ECD Automotive Design, Inc. (Nasdaq: ECDA) (“ECD” or the
“Company”), the world’s largest Land Rover and Jaguar restoration
company known for its custom luxury builds, including bespoke
Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs and Toyota
FJs, announced today its financial results for the second quarter
ended June 30, 2024.
Company Highlights
- Revenues increased 129% to $8.9
million in the second quarter of 2024, compared to $3.9 million in
the same year-ago quarter. Growth was driven by increased volume,
higher average selling price and increased used vehicle sales
versus a year ago.
- Gross profit increased
significantly to $2.2 million in the second quarter of 2024,
compared to $1.2 million in the same year-ago quarter
- Gross margin was essentially flat
at 31.8% in the second quarter of 2024, compared to 31.8% in the
same year-ago quarter
- Net loss was ($0.9) million in the
second quarter of 2024, compared to net income of $36,000 in same
year-ago quarter
- Adjusted EBITDA (a non-GAAP
financial measure) improved $0.4 million to $0.4 million in the
second quarter of 2024, compared to Adjusted EBITDA of $9,000 in
the same year-ago quarter
- Subsequent to quarter end, classic
Toyota FJs were added to the Company’s product lineup through a
licensing agreement with Black Dog Trading.
Management Commentary
“ECD continues to see strong growth as we push
through with our ambitious plans to be the preferred partner in the
classic luxury automotive market. Progress along our growth plan
was evidenced by our 129% increase in revenues to a record $8.9
million and strong gross margins of 31.8% during the second
quarter, which is among industry leaders like Ferrari and other
luxury auto brands,” stated Scott Wallace, CEO & Founder of
ECD. Mr. Wallace continued, “As we move ahead, we will continue
scaling our existing footprint to maximize the business model,
while also looking at growth opportunities in the larger classic
car ecosystem. In 2024, we have expanded our classic car product
line through the acquisition of assets of ‘Brand New Muscle Car’,
adding classic Mustangs, and a licensing agreement with ‘Black Dog
Trading’, which added classic Toyota FJs. We also continue to
enhance our brand through strategic partnerships like our new
collaboration with Turtleback Trailers. Not only are these
opportunities important to our growth plans, but they provide us
the ability to maximize our existing footprint and scale in a
capital efficient manner.”
Full Year 2024 Guidance
The Company is reaffirming their guidance and
expects 2024 revenue to be $33.0 million, representing an increase
of approximately 108% when compared to revenue of $15.1 million in
2023.
Financial Results
Revenue increased 129% to a record $8.9 million
in the second quarter of 2024, compared to $3.9 million in the
second quarter of 2023. The increase was primarily due increased
volume, higher average selling price and increased used vehicle
sales versus a year ago.
Second quarter 2024 gross profit increased
significantly to $2.8 million, or 31.8% of revenue, compared to
$1.2 million, or 31.8% or revenue in the second quarter of
2023.
Operating expenses were $2.7 million in the
second quarter 2024, compared to $1.2 million in the second quarter
2023. The increase in operating expenses was primarily due to
higher general and administrative expenses related to the ongoing
costs of being a public company.
Operating Income improved to $0.1 million,
compared to an operating loss of ($19,000) in the second quarter of
2023. The improvement was primarily due to a higher average selling
price per vehicle and efficiencies in the build process.
Net loss for the second quarter 2024 was ($0.9
million), or $(0.03) per diluted share, compared to net income of
$36,000, or $(0.00) per diluted share in the second quarter of
2023. The change in net loss was primarily the result of interest
expense affiliated with a convertible note.
Adjusted EBITDA improved $0.4 million to $0.4
million in the second quarter 2024, compared to Adjusted EBITDA of
$0.0 million in the second quarter of 2023.
Cash and equivalents on June 30, 2024 were $5.6
million, as compared to $8.1 million on December 31, 2023.
Earnings Call and Webcast
Management will host the conference call,
followed by a question and answer session.
Date: Monday, August 19, 2024Time: 4:30 PM
Eastern Time (1:30 PM Pacific Time)U.S. dial-in number:
877-270-2148International number: 412-902-6510Webcast: 2Q24 Webcast
Link
The Company will also provide a link at
https://ecdautodesign.com/ecd-investors/ for those who wish to
stream the call via webcast. Please call the conference telephone
number 5-10 minutes prior to the start time.
A telephonic replay of the conference call will
also be available through August 21, 2024.
