Operating margins have compressed to -8.2% in 2026Q1, reflecting an inability to scale fixed SG&A costs against a backdrop of consistent revenue declines.
| Sales/Revenue | 69.64M | 71.83M | 109.33M | 115.04M | 86.53M | 82.57M |
| Revenue Growth % | -27.43% | -34.3% | -4.97% | 32.95% | 4.8% | - |
| Cost of Goods Sold | 41.84M | 44.88M | 76.87M | 79.13M | 64.32M | 65.53M |
| COGS % of Revenue | - | 62.48% | 70.31% | 68.78% | 74.34% | 79.36% |
| Gross Profit | 27.8M | 26.95M | 32.46M | 35.91M | 22.2M | 17.04M |
| Gross Margin % | 39.92% | 37.52% | 29.69% | 31.22% | 25.66% | 20.64% |
| Gross Profit Growth % | - | -16.98% | -9.61% | 61.73% | 30.3% | - |
| Operating Expenses | 24.15M | 24.97M | 27.41M | 22.99M | 17.6M | 12.67M |
| OpEx % of Revenue | - | 34.76% | 25.07% | 19.98% | 20.34% | 15.34% |
| Selling, General & Admin | 22.28M | 22.88M | 26.29M | 22.99M | 17.6M | 12.67M |
| SG&A % of Revenue | - | 31.85% | 24.05% | 19.98% | 20.34% | 15.34% |
| Research & Development | 1.88M | 2.09M | 343.49K | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.91% | 0.31% | - | - | - |
| Other Operating Expenses | 0 | 0 | 772.78K | 0 | 0 | 0 |
| Operating Income | 3.65M | 1.98M | 5.05M | 12.92M | 4.61M | 4.37M |
| Operating Margin % | 5.24% | 2.76% | 4.62% | 11.23% | 5.32% | 5.3% |
| Operating Income Growth % | - | -60.79% | -60.93% | 180.63% | 5.31% | - |
| EBITDA | 3.84M | 2.17M | 5.22M | 13.12M | 4.79M | 4.55M |
| EBITDA Margin % | 5.51% | 3.02% | 4.78% | 11.4% | 5.54% | 5.51% |
| EBITDA Growth % | 1170.28% | -58.52% | -60.2% | 173.78% | 5.34% | - |
| D&A (Non-Cash Add-back) | 191.53K | 185.73K | 171.35K | 193.63K | 185.87K | 175.4K |
| EBIT | 3.66M | 2.07M | 2.52M | 13.06M | 4.99M | 5.17M |
| Net Interest Income | -50.01K | -45.35K | -98.67K | -518.73K | -828.02K | -454.07K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 50.01K | 45.35K | 98.67K | 518.73K | 828.02K | 454.07K |
| Other Income/Expense | -166.23K | 49.47K | -2.63M | -377.87K | -443.39K | 345.91K |
| Pretax Income | 3.48M | 2.03M | 2.42M | 12.55M | 4.16M | 4.72M |
| Pretax Margin % | 5% | 2.83% | 2.21% | 10.91% | 4.81% | 5.71% |
| Income Tax | 891.04K | 520.1K | 654.76K | 2.13M | 0 | 0 |
| Effective Tax Rate % | 25.59% | 25.63% | 27.09% | 16.98% | 0% | 0% |
| Net Income | 2.59M | 1.51M | 1.76M | 10.42M | 4.16M | 4.72M |
| Net Margin % | 3.72% | 2.1% | 1.61% | 9.05% | 4.81% | 5.71% |
| Net Income Growth % | 222.44% | -14.33% | -83.08% | 150.27% | -11.81% | - |
| Net Income (Continuing) | 2.59M | 1.51M | 1.76M | 10.42M | 4.16M | 4.72M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.06 | 0.04 | 0.04 | 0.25 | 0.10 | 0.11 |
| EPS Growth % | 229.35% | -6.54% | -82.88% | 150% | -9.09% | - |
| EPS (Basic) | - | 0.04 | 0.04 | 0.25 | 0.10 | 0.11 |
| Diluted Shares Outstanding | 41.6M | 41.64M | 41.54M | 41.3M | 41.3M | 41.3M |
| Basic Shares Outstanding | 41.6M | 41.6M | 41.54M | 41.3M | 41.3M | 41.3M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Retail channel concentration risk
As reported in recent financial filings, MAMO's revenue has experienced a significant downturn, with the most recent quarterly figures showing a 14.7% year-over-year decline, following a series of consecutive periods where growth rates consistently trended into negative territory, signaling a potential loss of market momentum.
The consistent revenue contraction suggests that the company's value-tier distribution strategy is facing headwinds from cooling consumer demand for recreational vehicles. Investors should monitor whether this trend reflects a structural loss of shelf space within major retail partners or merely a cyclical adjustment in the broader powersports market.
Based on the company's historical income statements, gross margins have exhibited extreme volatility, fluctuating from a low of 27.1% in 2024Q4 to a peak of 42.0% in 2025Q3, indicating that MAMO lacks the pricing power to consistently offset fluctuations in input costs and logistics expenses.
This margin instability implies that the company's reliance on imported goods leaves it highly vulnerable to freight rate spikes and supply chain disruptions. The inability to maintain a stable margin profile suggests that MAMO's value-tier positioning may be insufficient to protect profitability during periods of declining sales volume.
According to the provided income statement data, MAMO's operating margin has compressed to -8.2% in the most recent quarter, demonstrating that the company's fixed SG&A costs are not scaling efficiently with revenue, which currently leaves the firm with virtually no cushion to absorb operational shocks.
The data indicates that even when gross profits are relatively healthy, the high overhead required to manage retail distribution channels consumes nearly all available margin. This lack of operating leverage suggests that the business model may require significantly higher scale to achieve sustainable profitability.
While management maintains a clean balance sheet with minimal debt, the company's recent financial performance, characterized by a -34.30% year-over-year revenue decline in prior periods, raises serious questions about the long-term viability of its reliance on big-box retail channels for high-ticket recreational vehicle sales.
Short-sellers would likely focus on the company's inability to generate consistent operating income despite its low-cost assembly model. The risk remains that MAMO is essentially a pass-through entity for foreign-sourced goods, leaving it with limited competitive defenses if retail partners decide to prioritize higher-margin or more established brands.
Quick answers to the most common questions about buying MAMO stock.
For fiscal year 2025, Massimo Group Common Stock (MAMO) reported total revenue of $71.8M. This represents a 13.0% decline compared to $82.6M in 2021.
Massimo Group Common Stock (MAMO) is profitable, generating $1.5M in net income for the fiscal year ending 2025 with a net profit margin of 2.1%.
Massimo Group Common Stock (MAMO) reported an operating income of $2.0M, resulting in an operating profit margin of 2.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Massimo Group Common Stock (MAMO) generated $26.9M in gross profit for the year, representing a gross profit margin of 37.5%. This demonstrates the company's core pricing power and production efficiency.