ECD Automotive Design, Inc., known for its custom luxury vehicle builds, has reported a significant increase in its financial results for the first quarter of 2024. The company, which trades under the symbol ECDA on the Nasdaq Stock Market, announced a 207% revenue increase to a record $8.3 million compared to $2.7 million in the same quarter of the previous year. The gross profit also saw a substantial rise to $2.5 million, with the gross margin expanding to 30.1%. Despite these gains, the company experienced a net loss of $1.6 million, which was attributed to interest expenses related to a convertible note. However, adjusted EBITDA showed improvement, turning positive at $0.4 million compared to a loss in the prior year's quarter. ECD Automotive Design reaffirmed its full...Show More

ECD Automotive Design, Inc., known for its custom luxury vehicle builds, has reported a significant increase in its financial results for the first quarter of 2024. The company, which trades under the symbol ECDA on the Nasdaq Stock Market, announced a 207% revenue increase to a record $8.3 million compared to $2.7 million in the same quarter of the previous year. The gross profit also saw a substantial rise to $2.5 million, with the gross margin expanding to 30.1%. Despite these gains, the company experienced a net loss of $1.6 million, which was attributed to interest expenses related to a convertible note. However, adjusted EBITDA showed improvement, turning positive at $0.4 million compared to a loss in the prior year's quarter. ECD Automotive Design reaffirmed its full-year 2024 revenue guidance, expecting $33.0 million, which would mark a 108% increase from 2023. The company's CEO, Scott Wallace, highlighted the growth opportunities through recent acquisitions and licensing agreements, aiming to expand the company's product line and leverage its manufacturing footprint. As of March 31, 2024, ECD Automotive Design had cash and equivalents of $5.6 million.