4/16/2024 |
Massimo Group Reports Fiscal Year 2023 Financial Results (SGB UPDATE)
Massimo Group, the manufacturer and distributor of powersports vehicles and pontoon boats, reported its financial and operational results for the fourth quarter and fiscal year that ended December 31, 2023.
Fourth Quarter and 2024 Operational Highlights
Closed a $5.85 million IPO listing on the Nasdaq Capital Market under the “MAMO” symbol.
Q4 2023 revenues were up 58.5 percent to $39.6 million from $25.0 million in Q4 2022.
FY 2023 revenues increased 32.9 percent to $115.0 million from $86.5 million in FY 2022.
FY 2023 gross profit increased 61.7 percent to $35.9 million from $22.2 million in FY 2022.
FY 2023 gross margin grew 550 basis points to 31.2 percent compared to 25.7 percent in FY 2022.
FY 2023 net income increased 150 percent to $10.4 million from $4.2 million in FY 2022. Massimo Group, the manufacturer and distributor of powersports vehicles and pontoon boats, reported its financial and operational results for the fourth quarter and fiscal year that ended December 31, 2023.
Fourth Quarter and 2024 Operational Highlights
- Closed a $5.85 million IPO listing on the Nasdaq Capital Market under the “MAMO” symbol.
- Q4 2023 revenues were up 58.5 percent to $39.6 million from $25.0 million in Q4 2022.
- FY 2023 revenues increased 32.9 percent to $115.0 million from $86.5 million in FY 2022.
- FY 2023 gross profit increased 61.7 percent to $35.9 million from $22.2 million in FY 2022.
- FY 2023 gross margin grew 550 basis points to 31.2 percent compared to 25.7 percent in FY 2022.
- FY 2023 net income increased 150 percent to $10.4 million from $4.2 million in FY 2022.