IRVINE, Calif., April 17, 2024 /PRNewswire/ -- Massimo Group (NASDAQ: MAMO), a company coached by ATIF Holdings Limited (NASDAQ: ATIF, hereinafter referred to as "ATIF"), announces its fiscal year 2023 financial results following a $5.85 million initial public offering. Fiscal year Revenue increased by 32.9% during the reporting period(reached US $115 million) and gross margin increased 550 basis points to 31.2%. Net profit rose 150% to $10.4 million.
Massimo said that in the fourth quarter of 2023 and the beginning of 2024, the market demand for the company's high-power electric engine devices and technical services continued to grow, and the sales of the company's diversified electric vehicle and boat product portfolio in the current period continued to increase, resulting in a significant increase in the company's operating revenue, shareholders' net profit and operating indicators compared with the previous year.
The debut of Massimo on Nasdaq is a new highlight for Massimo." Sales of UTVs, ATVs and e-bikes increased 32.4 percent to $103.3 million in 2024, with sales of pontoons increased 37.9 percent to $11.7 million. Margin improvement has been substantial following the Group's sales growth as the impact of the pandemic fades in 2022, including a decline in global container freight costs.
Jun Liu, President, Chairman of the Board and Chief Executive Officer of ATIF, said, "As Massimo's listing consultant, I am very pleased to participate in and witness the entire process of Massimo's Nasdaq IPO. After Massimo becomes a listed company, its financial performance will be a key indicator to test the sustainability of Massimo's earnings. This fiscal year report announcement of Massimo gives investors and investment institutions great confidence that Massimo, with the help of the international capital market, In the future, it will usher in greater development prospects and continuous growth source power, bringing new vitality to the development of sustainable innovation technology for the entire electrical industry. To create better long-term value for our shareholders."
About Massimo Group
Founded in 2009, Massimo (NASDAQ: MAMO) offers some of the most beloved and highly valued UTVs, off-road vehicles, and road vehicles in the industry. At the same time, it provides custom customers with the highest level of high-power electric engine units in the industry, and is the first yacht manufacturer in the United States to provide high-power electric engines. It has very successful marketing and management experience in UTV utility terrain vehicles, ATV and V Bike sharing bikes in the US market. MASSIMO is also developing electric versions of its driverless cars, golf carts and pontoon boats.
About ATIF
ATIF Holdings Limited (NASDAQ: ATIF) is a Lake Forest-based business consulting company that specializes in providing professional IPO, M&A advisory and post-IPO compliance services to small and medium-sized companies seeking to go public on a stock exchange in the United States. The company has a proven track record in successfully delivering comprehensive U.S. IPO consulting services to clients primarily in the United States but also internationally. The mission of ATIF is to provide one-stop, comprehensive consulting services that guide clients through the complex and often challenging process of going public. ATIF recognizes the complexity and challenges associated with the process of going public, and endeavors to simplify it while ensuring optimal outcomes for its clients through its comprehensive consulting services. ATIF has been awarded the "Golden Bauhinia Award", the highest award in the financial and securities industry in Hong Kong, for "Top 10 Best Listed Companies".
Forward-Looking Statements
Certain statements in this press release are "forward-looking statements" within the meaning of the "safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, "estimated," "projected," Words such as "expect", "anticipate", "predict", "plan", "intend", "believe", "seek", "may", "will", "should", "future", "propose" and variations of these words or similar expressions (or the opposite of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements do not guarantee future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control and may cause actual results or achievements to differ materially from those discussed in the forward-looking statements. Important factors include future financial and operating results, including revenues, income, expenses, cash balances and other financial items; Ability to manage growth and expansion; Current and future economic and political conditions; The ability to compete in industries with low barriers to entry; The ability to obtain additional financing to fund capital expenditure in the future. Ability to attract new customers and further enhance brand awareness; Ability to hire and retain qualified management and key staff; Trends and competition in the financial advisory services industry; Pandemic or epidemic disease; Except as required by law, the Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, the Company cannot assure you that such expectations will turn out to be correct, and the Company cautions you that actual results may differ materially from the expected results expressed or implied by the forward-looking statements we make. You should not interpret forward-looking statements as predictions of future events. Forward-looking statements represent only the beliefs and assumptions of our management as of the date such statements are made. The above forward-looking statements are made as of the date of this press release.
