ECD Automotive Design Surges with Remarkable Q2 2024 Results
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Ecd Automotive Design Reports Impressive Q2 2024 Financial Performance
Strong growth continues with revenue surpassing $8.9 million
Company reaffirms 2024 revenue guidance of $33 million
ECD Automotive Design, Inc. (NASDAQ: ECDA), recognized as the largest Land Rover and Jaguar restoration firm globally, specializing in luxury custom automotive builds, recently disclosed its financial standing for the second quarter ending June 30, 2024. The company has demonstrated considerable resilience and growth despite market challenges.
Key Company Highlights
This quarter marked a notable achievement for ECD Automotive Design with revenues soaring by an astonishing 129% to $8.9 million, compared to $3.9 million during the same period last year. This growth can be attributed to increased vehicle volume, a higher average selling price, and enhanced sales in used vehicles.
- Gross profit saw a substantial rise to $2.2 million during Q2 2024, compared to $1.2 million from the preceding year’s quarter.
- Gross margins remained strong and consistent at 31.8% for both the current and prior-year quarter.
- A net loss of $0.9 million was reported for the quarter, a shift from net income of $36,000 from the previous year.
- Adjusted EBITDA improved to $0.4 million, underlining a significant operational turnaround from an adjusted EBITDA of $9,000 in Q2 2023.
- Notably, the classic Toyota FJ model has been added to the product lineup following a strategic licensing agreement with Black Dog Trading.
Management Insights
Scott Wallace, CEO and Founder of ECD, commented, “Our robust 129% revenue growth and stable gross margins reflect our steadfast commitment to becoming the preferred player in the luxury classic automotive sector. As we advance, we aim to expand our product offerings, recently adding classic Mustangs through the acquisition of the ‘Brand New Muscle Car’ assets, and classic Toyota FJs via our new licensing deal.”
Wallace added, “Through strategic partnerships like our collaboration with Turtleback Trailers, we seek to amplify our brand presence and operational efficiency, ensuring we can sustainably enhance our market footprint.”
2024 Financial Guidance
The company reaffirms its revenue guidance for 2024, projecting total revenue to reach $33 million—an increase of approximately 108% compared to $15.1 million in 2023.
Detailed Financial Results
During the second quarter of 2024, ECD Automotive Design reported a revenue increase to a record $8.9 million, primarily driven by heightened production volume and product pricing. The gross profit surged to $2.8 million, or 31.8% of total revenue. Operating expenses for the quarter reached $2.7 million, significantly higher than $1.2 million reported during the same period in 2023 due to increased general and administrative expenditures directly correlated with the company’s growth as a publicly-traded entity.
The operational income saw a turnaround, reaching $0.1 million from an operating loss of $19,000 last year. However, the net loss for the reported quarter reflected an increase from previous revenues, attributed to ongoing interest expenses impacting the convertible notes.
As of June 30, 2024, cash and cash equivalents amounted to $5.6 million, down from $8.1 million at the end of 2023, indicating ongoing investment in growth initiatives.
Conference Call Details
Management is scheduled to conduct a conference call, followed by a Q&A session.
Date: Scheduled for Monday
Time: 4:30 PM Eastern Time
U.S. dial-in number: 877-270-2148
International dial-in number: 412-902-6510
A telephonic replay of the conference call will be accessible through the designated date with associated details for both domestic and international listeners.
About ECD Automotive Design
As a public company listed under ECDA on NASDAQ, ECD specializes in creating luxury restored vehicles that unite timeless English aesthetics with contemporary performance. The firm has expanded its restoration capabilities beyond classic Land Rovers to now include the iconic Ford Mustang and Toyota FJ models. ECD's headquarters in Kissimmee, Florida, spans 100,000 square feet, housing a talented workforce dedicated to delivering superior quality vehicles.
Non-GAAP Financial Measures
ECD emphasizes that non-GAAP measures, such as EBITDA, serve as critical performance indicators. However, they should not be regarded as alternatives to standard financial measures in compliance with GAAP.
Investor Relations Contact
For further inquiries, please reach out to:
Brian M. Prenoveau, CFA
MZ Group – MZ North America
Email: ECDA@mzgroup.us
Phone: 561-489-5315
Frequently Asked Questions
1. What did ECD report for its Q2 2024 revenue?
ECD reported a revenue of $8.9 million for Q2 2024, marking a 129% increase compared to the prior year.
2. What factors drove ECD's revenue growth?
Revenue growth was driven by increased vehicle volume, higher selling prices, and an uptick in used vehicle sales.
3. How much was the net loss reported for Q2 2024?
The company reported a net loss of $0.9 million for Q2 2024, compared to a net income of $36,000 in the same quarter of the previous year.
4. What financial guidance has ECD provided for 2024?
ECD maintains its revenue guidance of $33 million for 2024, which reflects an anticipated growth of approximately 108% from 2023.
5. Who can I contact for investor relations at ECD?
For investor relations, you can contact Brian M. Prenoveau at MZ Group via email at ECDA@mzgroup.us or by phone at 561-489-5315.
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