ECD Automotive Design, Inc.

and welcome to the ECD Auto Design fourth quarter 2024 earnings conference call. At this time, all participants are in listen-only mode. If anyone should require operator assistance, please press star zero on your telephone keypad. A question and answer session will follow the formal presentation. You may be placed into question queue at any time by pressing star one on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Quinn Callanan, Investor Relations. Quinn, please go ahead.

Thank you, Operator, and good afternoon, everyone. Welcome to the ECD Auto Design Fourth Quarter and Full Year 2024 Earnings Webcast and Conference Call. Today's date is April 16, 2025. And on the call today from ECD Auto Design are Scott Wallace, Co-Founder, Chief Executive Officer and Chairman, and Ben Piggott, Chief Financial Officer. Before we begin, I'd like to remind everyone that this call may contain forward-looking statements as they are defined under the Private Securities Litigation Reform Act of 1995. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. For discussion of such risks and uncertainties, please see ECB Auto Design's most recent filings with the SEC All forward-looking statements made today reflect our current expectations only, and we undertake no obligation to update any statement to reflect the events that occur after this call. Also, during the course of today's call, the company will be discussing one or more non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are included in the press release we issued yesterday afternoon. Copies of today's press release are acceptable on ECDA's investor website, ecdautodesign.com. In addition, ECDA's Form 10-K and 10-Qs are also available on ECDA's investor relations website. Now I'd like to turn the call over to Founder and Chief Executive Officer, Scott Wallace.

Scott? Thanks, Quinn. First, I'd like to thank our shareholders and those interested in ECD automotive design for joining the call. I'm certain Ben will echo this, but it has been a heavy lift to get our filing up to date after the re-audit of our 2022, 2023 and first half 2024 due to the shutdown of our prior auditor, BF Borges, by regulators. I'm happy to be able to share some of the exciting things happening at ECD. This is our second go-around holding a public conference call as a company. For those new to ECD Automotive Design's story, we create and restore luxury vehicles that combine classic beauty with modern performance. We operate two facilities, a manufacturing plant in Kissimmee, Florida, which we call the Rover Dome, and a logistics and fulfillment center in the UK that we use primarily to source original classic automotive bodies. We manufacture custom classic Land Rover Defenders, Range Rovers, Jaguar E-Types, Ford Mustangs, and Toyota FJs as restomods. Our one-of-a-kind builds carry an average selling price of between $300,000 and $400,000. Before we delve into particulars of last year, I want to address something that is at the top of many people's minds. Tariffs and their impact on businesses, particularly manufacturers, are prominent concerns for investors in today's environment. Providing confidence to investors is difficult as there are constant moving parts when discussing government actions. What you say today can be proven wrong tomorrow. Despite ECD's British roots, we are an American automotive manufacturer restoring classic cars. whose import has not been considered as of this date. We have spent a significant amount of time studying the tariffs issued or being considered and have constructed an internal plan to offset the margin impacts of a whole array of potential government actions. We believe this approach will minimize the impact tariffs might have on both customers and investors. Looking back, 2024 was a transformational year for ECD. We grew revenue roughly by 29% to $25.2 million, and increased gross profit higher by 30%. Both dollar amounts are records for ECD at this time and are a testament to our improvements we've made to our customer journey while designing a new ECD vehicle. When customers decide they want an ECD vehicle, our team leads them on an engaging, immersive, 3D, pressure-free luxury design experience where any modification is within reach. Our clients are not cash starved. They are option, time, and inspiration starved. Through our customer onboarding process, we seek to satiate that hunger for inspiration and options and allow our customers to bring their imaginations to life. Our commitment to continually enhancing this customer journey, combined with our endless pursuit of new customization innovations, has allowed us to grow revenue and margins. The power of this approach is apparent, as we have now begun fielding orders for vehicles beyond $500,000, where our average vehicle price sells in the $300,000 to $400,000 range. During the year, we were able to add our backlog and consolidate the custom defender space through our licensing agreements with BlackBridge Motors. We added vehicle models, including classic Toyota FJs and classic Ford Mustangs, with our Black Dog Traders and brand new muscle car licensing agreements. These additions were made in a capital-like manner, highlighting the roll-up opportunity the classic car ecosystem provides to fill our factory, optimize our fixed assets, and provide a platform to build an umbrella luxury brand akin to LVMH in the luxury car space. Beyond business improvements, we continue to improve our manufacturing processes. For example, we moved our quality control team from the end of the line to within the line itself. This change ensures build quality at each individual stage, enables a right first-time completion model, while allowing us to continue expanding our product offerings and increasing output. As we continue to iterate our process, we find we pick up dollars along the way, increasing revenue margin and customer satisfaction through improved bill quality. In October of 2024, we announced our intent to launch our retail strategy and criteria for selecting retail locations. Our retail strategy is the most exciting development at ECD for me. Until recently, ECD's sales presence was limited to exclusively online sales, The launch of our retail strategy is our first foray beyond web-based sales. A physical presence in communities allows us to bring our immersive luxury presence where our customers reside, allowing more in-depth and personal engagement. Our retail locations also serve as hubs for community engagement. Establishing a retail presence eliminates the need and cost of supporting a mobile outreach team towing vehicles from place to place. This benefit is evident in this quarter's reduction of advertising marketing spend driving retail returns higher. At our stores, the car is the hero, and where we've established ourselves, we have lined up an extensive calendar of events where potential customers will see and feel the quality and customization of our products. Our first retail location, Store Within a Store in West Palm Beach, Florida, opened in the first quarter of 2025 and has exceeded our expectations thus far. Our second location opened earlier this month in Nantucket, We will continue to open new retail locations throughout the year, following a similar capital-light approach as Nantucket and West Palm, and we look forward to discussing each one in future calls. As we did our due diligence on a retail strategy, we found a potential gap in our approach. Several customers didn't want to wait a year before running an ECD vehicle. Some were so intrigued by the custom ECD aesthetic that they were willing to pay an asking price without customizing it to their taste. the fifth customer that caused us to begin limited production of our built-to-own vehicles. These custom ETD vehicles feature all the luxurious details included in our custom series, but are designed by our team of specialists to stand out as a unique one of a kind on the road and available to purchase on the spot. Two vehicle sales per month per location financially justifies each location. An early return in this case, we will outperform this very low bar. Looking at 2025 and 2024 reporting behind us, We see opportunities all around us as we build our retail presence judiciously. I'm pleased to be able to focus our efforts on growth again. We believe our retail strategy is the quickest route to that growth. Our plan, as we've relayed in the past, is to open an initial four locations in the wealthiest and most influential areas of the country. Two vehicles sold per month per location results in 96 vehicle sales. Adding that kind of sales power to our current online channel leaves us firmly on the path to filling our factory. With that, I'll pass the call to Ben to review our financial results. Ben.