Exhibit 99.1 U.S. Auto Manufacturer ECD Auto Design Reports Fourth Quarter and Full Year 2024 Financial Results; Revenues Increase 29% to $25 Million KISSIMMEE, FL / Globe Newswire / April 15, 2025 – U.S. Auto Manufacturer 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 res ...

Core Insights - ECD Automotive Design, Inc. reported exceptional growth in 2024, with revenues increasing by 29% to a record $25.2 million, driven by higher sales volume and average selling prices [5][10][7] - The company experienced a gross profit increase of 30% to $5.9 million, reflecting improvements in customer customization and operational efficiency [5][11] - Despite revenue and gross profit growth, ECD reported a net loss of $10.8 million for 2024, primarily due to increased operating expenses related to financial restatements and non-cash items [5][13] Full Year 2024 Highlights - Revenue for the year ended December 31, 2024, was $25.2 million, up from $19.5 million in 2023, attributed to increased volume and higher average selling prices [10] - Gross profit rose to $5.9 million, representing 23.4% of revenue, compared to $4.5 million or 23.2% of revenue in 2023 [11] - Operating expenses increased to $10.4 million from $6.1 million in 2023, mainly due to higher general and administrative costs and one-time legal fees [12] - The net loss for 2024 was $10.8 million, or $(0.32) per diluted share, compared to a net loss of $1.2 million, or $(0.05) per diluted share in 2023 [13] Fourth Quarter 2024 Highlights - Fourth quarter revenues increased by 10% to $5.3 million compared to $4.8 million in the same quarter of 2023, driven by higher sales volume and average selling prices [15] - Gross profit for the fourth quarter was $0.3 million, down from $1.2 million in the same quarter of 2023, impacted by a non-cash write-down of $1.1 million [16] - The net loss for the fourth quarter was $3.3 million, or $(0.11) per diluted share, compared to a net loss of $0.7 million, or $(0.03) per diluted share in the same quarter of 2023 [18] Management Commentary - The CEO highlighted that 2024 was marked by exceptional growth and execution, with a focus on enhancing the customer journey and customization capabilities [5] - Strategic investments in operational infrastructure have significantly contributed to the company's growth, allowing for increased production capacity [6] - ECD plans to expand its retail presence to enhance customer engagement and drive sales, with new locations already contributing to order backlogs [9]

