ECD Automotive Design, Inc.

ECD reported second quarter revenue of $7 million, up $0.5 million from Q2 2024 and the highest quarterly revenue in company history. Gross profit was $1.4 million, down $0.7 million year over year, and gross margin was 20% versus 32% in the prior-year quarter. Operating expenses were $4 million, with G&A at $3.7 million, operating loss was $2.6 million, net loss was $4.3 million, and loss per share was $0.11 versus $0.06 a year ago. Cash and cash equivalents were $0.6 million at June 30, 2025, down from $1.5 million at December 31, 2024. For the first six months of 2025, operating activities used $4.2 million of cash and financing provided $3.4 million. Management did not provide formal next-quarter or full-year financial guidance, but said cost-streamlining, margin improvement, debt exchanges, additional equity capital, and the $500 million equity facility are intended to strengthen liquidity and support growth.

Scott Wallace framed the quarter as evidence that ECD’s bespoke-luxury model can scale through product mix, retail expansion, and the new Mustang line. He emphasized the company’s craftsmanship, pricing power, and “right first-time” manufacturing approach, while noting that higher tariffs, shipping, and customs weighed on margins. His tone was upbeat about the Mustang and retail momentum, but pragmatic about the need to adapt operations and manage costs.

Victoria Hay focused on liquidity, compliance, and balance-sheet repair. She said the company had only $0.6 million of cash at quarter-end, used $4.2 million of operating cash in the first half, and raised $3.4 million from financing activities, then highlighted a $12 million conversion of convertible debt into preferred stock, an additional $1.7 million of equity capital, and efforts to reduce cash interest obligations. She said these steps should help improve the balance sheet, support Nasdaq compliance, and move the company toward positive cash flow.

On the Mustang rollout, management said the program had early supply-chain and fit-and-finish issues, prompting a shift to in-house panel fabrication, but backlog is now building and more units are in production. Scott Wallace said the company expects the Mustang to become a more streamlined production model by unit #2 or #3. On the $500 million Bitcoin-linked equity facility, Victoria Hay said it is both a financing tool and a marketing tool: it can support crypto payments and reserve accumulation, but also fund business expansion such as new retail units and additional production lines.