U.S. Auto Manufacturer ECD Auto Design Reports Fourth Quarter and Full Year 2024 Financial Results; Revenues Increase 29% to $25 Million
ECD Automotive Design (NASDAQ: ECDA), the largest Land Rover and Jaguar restoration company, reported its Q4 and full-year 2024 financial results. Full-year revenue grew 29% to $25.2 million, with gross profit increasing 30% to $5.9 million.
However, the company reported a net loss of $10.8 million in 2024, compared to a $1.2 million loss in 2023. Q4 2024 revenue increased 10% to $5.3 million, but gross profit declined to $0.3 million from $1.2 million year-over-year, impacted by a non-cash $1.1 million write-down.
The company expanded its Kissimmee facility and launched retail locations in West Palm Beach and Nantucket. Notably, 12 completed vehicles' revenue will be recognized in H1 2025 due to pending title transfers. Cash position decreased to $1.5 million from $8.1 million in 2023.
ECD Automotive Design (NASDAQ: ECDA), la più grande azienda di restauro di Land Rover e Jaguar, ha comunicato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Il fatturato annuale è cresciuto del 29%, raggiungendo 25,2 milioni di dollari, con un utile lordo in aumento del 30% a 5,9 milioni di dollari.
Tuttavia, la società ha registrato una perdita netta di 10,8 milioni di dollari nel 2024, rispetto a una perdita di 1,2 milioni nel 2023. Il fatturato del quarto trimestre 2024 è aumentato del 10%, arrivando a 5,3 milioni di dollari, ma l'utile lordo è diminuito a 0,3 milioni dai 1,2 milioni dell'anno precedente, influenzato da una svalutazione non monetaria di 1,1 milioni.
L'azienda ha ampliato la sede di Kissimmee e aperto punti vendita a West Palm Beach e Nantucket. Da notare che i ricavi di 12 veicoli completati saranno riconosciuti nella prima metà del 2025 a causa di trasferimenti di titoli in sospeso. La liquidità è diminuita a 1,5 milioni di dollari dai 8,1 milioni del 2023.
ECD Automotive Design (NASDAQ: ECDA), la mayor empresa de restauración de Land Rover y Jaguar, reportó sus resultados financieros del cuarto trimestre y del año completo 2024. Los ingresos anuales crecieron un 29% hasta 25,2 millones de dólares, con un aumento del 30% en la ganancia bruta, que alcanzó 5,9 millones de dólares.
No obstante, la compañía reportó una pérdida neta de 10,8 millones de dólares en 2024, frente a una pérdida de 1,2 millones en 2023. Los ingresos del cuarto trimestre de 2024 aumentaron un 10%, llegando a 5,3 millones de dólares, pero la ganancia bruta disminuyó a 0,3 millones desde 1,2 millones interanuales, afectada por una depreciación no monetaria de 1,1 millones.
La empresa amplió su instalación en Kissimmee y lanzó puntos de venta en West Palm Beach y Nantucket. Cabe destacar que los ingresos de 12 vehículos terminados se reconocerán en la primera mitad de 2025 debido a transferencias de títulos pendientes. La posición de efectivo disminuyó a 1,5 millones desde 8,1 millones en 2023.
ECD Automotive Design (NASDAQ: ECDA)는 랜드로버 및 재규어 복원 분야에서 가장 큰 회사로, 2024년 4분기 및 연간 실적을 발표했습니다. 연간 매출은 29% 증가한 2,520만 달러를 기록했으며, 총이익은 30% 증가한 590만 달러였습니다.
하지만 회사는 2024년에 1,080만 달러의 순손실을 보고했으며, 이는 2023년 120만 달러 손실과 비교됩니다. 2024년 4분기 매출은 10% 증가하여 530만 달러에 달했으나, 총이익은 전년 동기 대비 120만 달러에서 30만 달러로 감소했으며, 이는 비현금성 110만 달러 감액손실의 영향입니다.
