ECD Auto Design Reports Second Quarter 2024 Financial Results; Revenues Increase 129% to Record $8.9 Million
ECD Automotive Design (Nasdaq: ECDA) reported strong financial results for Q2 2024. Revenues surged 129% to a record $8.9 million, driven by increased volume, higher average selling prices, and increased used vehicle sales. Gross profit rose significantly to $2.2 million, maintaining a robust gross margin of 31.8%. Despite a net loss of $0.9 million, Adjusted EBITDA improved to $0.4 million.
The company expanded its product lineup, adding classic Toyota FJs through a licensing agreement with Black Dog Trading. ECD reaffirmed its full-year 2024 revenue guidance of $33.0 million, representing a 108% increase from 2023. CEO Scott Wallace emphasized the company's strong growth and ambitious plans in the classic luxury automotive market.
ECD Automotive Design (Nasdaq: ECDA) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Le entrate sono aumentate del 129% raggiungendo un record di 8,9 milioni di dollari, trainate da un volume maggiore, prezzi di vendita medi più alti e un incremento delle vendite di veicoli usati. Il profitto lordo è aumentato significativamente a 2,2 milioni di dollari, mantenendo un robusto margine lordo del 31,8%. Nonostante una perdita netta di 0,9 milioni di dollari, l’EBITDA rettificato è migliorato a 0,4 milioni di dollari.
L'azienda ha ampliato la sua gamma di prodotti, aggiungendo i classici Toyota FJ grazie a un accordo di licenza con Black Dog Trading. ECD ha ribadito la sua guida ai ricavi per l'intero anno 2024 di 33,0 milioni di dollari, che rappresenta un aumento del 108% rispetto al 2023. Il CEO Scott Wallace ha sottolineato la forte crescita dell'azienda e i piani ambiziosi nel mercato automobilistico di lusso classico.
ECD Automotive Design (Nasdaq: ECDA) reportó resultados financieros sólidos para el segundo trimestre de 2024. Los ingresos aumentaron un 129% alcanzando un récord de 8.9 millones de dólares, impulsados por un mayor volumen, precios de venta promedio más altos y un incremento en las ventas de vehículos usados. El beneficio bruto aumentó significativamente a 2.2 millones de dólares, manteniendo un robusto margen bruto del 31.8%. A pesar de una pérdida neta de 0.9 millones de dólares, el EBITDA ajustado mejoró a 0.4 millones de dólares.
La empresa amplió su línea de productos, añadiendo los clásicos Toyota FJ a través de un acuerdo de licencia con Black Dog Trading. ECD reafirmó su guía de ingresos para todo el año 2024 de 33.0 millones de dólares, representando un aumento del 108% en comparación con 2023. El CEO Scott Wallace enfatizó el fuerte crecimiento de la empresa y los planes ambiciosos en el mercado automotriz de lujo clásico.
ECD 자동차 디자인(Nasdaq: ECDA)는 2024년 2분기에 강력한 재무 결과를 보고했습니다. 매출은 129% 증가하여 기록적인 890만 달러에 달했습니다. 이는 판매량 증가, 평균 판매 가격 상승, 중고차 판매 증가에 힘입은 결과입니다. 총 이익은 220만 달러로 크게 증가했으며, 31.8%의 강력한 총 이익률을 유지하고 있습니다. 순손실이 90만 달러에 달했지만, 조정된 EBITDA는 40만 달러로 개선되었습니다.
회사는 블랙독 트레이딩과의 라이센스 계약을 통해 클래식 토요타 FJ를 추가하여 제품 라인업을 확장했습니다. ECD는 2024년 전체 연도 매출 가이던스를 3300만 달러로 재확인했습니다. 이는 2023년 대비 108% 증가한 수치입니다. CEO 스콧 월러스는 클래식 럭셔리 자동차 시장에서의 강력한 성장과 야심찬 계획을 강조했습니다.
ECD Automotive Design (Nasdaq: ECDA) a annoncé des résultats financiers solides pour le deuxième trimestre de 2024. Les revenus ont augmenté de 129%, atteignant un record de 8,9 millions de dollars, grâce à une augmentation du volume, à des prix de vente moyens plus élevés et à une hausse des ventes de véhicules d'occasion. Le bénéfice brut a considérablement augmenté pour atteindre 2,2 millions de dollars, maintenant une robuste marge brute de 31,8%. Malgré une perte nette de 0,9 million de dollars, l'EBITDA ajusté a augmenté à 0,4 million de dollars.