Financial Performance - Revenue for the years ended December 31, 2024 and 2023 was $25.1 million and $19.5 million, respectively, representing a year-over-year increase of approximately 28.7%[307] - The company reported a net loss of $10.8 million for 2024 compared to a net loss of $1.2 million for 2023, indicating a significant increase in losses[307] - Adjusted EBITDA decreased by $5.4 million for the year ended December 31, 2024, compared to the previous year, primarily due to increased public company costs and expenses related to financial statement restatements[334] - The Company reported a net loss of $(10,771,451) for the year ended December 31, 2024, compared to a net loss of $(1,178,906) for the year ended December 31, 2023[333] - Net revenue for the year ended December 31, 2024, was $25,165,733, representing a 29.1% increase from $19,492,606 in 2023[352] - Gross profit increased to $5,887,947 in 2024, a 30.2% rise from $4,522,923 in 2023, with gross margin percentage improving to 23.4%[356] - Total operating expenses rose to $10,436,687 in 2024, a 72.3% increase from $6,058,757 in 2023, driven by higher advertising and general administrative expenses[359] - Interest expense surged to $5,270,404 in 2024, a 706.6% increase from $653,429 in 2023, primarily due to accrued interest on convertible notes[363] Business Operations - The company operates a logistics center in the UK to source and transport over-25-year-old work vehicles for restoration, enhancing its operational capabilities[310] - The company employs 105 individuals, including 67 craftsmen and technicians, contributing to its custom vehicle building process[310] - The Company increased production by approximately 20% utilizing one shift, and added an additional 10,000 sq. ft. of space in the second half of 2024[327] - The Company introduced the Jaguar E-type in 2022 and added the Ford Mustang and Toyota FJ to its lineup in 2024, targeting higher price points and gross margins[328] - The Company has expanded its manufacturing facility in Kissimmee, Florida, leasing 100,000 sq. ft. for 125 months to enhance production efficiencies[327] - The Company faced significant supply chain disruptions due to the COVID-19 pandemic, impacting operations and leading to the production of six fewer vehicles in 2020 compared to budget[324] Financial Obligations and Debt - The December 2023 Convertible Note has a principal amount of $15,819,209 and an annual interest rate of Prime + 5%, with a maturity date of December 12, 2026[313] - As of December 31, 2024, accrued interest on the December 2023 Convertible Note was $569,419, reflecting the company's financial obligations[319] - The company has experienced certain events of default under the December 2023 Convertible Note, resulting in additional default interest of $165,233 for the three months ended June 30, 2024[318] - Customer deposits amounted to $8,130,324 as of December 31, 2024, indicating reliance on customer funding for working capital[368] - Deferred revenue for completed vehicles not yet titled was $3,672,501 as of December 31, 2024, highlighting potential future revenue recognition[368] - The company has substantial doubt about its ability to continue as a going concern for the next twelve months due to liquidity concerns[377] - The company experienced cash flow challenges, with a net decrease in cash and cash equivalents of $6,657,361 for the year ended December 31, 2024[378] Strategic Initiatives - The Company plans to open new marketing channels in 2025, including outreach events and collaborations with market influencers[329] - The Company closed transactions related to the A&R Asset Purchase Agreement on April 24, 2024, and earned an additional $300,000 by June 24, 2024[321] - The Company entered into an Asset Purchase Agreement to acquire assets related to vehicle builds for up to $1.25 million, including a trademark, with a base price of $950,000[320] - The Company entered into a marketing services agreement with OTBC, agreeing to issue 100,000 shares of common stock valued at $100,000 for services rendered[436] - ECD announced a Strategic Partnership Agreement with One Drivers Club to launch its first retail showroom in West Palm Beach, Florida, with a base rent of $225,000 per annum, subject to 4% annual increases[459] Compliance and Governance - The Company is currently working to regain compliance with Nasdaq Listing Rules after receiving notices regarding market value and filing delinquency[420][425] - The Company has a compliance period until August 4, 2025, to regain a minimum bid price of $1 per share[426] - ECD's 2024 Annual Meeting had 36,199,662 shares entitled to vote, with 21,334,357 shares (58.94%) represented[464] - The stockholders approved an amendment to increase the number of shares reserved under the 2023 Equity Incentive Plan from 400,000 to 2,500,000 shares[464] - ECD appointed Barton CPA PLLC as the independent registered public accounting firm for the year ending December 31, 2024[464] Management Changes - ECD appointed Benjamin Piggott as Chief Financial Officer on September 16, 2024, following the resignation of Raymond Cole[455] - Keven Kastner was appointed as Chief Revenue Officer on November 11, 2024, to drive sales and manage revenue streams[457]

Core Insights - ECD Automotive Design has opened a seasonal pop-up location in Nantucket, coinciding with the Daffodil Festival Weekend, and will host events through December 2025 [1][9] - The company showcases two distinct vehicles, Project Essex and Project Race, highlighting its craftsmanship and performance [2][3][4] Vehicle Highlights - Project Essex is a Bahama Gold Defender 110 soft top featuring a 6.2L GM LT1 V8 engine and 8-speed automatic transmission, designed for a blend of rugged capability and coastal sophistication [3] - Project Race is a vintage-inspired Land Rover Series III 109, powered by a 6.2L GM LS3 V8 and 5-speed manual transmission, representing classic British style with modern performance [4] Customer Engagement - The pop-up at 10 Easy Street serves as a creative hub for potential clients to explore ECD's luxury design process and engage with the brand [5][6] - A dedicated brand ambassador is available for consultations and to guide clients through the custom vehicle build experience [6] Community Collaboration - ECD plans to collaborate with local Nantucket brands for unique lifestyle experiences, culminating in a Nantucket Special Edition vehicle [7] - The details of the special edition vehicle are currently undisclosed, inviting local brands to contribute ideas [8] Company Overview - ECD Automotive Design specializes in restoring luxury vehicles, combining classic design with modern performance, and operates from a 100,000-square-foot facility in Kissimmee, Florida [11] - Each vehicle is bespoke, taking over 2,200 hours to build, and is crafted by master-certified technicians [11]

