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

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 of assets from Brand New Muscle Car, which allows ECD to expand its product lineup to include classic American muscle cars. ECD's financial position was strengthened with cash and equivalents of $8.1 million at year-end and $10.7 million in convertible notes. The company's forward-looking statements indicate a focus on maximizing production efficiency, consolidating the luxury classic car market, and building a luxury auto brand to capitalize on a $15 billion addressable market.