Revenue Performance - Revenue for the full year 2024 increased by 29% to a record $25.2 million, compared to $19.5 million in 2023[5] - Revenue for the year ended December 31, 2024, increased to $25,165,733, up 29% from $19,492,606 in 2023[31] - In Q4 2024, revenues increased by 10% to $5.3 million, compared to $4.8 million in Q4 2023[9] Profitability Metrics - Gross profit for 2024 rose by 30% to $5.9 million, representing 23.4% of revenue, compared to $4.5 million or 23.2% of revenue in 2023[12] - Gross profit rose to $5,887,947, representing a 30% increase from $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 full year 2024 were $10.4 million, up from $6.1 million in 2023, primarily due to increased general and administrative expenses[13] - Operating expenses totaled $10,436,687, a significant increase of 73% compared to $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% from $641,831 in 2023[31] Assets and Liabilities - Cash and equivalents as of December 31, 2024, were $1.5 million, down from $8.1 million at the end of 2023[16] - Total current assets decreased to $12,943,542 in 2024 from $17,775,983 in 2023, a decline of 27%[34] - Total liabilities increased to $37,173,174 in 2024, up from $34,144,401 in 2023, indicating a rise of 6%[34] - Accounts payable increased to $2,494,664 in 2024, compared to $898,445 in 2023, reflecting a rise of 177%[34] Company Strategy and Operations - The company completed approximately 12 vehicles in 2024, with revenue recognition deferred to the first half of 2025[9] - ECD plans to expand its retail presence with new locations, enhancing customer engagement and driving sales[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] Q4 Performance - Q4 2024 gross profit was $0.3 million, significantly impacted by a non-cash $1.1 million write-down[19]
ECD Automotive Design(ECDA) - 2025 Q1 - Quarterly Results