KISSIMMEE, Fla., Aug. 20, 2025 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. (NASDAQ: ECDA), the ("ECD" or the "Company"), the world's largest Land Rover and Jaguar restoration company known for its custom luxury builds, including bespoke Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs and Toyota FJs, announced today its financial results for the second quarter ended June 30, 2025.
Financial results and comparisons are based on re-stated numbers for 2023 and the first half of 2024.
Second Quarter Highlights
- Revenues were a record $7.0 million in the second quarter of 2025, compared to $6.5 million in the same year-ago quarter; driven by an increase in build revenue.
- Gross profit was $1.4 million in the second quarter of 2025, compared to $2.1 million in the same year-ago quarter; primarily reflecting the impact of an evolving tariff environment.
- Net loss was $4.3 million in the second quarter of 2025, compared to a net loss of $2.0 million in same year-ago quarter, the incremental loss was primarily driven by reduction in margin and increase in G&A and interest expense.
- Delivered the first Mustang build in partnership with Roush Performance; ECD's Mustang program will offer made-to-order builds across 1965-1970 model years.
- Signed $500 million facility intended for the strategic accumulation of Bitcoin to serve as the Company's primary reserve asset and for the funding of growth and corporate purposes.
- Successful seasonal pop-up retail locations in Nantucket, MA and West Palm Beach, FL provided immersive luxury experiences and foundation for stand-alone retail expansion.
Recent Business Highlights
- Victoria Hay appointed as Chief Financial Officer effective August 15, 2025.
- Mrs. Hay brings growth-stage public company experience as CFO and senior finance leader.
- Mrs. Hay and her firm Flexible Consulting, were engaged by ECD as advisors in March 2025 and have since played a key role in enhancing the Company's accounting and internal controls.
- Ben Piggot will remain with ECD in a new role, Director of Corporate Development, and will lead strategic initiatives including mergers and acquisitions, investor engagement, and the Company's evolving capital markets and Bitcoin treasury strategy.
Management Commentary
Speaking on the results for the quarter, Scott Wallace, CEO & Co-Founder of ECD, stated, "As the only U.S. based producer of one-of-one classic luxury restomods within a scaled manufacturing line, ECD remains uniquely positioned in the current market environment. Our second quarter performance demonstrated this advantage, delivering record revenue of $7.0 million on the strength of bespoke demand and our manufacturing efficiencies. While gross profit of $1.4 million declined year-over-year due to tariff impacts, we remain confident in the long-term strength of our business model.
"During the quarter, we delivered the first Mustang build under our new program with Roush Performance, which expands our product portfolio beyond Land Rover and Jaguar restorations into a new high-growth category of American muscle. We have seen strong early demand and industry recognition, with our Mustang winning Best of Class at the Route 66 Road Fest in Tulsa. With our West Palm Beach and Nantucket pop-up shops now live, we're seeing meaningful contributions to our order backlog and ready-now sales. These locations serve as high-touch engagement hubs for the ECD brand, deepening customer connections and accelerating the conversion of inventory into cash. The success of these seasonal locations serves as a proof-of-concept for future standalone brick-and-mortar retail, reinforcing our ability to bring the ECD experience directly to high-net-worth communities.
"In addition, we advanced initiatives to strengthen our financial foundation. We recently announced a series of cost structure and inventory optimization measures designed to enhance efficiency and improve working capital, while also securing a $500 million equity facility to support both our Bitcoin treasury strategy and broader growth objectives. Effective last week, Victoria Hay has joined as CFO, bringing public company experience and a proven track record at growth-stage businesses including Nasdaq-listed Nauticus Robotics. Her expertise coupled with disciplined operational execution and a focus on high-margin customization, keep us on track to fill our factory and deliver sustainable growth."
Second Quarter 2025 Financial Results
Revenue: ECD reported second quarter revenue of $7.0 million compared to $6.5 million for the prior year.
Gross Profit: ECD reported second quarter profit of $1.4 million compared to $2.1 million for the prior year.
Operating expenses: Total expenses during the second quarter were $4.0 million, a $1.4 million increase from the prior-year period.
Operating loss: Operating loss reported during the second quarter was $2.6 million, a $2.1 million increase from the prior-year period.
Net loss: Net loss reported during the second quarter was $4.3 million, a $2.3 million increase from the prior-year period.
Non-GAAP Adjusted EBITDA: Adjusted EBITDA, reported during the second quarter was negative $1.5 million, a $1.5 million decrease from the prior-year period.
Earnings Call and Webcast
Management will host the conference call.
