ECD Auto Design expects organic revenue growth of over 50% in 2024 with continued GAAP profitability

ECD’s main Land Rover production line is 100% sold out for 2024. Our production combined with the new Jaguar E-Type and the new southern line model is sold at over 80% of 2024 production.

KISSIMMEE, Florida., January 11, 2024 (GLOBE NEWSWIRE) — ECD Automobile Design Inc. (“ECD” or the “Company”) (NASDAQ ECDA)an industry leader in the supply of restored, modified and electrified Land Rover Defenders, Jaguars and other classic and collectible automobiles, today presented its 2024 financial outlook.

  • Expected turnover for 2024 of $33 millionwhich represents organic growth of more than 50% compared to the turnover forecast for 2023 of $22 million
  • Expected gross margins of at least 38% for 2024, up from expected gross margins of around 35% for 2023, driven by the continued trend toward personalization and the introduction of the Jaguar E-Type.
  • Expected continued profitability on a GAAP basis for fiscal 2024 and positive operating cash flow generation

“We ended 2023 in style and are entering 2024 in a strong position and with accelerating momentum,” commented Scott Wallace, co-founder and CEO of ECD. “Our main Defender North production line is sold out for 2024, and when combined with our new E-Type model and a yet-to-be-announced new model on the South production line, ECD has already sold more of 80% of its total 2024. production capacity. We are seeing growing demand for our trucks and sports cars with additional contribution from new business lines we plan to launch this quarter. Simultaneously, we are working on adding an additional manufacturing line to our Rover Dome factory in Kissimmee, Floridaby leveraging our existing resources and positioning ourselves for sustained growth in the future.

Wallace concluded, “We have big plans to lead the emerging restomod industry. We seek incremental growth opportunities to add new vehicle models to our lineup and, with a public listing, strategically explore accretive consolidation opportunities within the highly fragmented ecosystem that surrounds the luxury classic automobile market. This strategy will be executed using the same return on invested capital framework that has been key to our success since its inception 10 years ago.

About ECD automatic designECD is a creator of restored luxury vehicles combining classic English beauty and modern performance. Currently, ECD restores Land Rover Defenders, Land Rover Series IIA, Range Rover Classic and Jaguar E-Type. Each vehicle produced by ECD is completely bespoke, a one-of-a-kind piece designed by the customer through an immersive luxury design experience and hand-built in 2,200 hours by Automotive Service Excellence (“ASE”) certified craftsmen. The company was founded in 2013 by three British ‘enthusiasts’ whose passion for classic vehicles is the driving force behind exceptionally high standards of quality personalized luxury vehicles. ECD’s global headquarters, known as “Rover Dome”, is a 100,000 square foot facility located in Kissimmee, Florida which is home to 80 talented artisans and technicians, holding a total of 61 ASEs and five master-level certifications. ECD has an affiliated logistics center in the UNITED KINGDOM where its seven employees work to supply and transport 25 year old work vehicles to the WE for restoration. For more information, visit www.ecdautodesign.com.

Forward-looking statementsThis press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “future”, “outlook” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of such words does not mean that a statement is not forward-looking. Such forward-looking statements include, without limited to, statements regarding estimates and forecasts of other performance measures and projections of market opportunities. These statements are based on various assumptions, whether or not identified in this communication and on management’s current expectations of ECD and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended as a guarantee, assurance, prediction or definitive statement of fact or probability, and no investor should rely on them. Actual events and circumstances are difficult, if not impossible, to predict and will differ from those assumed. Many real events and circumstances are beyond the control of the DPE. Some important factors that could cause actual results to differ materially from those indicated in the forward-looking statements could include changes in domestic and foreign business, commercial, financial, political and legal conditions.

If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that ECD is currently unaware of or that ECD currently believes to be immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect ECD’s current expectations, plans and forecasts regarding future events and its beliefs as of the date hereof. Nothing in this communication should be construed as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on the forward-looking statements contained in this communication, which speak only as of the date on which they are made and are qualified in their entirety by reference to the cautionary statements contained herein and the risk factors DPE described in the joint preliminary power of attorney. statement and a preliminary prospectus contained in the registration statement on Form S-4 that ECD filed with the SECOND, including those under the heading “Risk Factors”. ECD anticipates that subsequent events and developments will cause its assessments to change. However, although ECD may elect to update these forward-looking statements at some point in the future, ECD specifically disclaims any obligation to do so, except as required by law. These forward-looking statements should not be relied upon as representing ECD’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed on forward-looking statements.

Contacts:

DPE automotive designScott WallacePresident and CEO investrelations@ecdautodesign.com

FNK ETRob Fink Or Matt CheslerCFAecda@fnkir.com646-809-4048 / 646-809-2183

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Source: DPE Automotive Design

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