ECD Automotive Design Reports Second Quarter 2025 Financial Results; Record Quarterly Revenue of $7M and Expansion of Product Offering with Legendary Mustang

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

[email protected]

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	)