Date: Thursday, August 21, 2025
Time: 8:30 AM Eastern Time (5:30 PM Pacific Time)
U.S. dial-in number: 877-407-4018
International number: 201-689-8471
Webcast: 2Q 2025 Webcast Link
The Company will also provide a link at https://ecdautodesign.com/ecd-investors/. Please call the conference telephone number 5-10 minutes prior to the start time.
A telephonic replay of the conference call will also be available through September 4, 2025.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay passcode: 13755516
About ECD Auto Design
ECD, a public company trading under ECDA on the Nasdaq, is a creator of restored luxury vehicles that combines classic English beauty with modern performance. Currently, ECD restores Land Rover Defenders, Land Rover Series IIA, the Range Rover Classic, the Jaguar E-Type and we have recently added Ford Mustang and Toyota FJ. Historically, each vehicle produced by ECD was fully bespoke, a one-off that is designed by the client through an immersive luxury design experience and hand-built from the ground up in 2,200 hours by master-certified Automotive Service Excellence ("ASE") craftsmen. The Company was founded in 2013 by three British "gear heads' whose passion for classic vehicles is the driving force behind exceptionally high standards for quality, custom luxury vehicles. ECD's global headquarters, known as the "Rover Dome," is a 100,000-square-foot facility located in Kissimmee, Florida that is home to 102 staff with 67 talented craftsmen and technicians, who hold a combined 66 ASE and three master level certifications. ECD has an affiliated logistics center in the U.K. where its seven employees work to source and transport 25-year-old work vehicles back to the U.S. for restoration. For more information, visit www.ecdautodesign.com.
About Non-GAAP Financial Measures
The Company believes that EBITDA (earnings before interest, taxes, depreciation and amortization) is useful to investors because it is commonly used to evaluate companies on the basis of operating performance and leverage.
EBITDA is not intended to represent cash flows for the periods presented, nor have they been presented as an alternative to operating income or as an indicator of operating performance and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). In accordance with SEC Regulation G, the non-GAAP measurements in this press release have been reconciled to the nearest GAAP measurement, which can be viewed under the heading "Reconciliation of Net Income (loss) from Operations to EBITDA" in the financial tables included in this press release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes express or implied statements that are not historical facts and are considered forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Forward-looking statements involve substantial risks and uncertainties. Forward-looking statements generally relate to future events or our future financial or operating performance and may contain projections of our future results of operations or of our financial information or state other forward-looking information. In some cases, you can identify forward-looking statements by the following words: "may," "will," "could," "would," "should," "expect," "intend," "plan," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue," "ongoing," "attempting," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You should carefully consider the risks and uncertainties that affect our business, including those described in our filings with the Securities and Exchange Commission ("SEC"), including under the caption "Risk Factors" in our Annual Report on Form 10-K filed for the year ended December 31, 2024 with the SEC, which can be obtained on the SEC website at www.sec.gov. These forward-looking statements speak only as of the date of this communication. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements, whether as a result of any new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our public announcements and filings with the SEC.
Investor Relations
investorrelations@ecdautodesign.com
| ECD AUTOMOTIVE DESIGN, INC UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| June 30, | December 31, | ||||||
| 2025 | 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 605,305 | $ | 1,476,850 | |||
| Accounts receivable, net | 606,355 | 45,022 | |||||
| Inventories | 7,918,552 | 11,181,806 | |||||