회사는 키시미 시설을 확장하고 웨스트 팜비치와 낸터컷에 소매점을 개설했습니다. 특히, 12대의 완성 차량 매출은 소유권 이전 지연으로 인해 2025년 상반기에 인식될 예정입니다. 현금 보유액은 2023년 810만 달러에서 150만 달러로 감소했습니다.
ECD Automotive Design (NASDAQ : ECDA), la plus grande entreprise de restauration de Land Rover et Jaguar, a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024. Le chiffre d'affaires annuel a augmenté de 29 % pour atteindre 25,2 millions de dollars, avec une hausse de 30 % du bénéfice brut à 5,9 millions de dollars.
Cependant, la société a enregistré une perte nette de 10,8 millions de dollars en 2024, contre une perte de 1,2 million en 2023. Le chiffre d'affaires du quatrième trimestre 2024 a progressé de 10 % pour atteindre 5,3 millions de dollars, mais le bénéfice brut a diminué à 0,3 million contre 1,2 million l'année précédente, impacté par une dépréciation non monétaire de 1,1 million.
L'entreprise a agrandi son site de Kissimmee et ouvert des points de vente à West Palm Beach et Nantucket. Il est à noter que les revenus de 12 véhicules terminés seront reconnus au premier semestre 2025 en raison de transferts de titres en attente. La trésorerie est passée de 8,1 millions à 1,5 million de dollars.
ECD Automotive Design (NASDAQ: ECDA), das größte Restaurierungsunternehmen für Land Rover und Jaguar, veröffentlichte seine Finanzergebnisse für das vierte Quartal und das Gesamtjahr 2024. Der Gesamtjahresumsatz stieg um 29 % auf 25,2 Millionen US-Dollar, wobei der Bruttogewinn um 30 % auf 5,9 Millionen US-Dollar zunahm.
Das Unternehmen verzeichnete jedoch einen Nettoverlust von 10,8 Millionen US-Dollar im Jahr 2024, im Vergleich zu einem Verlust von 1,2 Millionen im Jahr 2023. Der Umsatz im vierten Quartal 2024 stieg um 10 % auf 5,3 Millionen US-Dollar, während der Bruttogewinn von 1,2 Millionen auf 0,3 Millionen US-Dollar sank, was durch eine nicht zahlungswirksame Abschreibung von 1,1 Millionen beeinflusst wurde.
Das Unternehmen erweiterte seine Einrichtung in Kissimmee und eröffnete Verkaufsstellen in West Palm Beach und Nantucket. Bemerkenswert ist, dass die Umsätze von 12 fertiggestellten Fahrzeugen aufgrund ausstehender Eigentumsübertragungen erst in der ersten Hälfte 2025 anerkannt werden. Die Barreserven sanken von 8,1 Millionen auf 1,5 Millionen US-Dollar.
- Revenue growth of 29% to $25.2M in 2024
- Gross profit increased 30% to $5.9M
- Receiving orders for vehicles over $500,000
- Successful expansion of Kissimmee facility
- Launch of retail locations in West Palm Beach and Nantucket
- Net loss widened to $10.8M from $1.2M in 2023
- Adjusted EBITDA declined to -$3.6M from +$1.8M
- Cash position decreased to $1.5M from $8.1M
- Q4 gross profit dropped to $0.3M from $1.2M
- Incurred $0.7M in non-recurring expenses for financial restatements
Insights
ECD Auto Design's financial results reveal a concerning disconnect between top-line growth and bottom-line performance. While revenue increased
The company's cash position has deteriorated significantly, dropping from
Q4 results are particularly troubling. Despite
The financial restatements are a red flag, with
While management emphasizes its growth initiatives like retail distribution expansion and facility improvements, these investments are clearly not translating to improved profitability. The widening losses and accelerated cash burn indicate ECD is prioritizing growth over financial stability at a time when its fundamentals are weakening.
