Humble Imports, Inc., the Wholly Owned Subsidiary of ECD Automotive Design, Reports 68% Increase in Revenue, Positive Net Income, for Third Quarter of 2023
December 19 2023 - 7:00AM
ECD Automotive Design Inc. (“ECD” or the “Company”)
(NASDAQ: ECDA), the industry leader in delivering
restored, modified and electrified Land Rover Defenders, Jaguars,
and other classic and collectible automobiles, today announced
record financial results of its wholly owned subsidiary Humble
Imports, Inc. d/b/a ECD Auto Design (“Humble”) for the quarter
ended September 30, 2023 (“Q3 2023”). The financial results of
Humble reported in this press release do not reflect the combined
operations of the Company or the deal-related expenses incurred in
connection with the business combination with EF Hutton Acquisition
Corporation I (“EFHT”). On December 18, 2023, the Company filed a
Current Report on Form 8-K related to the business combination
transaction, that includes pro forma financial information for the
Company as of September 30, 2023, which discloses non-recurring
expenses associated with the business combination transaction.
Financial and Operational Highlights for
Humble:
- Total revenue increased 68% to $6.2
million in Q3 2023 and 41% to $15.7 million for the nine months
ended September 30, 2023.
- ECD delivered 19 vehicles in Q3
2023, compared to 15 vehicle builds in the third quarter of 2022
(“Q3 2022”), an increase of 27% compared to Q3 2022; Year-to-date
ECD has completed 46 vehicle builds compared to 40 vehicle builds
in 2022.
- Average selling price (“ASP”) per
vehicle was $325,215 in Q3 2023, an increase of 33% compared to Q3
2022. This up-tick was driven by the continued trend towards
increased customization, as well as the positive contribution from
the introduction of the Jaguar E-Type
- Gross margin was 35.4% in Q3 2023
(vs. 25.7% in Q3 2022) and 34.8% YTD (vs. 23.5% for the first nine
months of 2022), reflecting improved operational efficiency and
higher price per vehicle.
- Net income was $668,000 in Q3 2023
compared to a net loss of $86,000 in Q3 2022; Year-to-date net
income was $1.1 million compared to a net loss of $78,000 in
2022.
“We enter the public markets with strong
fundamentals and ambitious plans to grow our business as the scaled
leader in restomods,” commented Scott Wallace, ECD’s co-founder and
Chief Executive Officer. “The 68% third quarter revenue increase,
driven by a 27% increase in builds and a 33% increase in ASPs, and
nearly 1,000 basis point expansion in gross margins to 35.4%,
speaks to the durable and growing demand for our ‘one-of-one’
vehicles. We are benefitting from higher levels of customization
and a favorable mix shift as the recently introduced Jaguar E-Type
restomods become a larger portion of ECD’s portfolio, which puts us
at best-in-class levels for luxury auto and positions us for
sustained profitability.
Wallace added, “We have exceptional visibility
heading into 2024, with an order book that nearly covers our
current capacity for all of next year, and this demand continues to
build. As the restomod industry’s first publicly traded company,
with a scalable and proven platform, as well as attractive unit
economics, we believe we are well-positioned to expand within the
classic automotive ecosystem.”
Business CombinationOn December
12, 2023, ECD and EFHT, a special purpose acquisition company,
completed their business combination and EFHT changed its name to
ECD Automotive Design Inc. The common stock and warrants of ECD
Automotive Design Inc. began trading on Nasdaq under the new ticker
symbols “ECDA” and “ECDAW,” respectively, on December 13, 2023.
Please see the press release dated December 12, 2023 on ECD’s
Investor Relations website for more details related to the business
combination at https://ecdautodesign.com/ecd-investors/.
About ECD Auto DesignECD is a
creator of restored luxury vehicles that combines classic English
beauty with modern performance. Currently, ECD restores Land Rovers
Defenders, Land Rover Series IIA, the Range Rover Classic and the
Jaguar E-Type. Each vehicle produced by ECD is 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 80 talented craftsmen and technicians, who hold a
combined 61 ASE and five 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.
Forward-Looking StatementsThis
press release includes “forward-looking statements” within the
meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "future," "outlook," and
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements include, but are
not limited to, statements regarding estimates and forecasts of
other performance metrics and projections of market opportunity.
These statements are based on various assumptions, whether or not
identified in this communication and on the current expectations of
ECD’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative
purposes only and are not intended to serve as, and must not be
relied on by any investor as, a guarantee, an assurance, a
prediction or a definitive statement of fact or probability. Actual
events and circumstances are difficult or impossible to predict and
will differ from assumptions. Many actual events and circumstances
are beyond the control of ECD. Some important factors that could
cause actual results to differ materially from those in any
forward-looking statements could include changes in domestic and
foreign business, market, financial, political and legal
conditions.
If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that ECD do not presently know, or that ECD
currently believe are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect ECD’s
current expectations, plans and forecasts of future events and
views as of the date hereof. Nothing in this communication should
be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements in this communication, which speak only
as of the date they are made and are qualified in their entirety by
reference to the cautionary statements herein and the risk factors
of ECD described in the definitive proxy statement and prospectus
which was filed by ECD with the SEC on November 13, 2023, including
those under “Risk Factors” therein, and other documents that ECD
may file or furnish with the SEC, which you are encouraged to read.
ECD anticipates that subsequent events and developments will cause
its assessments to change. However, while ECD may elect to update
these forward-looking statements at some point in the future, ECD
specifically disclaims any obligation to do so, except as required
by law. These forward-looking statements should not be relied upon
as representing ECD’s assessments as of any date subsequent to the
date of this communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
Contacts:
ECD Automotive DesignScott Wallace, Chairman and CEO Email:
investorrelations@ecdautodesign.com
FNK IRRob Fink or Matt Chesler, CFAEmail: ecda@fnkir.comTel:
646-809-4048 / 646-809-2183
ECD Automotive Design (NASDAQ:ECDA)
Historical Stock Chart
From May 2024 to Jun 2024
ECD Automotive Design (NASDAQ:ECDA)
Historical Stock Chart
From Jun 2023 to Jun 2024