L'entreprise a élargi sa gamme de produits, ajoutant des Toyota FJ classiques grâce à un accord de licence avec Black Dog Trading. ECD a réaffirmé sa prévision de revenus pour l'année 2024 de 33,0 millions de dollars, représentant une augmentation de 108% par rapport à 2023. Le PDG Scott Wallace a souligné la forte croissance de l’entreprise et ses plans ambitieux sur le marché des automobiles de luxe classiques.
ECD Automotive Design (Nasdaq: ECDA) hat starke finanzielle Ergebnisse für das zweite Quartal 2024 gemeldet. Der Umsatz stieg um 129% auf einen Rekord von 8,9 Millionen Dollar, angetrieben durch ein höheres Volumen, höhere Durchschnittspreise und gestiegene Verkaufszahlen von Gebrauchtfahrzeugen. Der Bruttogewinn stieg signifikant auf 2,2 Millionen Dollar und hält eine robuste Bruttomarge von 31,8% aufrecht. Trotz eines Nettoverlusts von 0,9 Millionen Dollar verbesserte sich das bereinigte EBITDA auf 0,4 Millionen Dollar.
Das Unternehmen erweiterte sein Produktportfolio und fügte klassische Toyota FJs durch einen Lizenzvertrag mit Black Dog Trading hinzu. ECD bekräftigte seine Umsatzprognose für das gesamte Jahr 2024 von 33,0 Millionen Dollar, was einem Anstieg von 108% im Vergleich zu 2023 entspricht. CEO Scott Wallace betonte das starke Wachstum des Unternehmens und die ehrgeizigen Pläne im Markt für klassische Luxusfahrzeuge.
- Record revenue of $8.9 million, a 129% increase year-over-year
- Gross profit increased to $2.2 million with a strong 31.8% margin
- Adjusted EBITDA improved to $0.4 million from $9,000 in the same quarter last year
- Expanded product lineup to include classic Toyota FJs
- Reaffirmed full-year 2024 revenue guidance of $33.0 million
- Net loss of $0.9 million compared to net income of $36,000 in Q2 2023
- Operating expenses increased to $2.7 million from $1.2 million in Q2 2023
- Cash and equivalents decreased to $5.6 million from $8.1 million at the end of 2023
Insights
ECD Auto Design's Q2 2024 results show impressive revenue growth of
The Adjusted EBITDA of
ECD's focus on the luxury classic car market is paying off, as evidenced by their substantial revenue growth. The addition of classic Mustangs and Toyota FJs to their product line expands their market reach and appeals to a broader customer base. This diversification strategy could help mitigate risks associated with over-reliance on Land Rover and Jaguar models.
The company's reaffirmed full-year revenue guidance of
ECD's performance is impressive in the niche luxury classic car restoration market. Their gross margin of
However, the transition from net income to net loss warrants attention. As ECD scales, maintaining quality while increasing volume will be crucial. The company's ability to navigate supply chain challenges and potential economic headwinds in the luxury sector will be critical. The classic car market's supply could pose both an opportunity and a challenge for ECD's ambitious growth plans.
Q2 2024 Maintains Strong Gross Margins While Revenue More Than Doubles, Drives Adjusted EBITDA of
Company’s Reaffirms Full Year 2024 Revenue Guidance of
KISSIMMEE, Fla., Aug. 19, 2024 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. (Nasdaq: ECDA) (“ECD” or the “Company”), the world’s largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs and Toyota FJs, announced today its financial results for the second quarter ended June 30, 2024.
