Summary by Moomoo AI
ECD Automotive Design, Inc. (ECD), formerly known as EF Hutton Acquisition Corporation I (EFHAC), reported its financial performance for the year ended December 31, 2023. The company, specializing in the production and sale of customized Land Rover vehicles, posted a net revenue of $15,123,596, a significant increase from the previous year's $12,343,745. However, the cost of goods sold also rose to $10,874,358, resulting in a gross profit of $4,249,238. Despite the increase in revenue, ECD experienced a net loss of $1,602,013, attributed to operating expenses totaling $5,884,778, which included sales and marketing, general and administrative, and depreciation and amortization expenses. The company also reported other expenses, including interest expense and a loss on the sale of an asset, partially offset by resale commissions income and other net...Show More