ECD Auto Design Reports Third Quarter 2024 Financial Results; Revenues Increase 30% to $6.4 Million

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$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$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].