KISSIMMEE, Fla., Nov. 20, 2025 (GLOBE NEWSWIRE) -- ECD Automotive Design, Inc. ("ECD" or the "Company") (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, announced today its financial results for the third quarter ended September 30, 2025.
Management will host an earnings call and webcast on Monday, November 24, 2025 at 4:30 PM Eastern Time.
Third Quarter Highlights
-- Revenue was $5.8 million in the third quarter of 2025, compared to $6.4
million in the third quarter of 2024.
-- Gross loss was $1.7 million in the third quarter of 2025, compared to
gross profit of $2.0 million in the third quarter of 2024; primarily
reflecting the completion of legacy builds, that are not expected to
recur, and elevated tariff-related costs.
-- Net income was $2.2 million in the third quarter of 2025, compared to a
net loss of $2.6 million in the third quarter of 2024, reflecting a
non-cash gain related to the conversion of debt into preferred stock.
-- Continued execution of the Company's cost-containment plan to right-size
the cost structure and support disciplined growth, more than $1 million
in annualized savings expected.
Recent Business Highlights
-- New collaborative line with the Chelsea Truck Company for modern Land
Rover Defender and INEOS Grenadier builds enhances utilization of
manufacturing resources and broadens the Company's total addressable
market.
-- Award-winning Porsche 911 marks ECD's entry into the Porsche restoration
and customization market through its Boutique Division.
Management Commentary
Speaking on the results for the quarter, Scott Wallace, CEO & Co-Founder of ECD, stated, "During the third quarter, we made significant progress in strengthening ECD's operational foundation and right-sizing our cost structure to support disciplined, long-term growth. While our financial results reflect the impact of completing legacy builds and tariff-related headwinds, we exited the quarter leaner, more agile, and with a focus on profitability and execution.
"Our ongoing cost-containment efforts, first announced in June, are expected to result in a measurable impact, with more than $1 million in annualized savings coming from headcount and overhead reductions. Importantly, these changes were made thoughtfully, preserving our craftsmanship and production capabilities. We maintained our commitment to build quality and customer experience while ensuring the underlying operations of the business are set up for greater consistency and scalability.
"At the same time, we invested in our future by diversifying our product lineup and strengthening our brand position through innovation. The recently announced collaboration with Chelsea Truck Company expands our addressable market with more affordably priced and tastefully upgraded modern Defender and INEOS Grenadiers broadening our product mix with faster-turn, capital-efficient builds that leverage existing manufacturing capacity. In October, our first Porsche 911 build was completed, representing an exciting new avenue for growth, and was met with immediate validation at its car show debut, taking home Best in Show - European Modified Division at the 2025 Festivals of Speed.
"We believe the groundwork laid in the third quarter of 2025 will translate into improved financial performance and sustained value creation as we close out 2025 and look ahead to 2026," concluded Mr. Wallace.
Third Quarter 2025 Financial Results
Revenue: ECD reported third quarter revenue of $5.8 million compared to $6.4 million for the prior year.
Gross Profit/Loss: ECD reported third quarter loss of $1.7 million compared to profit of $2.0 million for the prior year. This was primarily driven by a non-recurring labor and consumable release as a result of completing aged builds.
Operating expenses: Total expenses during the third quarter were $3.4 million, a $0.8 million increase from the prior-year period, primarily related to increased legal fees along with a recognition of a lease.
Operating loss: Operating loss reported during the third quarter was $5.0 million, a $4.4 million increase from the prior-year period. Increased loss was driven by reduced gross margin and increases in general and administrative costs.
Net Income: Net income reported during the third quarter was $2.2 million, a $4.8 million increase from the prior-year period loss. This is primarily driven by non-cash fair value adjustments.
Non-GAAP Adjusted EBITDA: Adjusted EBITDA, reported during the third quarter was negative $4.7 million, a $4.2 million increase from the prior-year period.
Earnings Call and Webcast
ECD CEO & Co-Founder, Scott Wallace and CFO, Victoria Hay will host the conference call:
Date: Monday, November 24, 2025
Time: 4:30 PM Eastern Time (1:30 PM Pacific Time)
U.S. dial-in number: 877-407-4018
International number: 201-689-8471
Webcast: 3Q 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 December 8, 2025.
Toll-free replay number: 844-512-2921
International replay number: 412-317-6671
Replay passcode: 13757201
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 98 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 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
investorrelations@ecdautodesign.com
ECD AUTOMOTIVE DESIGN, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2025 2024
------------- ---------------
ASSETS
Current assets:
Cash and cash equivalents $ 157,682 $ 1,476,850
Accounts receivable, net 847,559 45,022
Inventories 3,789,194 11,181,806
Prepaid and other current assets 1,847,940 239,864
----------- -----------
Total current assets 6,642,375 12,943,542
Goodwill 1,291,098 1,291,098
Property and equipment, net 413,651 483,878
Intangible asset, net 5,250 12,000
Right-of-use assets 4,033,985 3,404,983
Deposit 60,200 60,200
----------- -----------
TOTAL ASSETS $ 12,446,559 $ 18,195,701
=========== ===========
LIABILITIES, REDEEMABLE PREFERRED STOCK
AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 2,902,327 $ 2,494,664
Accrued expenses 1,333,958 1,686,598
Customer deposits and deferred revenue 6,893,657 11,802,825
Lease liability, current 535,248 1,212,000
Floor plan payable 85,000 353,612
Other payables 899,075 1,364,222
----------- -----------
Total current liabilities 12,649,265 18,913,921
Lease liability, non-current 3,856,963 3,373,571
Convertible notes, net of debt discount 9,350,860 14,085,932
Warrant liabilities, at fair value 28,225 486,559
Conversion option, at fair value 17 313,191
----------- -----------
Total liabilities 25,885,330 37,173,174
----------- -----------
Series A preferred stock, $0.0001 par
value, 20,000,000 authorized shares;
375 and 162 shares issued and
outstanding as of September 30, 2025
and December 31, 2024, respectively 2 1
Stockholders' deficit:
Common stock, $0.0001 par value,
1,000,000,000 authorized shares;
1,539,644 shares and 912,262 shares
issued and outstanding as of September
30, 2025 and December 31, 2024,
respectively 154 91
Additional paid-in capital 12,906,451 2,580,057
Other comprehensive income (6,696) (6,696)
Accumulated deficit (26,338,682) (21,550,926)
----------- -----------
Total Stockholders' Deficit (13,438,773) (18,977,474)
----------- -----------
TOTAL LIABILITIES, REDEEMABLE PREFERRED
STOCK AND STOCKHOLDERS' DEFICIT $ 12,446,559 $ 18,195,701
=========== ===========
ECD AUTOMOTIVE DESIGN, INC.
