Financial Performance - Revenues increased 129% to a record $8.9 million in Q2 2024, compared to $3.9 million in Q2 2023[2] - Gross profit rose to $2.8 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) per diluted share, compared to net income of $36,000 in Q2 2023[6] - Adjusted EBITDA improved to $0.4 million in Q2 2024, up from $9,000 in the same quarter last year[2] - The company reaffirms full year 2024 revenue guidance of $33.0 million, representing an increase of approximately 108% from $15.1 million in 2023[4] Operating Expenses - Operating expenses increased to $2.7 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 $21,745,192 in 2024, a decline of approximately 14.4%[11] - Current assets fell from $19,967,521 in 2023 to $16,290,771 in 2024, representing a decrease of about 18.4%[11] - Total liabilities decreased from $35,311,672 in 2023 to $33,833,656 in 2024, a reduction of approximately 4.2%[11] - Accounts payable increased from $768,808 in 2023 to $1,104,896 in 2024, an increase of about 43.7%[11] - Deferred revenue decreased from $17,596,512 in 2023 to $11,467,622 in 2024, a decline of approximately 34.9%[11] Cash Position - Cash and equivalents on June 30, 2024, were $5.6 million, down from $8.1 million on December 31, 2023[6] - Cash and cash equivalents decreased from $8,134,211 in 2023 to $5,660,684 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) 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]
EF Hutton Acquisition I(EFHT) - 2024 Q2 - Quarterly Results