MAMO on Nasdaq

Massimo Group

Massimo Group is an American miscellaneous transportation equipment company based in Garland.1 Its shares trade on Nasdaq under the symbol MAMO.1

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Last updated Oct 20, 2026.

Overview

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  • TickerMAMO on Nasdaq1
  • IndustryMiscellaneous Transportation Equipment1
  • HeadquartersGarland, Texas1
  • Incorporated inNV2
  • Business address3101 W Miller Road, Garland, Tx 750412
  • Filer category, Emerging growth company2

These investments are intended to improve efficiency, support growth, and enhance our ability to scale our business.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

37.5%Gross margin5
2.8%Operating margin5
2.1%Net margin5
-34.3%Revenue growth, 20255
6.4%Return on equity5
-$163.6KFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

UTVs, ATVs and e-bikes brought in 98% of the revenue Massimo Group broke down this way in fiscal 2025.

  1. UTVs, ATVs and e-bikes$70.4M598%down 33% from 2024
  2. Pontoon Boats$1.4M52%down 63% from 2024
Products and services by year
Products and services20242025
UTVs, ATVs and e-bikes$105.6M$70.4M
Pontoon Boats$3.8M$1.4M

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue62¢$44.9M
  • Research and development3¢$2.1M
  • Other costs32¢$22.8M
  • Income tax1¢$520.1K
  • Profit2¢$1.5M

Out of $71.8M in revenue.5

Financial statements

Revenue675$71.8M in 2025−17% since 2022
0$50.0M$100.0M$150.0M2022: $86.5M$86.5M20222023: $115.0M$115.0M2023+33%2024: $109.3M$109.3M2024−5%2025: $71.8M$71.8M2025−34%
Gross profit675$26.9M in 2025+21% since 2022
0$10.0M$20.0M$30.0M$40.0M2022: $22.2M$22.2M20222023: $35.9M$35.9M2023+62%2024: $32.5M$32.5M2024−10%2025: $26.9M$26.9M2025−17%
Operating income675$2.0M in 2025−57% since 2022
0$5.0M$10.0M$15.0M2022: $4.6M$4.6M20222023: $12.9M$12.9M2023+181%2024: $5.0M$5.0M2024−61%2025: $2.0M$2.0M2025−61%
Net income675$1.5M in 2025−64% since 2022
0$5.0M$10.0M$15.0M2022: $4.2M$4.2M20222023: $10.4M$10.4M2023+150%2024: $1.8M$1.8M2024−83%2025: $1.5M$1.5M2025−14%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Revenues$71.8M$109.3M
Cost of revenues$44.9M$76.9M
Gross profit$26.9M$32.5M
Selling expense$7.4M$9.8M
General and administrative expense$15.5M$16.5M
Impairment of advance to suppliers$772.8K
Research and development expense$2.1M$343.5K
Total operating expenses$25.0M$27.4M
Income from operations$2.0M$5.0M
Other income, net$187.2K$1.1M
Loss on litigation-$3.6M
Changes in fair value of Crypto assets-$92.3K
Interest expense-$45.4K-$98.7K
Total other (expense) income, net$49.5K-$2.6M
Income before income taxes$2.0M$2.4M
Provision for income taxes$520.1K$654.8K
Net income and comprehensive income$1.5M$1.8M
Earnings per Share basic$0.04$0.04
Weighted average shares outstanding basic41.6M shares41.0M shares
Earnings per Share diluted$0.04$0.04
Weighted average shares outstanding diluted41.6M shares41.2M shares

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Corporate structure

Massimo Group sits at the top of its group. 4 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Massimo Group

  • Asia International Securities Exchange Co., Ltd. Filed SCHEDULE 13G on Massimo Group, latest Feb 9, 2026
  • David Shan Filed SCHEDULE 13D/A on Massimo Group, latest Jun 6, 2025 (3 filings since Apr 4, 2024)
  • Massimo Group Garland, Texas
    • Massimo AI Technology, Inc. Subsidiary · Texas, United States
    • Massimo Marine LLC Subsidiary · Texas, United States
    • Massimo Motor Sports LLC Subsidiary · Nevada, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Massimo Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$1.2M5 Dec 31, 2025$1.1M5 Dec 31, 2024+6.0%
Accumulated depreciation$696.1K5 Dec 31, 2025$554.5K5 Dec 31, 2024+25.5%
Property and equipment, net$456.1K5 Dec 31, 2025$532.3K5 Dec 31, 2024−14.3%
Finance-lease assets$30.5K5 Dec 31, 2025$71.8K5 Dec 31, 2024−57.5%
Operating-lease assets (leased space)$7.4M5 Dec 31, 2025$9.5M5 Dec 31, 2024−22.1%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$5.8M5 Dec 31, 2025$10.2M5 Dec 31, 2024−43.3%

