ECD Automotive Design, Inc. (ECD) reported a significant increase in financial performance for the quarter ended June 30, 2024. Net revenue soared by 129.4% to $8.87 million, up from $3.87 million in the same period last year, driven by a rise in the average selling price per vehicle and improved production efficiency. Gross profit followed suit, climbing by 129.3% to $2.82 million. Operating expenses also saw an uptick, primarily due to increased sales and marketing efforts and general and administrative expenses associated with the company's transition to a public entity. Interest expenses rose due to the Convertible Note issued in December 2023, leading to a net loss of $926,069 for the quarter. For the six-month period, net revenue increased by 161.3% to $17.18 million, with gross profit up by...Show More

ECD Automotive Design, Inc. (ECD) reported a significant increase in financial performance for the quarter ended June 30, 2024. Net revenue soared by 129.4% to $8.87 million, up from $3.87 million in the same period last year, driven by a rise in the average selling price per vehicle and improved production efficiency. Gross profit followed suit, climbing by 129.3% to $2.82 million. Operating expenses also saw an uptick, primarily due to increased sales and marketing efforts and general and administrative expenses associated with the company's transition to a public entity. Interest expenses rose due to the Convertible Note issued in December 2023, leading to a net loss of $926,069 for the quarter. For the six-month period, net revenue increased by 161.3% to $17.18 million, with gross profit up by 245.4% to $5.29 million. The company's operating expenses for the half-year were up by 95.4%, and the net loss stood at $2.48 million. ECD's cash and cash equivalents were reported at $5.66 million. The company's growth strategy includes expanding its product line, such as the introduction of Jaguar E-type builds and the acquisition of Brand New Muscle Car assets. ECD also plans to open new marketing channels and expand into international markets. The company's liquidity is supported by customer deposits, collections of deferred revenue, and loan proceeds, with sufficient resources anticipated to fund operations for the remainder of 2024.