ECD Automotive Design Reports First Quarter 2025 Financial Results
KISSIMMEE, Fla., May 21, 2025 — ECD Automotive Design, Inc. (Nasdaq: ECDA), the world’s largest Land Rover and Jaguar restoration company, today announced its financial results for the first quarter ended March 31, 2025.
First Quarter 2025 Highlights
- Revenues were $6.4 million in revenues, down from $7.0 million in Q1 2024, with gross profit increasing to $1.8 million from $1.5 million year-over-year. The company achieved a gross margin of 27.5%, expanding 570 basis points from the previous year, driven by higher average selling prices.
The company reported a net loss of ($2.7) million, or ($0.08) per diluted share, compared to a net loss of ($2.9) million, or ($0.09) per diluted share in Q1 2024. Adjusted EBITDA loss was ($0.9) million, compared to a loss of ($0.4) million in the same period last year.
CEO Scott Wallace commented, “The first quarter of 2025 represents our first full year-over-year comparison represents our first full period as a public company, and we’ve learned valuable lessons. We achieved industry-leading unit economics while building custom luxury vehicles, with an average selling price of $320,000 for 20 vehicles.”
Key Developments
- Received order to produce a second Jaguar E-Type GTO at $620,000, the highest contract value to date
- Opened first retail “Store within a Store” at One Driver’s Club in West Palm Beach, Florida
- Expanded customer payment options via Bitpay
- Completed a partial debt-to-preferred equity swap to improve liquidity profile
Financial Performance
Revenues were $6.4 million in Q1 2025, down from $7.0 million in Q1 2024. Gross profit increased to $1.8 million from $1.5 million, with a gross margin of 27.5%, up 570 basis points year-over-year. Operating expenses rose to $3.7 million from $2.5 million, primarily due to higher general and administrative expenses related to being a public company and financial restatement costs.
Management Commentary
Wallace emphasized the company’s unique position in the market, stating, “As the only domestic producer of one-of-one classic luxury restomods within a manufacturing line, we believe we have a distinct advantage versus many of our peers.” He also noted challenges with the company’s current balance sheet and efforts to improve liquidity through various channels.
Outlook
Despite challenges, ECD remains optimistic about its prospects, citing strong customer demand and opportunities to enhance profitability through customization and operational efficiencies. The company continues to work on improving its liquidity profile and right-sizing its balance sheet.