Unaudited Condensed Consolidated Statements of Operations
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- ---------------------------
2025 2024 2025 2024
------------ ----------- ------------ -------------
Revenue, net $ 5,783,182 6,440,049 $19,220,445 19,884,213
Cost of goods
sold
(exclusive of
depreciation
expense shown
below) 7,454,187 4,432,509 17,738,434 14,296,197
---------- ---------- ---------- ----------
Gross profit
(loss) (1,671,005) 2,007,540 1,482,011 5,588,016
Operating
expenses:
Advertising and
marketing
expenses 168,925 258,138 741,307 886,119
General and
administrative
expenses 3,212,259 2,363,570 10,280,293 6,768,386
Provision for
credit losses 13,028 - 42,536 8,033
Depreciation
and
amortization
expenses 25,856 27,263 76,977 102,362
---------- ---------- ---------- ----------
Total operating
expenses 3,420,068 2,648,971 11,141,113 7,764,900
Loss from
operations (5,091,073) (641,431) (9,659,102) (2,176,884)
Other income
(expense)
Interest
expense (3,082,464) (1,401,829) (7,044,791) (3,844,653)
Change in fair
value of
warrant
liabilities (27,636) (118,336) 491,691 (570,381)
Change in fair
value of
conversion
option
liabilities 1,203 (124,752) 362,192 (361,611)
Gain on
conversion of
debt to
preferred
stock 10,479,055 - 10,912,936 -
Gain on
forgiveness of
payable - 319,899 - 319,899
Foreign
exchange loss (12,355) (1,534) (21,184) (12,054)
Resale
commissions
income 39,375 20,000 100,975 105,100
Other income
(expense),
net (73,250) (306,048) (330,473) (80,236)
---------- ---------- ---------- ----------
Total other
income
(expense),
net 7,323,928 (1,612,600) 4,471,346 (4,443,936)
---------- ---------- ---------- ----------
Income (loss)
before income
taxes 2,232,855 (2,254,031) (5,187,756) (6,620,820)
Income tax
benefit
(expense) - (315,487) 400,000 (838,055)
---------- ---------- ---------- ----------
Net income
(loss) $ 2,232,855 (2,569,518) $(4,787,756) (7,458,875)
========== ========== ========== ==========
Net income
(loss) per
common share,
basic $ 1.56 (3.03) $ (4.41) (9.15)
========== ========== ========== ==========
Net income
(loss) per
common share,
diluted $ 0.60 (3.03) $ (4.41) (9.15)
========== ========== ========== ==========
Weighted
average number
of common
shares
outstanding,
basic 1,433,042 847,560 1,084,761 814,917
========== ========== ========== ==========
Weighted
average number
of common
shares
outstanding,
diluted 5,322,729 847,560 1,084,761 814,917
========== ========== ========== ==========
Net income
(loss) $ 2,232,855 (2,569,518) $(4,787,756) (7,458,875)
Foreign
currency
translation
gain (loss) 1,665 482 - 482
---------- ---------- ---------- ----------
Comprehensive
income (loss) $ 2,234,520 (2,569,036) $(4,787,756) (7,458,393)
========== ========== ========== ==========
ECD AUTOMOTIVE DESIGN, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
Nine Months Ended
September 30,
-----------------------------
2025 2024
------------- --------------
Cash flows from operating activities:
Net (loss) income $ (4,787,756) $(7,458,875)
Adjustments to reconcile net income to
net cash provided by (used in)
operating activities
Depreciation and amortization
expense 76,977 102,362
Gain on FV conversion of debt to
preferred stock (10,912,936) -
Change in fair value of warrant
liabilities (491,691) 570,381
Change in fair value of conversion
option liabilities (362,192) 361,611
Gain on forgiveness of payable - (319,899)
Noncash lease expense 442,867 266,866
Income tax (benefit) expense (400,000) -
Amortization of debt discount 3,008,128 1,460,301
Share-based compensation 2,317,469 294,459
Provision for credit losses 42,536 8,033
Paid in kind interest 3,312,972 -
Inventory write off 353,377 -
Changes in operating assets and
liabilities:
Accounts receivable (845,073) (25,424)
Inventories 7,039,235 (933,924)
Prepaid and other current assets (626,562) (478,803)
Deposit - 17,486
Deferred tax asset - 838,055
Accounts payable 1,582,731 1,131,040
Accrued expenses (311,425) 1,343,424
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