Inventory

ItemLatestA year beforeChange
Inventory, total$26.0M5 Dec 31, 2025$27.3M5 Dec 31, 2024−4.6%
Raw materials$2.2M5 Dec 31, 2025$1.1M5 Dec 31, 2024+95.8%
Finished goods$16.0M5 Dec 31, 2025$18.0M5 Dec 31, 2024−11.2%

Properties, in its own words

Our executive offices are located at 3101 W Miller Road, Garland, Texas 75041, and our telephone number is 866-403-5272. The cost for our lease of this space is $230,250 per month plus property tax and insurance. This lease will expire on July 31, 2029. We consider our current office space adequate for our current operations.

At those offices is also our 376,000 sq. ft. facility of which 280,000 sq. ft. is dedicated to Massimo Motor Sports and 96,000 sq. ft. to Massimo Marine. Our facility is adjacent to seven acres for boat storage, which houses a design center, two assembly lines, our parts department, a test track, dyno, and over 30 loading docks. In addition to serving as the manufacturing facility for our Pontoon Boats, the facility is equipped to quickly palletize and shrink wrap ATVs and UTVs so that most orders can be shipped to stores or distributors within three days.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led Massimo Group, and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Yunhao Chen2024–now
2025
Board members and other officers (5)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Massimo AI Technology, Inc. Texas3
  • Massimo Marine LLC Texas3
  • Massimo Motor Sports LLC Nevada3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Sep 30, 20268-K Entered a material agreement16
  2. Jun 24, 20268-K Entered a material agreement; Other events17
  3. May 28, 20268-K Shareholder vote18
  4. Apr 20, 20268-K Executive or director change; Regulation FD disclosure19
  5. Mar 31, 20268-K Results of operations20
  6. Mar 3, 20268-K Executive or director change21
  7. Feb 3, 20268-K Other events22
  8. Jan 23, 20268-K Executive or director change23
  9. Jul 1, 20258-K Change of auditor24
  10. May 16, 20258-K Earlier financial statements no longer reliable25
  11. Apr 24, 20258-K Executive or director change; Shareholder vote26
  12. Mar 27, 20258-K Results of operations27

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/202628

When it reported results

  1. Mar 31, 2026Reported quarterly or annual results20
  2. Mar 27, 2025Reported quarterly or annual results27
  3. Aug 12, 2024Reported quarterly or annual results29
  4. May 14, 2024Reported quarterly or annual results30
  5. Apr 16, 2024Reported quarterly or annual results31

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

107 filings to the SEC since October 2021: 4 annual reports, 8 quarterly reports, 18 major events, 31 insider forms, 4 large holders, 42 other. The latest 20:

  1. Sep 30, 20268-K EDGAR
  2. Aug 13, 202610-Q EDGAR
  3. Jun 24, 20268-K EDGAR
  4. May 28, 20268-K EDGAR
  5. May 15, 202610-Q EDGAR
  6. Apr 29, 2026ARS EDGAR
  7. Apr 29, 2026DEF 14A EDGAR
  8. Apr 20, 20268-K EDGAR
  9. Mar 31, 20268-K EDGAR
  10. Mar 31, 202610-K EDGAR
  11. Mar 23, 20263 EDGAR
  12. Mar 3, 20268-K EDGAR
  13. Feb 9, 2026SCHEDULE 13G EDGAR
  14. Feb 3, 20268-K EDGAR
  15. Jan 23, 20268-K EDGAR
  16. Nov 7, 202510-Q EDGAR
  17. Aug 14, 202510-Q EDGAR
  18. Jul 1, 2025S-8 EDGAR
  19. Jul 1, 20258-K EDGAR
  20. Jun 6, 2025SCHEDULE 13D/A EDGAR

