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ECD Automotive Design, Inc. (NASDAQ: ECDA) stands as a premier custom-car builder, specializing in the restoration and modernization of classic British motor vehicles such as the Land Rover Defender, Land Rover Series IIA, Range Rover Classic, and Jaguar E-Type. Founded in 2013 by three British automotive enthusiasts, ECD has grown into the world's largest Land Rover and Jaguar restoration company, known for its bespoke luxury builds.
Main Operations:
- Restores and modernizes classic vehicles with a focus on Land Rovers and Jaguars.
- Customization includes engine upgrades, including Chevrolet V8s, Land Rover V8s, Cummins diesel engines, and new electric drivetrains.
- Every vehicle is hand-built in 2,200 hours by master-certified craftsmen at their 100,000-square-foot facility in Kissimmee, Florida.
Recent Achievements:
- Launched a mobile design studio to bring the customization experience directly to clients across the U.S.
- Introduced the ECD Beach Runner, a versatile vehicle based on the Land Rover Defender 110 platform.
- Expanded into the classic American muscle car market by acquiring assets from Brand New Muscle Car, enabling ECD to produce bespoke Ford Mustangs among other classic models.
- Increased production capacity through manufacturing efficiencies and a third production line focused on classic Ford Mustangs.
- Generated $15.1 million in revenue in 2023, a 22.5% increase from the previous year.
Customer Experience:
- Clients design their vehicles through an immersive luxury experience, choosing every detail from the powertrain to the upholstery.
- Launched a state-of-the-art vehicle configurator, allowing customers to design their dream vehicle from any device.
Financial Condition:
- Reported a net loss of $1.6 million for 2023, compared to $1.4 million in 2022, with improved gross margins due to efficiency gains.
- Operating income improved to $(1.6) million in 2023 from $(1.9) million in 2022.
- Cash and equivalents increased to $8.1 million as of December 31, 2023.
Future Outlook:
Eager to tap into the $15 billion market ecosystem for high-end and collectible cars, ECD aims to consolidate the luxury classic car market and expand its product base. With its strong brand and innovative approach, ECD is poised to become a leading player in the resto-mod industry, offering not just restored vehicles but complete luxury experiences.
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) has received a delisting notice from Nasdaq due to failure to comply with the $50,000,000 market value of listed securities (MVLS) requirement. The company was initially notified on February 14, 2024, and given 180 days to regain compliance. However, as of August 13, 2024, ECDA had not met the requirement.
Unless ECDA appeals by August 20, 2024, trading of its common stock and warrants will be suspended on August 22, 2024. The company intends to request an appeal before the Nasdaq Hearings Panel, which will stay any suspension or delisting action pending the hearing.
ECD Automotive Design (Nasdaq: ECDA), the world's largest Land Rover and Jaguar restoration company, has scheduled its second quarter 2024 earnings call for Monday, August 19, 2024, at 4:30 PM Eastern Time. The company, known for custom luxury builds of Defenders, Range Rovers, Jaguar E-Types, and Ford Mustangs, will discuss financial results for the quarter ended June 30, 2024. Financial results will be released in a press release before the call.
Investors can join via phone (U.S.: 877-270-2148, International: 412-902-6510) or webcast. A replay will be available until August 26, 2024. This earnings call provides an opportunity for stakeholders to gain insights into ECD's financial performance and future outlook.
ECD Auto Design (Nasdaq: ECDA), the world's largest Land Rover and Jaguar restoration company, has secured $2 million in funding from existing stakeholders. This capital injection aims to accelerate growth initiatives in their recently acquired Ford Mustang and Toyota FJ product lines, as well as secure high-value-added licenses to drive higher prices and increase margins.
The company plans to launch a 'Build-To-Sell' model for immediate purchase options and intends to showcase these products in their first retail location, set to open in 2025. CEO Scott Wallace expressed excitement about the funding, highlighting the potential of the classic, luxury restomod industry. ECD Auto Design aims to add new revenue channels and increase capacity utilization within their 100,000 square foot manufacturing facility through a disciplined capital allocation strategy.
