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.
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SOURCE ATIF Holdings Limited