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.