Massimo Group (MAMO) investor relations material

Executive summary

• Revenue for Q2 2025 fell 46.6% year-over-year to $18.9M, driven by economic contraction, reduced consumer spending, and tariff impacts. Net income for the quarter was $77.7K, down from $2.8M in Q2 2024. For the six months ended June 30, 2025, revenue dropped 48.4% to $33.8M, with a net loss of $2.0M compared to net income of $6.0M in the prior year period.

• UTVs, ATVs, and e-bikes accounted for 95.2% of Q2 revenue, with sales in this category down 48.6% year-over-year. Pontoon Boats revenue rose 11.9% to $1.3M, but gross margin declined due to inventory clearance strategies.

• Gross profit for Q2 2025 was $6.9M (36.3% margin), down 40.3% from the prior year, but margin improved due to sales recovery in June. Operating expenses decreased 15.3% to $6.7M, mainly from lower warranty and selling costs.

Financial highlights

• Q2 2025 revenue: $18.9M (down 46.6% year-over-year); six months: $33.8M (down 48.4%).

• Q2 2025 net income: $77.7K (down 97.2% year-over-year); six months: net loss of $2.0M.

• Q2 gross margin: 36.3% (up from 32.5%); six months: 32.8% (down from 33.5%).

• Q2 EPS: $0.00 (diluted); six months: $(0.05) (diluted).

• Cash and cash equivalents at June 30, 2025: $2.4M; positive working capital of $15.9M.

Outlook and guidance

• Management expects continued challenges from economic uncertainty, high interest rates, and ongoing tariff/trade policy volatility.

• Plans to focus on cost control, quality improvements, and expanding the supplier base to mitigate risks.

• Confident in meeting operational needs through internal cash flow, but may seek additional capital if needed.