Financial Performance - Revenue for the nine months ended September 30, 2024, was $19.9 million, a 35.5% increase from $14.7 million in the same period of 2023[189]. - The company reported a net loss of $7.5 million for the nine months ended September 30, 2024, compared to a net income of $0.5 million for the same period in 2023[189]. - Net revenue for the three months ended September 30, 2024, was $6,440,049, representing a 30.0% increase from $4,954,277 in the same period of 2023[234]. - For the nine months ended September 30, 2024, net revenue was $19,884,213, a 35.3% increase from $14,698,260 in the same period of 2023[248]. - The net loss for the nine months ended September 30, 2024, was $(7,458,875), a significant increase of 1,461.4% from $(477,698) in 2023[248]. - Vehicle builds accounted for 98.8% of total revenue in Q3 2024, with a revenue increase of $1,436,744 (29.2%) compared to Q3 2023[236]. - Vehicle builds accounted for 98.6% of total revenue for the nine months ended September 30, 2024, with an increase of $5,036,479, or 34.6%, driven primarily by higher average selling prices per vehicle[249]. Expenses and Losses - Operating expenses rose to $2,642,467, an increase of 111.3% from $1,250,797 in the prior year, driven by significant increases in sales and marketing expenses (158.0%) and general and administrative expenses (107.6%)[240][241]. - Total operating expenses increased by $3,846,996, or 98.2%, to $7,764,900 for the nine months ended September 30, 2024, primarily due to higher advertising and general administrative expenses[252]. - Interest expense surged to $(1,401,829) for the three months ended September 30, 2024, a dramatic increase of 30,893.3% from $(4,523) in 2023[243]. - Interest expense increased significantly by $3,840,130, or 84,902.3%, primarily due to accrued interest on convertible notes[256]. - The company reported a loss from operations of $(634,927) for the three months ended September 30, 2024, compared to a loss of $(287,848) in the same period of 2023, reflecting a 120.6% increase in losses[234]. Mergers and Acquisitions - ECD Automotive Design, Inc. completed a merger with EF Hutton Acquisition Corporation I on December 12, 2023, resulting in a name change and new capital structure[193][195]. - The total consideration for the merger included 26.5 million shares of common stock, 25,000 shares of preferred stock, and a cash payment of $2 million[197]. - The company entered into an Amended and Restated Asset Purchase Agreement to acquire assets related to vehicle builds for up to $1.25 million, including a trademark, with a base price of $950,000 and an additional $300,000 for new vehicle builds[203]. - The company issued 1,250,000 shares of common stock on August 11, 2024, following the completion of the asset purchase agreement[204]. Cash Flow and Capital Needs - The company reported a net cash decrease of $4,542,083 for the nine months ended September 30, 2024, compared to an increase of $1,667,658 in the same period of 2023[269]. - Cash used in operating activities was $7,199,988 for the nine months ended September 30, 2024, mainly due to a decrease in deferred revenue and an increase in inventory[270]. - The company anticipates needing to source additional capital over the next twelve months to fund operations before achieving positive cash flow[268]. Operational Developments - The company operates a 100,000-square-foot facility in Kissimmee, FL, with 102 employees, including 72 craftsmen and technicians[192]. - The company increased production by approximately 20% in 2023 and plans to add an additional 10,000 sq. ft. of space in the second half of 2024 to accommodate vehicle storage[210]. - The company introduced the Jaguar E-type in 2022, which has a higher price point and gross margin compared to traditional models, and plans to leverage the assets from the recent acquisition to produce Mustangs in 2024 and 2025[211]. - The company has opened new marketing channels in 2024, including outreach events and expanding into international markets such as Europe and Canada[212]. - The company plans to relocate quality control and warranty services to a new facility in 2024, enhancing operational efficiency[211]. Financial Instruments and Obligations - The company issued a senior secured convertible note for $15,819,209 in December 2023, with an interest rate of Prime + 5%[196]. - Default interest of $165,233 was calculated for the three months ended June 30, 2024, due to events of default under the December 2023 Convertible Note[200]. - The company recognized a gain on forgiveness of payable of $319,899 in the consolidated statements of operations following the waiver of pre-existing events of default[200]. - The company recorded amortization expenses of $537,054 for the nine months ended September 30, 2024, related to debt discounts and issuance costs[201]. - As of September 30, 2024, accrued interest on the December 2023 Convertible Note and the August 2024 Convertible Notes was $773,417[201]. General and Administrative Expenses - The company expects general and administrative expenses to increase as it continues to grow and comply with public company regulations[227]. - The company expects general and administrative expenses to increase in absolute dollars year-over-year but decline as a percentage of total revenue as the business grows[241]. Other Financial Information - The company has experienced varying levels of inflation, impacting product and labor costs, but inflation did not materially affect operations for the three and nine months ended September 30, 2024, or 2023[277]. - Net currency exchange gains (losses) were not material for the three and nine months ended September 30, 2024, and 2023[278]. - The company does not typically experience seasonality in its operations[279]. - The company has no uncertain tax positions requiring adjustment to the consolidated financial statements, with a reserve of zero as of September 30, 2024, and 2023[295]. - The company recognizes revenue when the product build is completed and title has been transferred, with approximately 50% of the total contract consideration billed upon contract acceptance[285][286]. - Warranty obligations are estimated at the time revenue is recognized, with potential revisions based on actual costs differing from estimates[290]. - The company evaluates the realizability of deferred tax assets quarterly, with a valuation allowance recorded against all deferred tax assets as of September 30, 2024[298]. - The estimated fair value of cash, accounts receivable, and accounts payable approximates their carrying amounts due to short maturities[299]. - The company assesses warrants for liability or equity classification based on specific accounting standards, impacting how changes in fair value are recorded[300].