The 107 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jan 2, 2025Sheffield MarkDirectorBuy50Form 4
Dec 31, 2024Sheffield MarkDirectorBuy367Form 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Dr. Yunhao ChenChief Financial Officer*$200.0K$327.8K34
2025Quenton PetersenChief Executive Officer36$257.6K34
2025Michael Smith Then VicePresident$216.4K34
2025David ShanThen Chief Executive Officer, Interim Chief Financial Officer, and Chairman of the Board*60$135.1K34
2024Michael Smith Then VicePresident$230.9K$714.9K34
2024Dr. Yunhao ChenChief Financial Officer*$200.0K$663.1K34
2024David ShanThen Chief Executive Officer, Interim Chief Financial Officer, and Chairman of the Board*60$236.5K$505.1K34
2024Quenton PetersenChief Executive Officer36$109.2K$184.3K34

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Bank Of America Corp /de/250,000$241.2K0.0%New
Geode Capital Management, LLC82,770$79.9K0.0%−39,664
Vanguard Capital Management LLC75,064$72.4K0.0%+32,464
Citigroup Inc55,874$53.9K0.0%New
BlackRock, Inc.31,052$30.0K0.0%+16,760
Vanguard Fiduciary Trust Co21,231$20.5K0.0%No change
Two Sigma Securities, LLC18,459$17.8K0.0%New
StoneX Group Inc.17,775$17.3K0.0%New
Northern Trust Corp15,187$14.7K0.0%+4,946
XTX Topco Ltd15,113$14.6K0.0%+1,983
Tower Research Capital LLC (TRC)2,335$2.3K0.0%−6,717
UBS Group AG326$3150.0%−14,916
SBI Securities Co., Ltd.6$60.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Massimo Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMassimo Group1
  • CIK0001952853
  • Employer ID (EIN)92-07902634
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; a shell company4
  • Incorporated inNevada4
  • Industry code (SIC)3790 Miscellaneous Transportation Equipment1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address3101 W Miller Road, Garland, TX 750411
  • Mailing address5426 Royal Ln, Dallas, TX 752291
  • Phone187788163761
  • Shares outstanding41,640,950 as of Aug 13, 202610
  • Public float$20.7M as of Jun 30, 20254
  • AuditorHHL LLP, New York, NY PCAOB ID 7269; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceSep 21, 20231
  • Filings107 in all: 4 (21), 8-K (18), CORRESP (13), 10-Q (8), 3 (8), UPLOAD (5), 10-K (3), S-1/A (3)1
    All 31 form types

    DEF 14A (2), DRS/A (2), DRSLTR (2), EFFECT (2), S-8 (2), 10-K/A (1), 144 (1), 4/A (1), 424B4 (1), 5 (1), 8-A12B (1), ARS (1), CERT (1), DRS (1), NT 10-K (1), NT 10-Q (1), S-1 (1), S-3 (1), S-8 POS (1), SC 13G (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Sep 30, 2026

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.001 per shareMAMONasdaq

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Massimo Group names in Item 1A of its 10-K filed Mar 31, 2026: 67 risks under these headings, as written.4

