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10-Q: Q1 2024 Earnings Report

10-Q: Q1 2024 Earnings Report

10-Q：2024財年一季報
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）報告稱，截至2024年3月31日的季度財務表現大幅提高。營業收入激增206.9%，達到830萬美元，上年同期爲270萬美元，由於車均售價上漲和生產效率提高所推動。儘管如此，該公司經歷了155萬美元的淨虧損，高於去年的112萬美元虧損，原因是營業費用和可轉換債券利息成本增加。由於拓展業務和轉型爲上市公司，營業費用增長了77.2%。該公司的毛利率大幅提高，達到29.8%，而上一年則爲11.2%。ECD的現金及現金等價物餘額爲556萬美元，由於存貨和遞延營收增加而導致營運資本缺口。該公司未來計劃將產品線擴大到包括捷豹E型車和美國古典肌肉車，並期望提高毛利率和生產規模。ECD還計劃開拓新的營銷渠道並進軍國際市場。
ECD Automotive Design公司（ECD）報告稱，截至2024年3月31日的季度財務表現大幅提高。營業收入激增206.9%，達到830萬美元，上年同期爲270萬美元，由於車均售價上漲和生產效率提高所推動。儘管如此，該公司經歷了155萬美元的淨虧損，高於去年的112萬美元虧損，原因是營業費用和可轉換債券利息成本增加。由於拓展業務和轉型爲上市公司，營業費用增長了77.2%。該公司的毛利率大幅提高，達到29.8%，而上一年則爲11.2%。ECD的現金及現金等價物餘額爲556萬美元，由於存貨和遞延營收增加而導致營運資本缺口。該公司未來計劃將產品線擴大到包括捷豹E型車和美國古典肌肉車，並期望提高毛利率和生產規模。ECD還計劃開拓新的營銷渠道並進軍國際市場。
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