Core Insights - ECD Automotive Design, Inc. reported a year-to-date revenue growth of 35%, reaching a record $19.9 million, with gross profit increasing by 69% to $5.6 million for the nine months ended September 30, 2024 [5][13][14]. Financial Performance - For the third quarter of 2024, revenue increased by 30% to $6.4 million compared to $5.0 million in the same quarter of 2023, driven by increased volume, higher average selling prices, and increased used vehicle sales [7][9]. - Gross profit for the third quarter of 2024 was $2.0 million, representing 31.1% of revenue, compared to $1.0 million or 19.4% of revenue in the same quarter of 2023 [9]. - The net loss for the third quarter of 2024 was ($2.6) million, compared to a net loss of ($0.2) million in the same quarter of 2023 [11]. - For the nine months ended September 30, 2024, the net loss was ($7.5) million, compared to a net loss of ($0.5) million for the same period in 2023 [16]. Operational Insights - Operating expenses for the nine months ended September 30, 2024, were $7.8 million, up from $3.9 million in the same period of 2023, primarily due to higher general and administrative expenses related to being a public company and costs associated with financial restatements [15]. - The company expects to achieve cash flow break-even at approximately 120 vehicle builds per year [6]. Strategic Initiatives - The CEO emphasized the company's commitment to scaling operations and exploring growth opportunities within the classic car ecosystem, highlighting the launch of a 'store within a store' concept and partnerships aimed at increasing sales [5][8].

Core Insights - ECD Auto Design has launched the County Collection, a limited-edition series of bespoke Land Rover Defenders inspired by the cultural heritage and landscapes of the United Kingdom [1][2] - The County Collection combines classic design with modern luxury and performance, offering vehicles available for immediate purchase, unlike fully custom builds [2][3] Product Details - Each vehicle in the County Collection is named after a UK county or region, featuring unique color palettes that reflect the history and natural beauty of these areas [1][3] - Initial models include Bedfordshire (Black), Cumbria (Green), Dorset (White), and Essex (Gold), each representing distinct characteristics of their respective regions [3][10] Ownership Experience - Purchasing a County Collection Defender includes a comprehensive ownership experience, emphasizing storytelling, craftsmanship, and exclusivity [5][11] - Owners receive personalized introductions, a curated ECD Journey Book detailing the vehicle's design inspiration, and industry-leading warranty and service [11] Company Background - ECD Auto Design specializes in restoring luxury vehicles, particularly Land Rover Defenders, and operates from a 100,000-square-foot facility in Kissimmee, Florida, employing 105 skilled craftsmen [8][9] - The company was founded in 2013 by three British automotive enthusiasts and maintains a logistics center in the UK for sourcing classic vehicles [9]