- 2024 Revenue Growth of
29% and Gross Profit dollars increased30% ; - Continued Execution of Growth Strategy to Expand Product Line Up, Fill the Factory and increase pace of cash conversion
KISSIMMEE, Fla., April 15, 2025 (GLOBE NEWSWIRE) -- U.S. Auto Manufacturer 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 fourth quarter and year ended December 31, 2024.
Financial results and comparisons are based on re-stated numbers for 2023 and the first half of 2024.
Full Year 2024 Highlights
- Revenues increased
29% to$25.2 million in 2024, compared to$19.5 million in 2023. Growth was driven by increased volume, higher average selling price, increased upgrades and increased used vehicle sales versus 2023. - Gross profit increased
30% to$5.9 million in 2024, compared to$4.5 million in 2023. - Net loss was (
$10.8) million in 2024, compared to a net loss of ($1.2) million in 2023. - Adjusted EBITDA (a non-GAAP financial measure) was a loss of (
$3.6) million in 2024, compared to an Adjusted EBITDA gain of$1.8 million in 2023. For Fiscal year 2024, There were approximately$0.7 million of non-recurring expenses incurred in connection with the restatements of the 2022, 2023 and first half 2024 financial statements, the suspension of BF Borgers CPA PC and related matters. The Company expects to incur additional fees through March 31, 2025 relating to the restated information.
Fourth Quarter 2024 Highlights
- Revenues increased
10% to$5.3 million in the fourth quarter of 2024, compared to$4.8 million in the same year-ago quarter. Growth was driven by increased volume, higher average selling price, increased upgrades and increased used vehicle sales versus a year ago. The Company completed approximately 12 vehicles in 2024, but the revenue for 12 vehicles could not be recognized in 2024, because title to the vehicle was not transferred to the buyer as of the end of the year. The revenue associated with these vehicles will be recognized during the first half of 2025. - Gross profit was
$0.3 million in the fourth quarter of 2024, compared to$1.2 million in the same year-ago quarter. Gross profit in the quarter was impacted by a non-cash$1.1 million write-down of labor overhead allocation and materials charged to cost of goods sold. The Company anticipates that gross margin will normalize back to historic levels in 2025. - Net loss was (
$3.3) million in the fourth quarter of 2024, compared to a net loss of ($0.7) million in same year-ago quarter. - Adjusted EBITDA (a non-GAAP financial measure) was a loss of (
$2.4) million in the fourth quarter of 2024, compared to an Adjusted EBITDA gain of$0.4 million in the same year-ago quarter. In the fourth quarter there were approximately$0.2 million of non-recurring expenses incurred in connection with the restatement of financials for 2022, 2023 and the first and second quarters of 2024.
Management Commentary
Speaking on the results for the year, Scott Wallace, CEO & Co-Founder of ECD, stated, “2024 was a year of exceptional growth and execution for ECD as the company saw revenues expand
“Our strategic investments in operational infrastructure paid off significantly this year. Expanding our Kissimmee, Florida facility allowed us to scale our U.S. production and supply chain while maintaining the handcrafted quality that defines the ECD brand. This newly upgraded facility paired with productivity measurements, extensive data and more efficient workflows, including moving our quality control team within the production line, enabled the expansion of our product offerings and a meaningful increase in output via our ‘Right First’ completion model without compromising our commitment to engineering and quality excellence.
“During the year, we announced plans to expand beyond our web-based sales process with a retail storefront presence. We’ve now seen the first evidence of the benefits of this approach in the first quarter of this year with the launch of our One Driver’s Club ‘store within a store’ in West Palm Beach. This retail distribution model allows ECD to engage our customers in an immersive experience that encourages customization. Our West Palm Beach location is already showing its potential, contributing to our order backlog, ready-now sales, and quickly converting our investments in inventory into cash on hand. Our relationship with 10 Easy Street of Nantucket, Massachussetts is the second of our retail distribution model locations opened for the season on April 4th with ECD inventory on hand. The purpose of these retail locations is not to be a traditional dealership, but rather a hub supporting engagement with the surrounding community. We have a very busy event schedule lined up for our two locations designed to increase brand awareness and engage the local communities, including the Daffodil Parade in Nantucket.”