Toll-free replay number:
877-344-7529International replay number: 412-317-0088 Replay
passcode: 4333997
About ECD Auto Design
ECD, a public company trading under ECDA on the
Nasdaq, is a creator of restored luxury vehicles that combines
classic English beauty with modern performance. Currently, ECD
restores Land Rovers Defenders, Land Rover Series IIA, the Range
Rover Classic, the Jaguar E-Type and we have recently added Ford
Mustang and Toyota FJ. Historically, each vehicle produced by ECD
was fully bespoke, a one-off that is designed by the client through
an immersive luxury design experience and hand-built from the
ground up in 2,200 hours by master-certified Automotive Service
Excellence (“ASE”) craftsmen. The company was founded in 2013 by
three British “gear heads” whose passion for classic vehicles is
the driving force behind exceptionally high standards for quality,
custom luxury vehicles. ECD's global headquarters, known as the
“Rover Dome,” is a 100,000-square-foot facility located in
Kissimmee, Florida that is home to 90 talented craftsmen and
technicians, who hold a combined 61 ASE and five master level
certifications. ECD has an affiliated logistics center in the U.K.
where its seven employees work to source and transport 25-year-old
work vehicles back to the U.S. for restoration. For more
information, visit www.ecdautodesign.com.
About Non-GAAP Financial
Measures
The Company believes that EBITDA (earnings
before interest, taxes, depreciation and amortization) is useful to
investors because it is commonly used to evaluate companies on the
basis of operating performance and leverage.
EBITDA is not intended to represent cash flows
for the periods presented, nor have they been presented as an
alternative to operating income or as an indicator of operating
performance and should not be considered in isolation or as a
substitute for measures of performance prepared in accordance with
accounting principles generally accepted in the United States of
America (“GAAP”). In accordance with SEC Regulation G, the non-GAAP
measurements in this press release have been reconciled to the
nearest GAAP measurement, which can be viewed under the heading
“Reconciliation of Net Income (loss) from Operations to EBITDA” in
the financial tables included in this press release.
Cautionary Note Regarding
Forward-Looking Statements
This press release includes express or implied
statements that are not historical facts and are considered
forward-looking within the meaning of Section 27A of the Securities
Act and Section 21E of the Securities Exchange Act. Forward-looking
statements involve substantial risks and uncertainties.
Forward-looking statements generally relate to future events or our
future financial or operating performance and may contain
projections of our future results of operations or of our financial
information or state other forward-looking information. In some
cases, you can identify forward-looking statements by the following
words: “may,” “will,” “could,” “would,” “should,” “expect,”
“intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,”
“project,” “potential,” “continue,” “ongoing,” “attempting,” or the
negative of these terms or other comparable terminology, although
not all forward-looking statements contain these words.
Investor RelationsBrian M.
Prenoveau, CFAMZ Group – MZ North AmericaECDA@mzgroup.us561 489
5315
|
ECD AUTOMOTIVE DESIGN, INC. |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
Three Months EndedJune 30, |
|
|
Six Months EndedJune 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
8,872,003 |
|
|
$ |
3,867,903 |
|
|
$ |
17,180,042 |
|
|
$ |
6,575,229 |
|
Cost of goods sold (exclusive
of depreciation expense shown below) |
|
|
6,054,705 |
|
|
|
2,639,201 |
|
|
|
11,885,805 |
|
|
|
5,042,435 |
|
Gross profit |
|
|
2,817,298 |
|
|
|
1,228,702 |
|
|
|
5,294,237 |
|
|
|
1,532,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing
expenses |
|
|
271,063 |
|
|
|
101,568 |
|
|
|
614,472 |
|
|
|
206,788 |
|
General and administrative
expenses |
|
|
2,284,998 |
|
|
|
1,118,060 |
|
|
|
4,461,943 |
|
|
|
2,434,567 |
|
Depreciation and amortization
expenses |
|
|
143,728 |
|
|
|
27,685 |
|
|
|
191,382 |
|
|
|
54,993 |
|
Total operating expenses |
|
|
2,699,789 |
|
|
|
1,247,313 |
|
|
|
5,267,797 |
|
|
|
2,696,348 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
|
117,509 |
|
|
|
(18,611 |
) |
|
|
26,440 |
|
|
|
(1,163,554 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,151,548 |