Core Concept - ECD Auto Design introduces Project Blanca, a unique Defender 110 that combines luxury, performance, and off-road capability, showcasing the company's commitment to bespoke automotive craftsmanship [1][5][6]. Design and Aesthetics - Project Blanca features a Chawton White exterior with Zermatt Silver accents, a laser-cut vertical grille, and French oak wood inserts, emphasizing its sophisticated design [1][3]. - The interior is designed for comfort and luxury, with relicate tan leather seats, chevron-patterned French oak wood flooring, and advanced technology such as a Sony Halo touchscreen and premium Infinity Kappa speakers [2][11]. Performance and Engineering - The vehicle is powered by a GM LT1 V8 engine producing 455 horsepower, paired with a 10-speed automatic transmission, ensuring smooth performance [3][10]. - Equipped with high-performance Alcon brakes, ECD's signature Air Ride suspension, and a dual stainless-steel sport exhaust, Project Blanca is engineered for both power and control [3][10]. Adventure-Ready Features - Project Blanca is built for exploration with all-terrain tires, a custom spare tire carrier, and a Raptor-coated chassis for durability [4][10]. - The vehicle's design includes features that enhance its rugged versatility while maintaining an elegant aesthetic [4][5]. Company Overview - ECD Auto Design specializes in creating bespoke luxury vehicles, restoring classic models and offering a unique design experience for clients [15]. - Founded in 2013, the company operates from a 100,000-square-foot facility in Kissimmee, Florida, employing skilled craftsmen dedicated to high-quality automotive restoration [15].

Core Insights - ECD Auto Design has unveiled Project Blanca, a unique Defender 110 that combines elegance, innovation, and off-road capability [1][5][6] Design and Aesthetics - The exterior features a Chawton White finish with Zermatt Silver accents, a laser-cut vertical grille, and French oak wood inserts, enhancing its sophisticated look [1][4] - The interior is designed for luxury, featuring Relicate tan leather seats, chevron-patterned French oak wood flooring, and advanced technology like a Sony Halo touchscreen [2][12] Performance and Engineering - Project Blanca is powered by a GM LT1 V8 engine producing 455 horsepower, paired with a 10-speed automatic transmission for optimal performance [3][11] - The vehicle includes high-performance Alcon brakes, ECD's signature Air Ride suspension, and a dual stainless-steel sport exhaust, ensuring both power and control [3][11] Adventure-Ready Features - The vehicle is equipped with all-terrain tires, a custom spare tire carrier, and a Raptor-coated chassis for durability in challenging conditions [4][11] - Custom smoked turn signals and white-wall styling on tires reinforce its rugged versatility [4] Company Overview - ECD Auto Design specializes in creating bespoke luxury vehicles, restoring classic models with modern performance features [13] - Founded in 2013, the company operates from a 100,000-square-foot facility in Kissimmee, Florida, employing 105 skilled craftsmen [13]

Core Insights - ECD Auto Design is expanding its Exclusive Inventory program to meet rising demand for high-spec luxury vehicles with immediate availability [1][3] - The company plans to offer an annual collection of approximately 20 unique custom vehicles, showcasing high performance and quality [2] Company Overview - ECD Auto Design specializes in custom luxury vehicle restoration, particularly Land Rover models, combining classic aesthetics with modern performance [11] - Founded in 2013, the company operates from a 100,000-square-foot facility in Kissimmee, Florida, employing 105 skilled craftsmen [11] Product Offerings - The Exclusive Inventory includes meticulously crafted Land Rover SUVs, featuring high-performance powertrains such as the LT1 V8 engine generating 455 HP and the LT4 engine producing 650 HP [4][5] - The first models in the expanded inventory are the ECD Custom Defender 110 builds, equipped with advanced features like Alcon brakes and ECD Air Ride suspension [5][6] Design and Customization - ECD emphasizes tailored craftsmanship, with each vehicle designed to meet specific client specifications, ensuring a blend of heritage, performance, and innovation [10] - Two distinct designs are highlighted: Project 001 with a classic Keswick Green exterior and Project 002 with a modern black aesthetic, both featuring luxurious interiors and advanced technology [7][8][9] Market Position - ECD's strategic expansion aligns with its upcoming retail presence, allowing clients to explore and purchase bespoke vehicles directly [3] - The company is committed to providing the strongest warranty in the industry, enhancing customer confidence in their high-performance offerings [2]