Massimo Group
massimo-group.comWhat Do They Do?
Sells utility and recreational vehicles to rural, agricultural and commercial customers.
10-K for FY2025, filed Mar 31, 2026Massimo Group is a U.S.-based provider of utility-focused powersports and recreational vehicles, serving rural, agricultural, and…View ↗
We position our business as a provider of practical, utility-driven mobility solutions rather than a provider of purely recreational…View ↗
We offer a diversified portfolio of utility-focused and recreational vehicles, including UTVs, ATVs, golf carts and electric utility carts…View ↗
How Do They Make Money?
Customers pay for vehicles and other products, with payment generally due when the products are delivered or picked up; online orders are paid upon delivery and customer acceptance. The company also receives customer prepayments, which become sales when products are delivered.
10-K for FY2025, filed Mar 31, 2026
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10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$71.8M
-
10-K for FY2025, filed Mar 31, 2026
$71.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
UTVs, ATVs and e-bikes
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
98%
FY2022: 90%
|
UTVs, ATVs and e-bikes, FY2025
$70.4M Sources
|
Sold outright |
|
Pontoon Boats
Sold outright
|
2.0%
FY2022: 9.8%
|
Pontoon Boats, FY2025
$1.4M Sources
|
Sold outright |
Who Are Their Customers?
Farmers, ranchers, landowners and small businesses use the vehicles for work and recreation. Products are sold through dealers and retail partners, as well as online with dealer fulfillment and service.
10-K for FY2025, filed Mar 31, 2026Our marketing strategy is focused on reaching rural, agricultural and commercial customers who rely on utility-oriented vehicles for work…View ↗
We primarily market and sell our products through a nationwide network of dealers and retail partners, supported by in-store merchandising…View ↗
We have also expanded our digital capabilities to support evolving customer purchasing behavior. In March 2025, we launched an enhanced…View ↗
We have also expanded our digital capabilities through our e-commerce platform, including our partnership with Ekho Dealer, which enables…View ↗
10-K for FY2025, filed Mar 31, 2026
For the years ended December 31, 2025 and 2024, one and one customer accounted for 69% and 65% of the Company’s total revenues…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 2 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$163.6K.
10-K for FY2025, filed Mar 31, 2026
$2MView ↗
10-K for FY2025, filed Mar 31, 2026
$1.5MView ↗
10-K for FY2025, filed Mar 31, 2026
−$163.6KView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
$1.5MView ↗
- ▲ +1770%
- vs $77.7K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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Jun 24, 2026
Massimo ended its planned FST acquisition and secured shareholder funding
The company terminated the proposed acquisition and entered an agreement for up to $4 million in loans from its executive chairman.
Sources
8-K, filed Jun 24, 2026
To support the Company’s disciplined capital allocation strategy while preserving operating flexibility, the Company’s controlling…View ↗
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Apr 20, 2026
Quenton Petersen became CEO as David Shan moved to executive chairman
Sources
8-K, filed Apr 20, 2026
On April 14, 2026, Mr. David Shan ceased to serve as Chief Executive Officer of Massimo Group (“the Company”) but will retain the role as…View ↗
Who Do They Compete With?
Competes with Polaris, Bombardier Recreational Products, Honda, and Yamaha
10-K for FY2025, filed Mar 31, 2026The major players in the market include Polaris, Bombardier Recreational Products (BRP), Honda and Yamaha. We seek to differentiate…View ↗
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