ECD Auto Design Expects Organic Revenue Growth of Over 50% in 2024 with Continued GAAP Profitability
11 Janeiro 2024 - 10:00AM
ECD Automotive Design Inc. (“ECD” or the “Company”) (NASDAQ
ECDA), an industry leader in delivering restored, modified
and electrified Land Rover Defenders, Jaguars, and other classic
and collectible automobiles, today provided its financial outlook
for 2024.
- Expected 2024 revenue of $33
million, representing more than 50% organic growth over anticipated
2023 revenue of $22 million
- Expected 2024 gross margins of at
least 38%, up from anticipated 2023 gross margins of approximately
35%, as a result of the continued trend toward customization and
the introduction of the Jaguar E-Type
- Expected continued profitability on
a GAAP basis for fiscal year 2024, and generation of positive cash
from operations
“We had a strong finish to 2023 and enter 2024
from a position of strength and with accelerating momentum,”
commented Scott Wallace, ECD’s co-founder and Chief Executive
Officer. “Our core Defender North production line is sold out for
2024, and when combined with our new E-Type and yet-to-be-announced
new model product on the South production line, ECD has already
sold over 80% of its total 2024 production capacity. We are
realizing growing demand for our trucks and sports cars with
incremental contribution from new lines of business we plan to
launch this quarter. Simultaneously, we are working to add an
additional manufacturing line to our Rover Dome facility in
Kissimmee, Florida, leveraging our existing resources and
positioning ourselves for sustained growth well into the
future.”
Wallace concluded, “We have big plans to lead
the emerging restomod industry. We are pursuing incremental growth
opportunities to add new vehicle models to our line-up, and with a
public listing, strategically exploring accretive consolidation
opportunities within the highly fragmented ecosystem that surrounds
the luxury classic auto market. This strategy will be executed
using the same return on invested capital framework that has been
the key to our success since inception 10 years ago.”
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 joint preliminary proxy statement and a
preliminary prospectus contained in the Form S-4 registration
statement that ECD filed with the SEC, including those under “Risk
Factors” therein. 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
investorrelations@ecdautodesign.com
FNK IRRob Fink or Matt Chesler, CFAecda@fnkir.com646-809-4048 /
646-809-2183
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