| Prepaid and other current assets | 211,141 | 239,864 | |||||
| Total current assets | 9,341,353 | 12,943,542 | |||||
| Goodwill | 1,291,098 | 1,291,098 | |||||
| Property and equipment, net | 437,257 | 483,878 | |||||
| Intangible asset, net | 7,500 | 12,000 | |||||
| Right-of-use assets | 3,218,074 | 3,404,983 | |||||
| Deposit | 60,200 | 60,200 | |||||
| TOTAL ASSETS | $ | 14,355,482 | $ | 18,195,701 | |||
| LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,966,179 | $ | 2,494,664 | |||
| Accrued expenses | 1,704,981 | 1,686,598 | |||||
| Deferred revenue | 8,969,670 | 11,802,825 | |||||
| Lease liability, current | 354,576 | 353,612 | |||||
| Floor plan payable | 498,320 | 1,212,000 | |||||
| Other payables | 885,326 | 1,364,222 | |||||
| Notes payable | 1,762,699 | - | |||||
| Total current liabilities | 16,141,749 | 18,913,921 | |||||
| Lease liability, non-current | 3,199,502 | 3,373,571 | |||||
| Convertible notes, net of debt discount | 18,142,482 | 14,085,932 | |||||
| Warrant liabilities, at fair value | 589 | 486,559 | |||||
| Conversion option, at fair value | 1,219 | 313,191 | |||||
| Total liabilities | 37,485,542 | 37,173,174 | |||||
| Commitments and contingencies (Note 14) | - | - | |||||
| Series A preferred stock, $0.0001 par value, 20,000,000 authorized shares; 15,000 and 6,500 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 2 | 1 | |||||
| Stockholders' deficit: | |||||||
| Series B preferred stock, $.0001 par value, 4,000 authorized; 0 issued shares and 0 outstanding as of June 30, 2025 and December 31, 2024, respectively | - | - | |||||
| Series C preferred stock, $0.0001 par value, 200,000 authorized shares; 2,550 and 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | - | - | |||||
| Common stock, $0.0001 par value, 1,000,000,000 authorized shares; 47,582,259 shares and 36,499,662 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively | 4,758 | 3,650 | |||||
| Additional paid-in capital | 5,445,078 | 2,576,498 | |||||
| Other comprehensive income | (8,361 | ) | (6,696 | ) | |||
| Accumulated deficit | (28,571,537 | ) | (21,550,926 | ) | |||
| Total Stockholders' Deficit | (23,130,062 | ) | (18,977,474 | ) | |||
| TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT | $ | 14,355,482 | $ | 18,195,701 | |||
| ECD AUTOMOTIVE DESIGN, INC. Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||||||
| 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 | ||||||||||||||||
| Revenue, net | $ | 7,015,892 | $ | 6,454,418 | $ | 13,437,263 | $ | 13,444,164 | |||||||||||
| Cost of goods sold (exclusive of depreciation) expense shown below) | 5,627,448 | 4,399,575 | 10,284,247 | 9,863,688 | |||||||||||||||
| Gross profit | 1,388,444 | 2,054,843 | 3,153,016 | 3,580,476 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Advertising and marketing expenses | 281,503 | 284,572 | 572,382 | 627,981 | |||||||||||||||
| General and administrative expenses | 3,674,493 | 2,269,299 | 7,068,038 | 4,412,849 | |||||||||||||||
| Provision for credit losses | 20,213 | - | 29,508 | - | |||||||||||||||
| Depreciation and amortization expenses | 25,757 | 32,347 | 51,121 | 75,099 | |||||||||||||||
| Total operating expenses | 4,001,965 | 2,586,218 | 7,721,045 | 5,115,929 | |||||||||||||||
| Loss from operations | (2,613,521 | ) | (531,375 | ) | (4,568,029 | ) | (1,535,453 | ) | |||||||||||
| Other income (expense) | |||||||||||||||||||
| Interest expense | (2,105,348 | ) | (1,306,524 | ) | (3,962,327 | ) | (2,442,824 | ) | |||||||||||
| Change in fair value of warrant liabilities | 42,744 | (286,684 | ) | 519,327 | (45,045 | ) | |||||||||||||
| Change in fair value of conversion option liabilities | 88,510 | (176,194 | ) | 360,989 | (236,859 | ) | |||||||||||||
| Gain on conversion of debt to preferred stock | 433,881 | - | 433,881 | - | |||||||||||||||
| Foreign exchange loss | (15,338 | ) | (5,816 | ) | (8,829 | ) | (10,520 | ) | |||||||||||
| Resale commissions income | 16,680 | - | 61,600 | 85,100 | |||||||||||||||
| Other income (expense), net | (117,902 | ) | 267,386 | (257,223 | ) | 225,812 | |||||||||||||
| Total other expense, net | (1,656,773 | )) | (1,507,832 | ) | (2,852,582 | ) | (2,831,336 | ) | |||||||||||
| Loss before income taxes | (4,270,294 | ) | (2,039,207 | ) | (7,420,611 | ) | (4,366,789 | ) | |||||||||||
| Income tax benefit (expense) | - | 9,712 | 400,000 | (522,568 | ) | ||||||||||||||
