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10-Q: Q1 2024 Earnings Report

10-Q: Q1 2024 Earnings Report

10-Q：2024财年一季报
美股SEC公告 ·  2024/06/28 05:19

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ECD Automotive Design reported strong Q1 2024 financial results with revenue increasing 207% to $8.3 million, compared to $2.7 million in Q1 2023. The growth was primarily driven by a $63,071 increase in average selling price per vehicle and improved production efficiency. Gross profit surged 714% to $2.5 million, with gross margin expanding to 29.8% from 11.2% in the prior year period.Operating expenses increased 77% to $2.6 million due to higher marketing costs and public company expenses. The company recorded interest expense of $971,000 related to its convertible note. Net loss widened to $1.6 million from $1.1 million in Q1 2023, impacted by $532,000 in income tax expense and higher interest costs.The company ended the quarter with $5.6 million in cash and secured a new $1.5 million revolving credit facility in May 2024. Management expanded operations through the acquisition of Brand New Muscle Car assets and plans to launch Mustang production in 2024. The company continues to focus on production efficiency improvements and expanding its product portfolio while maintaining strong order backlog.
ECD Automotive Design reported strong Q1 2024 financial results with revenue increasing 207% to $8.3 million, compared to $2.7 million in Q1 2023. The growth was primarily driven by a $63,071 increase in average selling price per vehicle and improved production efficiency. Gross profit surged 714% to $2.5 million, with gross margin expanding to 29.8% from 11.2% in the prior year period.Operating expenses increased 77% to $2.6 million due to higher marketing costs and public company expenses. The company recorded interest expense of $971,000 related to its convertible note. Net loss widened to $1.6 million from $1.1 million in Q1 2023, impacted by $532,000 in income tax expense and higher interest costs.The company ended the quarter with $5.6 million in cash and secured a new $1.5 million revolving credit facility in May 2024. Management expanded operations through the acquisition of Brand New Muscle Car assets and plans to launch Mustang production in 2024. The company continues to focus on production efficiency improvements and expanding its product portfolio while maintaining strong order backlog.
ECD Automotive Design公司（ECD）报告称，截至2024年3月31日的季度财务表现大幅提高。营业收入激增206.9%，达到830万美元，上年同期为270万美元，由于车均售价上涨和生产效率提高所推动。尽管如此，该公司经历了155万美元的净亏损，高于去年的112万美元亏损，原因是营业费用和可转换债券利息成本增加。由于拓展业务和转型为上市公司，营业费用增长了77.2%。该公司的毛利率大幅提高，达到29.8%，而上一年则为11.2%。ECD的现金及现金等价物余额为556万美元，由于存货和递延营收增加而导致营运资本缺口。该公司未来计划将产品线扩大到包括捷豹E型车和美国古典肌肉车，并期望提高毛利率和生产规模。ECD还计划开拓新的营销渠道并进军国际市场。
ECD Automotive Design公司（ECD）报告称，截至2024年3月31日的季度财务表现大幅提高。营业收入激增206.9%，达到830万美元，上年同期为270万美元，由于车均售价上涨和生产效率提高所推动。尽管如此，该公司经历了155万美元的净亏损，高于去年的112万美元亏损，原因是营业费用和可转换债券利息成本增加。由于拓展业务和转型为上市公司，营业费用增长了77.2%。该公司的毛利率大幅提高，达到29.8%，而上一年则为11.2%。ECD的现金及现金等价物余额为556万美元，由于存货和递延营收增加而导致营运资本缺口。该公司未来计划将产品线扩大到包括捷豹E型车和美国古典肌肉车，并期望提高毛利率和生产规模。ECD还计划开拓新的营销渠道并进军国际市场。
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