MAMOHIGH SIGNALFINANCIAL10-K

MAMO experienced severe financial deterioration with revenue declining 35.4% to $71.8M while operating cash flow turned negative and operating income fell 70.9%.

The company is facing significant operational challenges as evidenced by the sharp revenue decline coupled with deteriorating profitability and negative cash generation. The dramatic shift from positive $6.7M operating cash flow to negative $98K indicates serious liquidity concerns that could impact the company's ability to fund operations and growth initiatives.

Comparing 2026-03-31 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

MAMO's financial performance deteriorated across virtually all metrics, with revenue falling 35.4% to $71.8M and operating income collapsing 70.9% to just $2.0M despite a 508% increase in R&D spending to $2.1M. The most alarming development is the swing from $6.7M positive operating cash flow to negative $98K, combined with a 43% decline in cash reserves to $5.8M. This comprehensive financial decline signals potential operational distress and raises questions about the company's near-term financial stability and ability to execute its strategic initiatives.

FINANCIAL STATEMENT CHANGES
R&D Expense
P&L
+508.2%
$343K→$2.1M

R&D investment increased 508.2% — signals commitment to future product development, though near-term margin impact.

Operating Cash Flow
Cash Flow
-101.5%
$6.7M→-$98K

Operating cash flow fell 101.5% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-83.1%
$388K→$65K

Capex reduced 83.1% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Income
P&L
-70.9%
$6.8M→$2.0M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Net Income
P&L
-52.1%
$3.2M→$1.5M

Net income declined 52.1% — review whether driven by operations, interest costs, or non-recurring items.

Cash & Equivalents
Balance Sheet
-43.3%
$10.2M→$5.8M

Cash declined 43.3% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Interest Expense
P&L
-37.4%
$828K→$519K

Interest expense declined — debt repayment or refinancing at lower rates improving earnings quality.

Revenue
P&L
-35.4%
$111.2M→$71.8M

Revenue declined 35.4% — significant demand weakness or market share loss warrants investigation.

Gross Profit
P&L
-21.5%
$34.3M→$26.9M

Gross margin compression — rising input costs, pricing pressure, or unfavorable product mix shift.

Accounts Receivable
Balance Sheet
-19.2%
$6.6M→$5.3M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-03-31
PRIOR — 2025-03-26
ADDED
As of March 31, 2026, there were 41,640,950 shares of common stock, par value $ 0.001 per share, of the registrant issued and outstanding.
71 1 Unless otherwise stated in this Annual Report on Form 10-K (this Report ), references to we, us, our, Company or our Company are to Massimo Group, a Nevada corporation and its subsidiaries.
You should read this Report and the documents that we reference in this, completely and with the understanding that our actual future results may be materially different from what we expect.
Overview Massimo Group is a U.S.-based provider of utility-focused powersports and recreational vehicles, serving rural, agricultural, and commercial customers through a nationwide distribution and service network that enables broad market coverage, efficient product delivery, and ongoing dealer and customer support.
Our product portfolio includes utility terrain vehicles ( UTVs ), all-terrain vehicles ( ATVs ), golf carts, scooters, and pontoon boats.
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REMOVED
As of June 28, 2024 (the last business day of the registrant s most recently completed second fiscal quarter), the aggregate market value of the registrant s common shares held by non-affiliates of the registrant was approximately $ 35,010,068.15 , based on the closing price on that date as reported on the Nasdaq Stock Market.
As of March 24, 2025 there were 41,546,700 shares of common stock, par value $ 0.001 per share of the registrant issued and outstanding.
74 1 Unless otherwise stated in this Annual Report on Form 10-K (this Report ), references to we, us, our, Company or our Company are to Massimo Group, a Nevada corporation.
You should read this Report and the documents that we reference in this Report and have filed as exhibits to the registration statement, of which this Report is a part, completely and with the understanding that our actual future results may be materially different from what we expect.
Overview We believe we are a leading company in the Mid-Tier Band of the powersports vehicles and boats industry in the United States, which includes the All-Terrain Vehicle ( ATV ), Utility-Terrain Vehicle ( UTV ), and pontoon and tritoon boats ( Pontoon Boats ) subsectors (the Powersports Vehicles and Boats Industry ).
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