Mr. Wallace concluded: “With the restatement of prior reporting periods behind us, ECD looks to continue executing its growth plans in 2025 while seeking opportunities to accelerate the conversion of our inventory investments to cash in hand. We will continue to drive revenue and profit through increased sales, higher ASPs, upgrades driven by innovation, and additional business lines within the multi-billion dollar classic car ecosystem.”
Year Ended December 31, 2024 Financial Results
Revenue increased
For the year ended December 31, 2024 gross profit increased to
Operating expenses were
Operating loss was (
Net loss for the year ended December 31, 2024 was (
Adjusted EBITDA was a loss of (
Cash and equivalents on December 31, 2024 were
Fourth Quarter 2024 Financial Results
Revenues increased
Gross profit was
Operating expenses were
Operating loss was (
Net loss for the fourth quarter 2024 was (
Adjusted EBITDA was a loss of (
Earnings Call and Webcast
ECD Auto Design management will host the conference call, followed by a question and answer session.
Date: Wednesday, April 16, 2025
Time: 8:30 AM Eastern Time (5:30 AM Pacific Time)
U.S. dial-in number: 877-407-4018
International number: 201-689-8471
Webcast: 4Q 2024 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 April 30, 2024.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay passcode: 13753193
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 Rover 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 67 talented craftsmen and technicians, who hold a combined 66 ASE and three 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. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K filed for the year ended December 31, 2024 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
Investor Relations
investorrelations@ecdautodesign.com
| ECD AUTOMOTIVE DESIGN, INC. CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| Year Ended December 31 | |||||||
| 2024 | 2023 | ||||||
| Revenue, net | $ | 25,165,733 | $ | 19,492,606 | |||
| Cost of goods sold (exclusive of depreciation and amortization expense shown below) | 19,277,786 | 14,969,683 | |||||
| Gross profit | 5,887,947 | 4,522,923 | |||||
| Operating expenses | |||||||
| Advertising and marketing expenses | 1,171,696 | 641,831 | |||||
| General and administrative expenses | 9,106,716 | 5,144,601 | |||||
| Provision for credit losses | 31,484 | 123,562 | |||||
| Depreciation and amortization expenses | 126,791 | 148,763 | |||||
| Total operating expenses | 10,436,687 | 6,058,757 | |||||
| Loss from operations | (4,548,740 | ) | (1,535,834 | ) | |||
| Other (expense) income | |||||||
| Interest expense | (5,270,404 | ) | (653,429 | ) | |||
| Change in fair value of warrant liabilities | (433,725 | ) | - | ||||
| Change in fair value of conversion option liabilities | (204,487 | ) | - | ||||
| Gain on forgiveness of payable | 319,900 | - | |||||
| Resale commissions income | 134,600 | 106,353 | |||||
| FX exchange gain (loss) | (48,071 | ) | - | ||||
| Other income, net | 117,531 | 65,949 | |||||
| Total (expense) income, net | (5,384,656 | ) | (481,127 | ) | |||
| Loss before income tax benefit | (9,933,396 | ) | (2,016,961 | ) | |||
| Income tax (expense) benefit | (838,055 | ) | 838,055 | ||||
| Net Loss | $ | (10,771,451 | ) | $ | (1,178,906 | ) | |
