On August 19, 2024, ECD Automotive Design, Inc., a leading restorer of classic luxury vehicles, reported its financial results for the second quarter ended June 30, 2024. The company, trading under the symbol ECDA on the Nasdaq, announced a significant revenue increase of 129% to $8.9 million compared to $3.9 million in the same quarter of the previous year. This growth was attributed to increased volume, higher average selling prices, and a rise in used vehicle sales. Despite the revenue surge, ECD Automotive Design experienced a net loss of $0.9 million in Q2 2024, a shift from a net income of $36,000 in the same period last year, primarily due to interest expenses related to a convertible note. However, the company's adjusted EBITDA showed improvement, reaching $0.4 million, up from $9,000 year...Show More

On August 19, 2024, ECD Automotive Design, Inc., a leading restorer of classic luxury vehicles, reported its financial results for the second quarter ended June 30, 2024. The company, trading under the symbol ECDA on the Nasdaq, announced a significant revenue increase of 129% to $8.9 million compared to $3.9 million in the same quarter of the previous year. This growth was attributed to increased volume, higher average selling prices, and a rise in used vehicle sales. Despite the revenue surge, ECD Automotive Design experienced a net loss of $0.9 million in Q2 2024, a shift from a net income of $36,000 in the same period last year, primarily due to interest expenses related to a convertible note. However, the company's adjusted EBITDA showed improvement, reaching $0.4 million, up from $9,000 year-over-year. ECD Automotive Design also reaffirmed its full-year 2024 revenue guidance, expecting to achieve $33.0 million, which would mark an approximate 108% increase from 2023's revenue. The company's CEO, Scott Wallace, highlighted the expansion of their classic car product line and strategic partnerships as key growth drivers. The financial results were released alongside a press release and will be discussed in a scheduled earnings call.