Summary by Futu AI
On May 3, 2024, ECD Automotive Design, Inc., a leading restorer of luxury vehicles, reported its financial results for the fiscal year ending December 31, 2023. The company, which trades under the ticker ECDA on the Nasdaq, saw a revenue increase of 22.5% to $15.1 million compared to the previous year. Gross profit surged by 150% to $4.2 million, while net income showed a loss of $1.6 million, slightly higher than the $1.4 million loss in 2022. Adjusted EBITDA turned positive at $1.1 million, a significant improvement from the $1.3 million loss in the prior year. ECD also reiterated its 2024 revenue guidance, projecting at least $33 million, which would mark a 118% increase from 2023. The company's CEO, Scott Wallace, highlighted the year's achievements, including the commencement of trading on Nasdaq and the acquisition...Show More