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EF Hutton Acquisition I(EFHT) - 2024 Q2 - Quarterly Results
EFHTEF Hutton Acquisition I(EFHT)2024-08-19 22:59

Financial Performance - Revenues increased 129% to a record 8.9millioninQ22024,comparedto8.9 million in Q2 2024, compared to 3.9 million in Q2 2023[2] - Gross profit rose to 2.8million,maintainingagrossmarginof31.82.8 million, maintaining a gross margin of 31.8% in Q2 2024, consistent with the same quarter last year[5] - Net loss for Q2 2024 was (0.9 million), or (0.03)perdilutedshare,comparedtonetincomeof(0.03) per diluted share, compared to net income of 36,000 in Q2 2023[6] - Adjusted EBITDA improved to 0.4millioninQ22024,upfrom0.4 million in Q2 2024, up from 9,000 in the same quarter last year[2] - The company reaffirms full year 2024 revenue guidance of 33.0million,representinganincreaseofapproximately10833.0 million, representing an increase of approximately 108% from 15.1 million in 2023[4] Operating Expenses - Operating expenses increased to 2.7millioninQ22024,primarilyduetohighergeneralandadministrativecosts[5]AssetandLiabilityChanges−Totalassetsdecreasedfrom2.7 million in Q2 2024, primarily due to higher general and administrative costs[5] Asset and Liability Changes - Total assets decreased from 25,292,622 in 2023 to 21,745,192in2024,adeclineofapproximately14.421,745,192 in 2024, a decline of approximately 14.4%[11] - Current assets fell from 19,967,521 in 2023 to 16,290,771in2024,representingadecreaseofabout18.416,290,771 in 2024, representing a decrease of about 18.4%[11] - Total liabilities decreased from 35,311,672 in 2023 to 33,833,656in2024,areductionofapproximately4.233,833,656 in 2024, a reduction of approximately 4.2%[11] - Accounts payable increased from 768,808 in 2023 to 1,104,896in2024,anincreaseofabout43.71,104,896 in 2024, an increase of about 43.7%[11] - Deferred revenue decreased from 17,596,512 in 2023 to 11,467,622in2024,adeclineofapproximately34.911,467,622 in 2024, a decline of approximately 34.9%[11] Cash Position - Cash and equivalents on June 30, 2024, were 5.6 million, down from 8.1milliononDecember31,2023[6]−Cashandcashequivalentsdecreasedfrom8.1 million on December 31, 2023[6] - Cash and cash equivalents decreased from 8,134,211 in 2023 to 5,660,684in2024,adeclineofapproximately30.45,660,684 in 2024, a decline of approximately 30.4%[11] Equity and Deficit - The accumulated deficit increased from (10,022,240) in 2023 to (12,523,613)in2024,reflectingaworseningfinancialposition[11]−Thecompanyreportedanincreaseinequitycompensationexpenseto(12,523,613) in 2024, reflecting a worsening financial position[11] - The company reported an increase in equity compensation expense to 139,459 for the three months ended June 30, 2024, compared to $0 in 2023[12] Product Expansion - The company expanded its product lineup by adding classic Toyota FJs through a licensing agreement with Black Dog Trading[2] - ECD has also acquired assets from 'Brand New Muscle Car', adding classic Mustangs to its offerings[3] Strategic Goals - The company aims to maximize its existing footprint while exploring growth opportunities in the classic car ecosystem[3]