  • Risks Relating to Our Business, Strategy, and Industry
  • We have a limited operating history on which to judge our performance and assess our prospects for future success.
  • We have entered into a non-binding letter of intent to acquire FST Development Company Limited, and we may not be able to complete this acquisition or, should we acquire it, we may not be able to successfully integrate it, which could adversely affect our business and stock price.
  • Economic conditions that impact consumer spending may have a material adverse effect on our business, results of operations or financial condition.
  • We currently maintain all our cash and cash equivalents with three financial institutions, and, therefore, our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fails.
  • We face intense competition in all product lines, including from some competitors that have greater financial and marketing resources. Failure to compete effectively against competitors could materially adversely impact our business, results of operations or financial condition.
  • Any decline in the social acceptability of our products or any increased restrictions on the access or the use of the Company’s products in certain locations could materially adversely affect our business, results operations, or financial condition.
  • Our future expansion plans are subject to uncertainties and risks, and distribution centers we intend to open may not result in sufficient increased sales of our products or the anticipated efficiencies.
  • Our limited investment in R&D of new products may adversely affect our ability to enhance existing products and develop and market new products that respond to customer needs and preferences and achieve market acceptance.
  • We rely on independent dealers and distributors to manage the retail distribution of many of our products.
  • The inability of our dealers and distributors to secure adequate access to capital could materially adversely affect our business, results of operations or financial condition.
  • We depend on dealers, suppliers, financing sources and other strategic partners who may be sensitive to economic conditions that could affect their businesses, results of operations or financial condition in a manner that materially adversely affects their relationship with us.
The other 56 risks
  • We depend upon the successful management of inventory levels, both ours and that of our dealers, and any failure to successfully manage inventory levels could have a material adverse effect on our business, results of operations or financial condition.
  • We rely on third parties to manufacture many of the products we sell.
  • We rely on freights to ship the products that we purchase from our suppliers based in China to our facility in Dallas, Texas and as such, we may face risks related to overseas freights cost fluctuation.
  • The majority of the products we purchase are manufactured by suppliers in China and their operations are subject to risks associated with business operations in China. Any disruption in the ability of these manufacturers to supply us with appropriately priced products on a timely basis could have a material adverse effect on our business, results of operations or financial condition.
  • As a majority of our products are manufactured by suppliers in China, and the Company only registers its patents in the U.S., our products may be subject to scrutiny during manufacturing in China.
  • We have suppliers based in Taiwan and the imports that we receive from Taiwan may be subject to certain risks of economic and policy changes in China that could adversely affect our business operations.
  • Our major supplier is a state-owned entity in China.
  • There is no assurance there will not be disruptions to trade between China and the United States
  • We may not be able to successfully maintain our strategy of relying upon offshore manufacturers.
  • Supply problems, termination or interruption of supply arrangements or increases in the cost of products could have a material adverse effect on our business, results of operations or financial condition.
  • The high cost of delivering our Pontoon Boats may limit the geographic market for these products.
  • Higher fuel costs can materially adversely affect our business, results of operations or financial condition.
  • We may require additional capital which may not be available.
  • Our business depends on the continued contributions made by Mr. David Shan, our founder, Chairman and Chief Executive Officer. The loss of his services may result in a severe impediment to our business.
  • Our business depends on the efforts of our management, and our business may be severely disrupted if we lose their services.
  • Our management team has no experience operating a company with publicly traded shares.
  • If we fail to develop and protect our brand names and reputation, we may not attract and retain new distributors and dealers, or customers, which could adversely affect our revenues and financial performance.
  • Our ability to adequately protect our trade names, trademarks and patents could have an impact on our brand images, reputation, and ability to penetrate new markets.
  • We may be unable to protect our intellectual property or may incur substantial costs because of litigation or other proceedings relating to the protection of our intellectual property.
  • Significant product repair and/or replacement due to product warranty claims or product recalls could have a material adverse impact on our business, results of operations or financial condition.
  • The failure of our IT systems or a security breach involving consumer or employee personal data could have a materially adverse effect on our reputation and business, results of operations or financial condition.
  • Retail sales of our new products may be materially adversely affected by declining prices for used versions of our products or the supply of new products by competitors in excess of demand.
  • Our results of operations fluctuate from quarter to quarter and from year to year as they are affected, among other things, by the seasonal nature of some of our product lines.
  • We are subject to laws, rules and regulations regarding product safety, health, environmental and noise pollution and other issues that could cause us to incur fines or penalties or increase our operating costs.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities.
  • Our insurance may not be sufficient.
  • We have been in the past and may be in the future subject to several litigation proceedings relating to defective products that have caused property damage, physical injury and death. These proceedings may negatively affect our reputation, hurt the perception of our products being safe and subject us to damages.
  • We have been in the past and may be in the future subject to regulatory inquiries with respect to the safety of our products and compliance with business regulations. These inquiries may negatively affect our reputation, hurt the perception of our products being safe and subject us to costly penalties.
  • Our business requires us to pay licensing fees for each state that we operate in. We may not be able to justify the cost of compliance in a particular state or locality thus necessitating that we allow our license to expire. This may have a materially adverse effect on our business, results of operations or financial condition.
  • We have not made use of confidentiality agreements in the past and, although we intend to rely on such agreements in future dealings with our suppliers, employees, consultants, and other parties, the prior lack or the breach of such agreements could adversely affect our business and results of operations.
  • Unionization activities may disrupt our operations and increase our costs.
  • Our business could be materially harmed by epidemics, pandemics, or any other outbreaks and public health emergencies, boycotts, and geo-political events.
  • Our ability, or lack thereof, to attract, recruit, and maintain talented sales representatives may adversely affect our business and our plans to expand our market.
  • Our ability, or lack thereof, to establish strategic partnerships and expand our distribution channels regionally and nationally may adversely affect our business and our plans to expand our market.
  • U.S. policies granting farmers incentives may cease and farmers represent a large percentage of our revenue.
  • Risks Relating to Our Securities
  • An active trading market for our common stock may not develop or be sustained.
  • Massimo is a holding company.
  • The market price of our common stock is likely to be highly volatile, and you could lose all or part of your investment.
  • Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.
  • Our failure to meet the continued listing requirements of Nasdaq could result in a delisting of our common stock.
  • If our shares are delisted from Nasdaq and become subject to the penny stock rules, it would become more difficult to trade our shares.
  • We have no current plans to pay cash dividends on our common stock for the foreseeable future, and you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.
  • There can be no assurance that we will ever provide liquidity to our investors through a sale of our company.
  • Our founder and principal shareholder has substantial influence over our Company. His interests may not be aligned with the interests of our other shareholders, and he could prevent or cause a change of control or other transactions.
  • The sale or availability for sale of substantial amounts of our common stock could adversely affect its market price.
  • We incur significant increased costs as a result of operating as a public company and our management is required to devote substantial time to new compliance initiatives.
  • Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
  • Changes to accounting rules or regulations may adversely affect the reporting of our results of operations.
  • Changes to estimates related to our property, fixtures and equipment or operating results that are lower than our current estimates at certain locations may cause us to incur impairment charges on certain long-lived assets, which may adversely affect our results of operations.
  • As an “emerging growth company” under applicable law, we are subject to lessened disclosure requirements, which could leave our stockholders with less information or fewer rights available to stockholders of more mature companies.
  • Because we have elected to use the extended transition period for complying with new or revised accounting standards for an “emerging growth company” our financial statements may not be comparable to companies that comply with public company effective dates.
  • We are a “controlled company” within the meaning of Nasdaq listing standards and, as a result, qualify for exemptions from certain corporate governance requirements.
  • If securities or industry analysts do not publish or cease publishing research or reports about us, our business or our market, or if they change their recommendations regarding our common stock adversely, the price of our common stock and trading volume could decline.
  • Anti-takeover provisions in our Articles of Incorporation and Bylaws and Nevada law could discourage, delay or prevent a change in control of our company and may affect the trading price of our common stock.
  • Failure to establish and maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act could have a material adverse effect on our business and stock price.
  • Our Bylaws provide that the Second Judicial District Court of Washoe County of the State of Nevada is the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes against us, or our directors and officers.