Company Highlights
- Revenues increased
129% to$8.9 million in the second quarter of 2024, compared to$3.9 million in the same year-ago quarter. Growth was driven by increased volume, higher average selling price and increased used vehicle sales versus a year ago. - Gross profit increased significantly to
$2.2 million in the second quarter of 2024, compared to$1.2 million in the same year-ago quarter - Gross margin was essentially flat at
31.8% in the second quarter of 2024, compared to31.8% in the same year-ago quarter - Net loss was (
$0.9) million in the second quarter of 2024, compared to net income of$36,000 in same year-ago quarter - Adjusted EBITDA (a non-GAAP financial measure) improved
$0.4 million to$0.4 million in the second quarter of 2024, compared to Adjusted EBITDA of$9,000 in the same year-ago quarter - Subsequent to quarter end, classic Toyota FJs were added to the Company’s product lineup through a licensing agreement with Black Dog Trading.
Management Commentary
“ECD continues to see strong growth as we push through with our ambitious plans to be the preferred partner in the classic luxury automotive market. Progress along our growth plan was evidenced by our
Full Year 2024 Guidance
The Company is reaffirming their guidance and expects 2024 revenue to be
Financial Results
Revenue increased
Second quarter 2024 gross profit increased significantly to
Operating expenses were
Operating Income improved to
Net loss for the second quarter 2024 was (
Adjusted EBITDA improved
Cash and equivalents on June 30, 2024 were
Earnings Call and Webcast
Management will host the conference call, followed by a question and answer session.
Date: Monday, August 19, 2024
Time: 4:30 PM Eastern Time (1:30 PM Pacific Time)
U.S. dial-in number: 877-270-2148
International number: 412-902-6510
Webcast: 2Q24 Webcast Link
The Company will also provide a link at https://ecdautodesign.com/ecd-investors/ for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.
A telephonic replay of the conference call will also be available through August 21, 2024.
Toll-free replay number: 877-344-7529
International replay number: 412-317-0088
Replay passcode: 4333997
About ECD Auto Design
ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rovers Defenders, Land Rover Series IIA, the Range Rover Classic, the Jaguar E-Type and we have recently added Ford Mustang and Toyota FJ. Historically, each vehicle produced by ECD was fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence (“ASE”) craftsmen. The company was founded in 2013 by three British “gear heads” whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD's global headquarters, known as the “Rover Dome,” is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 90 talented craftsmen and technicians, who hold a combined 61 ASE and five master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.
About Non-GAAP Financial Measures
The Company believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is useful to investors because it is commonly used to evaluate companies on the basis of operating performance and leverage.
EBITDA is not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading “Reconciliation of Net Income (loss) from Operations to EBITDA” in the financial tables included in this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “attempting,” or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words.
Investor Relations
Brian M. Prenoveau, CFA
MZ Group – MZ North America
ECDA@mzgroup.us
561 489 5315
| ECD AUTOMOTIVE DESIGN, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 8,872,003 | $ | 3,867,903 | $ | 17,180,042 | $ | 6,575,229 | ||||||||
| Cost of goods sold (exclusive of depreciation expense shown below) | 6,054,705 | 2,639,201 | 11,885,805 | 5,042,435 | ||||||||||||
| Gross profit | 2,817,298 | 1,228,702 | 5,294,237 | 1,532,794 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Advertising and marketing expenses | 271,063 | 101,568 | 614,472 | 206,788 | ||||||||||||
| General and administrative expenses | 2,284,998 | 1,118,060 | 4,461,943 | 2,434,567 | ||||||||||||
