service provider, to provide access to Armlogi warehousing facilities and tailored logistics services for fast order fulfillment of UTVS, ATVs, Go-Karts and Golf Carts.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.Launched new GKD 350 All-Terrain Go Kart, combining iconic styling with powerful performance in a rugged two-seater go-kar...