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 ...