ECD Automotive Design, Inc. (ECD) reported a significant increase in financial performance for the quarter ended March 31, 2024. Net revenue soared by 206.9% to $8.3 million, up from $2.7 million in the same period last year, driven by a rise in the average selling price per vehicle and improved production efficiency. Despite this, the company experienced a net loss of $1.55 million, an increase from the previous year's loss of $1.12 million, attributed to higher operating expenses and interest costs related to a convertible note. Operating expenses rose by 77.2% due to expansion efforts and the transition to public company status. The company's gross profit margin improved significantly, reaching 29.8% compared to 11.2% in the prior year. ECD's cash and cash equivalents stood at $5.56 million, with...Show More

ECD Automotive Design, Inc. (ECD) reported a significant increase in financial performance for the quarter ended March 31, 2024. Net revenue soared by 206.9% to $8.3 million, up from $2.7 million in the same period last year, driven by a rise in the average selling price per vehicle and improved production efficiency. Despite this, the company experienced a net loss of $1.55 million, an increase from the previous year's loss of $1.12 million, attributed to higher operating expenses and interest costs related to a convertible note. Operating expenses rose by 77.2% due to expansion efforts and the transition to public company status. The company's gross profit margin improved significantly, reaching 29.8% compared to 11.2% in the prior year. ECD's cash and cash equivalents stood at $5.56 million, with a working capital deficit due to increases in inventory and deferred revenue. The company's future plans include expanding its product line to include Jaguar E-type vehicles and American Classic muscle cars, expecting to enhance gross margins and production scale. ECD also plans to open new marketing channels and expand into international markets.