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U.S. Auto Manufacturer ECD Auto Design Reports Fourth Quarter and Full Year 2024 Financial Results; Revenues Increase 29% to $25 Million
ECDAECD Automotive Design(ECDA) Newsfilter·2025-04-15 21:41

Core Insights - ECD Automotive Design, Inc. reported exceptional growth in 2024, with revenues increasing by 29% to a record 25.2million,drivenbyhighersalesvolumeandaveragesellingprices[5][10][7]−Thecompanyexperiencedagrossprofitincreaseof3025.2 million, driven by higher sales volume and average selling prices [5][10][7] - The company experienced a gross profit increase of 30% to 5.9 million, reflecting improvements in customer customization and operational efficiency [5][11] - Despite revenue and gross profit growth, ECD reported a net loss of 10.8millionfor2024,primarilyduetoincreasedoperatingexpensesrelatedtofinancialrestatementsandnon−cashitems[5][13]FullYear2024Highlights−RevenuefortheyearendedDecember31,2024,was10.8 million for 2024, primarily due to increased operating expenses related to financial restatements and non-cash items [5][13] Full Year 2024 Highlights - Revenue for the year ended December 31, 2024, was 25.2 million, up from 19.5millionin2023,attributedtoincreasedvolumeandhigheraveragesellingprices[10]−Grossprofitroseto19.5 million in 2023, attributed to increased volume and higher average selling prices [10] - Gross profit rose to 5.9 million, representing 23.4% of revenue, compared to 4.5millionor23.24.5 million or 23.2% of revenue in 2023 [11] - Operating expenses increased to 10.4 million from 6.1millionin2023,mainlyduetohighergeneralandadministrativecostsandone−timelegalfees[12]−Thenetlossfor2024was6.1 million in 2023, mainly due to higher general and administrative costs and one-time legal fees [12] - The net loss for 2024 was 10.8 million, or (0.32)perdilutedshare,comparedtoanetlossof(0.32) per diluted share, compared to a net loss of 1.2 million, or (0.05)perdilutedsharein2023[13]FourthQuarter2024Highlights−Fourthquarterrevenuesincreasedby10(0.05) per diluted share in 2023 [13] Fourth Quarter 2024 Highlights - Fourth quarter revenues increased by 10% to 5.3 million compared to 4.8millioninthesamequarterof2023,drivenbyhighersalesvolumeandaveragesellingprices[15]−Grossprofitforthefourthquarterwas4.8 million in the same quarter of 2023, driven by higher sales volume and average selling prices [15] - Gross profit for the fourth quarter was 0.3 million, down from 1.2millioninthesamequarterof2023,impactedbyanon−cashwrite−downof1.2 million in the same quarter of 2023, impacted by a non-cash write-down of 1.1 million [16] - The net loss for the fourth quarter was 3.3million,or3.3 million, or (0.11) per diluted share, compared to a net loss of 0.7million,or0.7 million, or (0.03) per diluted share in the same quarter of 2023 [18] Management Commentary - The CEO highlighted that 2024 was marked by exceptional growth and execution, with a focus on enhancing the customer journey and customization capabilities [5] - Strategic investments in operational infrastructure have significantly contributed to the company's growth, allowing for increased production capacity [6] - ECD plans to expand its retail presence to enhance customer engagement and drive sales, with new locations already contributing to order backlogs [9]