Humble Imports, Inc., The Wholly Owned Subsidiary Of ECD Automotive Design, Reports Q3 2023 Results; Revenue Increased 68% To $6.2M

Author: Benzinga Newsdesk | December 19, 2023 09:47am

• Total revenue increased 68% to $6.2 million in Q3 2023 and 41% to $15.7 million for the nine months ended September 30, 2023.
• ECD delivered 19 vehicles in Q3 2023, compared to 15 vehicle builds in the third quarter of 2022 ("Q3 2022"), an increase of 27% compared to Q3 2022; Year-to-date ECD has completed 46 vehicle builds compared to 40 vehicle builds in 2022.
• Average selling price ("ASP") per vehicle was $325,215 in Q3 2023, an increase of 33% compared to Q3 2022. This up-tick was driven by the continued trend towards increased customization, as well as the positive contribution from the introduction of the Jaguar E-Type
• Gross margin was 35.4% in Q3 2023 (vs. 25.7% in Q3 2022) and 34.8% YTD (vs. 23.5% for the first nine months of 2022), reflecting improved operational efficiency and higher price per vehicle.
• Net income was $668,000 in Q3 2023 compared to a net loss of $86,000 in Q3 2022; Year-to-date net income was $1.1 million compared to a net loss of $78,000 in 2022.
  
   

"We enter the public markets with strong fundamentals and ambitious plans to grow our business as the scaled leader in restomods," commented Scott Wallace, ECD's co-founder and Chief Executive Officer. "The 68% third quarter revenue increase, driven by a 27% increase in builds and a 33% increase in ASPs, and nearly 1,000 basis point expansion in gross margins to 35.4%, speaks to the durable and growing demand for our ‘one-of-one' vehicles. We are benefitting from higher levels of customization and a favorable mix shift as the recently introduced Jaguar E-Type restomods become a larger portion of ECD's portfolio, which puts us at best-in-class levels for luxury auto and positions us for sustained profitability.

Wallace added, "We have exceptional visibility heading into 2024, with an order book that nearly covers our current capacity for all of next year, and this demand continues to build. As the restomod industry's first publicly traded company, with a scalable and proven platform, as well as attractive unit economics, we believe we are well-positioned to expand within the classic automotive ecosystem."

Posted In: ECDA