| Net loss | $ | (4,270,294 | ) | $ | (2,029,495 | ) | $ | (7,420,611 | ) | $ | (4,889,357 | ) | |||||||
| Net loss per common share, basic and diluted | $ | (0.11 | ) | $ | (0.06 | ) | $ | (0.19 | ) | $ | (0.15 | ) | |||||||
| Weighted average number of common shares outstanding, basic and diluted | 37,222,427 | 31,976,585 | 36,309,363 | 31,898,151 | |||||||||||||||
| ECD AUTOMOTIVE DESIGN, INC UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Six Months Ended June 30, | |||||||
| 2025 | 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net (loss) income | $ | (7,020,611 | ) | $ | (4,889,357 | ) | |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities | |||||||
| Depreciation and amortization expense | 51,121 | 75,099 | |||||
| Gain on FV conversion of debt to preferred stock | (433,881 | ) | - | ||||
| Change in fair value of warrant liabilities | (519,327 | ) | 452,045 | ||||
| Change in fair value of conversion option liabilities | (360,989 | ) | 236,860 | ||||
| Noncash lease expense | 186,909 | 176,682 | |||||
| Income tax (benefit) expense | (400,000 | ) | - | ||||
| Amortization of debt discount | 1,123,162 | 868,616 | |||||
| Share-based compensation | 1,948,094 | 256,959 | |||||
| Provision for credit losses | 29,508 | (8,033 | ) | ||||
| Paid in kind interest | 2,007,292 | - | |||||
| Inventory write off | 353,377 | - | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (590,840 | ) | (61,062 | ) | |||
| Inventories | 2,909,877 | 371,298 | |||||
| Prepaid and other current assets | 28,723 | (371,462 | ) | ||||
| Deposit | - | 17,486 | |||||
| Deferred tax asset | - | 515,444 | |||||
| Accounts payable | (528,485 | ) | 203,802 | ||||
| Accrued expenses | 58,220 | 1,056,933 | |||||
| Deferred revenue | (2,833,155 | ) | (3,070,627 | ) | |||
| Other payable | (78,896 | ) | 538,468 | ||||
| Deferred tax liability | - | 7,124 | |||||
| Lease liability | (173,105 | ) | (153,776 | ) | |||
| Net cash used in operating activities | (4,243,007 | ) | (3,777,501 | ) | |||
| Cash flows from investing activities: | |||||||
| Disposal of asset | - | 6,718 | |||||
| Purchase of assets | - | (23,764 | ) | ||||
| Net cash used in investing activities | - | (17,046 | ) | ||||
| Cash flows from financing activities: | |||||||
| Repayment of floor plan payable | (1,271,138 | ) | (356,000 | ) | |||
| Proceeds from floor plan payable | 557,458 | 1,677,000 | |||||
| Proceeds from convertible note | 2,548,060 | - | |||||
| Proceeds from note payable | 3,399,300 | - | |||||
| Debt issuance costs | (346,267 | ) | - | ||||
| Repayment of note payable | (1,514,286 | ) | - | ||||
| Net cash provided by financing activities | 3,373,127 | 1,321,000 | |||||
| Effect of translation changes on cash | (1,665 | ) | - | ||||
| Net (decrease) increase in cash and cash equivalents | (871,545 | ) | (2,473,547 | ) | |||
| Cash and cash equivalents, beginning of year | 1,476,850 | 8,134,211 | |||||
| Cash and cash equivalents, end of year | $ | 605,305 | $ | 5,660,664 | |||
| ECD AUTOMOTIVE DESIGN, INC ADJUSTED EBITDA (Non GAAP) | |||||||||||||||||||
| Six Months Ended | |||||||||||||||||||
| 6/30/2025 | 6/30/2024 | 6/30/2025 | 6/30/2024 | ||||||||||||||||
| Net (loss) income | $ | (4,270,294 | ) | $ | (2,029,495 | ) | $ | (7,020,611 | ) | $ | (4,889,357 | ) | |||||||
| Excluding: | |||||||||||||||||||
| Interest expense | 2,105,348 | 1,306,524 | 3,962,327 | 2,422,824 | |||||||||||||||
| Income tax (benefit) expense | - | (9,712 | ) | (400,000 | ) | 522,568 | |||||||||||||
| Equity compensation expense | 1,064,630 | 117,500 | 1,540,180 | 117,500 | |||||||||||||||
| Non-recurring professional fees | - | 408,936 | - | 408,936 | |||||||||||||||
| Gain on FV conversion of debt to preferred stock | (433,881 | ) | - | (433,881 | ) | - | |||||||||||||
| Other (income) expense, net | 117,902 | (267,386 | ) | 257,223 | (225,812 | ) | |||||||||||||
| Change in FV of warrant liabilities | (42,744 | ) | 286,684 | (519,327 | ) | 452,045 | |||||||||||||
| Change in FV of conversion option liabilities | (88,510 | ) | 176,194 | (360,989 | ) | 236,859 | |||||||||||||
| Foreign exchange loss | 15,338 | 5,816 | 8,829 | 10,520 | |||||||||||||||
| Depreciation | 25,757 | 32,347 | 51,121 | 75,099 | |||||||||||||||
| Adjusted EBITDA | $ | (1,506,454 | ) | $ | 27,408 | $ | (2,915,128 | ) | $ | (848,818 | ) | ||||||||
