ECD Automotive Design Announces Key Initiatives to Right-Size Cost Structure and Support Disciplined Growth
KISSIMMEE, Fla., June 23, 2025 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. (NASDAQ:ECDA), 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 today shared updates on a series of proactive initiatives designed to enhance operational efficiency, optimize working capital, and strengthen the company's overall financial position.
As part of its ongoing commitment to disciplined growth, the company recently completed a comprehensive review of its cost structure and capital allocation. Key actions include:
- Operational Efficiency: Undergone a holistic bottoms-up cost savings analysis to identify and eliminate meaningful spend.
- Inventory Optimization: Uncovered a broad set of opportunities to enhance working capital velocity through a strategic review of inventory management practices.
- Lender Support: Negotiated a waiver with existing lenders, resolving existing defaults, aligning covenants with the current business plan, and securing a 12-month grace period from debt service obligations.
"These efforts reflect our continued dedication to maximizing operational efficiency and exercising prudent capital management, positioning us to unlock additional resources that will fuel growth in the business," said Ben Piggott, Chief Financial Officer of ECD Automotive Design. "ECDA was founded with a commitment to redefining the luxury restomod space. We believe that maintaining a leaner, more agile cost structure, will give us a better foundation to execute our long-term strategy – continuing to deliver iconic custom vehicles to our customers while creating long-term value for our shareholders."
ECDA remains focused on sustainable value creation and will continue to evaluate and pursue opportunities to drive efficiency and improve its cash position.
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 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.
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.
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