) |
|
|
- |
|
|
|
(2,122,325 |
) |
|
|
- |
|
Foreign exchange loss |
|
|
(5,607 |
) |
|
|
- |
|
|
|
(10,311 |
) |
|
|
- |
|
Other income (expense),
net |
|
|
103,865 |
|
|
|
54,773 |
|
|
|
152,391 |
|
|
|
77,150 |
|
Total other (expense) income,
net |
|
|
(1,053,290 |
) |
|
|
54,773 |
|
|
|
(1,980,245 |
) |
|
|
77,150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before income taxes |
|
|
(935,781 |
) |
|
|
36,162 |
|
|
|
(1,953,805 |
) |
|
|
(1,086,404 |
) |
Income tax expense |
|
|
9,712 |
|
|
|
|
|
|
|
(522,568 |
) |
|
|
- |
|
Net income (loss) |
|
$ |
(926,069 |
) |
|
$ |
36,162 |
|
|
$ |
(2,476,373 |
) |
|
$ |
(1,086,404 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common
share, basic and diluted |
|
$ |
(0.03 |
) |
|
$ |
0.00 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.05 |
) |
Weighted average number of
common shares outstanding, basic and diluted |
|
|
31,976,585 |
|
|
|
24,000,000 |
|
|
|
31,898,151 |
|
|
|
24,000,000 |
|
ECD AUTOMOTIVE DESIGN, INC. |
CONSOLIDATED BALANCE SHEETS |
|
|
|
June 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,660,684 |
|
|
$ |
8,134,211 |
|
Accounts receivable, net |
|
|
105,132 |
|
|
|
- |
|
Inventories |
|
|
10,119,487 |
|
|
|
11,799,304 |
|
Prepaid and other current
assets |
|
|
405,468 |
|
|
|
34,006 |
|
Total current assets |
|
|
16,290,771 |
|
|
|
19,967,521 |
|
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
607,603 |
|
|
|
968,677 |
|
Deferred tax asset |
|
|
- |
|
|
|
515,444 |
|
Right-of-use assets |
|
|
3,586,612 |
|
|
|
3,763,294 |
|
Brand name, net |
|
|
1,200,006 |
|
|
|
0 |
|
Deposit |
|
|
60,200 |
|
|
|
77,686 |
|
TOTAL ASSETS |
|
$ |
21,745,192 |
|
|
$ |
25,292,622 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,104,896 |
|
|
$ |
768,808 |
|
Accrued expenses |
|
|
1,411,058 |
|
|
|
687,000 |
|
Deferred revenue |
|
|
11,467,622 |
|
|
|
17,596,512 |
|
Deferred taxes liability |
|
|
7,124 |
|
|
|
- |
|
Lease liability, current |
|
|
334,231 |
|
|
|
314,903 |
|
Floor plan payable |
|
|
1,321,000 |
|
|
|
- |
|
Income tax payable |
|
|
1,115,559 |
|
|
|
1,115,559 |
|
Share issuance liability |
|
|
1,325,000 |
|
|
|
250,000 |
|
Other payable |
|
|
641,621 |
|
|
|
168,256 |
|
Total current liabilities |
|
|
18,728,111 |
|
|
|
20,901,038 |
|
|
|
|
|
|
|
|
|
|
Lease liability,
non-current |
|
|
3,554,078 |
|
|
|
3,727,182 |
|
Convertible note, net of debt
discount |
|
|
11,551,467 |
|
|
|
10,683,452 |
|
Total liabilities |
|
|
33,833,656 |
|
|
|
35,311,672 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies
(Note 16) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Redeemable preferred stock,
$0.0001 par value, 20,000,000 authorized shares; 25,000 shares
issued and outstanding as of June 30, 2024 and December 31,
2023 |
|
|
3 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par
value, 1,000,000,000 authorized shares; 32,099,662 shares and
31,874,662 shares issued and outstanding as of June 30, 2024 and
December 31, 2023, respectively |
|
|
3,210 |
|
|
|
3,187 |
|
Additional paid-in
capital |
|
|
431,936 |
|
|
|
- |
|
Accumulated deficit |
|
|
(12,523,613 |
) |
|
|
(10,022,240 |
) |
Total Stockholders’
Deficit |
|
|
(12,088,467 |
) |
|
|
(10,019,053 |
) |
TOTAL LIABILITIES, REDEEMABLE
PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT |
|
$ |
21,745,192 |
|
|
$ |
25,292,622 |
|
ECD AUTOMOTIVE DESIGN, INC. |
Non-GAAP Reconciliation – Reconciliation of Net Income
(loss) to Adjusted EBITDA |
|
|
|
For the three months ended |
|
|
For the six months ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net loss |
|
$ |
(926,069 |
) |
|
$ |
36,162 |
|
|
$ |
(2,476,373 |
) |
|
$ |
(1,086,404 |
) |
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,151,548 |
|
|
|
- |
|
|
|
2,122,325 |
|
|
|
- |
|
Income tax (benefit) expense |
|
|
(9,712 |
) |
|
|
- |
|
|
|
522,568 |
|
|
|
- |
|
Non-recurring professional fees |
|
|
- |
|
|
|
- |
|
|
|
408,936 |
|
|
|
210,099 |
|
Equity compensation expense |
|
|
139,459 |
|
|
|
- |
|
|
|
256,959 |
|
|
|
- |
|
Other (income) expense, net |
|
|
(103,865 |
) |
|
|
(54,773 |
) |
|
|
(152,391 |
) |
|
|
(77,150 |
) |
Foreign exchange loss |
|
|
5,607 |
|
|
|
- |
|
|
|
10,311 |
|
|
|
- |
|
Depreciation |
|
|
143,728 |
|
|
|
27,685 |
|
|
|
191,382 |
|
|
|
54,993 |
|
Adjusted EBITDA |
|
|
400,696 |
|
|
|
9,074 |
|
|
|
883,717 |
|
|
|
(898,462 |
) |
ECD Automotive Design (NASDAQ:ECDA)
過去 株価チャート
から 9 2024 まで 10 2024
ECD Automotive Design (NASDAQ:ECDA)
過去 株価チャート
から 10 2023 まで 10 2024