ECD Automotive Design has unveiled its latest creation: The Pacific Palisades Commission, a fully customized electric Series III Roadster. This one-of-one masterpiece blends classic aesthetics with cutting-edge technology, featuring an ECD Custom Electric motor with a bespoke cooling system and direct drive transmission. The exterior boasts a gloss Eiger Gray finish, chrome bumpers, and 16-inch wired wheels with Pirelli tires.
The interior showcases Spinneybeck Amalfi red leather seats with a unique vertical line stitch pattern, extending to the dash and door cards. Modern amenities include an ECD EV user interface, JL Audio speakers, and a JBL active subwoofer. CEO Scott Wallace emphasized the company's commitment to merging timeless elegance with modern innovation, setting a new standard for electric conversions of classic vehicles.
ECD Automotive Design has partnered with Turtleback Trailers to offer the ultimate weekend adventure experience. This collaboration combines ECD's custom Land Rover Defender with Turtleback's rugged and versatile trailer, creating a perfect blend of off-road capability and luxurious comfort for family getaways.
The Turtleback Trailer features rugged tires, independent suspension, spacious storage, a built-in kitchen with a SnoMaster fridge/freezer combo, 44-gallon hot water on demand, dual lithium batteries, solar power, and a comfortable tent with awning. This setup allows for quick and easy campsite preparation, maximizing enjoyment time.
ECD Auto Design aims to create unforgettable experiences, transforming simple camping trips into journeys of comfort, exploration, and family fun. The company continues to innovate through complementary product partnerships to enhance the client experience.
ECD Auto Design has launched an online merchandise storefront, offering exclusive ECD-branded apparel and accessories for its devoted fans. The collection includes premium clothing, accessories, and lifestyle products, all featuring the iconic ECD logo. This initiative comes in response to high demand from enthusiasts eager to showcase their brand loyalty.
The online store provides a seamless shopping experience with detailed product descriptions, high-resolution images, and easy navigation. ECD offers efficient shipping services throughout the UK and USA. CEO Scott Wallace emphasized the company's commitment to making fans feel part of the ECD family, even if they can't afford an ECD vehicle.
ECD Auto Design, known for bespoke vehicle restorations, has launched a new product line featuring the classic Toyota FJ retromod. This announcement marks a significant milestone for ECD, blending the rugged heritage of the iconic Toyota FJ with modern luxury and innovation. The first FJ models are set to begin production in late Q3 2024, with deliveries expected in Q1 2025. Each FJ will feature customizable options, including a Chevrolet 6.2L V8 engine, upgraded suspension, and hand-stitched leather seats. This expansion aligns with ECD's mission to create one-of-a-kind luxury vehicles, leveraging their expertise from building Defenders and Range Rovers.
ECD Auto Design (NASDAQ: ECDA), the largest Land Rover and Jaguar restoration company, announced its financial results for Q1 2024, highlighting a 207% revenue increase to $8.3 million. Gross profit surged to $2.5 million with a margin expansion to 30.1%. However, net loss widened to $1.6 million compared to $1.1 million the previous year. Adjusted EBITDA improved to $0.4 million. Operating expenses rose due to growth and public company costs. The company acquired Brand New Muscle Car and a licensing agreement with Black Dog Trading. ECD reaffirmed its full-year 2024 revenue guidance at $33.0 million.
On June 25, 2024, ECD Auto Design unveiled its new Beach Runner 2, a luxurious and stylish vehicle targeting beach and coastal living enthusiasts. Based on a Land Rover Defender 110 platform, the Beach Runner 2 features a striking pink Porsche Frozen Berries gloss exterior, pink parfait leather interiors with pink plaid wool inserts, and a formidable GM 455 HP 6.2L LT1 engine. This model includes premium upgrades such as power retractable side steps, a 21-in-1 accessories carrier, integrated air compressor, and detachable portable sound system. ECD continues to expand its inventory for immediate delivery, solidifying its position as a leader in custom luxury vehicle restoration.
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