Total revenues decreased by 34.3% to $71.8 million in 2025 from $109.3 million in 2024. Gross profit decreased by 17.0% to $26.9 million in 2025 from $32.5 million in 2024, but overall gross margin expanded from 29.7% to 37.5%. Net income decreased by 14.3% to $1.5 million in 2025 from $1.8 million in 2024. Income from operations decreased by 60.8% to $2.0 million in 2025 from $5.0 million in 2024. Revenue from UTVs, ATVs, and e-bikes decreased by 33.3% to $70.4 million in 2025, while Pontoon Boats revenue decreased by 62.2% to $1.4 million. Net cash used in operating activities was $0.1 million in 2025, a significant decrease from $6.7 million provided in 2024. Cash and cash equivalents decreased by $4.4 million, from $10.2 million in 2024 to $5.8 million in 2025. The company identified material weaknesses in internal control over financial reporting related to information and communication and period-end financial disclosure and reporting processes. An accrual of $5,988,961 is recorded as of December 31, 2025, for a legal judgment in the Taizhou Nebula Power Co. Ltd. lawsuit, which is currently under appeal. Another material legal proceeding with Zhejiang Qunying Vehicle Co., Ltd. alleges claims of approximately $6 million in damages, with a trial scheduled for March 2026. Massimo Group established Massimo AI Technology, Inc. in December 2025 and entered a non-binding letter of intent in February 2026 to acquire FST Development Company Limited to integrate AI and health-robotics technology. Working capital remained positive at $17.6 million as of December 31, 2025.