| Depreciation and amortization expenses | 143,728 | 27,685 | 191,382 | 54,993 | ||||||||||||
| Total operating expenses | 2,699,789 | 1,247,313 | 5,267,797 | 2,696,348 | ||||||||||||
| Income (loss) from operations | 117,509 | (18,611 | ) | 26,440 | (1,163,554 | ) | ||||||||||
| Other income (expense) | ||||||||||||||||
| Interest expense | (1,151,548 | ) | - | (2,122,325 | ) | - | ||||||||||
| Foreign exchange loss | (5,607 | ) | - | (10,311 | ) | - | ||||||||||
| Other income (expense), net | 103,865 | 54,773 | 152,391 | 77,150 | ||||||||||||
| Total other (expense) income, net | (1,053,290 | ) | 54,773 | (1,980,245 | ) | 77,150 | ||||||||||
| Loss before income taxes | (935,781 | ) | 36,162 | (1,953,805 | ) | (1,086,404 | ) | |||||||||
| Income tax expense | 9,712 | (522,568 | ) | - | ||||||||||||
| Net income (loss) | $ | (926,069 | ) | $ | 36,162 | $ | (2,476,373 | ) | $ | (1,086,404 | ) | |||||
| Net income (loss) per common share, basic and diluted | $ | (0.03 | ) | $ | 0.00 | $ | (0.08 | ) | $ | (0.05 | ) | |||||
| Weighted average number of common shares outstanding, basic and diluted | 31,976,585 | 24,000,000 | 31,898,151 | 24,000,000 | ||||||||||||
| ECD AUTOMOTIVE DESIGN, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 5,660,684 | $ | 8,134,211 | ||||
| Accounts receivable, net | 105,132 | - | ||||||
| Inventories | 10,119,487 | 11,799,304 | ||||||
| Prepaid and other current assets | 405,468 | 34,006 | ||||||
| Total current assets | 16,290,771 | 19,967,521 | ||||||
| Property and equipment, net | 607,603 | 968,677 | ||||||
| Deferred tax asset | - | 515,444 | ||||||
| Right-of-use assets | 3,586,612 | 3,763,294 | ||||||
| Brand name, net | 1,200,006 | 0 | ||||||
| Deposit | 60,200 | 77,686 | ||||||
| TOTAL ASSETS | $ | 21,745,192 | $ | 25,292,622 | ||||
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,104,896 | $ | 768,808 | ||||
| Accrued expenses | 1,411,058 | 687,000 | ||||||
| Deferred revenue | 11,467,622 | 17,596,512 | ||||||
| Deferred taxes liability | 7,124 | - | ||||||
| Lease liability, current | 334,231 | 314,903 | ||||||
| Floor plan payable | 1,321,000 | - | ||||||
| Income tax payable | 1,115,559 | 1,115,559 | ||||||
| Share issuance liability | 1,325,000 | 250,000 | ||||||
| Other payable | 641,621 | 168,256 | ||||||
| Total current liabilities | 18,728,111 | 20,901,038 | ||||||
| Lease liability, non-current | 3,554,078 | 3,727,182 | ||||||
| Convertible note, net of debt discount | 11,551,467 | 10,683,452 | ||||||
| Total liabilities | 33,833,656 | 35,311,672 | ||||||
| Commitments and contingencies (Note 16) | - | - | ||||||
| Redeemable preferred stock, | 3 | 3 | ||||||
| Stockholders’ deficit: | ||||||||
| Common stock, | 3,210 | 3,187 | ||||||
| Additional paid-in capital | 431,936 | - | ||||||
| Accumulated deficit | (12,523,613 | ) | (10,022,240 | ) | ||||
| Total Stockholders’ Deficit | (12,088,467 | ) | (10,019,053 | ) | ||||
| TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | $ | 21,745,192 | $ | 25,292,622 | ||||
| ECD AUTOMOTIVE DESIGN, INC. | ||||||||||||||||
| Non-GAAP Reconciliation – Reconciliation of Net Income (loss) to Adjusted EBITDA | ||||||||||||||||
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (926,069 | ) | $ | 36,162 | $ | (2,476,373 | ) | $ | (1,086,404 | ) | |||||
| Excluding: | ||||||||||||||||
| Interest expense | 1,151,548 | - | 2,122,325 | - | ||||||||||||
| Income tax (benefit) expense | (9,712 | ) | - | 522,568 | - | |||||||||||
| Non-recurring professional fees | - | - | 408,936 | 210,099 | ||||||||||||
| Equity compensation expense | 139,459 | - | 256,959 | - | ||||||||||||
| Other (income) expense, net | (103,865 | ) | (54,773 | ) | (152,391 | ) | (77,150 | ) | ||||||||
| Foreign exchange loss | 5,607 | - | 10,311 | - | ||||||||||||
| Depreciation | 143,728 | 27,685 | 191,382 | 54,993 | ||||||||||||
| Adjusted EBITDA | 400,696 | 9,074 | 883,717 | (898,462 | ) | |||||||||||
FAQ
What was ECD Automotive Design's (ECDA) revenue for Q2 2024?
How did ECDA's gross margin perform in Q2 2024?
What is ECD Automotive Design's (ECDA) revenue guidance for full-year 2024?
Did ECDA expand its product lineup in 2024?