Legal proceedings

From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. As of March 31, 2026, we are party to two material pending legal proceedings.

Taizhou Nebula Power Co. Ltd. v. Massimo Motor Sports, LLC

In September 2020, Taizhou Nebula Power Co. Ltd. (“Nebula”) filed suit against us in the Dallas County District of Texas. Nebula has alleged that we owe them $2,343,868.60 for products that it shipped to us from 2017 to 2019. Nebula also seeks undefined damages they claim were caused by our failure to hit certain sales targets pursuant to the distribution agreement signed by both parties. A bench trial was conducted in May 2024. On June 6, 2024, the trial court entered its Findings of Fact and Conclusions of Law, which generally found for Nebula on its breach of contract claims and denied Massimo’s counterclaims. After post-trial fees briefing, the trial court entered its Final Judgment on July 8, 2024. On August 7, 2024, Massimo timely filed a notice of appeal of the Final Judgment. Massimo filed its appellant’s brief on January 31, 2025. Nebula filed its appellee’s brief on May 1, 2025. Massimo intends to continue vigorously defending the lawsuit and pursuing its appeal. While Massimo is not opposed to an out-of-court settlement, to date Nebula’s attorneys have had limited interest in discussing settlement. As of the date of this Report, there are no further updates regarding this legal proceeding. See Note 18 - Commitments and Contingencies.

Zhejiang Qunying Vehicle Co., Ltd. v. Cho International, Inc

The opening of Item 3, Legal Proceedings.4

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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