Tue, May 20, 8:06 PM (23 days ago)
### Summary of Financial Performance **Revenue:** - **2024:** $109,325,742 - **2023:** $115,037,544 - **Change:** -$5,711,802 (-5.0%) **Net Income:** - **2024:** $1,761,909 - **2023:** $10,415,225 - **Change:** -$8,653,316 (-83.1%) **Earnings per Share (EPS):** - **2024:** $0.04 (Basic and Diluted) - **2023:** $0.26 (Basic and Diluted) **Gross Profit:** - **2024:** $32,459,939 (29.7% of revenue) - **2023:** $35,911,090 (31.2% of revenue) - **Change:** -$3,451,151 (-9.6%) **Operating Expenses:** - **2024:** $27,410,350 (25.1% of revenue) - **2023:** $22,988,196 (20.0% of revenue) - **Change:** +$4,422,154 (+19.2%) **Cash and Cash Equivalents:** - **2024:** $10,210,084 - **2023:** $765,814 - **Change:** +$9,444,270 ### Strategic Overview **Market Position:** - **2024:** The company is positioned as a mid-tier player in the powersports vehicles and boats industry, focusing on UTVs, ATVs, and pontoon boats. - **2023:** The company continued to expand its distribution network and enhance market penetration, particularly through large retail stores in the U.S. **Product Lines:** - **2024:** The company launched new all-weather UTV models and electric golf carts, expanding its product offerings. - **2023:** The company focused on expanding its distribution network and modifying its sales strategy to enhance market penetration. **Strategic Initiatives:** - **2024:** The company plans to open new distribution centers, invest in infrastructure, expand product lines, and explore AI applications in robotic products. - **2023:** The company aimed to expand its operations by opening additional distribution centers and distributing new products. ### Future Outlook **Growth Plans:** - **2024:** The company plans to open five new distribution centers and invest in infrastructure to enhance operational efficiency. - **2023:** The company focused on expanding its distribution network and modifying its sales strategy to enhance market penetration. **Market Expansion:** - **2024:** The company aims to expand its market share through strategic partnerships and acquisitions. - **2023:** The company continued to focus on expanding its distribution network and enhancing market penetration. ### Risk Factors **Operational Risks:** - **2024:** The company faces risks related to intense competition, economic conditions, and supply chain disruptions. - **2023:** The company faced similar risks, including intense competition and economic volatility. **Financial Risks:** - **2024:** The company may require additional capital, which may not be available on favorable terms. - **2023:** The company faced similar financial risks, including the need for additional capital and economic volatility. **Market Risks:** - **2024:** The company may face challenges in maintaining its market position due to competitive pricing and economic conditions. - **2023:** The company faced similar market risks, including competitive pricing and economic volatility. ### Financial Condition **Liquidity:** - **2024:** The company had cash and cash equivalents of $10,210,084, indicating strong liquidity. - **2023:** The company had cash and cash equivalents of $765,814, indicating weaker liquidity. **Debt:** - **2024:** The company had no significant debt, with all outstanding loans repaid. - **2023:** The company had outstanding loans totaling $303,583, which were repaid in 2024. **Equity:** - **2024:** The company had total equity of $21,704,320, reflecting a strong equity position. - **2023:** The company had total equity of $14,487,806, indicating a weaker equity position. ### Market Position Changes **Market Share:** - **2024:** The company aims to increase its market share through strategic partnerships and acquisitions. - **2023:** The company continued to focus on expanding its distribution network and enhancing market penetration. **Competitive Landscape:** - **2024:** The company faces intense competition from major players in the industry, including Polaris, Bombardier Recreational Products, Honda, and Yamaha. - **2023:** The company faced similar competitive pressures, with major players dominating the market. **Customer Base:** - **2024:** The company's customer base includes farmers, who represent a significant portion of its revenue. - **2023:** The company's customer base included farmers, who relied on U.S. governmental programs for funding.