ECD Auto Design Expects Organic Revenue Growth of Over 50% in 2024 with Continued GAAP Profitability

ECD’s Core Land Rover Production Line is 100% Sold Out for 2024. Our combined production with the New E-Type Jaguar ,and New Model on the South Line is Sold to Over 80% of 2024 Production

KISSIMMEE, Fla., Jan. 11, 2024 (GLOBE NEWSWIRE) -- 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 Design
ECD 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.