| Net loss per common share, basic and diluted | $ | (0.32 | ) | $ | (0.05 | ) | |
| Weighted average number of common shares outstanding, basic and diluted | 33,505,605 | 24,875,667 | |||||
| ECD AUTOMOTIVE DESIGN, INC. CONSOLIDATED BALANCE SHEETS | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 1,476,850 | $ | 8,134,211 | |||
| Accounts receivable, net | 45,022 | - | |||||
| Inventories | 11,181,806 | 9,607,766 | |||||
| Prepaid and other current assets | 239,864 | 34,006 | |||||
| Total current assets | 12,943,542 | 17,775,983 | |||||
| Goodwill | 1,291,098 | - | |||||
| Property and equipment, net | 483,878 | 913,097 | |||||
| Intangible asset, net | 12,000 | - | |||||
| Right-to-use asset | 3,404,983 | 3,763,295 | |||||
| Deferred tax asset | - | 838,055 | |||||
| Deposit | 60,200 | 77,686 | |||||
| TOTAL ASSETS | $ | 18,195,701 | $ | 23,368,116 | |||
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | |||||||
| Current liabilities | |||||||
| Accounts payable | $ | 2,494,664 | $ | 898,445 | |||
| Accrued expenses | 1,686,598 | 779,695 | |||||
| Deferred revenue | 11,802,825 | 16,190,861 | |||||
| Floor plan payable | 1,212,000 | - | |||||
| Lease liability, current | 353,612 | 314,903 | |||||
| Other payable | 1,364,222 | 1,549,863 | |||||
| Total current liabilities | 18,913,921 | 19,733,767 | |||||
| Lease liability, non-current | 3,373,571 | 3,727,183 | |||||
| Warrant liabilities, at fair value | 486,559 | 26,283 | |||||
| Conversion option, at fair value | 313,191 | 2,724 | |||||
| Convertible note, net of debt discount | 14,085,932 | 10,654,444 | |||||
| Total Liabilities | 37,173,174 | 34,144,401 | |||||
| COMMITMENTS AND CONTINGENCIES (NOTE 19) | |||||||
| Redeemable preferred stock, | 1 | 3 | |||||
| Stockholders’ deficit | |||||||
| Common stock, | 3,650 | 3,187 | |||||
| Additional paid-in capital | 2,576,498 | - | |||||
| Other comprehensive income | (6,696 | ) | |||||
| Accumulated deficit | (21,550,926 | ) | (10,779,475 | ) | |||
| Total Stockholders’ Deficit | (18,977,474 | ) | (10,776,288 | ) | |||
| TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | $ | 18,195,701 | $ | 23,368,116 | |||
| ECD AUTOMOTIVE DESIGN, INC. Non-GAAP Reconciliation - Reconciliation of Net Income (loss) to Adjusted EBITDA | |||||||
| For the year ended December 31, | |||||||
| 2024 | 2023 | ||||||
| As Restated | |||||||
| Net loss | $ | (10,771,451 | ) | $ | (1,178,906 | ) | |
| Excluding: | |||||||
| Interest expense | 5,270,404 | 653,429 | |||||
| Income tax (benefit) expense | 838,055 | 838,055 | |||||
| Equity compensation expense | 331,959 | - | |||||
| Non-recurring professional fees (1) | 709,763 | - | |||||
| Other (income) expense, net | (117,531 | ) | 65,949 | ||||
| Change in FV of warrant liabilities | 433,725 | - | |||||
| Change in FV of conversion option liabilities | 204,487 | - | |||||
| Gain on forgiveness of payable | (319,900 | ) | - | ||||
| Foreign exchange loss | 48,071 | - | |||||
| Gain on sale of trade in vehicles | (59,265 | ) | - | ||||
| Depreciation and amortization | (126,791 | ) | 148,763 | ||||
| Transaction cost | - | 1,285,000 | |||||
| Adjusted EBITDA | (3,558,474 | ) | 1,812,290 | ) | |||
FAQ
What caused ECD Auto Design (ECDA) net loss to increase in 2024?
How much revenue growth did ECDA achieve in 2024?
What impacted ECDA's Q4 2024 gross profit?
What is ECDA's retail expansion strategy for 2024-2025?
