EF Hutton Acquisition I(EFHT) - 2025 Q1 - Quarterly Results

Revenue Performance - Revenue for the year ended December 31, 2024, increased 29% to a record $25.2 million, compared to$19.5 million in 2023[11] - Revenue for the year ended December 31, 2024, increased to $25,165,733, up 29$19,492,606 in 2023[31] - Fourth quarter 2024 revenues increased 10% to $5.3 million, compared to$4.8 million in the same quarter of 2023[18] Profitability - Gross profit for 2024 was $5.9 million, representing 23.4$4.5 million or 23.2% of revenue in 2023[12] - Gross profit rose to $5,887,947, representing a 30$4,522,923 in the previous year[31] - 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[14] - Net loss for 2024 was $(10,771,451), compared to a net loss of$(1,178,906) in 2023, reflecting a substantial decline in profitability[31] - Adjusted EBITDA for 2024 was a loss of ($3.6) million, compared to an Adjusted EBITDA gain of$1.8 million in 2023[15] - Adjusted EBITDA for 2024 was $(3,558,474), a decrease from an adjusted EBITDA of$1,812,290 in 2023[36] Operating Expenses - Operating expenses for the year ended December 31, 2024, were $10.4 million, compared to$6.1 million in 2023, primarily due to higher general and administrative expenses[13] - Operating expenses totaled $10,436,687, a significant increase of 73$6,058,757 in 2023[31] - The company reported a significant increase in advertising and marketing expenses, which rose to $1,171,696, up 83$641,831 in 2023[31] Cash and Assets - Cash and equivalents on December 31, 2024, were $1.5 million, down from$8.1 million on December 31, 2023[16] - Cash and cash equivalents decreased to $1,476,850 in 2024 from$8,134,211 in 2023, a decline of 82%[34] - Total current assets decreased to $12,943,542 in 2024 from$17,775,983 in 2023, a decline of 27%[34] Liabilities - Total liabilities increased to $37,173,174 in 2024, up from$34,144,401 in 2023, indicating a rise of 6%[34] Business Operations - The company completed approximately 12 vehicles in 2024, with revenue recognition for these vehicles expected in the first half of 2025[9] - ECD plans to expand its retail presence with new locations, including a 'store within a store' in West Palm Beach, enhancing customer engagement and customization opportunities[10] Shareholder Information - The weighted average number of common shares outstanding increased to 33,505,605 in 2024 from 24,875,667 in 2023, an increase of 35%[31] Quarterly Performance - Gross profit in the fourth quarter of 2024 was $0.3 million, down from$1.2 million in the same year-ago quarter, impacted by a non-cash $1.1 million write-down[19]