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NEWS
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.
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.
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