ECD AUTOMOTIVE DESIGN INC (NASDAQ: ECDA)

ECD Automotive Design Inc (“ECD”) is a publicly traded company specializing in luxury restorations and custom vehicles. Founded in 2013 and headquartered in Kissimmee, Florida, ECD builds hand-crafted Defenders, Range Rovers, Jaguar E-Types, Mustangs, and other classic models under the ticker ECDA on the NASDAQ.

Metric	Value
Stock Price (2025-05-28)	$0.3947
Daily Change	+50.65%
Volume	7,637,956
52-Week Range	$0.2370 – $1.4500
Market Cap	$9.27 M
Revenue (TTM)	$24.6 M
Net Income (TTM)	–$10.66 M
EPS (TTM)	–$0.31
Price/Sales (TTM)	0.37
Enterprise Value	$30.84 M

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Corporate Structure and Operations

• Headquarters: The “Rover Dome,” a 100,000 sq ft facility in Kissimmee, Florida
• UK Logistics Center: Burton-on-Trent, England
• Employee Count: 51–200 (LinkedIn); 72 ASE-certified craftsmen plus design, sales, and administrative staff
• Founders & Leadership:
  • Scott Wallace, Co-Founder & CEO
  • Thomas Humble, Co-Founder & Chief Experience Officer
  • Elliot Humble, Co-Founder & CTO/Operations Manager
  • Emily Humble, Co-Founder & Chief Product Officer
  • Benjamin Piggott, CFO (appointed 2024)
  • Kevin Kastner, Chief Revenue Officer

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Recent Developments

Financial Reporting and Filings

• May 15, 2025: Filed Form 8-K disclosing delays in finalizing quarterly financial statements.
• May 15, 2025: Submitted Form NT 10-Q notifying inability to timely file the first quarter report.
• May 21, 2025: Filed Form 10-Q for Q1 2025.

Q3 2024 & Year-to-Date Highlights (as of Sept 30, 2024; reported Mar 25, 2025)

• Revenue:
  • Q3 2024: $6.4 M (+30% vs Q3 2023)
  • YTD 9 months: $19.9 M (+35% vs same period 2023)
• Gross Profit:
  • Q3 2024: $2.0 M (31.1% margin)
  • YTD 9 months: $5.6 M (28.1% margin)
• Net Loss:
  • Q3 2024: –$2.6 M (–$0.08 per share)
  • YTD 9 months: –$7.5 M (–$0.23 per share)
• Adjusted EBITDA:
  • Q3 2024: –$0.5 M
  • YTD 9 months: –$1.2 M

Product and Retail Initiatives

• Order Milestone (May 21, 2025): Second Jaguar E-Type GTO contract at $620,000.
• Retail Partnerships:
  • One Driver’s Club (West Palm Beach) store-within-a-store launched late 2024
  • 10 Easy Street (Nantucket) partnership launching April 2025
• Product Expansion: Debut of “’67 Ghost” Mustang Fastback powered by Roush-engineered V8 (May 2025).

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Financial and Strategic Analysis

Revenue Growth Drivers

• Increased build volume and average selling price
• Higher proportion of upgrades and used vehicle sales

Cost Structure & Profitability

• Gross margin improved by approximately 570 basis points to 31.2% in Q1 2025
• General and administrative expenses elevated due to public company costs and financial restatements
• Cash flow break-even target: 120 vehicle builds per year

Balance Sheet & Liquidity

• Cash & equivalents (Sept 30, 2024): $3.6 M (vs $8.1 M at Dec 31, 2023)
• Total debt/equity: Not reported; levered free cash flow –$6.47 M (TTM)

Risk Factors

• Supply chain disruptions affecting restoration components
• Competitive market conditions and pricing pressures
• Regulatory changes in automotive safety and emissions
• Late SEC filings may affect investor confidence

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Market Position and Industry Context

• Niche Leadership: ECD is recognized as a specialist in Land Rover and Jaguar restoration.
• Media Coverage: Featured in Robb Report, Top Gear, Forbes, Motor Trend, and over 800 other publications.
• Market Valuation:
  • Price/Sales (TTM): 0.37 (sub-industry median above 1.0)
  • Enterprise Value/Revenue: 1.25
• Outlook: Demand for high-end custom restorations remains stable, but margins depend on build mix and scale efficiencies.

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TL;DR

• On May 21, 2025, ECDA stock increased by 50.65% to $0.3947 amid heavy trading (7.6 M shares).
• Q3 2024 revenues rose 30% to $6.4 M; YTD 9-month revenues up 35% to $19.9 M, with net losses totaling $7.5 M.
• May 15, 2025 filings highlighted delays in quarterly reporting; first-quarter 10-Q filed May 21, 2025.
• Strategic retail rollout at One Driver’s Club and Nantucket partners, plus a $620,000 Jaguar E-Type GTO order, are anticipated to bolster backlog.
• Management aims for cash-flow break-even at approximately 120 builds per year, with lower G&A expenses expected from Q2 2025 onward.