Executive Summary

Q2 2024 delivered record revenue of $8.87M, up 129% year-over-year, with gross margin steady at 31.8%; net loss narrowed sequentially to $(0.93)M as operating income turned positive on higher ASPs and build efficiencies .
Adjusted EBITDA was $0.40M in Q2 versus $0.45M in Q1 and $0.01M in Q2 last year; the modest sequential downtick reflects higher public company costs despite stronger gross profit .
Management reaffirmed full-year 2024 revenue guidance of $33.0M, implying ~108% YoY growth vs $15.1M in 2023; backlog and new product lines (Mustang, Toyota FJ) underpin confidence .
Key swing factor: interest expense from the senior secured convertible note drove most of the GAAP net loss; scaling revenue at current margins while managing financing costs is the path to profitability .

What Went Well and What Went Wrong

Record top-line with broad-based drivers: revenue up 129% YoY to $8.87M on increased volume, higher ASP per vehicle (+$46,604 YoY) and more used/parts/warranty sales; builds revenue rose to $7.99M (90% of total) .
Margin resilience: gross margin held at 31.8% YoY, with builds margin expanding to 33.4% from 32.8% YoY on efficiencies and ASP; warranty/other flipped positive to 17.2% gross margin .
Strategic expansion: added Toyota FJ licensed builds and integrated BNMC Mustangs; CEO: “We will continue scaling our existing footprint… and expand our classic car product line… in a capital efficient manner” .

Financing headwinds: Q2 interest expense was $1.15M; GAAP net loss of $(0.93)M despite operating profit; subsequent default events required an August waiver and incremental note funding .
Elevated OpEx from public company transition: total OpEx rose to $2.70M (+104% YoY in G&A), pressuring Adjusted EBITDA sequentially (Q2 $0.40M vs Q1 $0.45M) .
Cash trend: cash fell from $8.13M (Dec 31) to $5.56M (Q1) and $5.66M (Q2); operating cash flow was $(3.72)M in H1 due largely to deferred revenue drawdown as vehicles were delivered .

Metric	Q2 2023	Q1 2024	Q2 2024
Revenue ($USD)	$3.87M	$8.31M	$8.87M
Gross Profit ($USD)	$1.23M	$2.48M	$2.82M
Gross Margin (%)	31.8%	30.1%	31.8%
Total Operating Expenses ($USD)	$1.25M	$2.57M	$2.70M
Operating Income ($USD)	$(18,611)	$(91,069)	$117,509
Net Income (Loss) ($USD)	$36,162	$(1.55)M	$(0.93)M
Diluted EPS ($USD)	$0.00	$(0.05)	$(0.03)
Adjusted EBITDA ($USD)	$9,074	$445,521	$400,696
Cash And Equivalents ($USD)	n/a	$5.56M	$5.66M

Segment breakdown (Q2 YoY):

Segment	Q2 2023 Revenue	Q2 2024 Revenue	Q2 2023 GM%	Q2 2024 GM%
Builds	$3.82M	$7.99M	32.8%	33.37%
Warranty & Other	$0.04M	$0.88M	(56.4)%	17.2%

KPIs:

KPI	Q2 2023	Q1 2024	Q2 2024
ASP YoY increase ($)	n/a	$63,071 vs Q1’23	$46,604 vs Q2’23
Revenue contribution from ASP ($)	n/a	n/a	$1.16M
Revenue contribution from volume ($)	n/a	n/a	$3.00M
Deferred Revenue ($)	$17.60M (Dec 31)	$13.98M	$11.47M

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2024	$33.0M (Q1 PR)	$33.0M (Q2 PR)	Maintained

Management reiterated FY revenue; no explicit margin/OpEx/tax guidance provided in filings .

Note: A Q2 call was hosted August 19, 2024; transcript not available in our document set. Call logistics provided in the Q2 press release .

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q2 2024)	Trend
Product expansion	BNMC Mustangs added (April) ; pipeline of classic models; FY23 focus on E-Type	Toyota FJ licensing with Black Dog Traders to expand TAM and margins	Expanding portfolio; leveraging partnerships
Gross margin profile	Q1 GM 30.1% (up sharply YoY)	GM stable at 31.8%; builds margin improved YoY	Sustained premium margins
ASP and build efficiencies	Q1 ASP +$63k YoY; efficiencies cited	Q2 ASP +$46.6k YoY; efficiencies + volume drove revenue	Continued pricing power and throughput gains
Supply chain/macro	Prior discussion of COVID-era disruptions and mitigation	No new acute issues; inventory mix shifting (finished goods down)	Operational normalization
Financing/liquidity	Convertible note outstanding; cash $5.56M Q1	Interest expense drove net loss; subsequent default waivers and $1.0M additional funding in Aug	Financing costs a key watch item

CEO Scott Wallace (Q2 PR): “Progress along our growth plan was evidenced by our 129% increase in revenues to a record $8.9 million and strong gross margins of 31.8%… As we move ahead, we will continue scaling our existing footprint… and expand our classic car product line… adding classic Mustangs… [and] classic Toyota FJs… in a capital efficient manner” .
On market positioning (Q1 PR): “We estimate that the classic car ecosystem represents a $15 billion market… As we fill the factory, build out our product base and leverage our respected brand, we will aim to expand our offerings beyond manufacturing…” .
On Toyota FJ licensing: “This relationship introduces a new model… providing the company flexibility and increased market penetration in a capital-efficient manner… we anticipate greater than 100% revenue growth in 2024 and our production backlog carries into the second quarter of 2025” .

The company hosted a Q2 call and webcast; transcript is not available in our dataset. Details: August 19, 2024 at 4:30pm ET; replay through August 21, 2024 .
Without a transcript, we cannot attribute specific Q&A themes or guidance clarifications beyond prepared commentary.

Wall Street consensus estimates from S&P Global for EFHT Q2 2024 were unavailable via our data connection (missing CIQ mapping). As a result, we cannot quantify beats/misses vs consensus for revenue or EPS this quarter.
Based on company disclosures, performance was above internal expectations on revenue and margins; guidance was reaffirmed at $33.0M .

Revenue scale is materializing: back-to-back ~$8.3–$8.9M quarters with builds margin >33% point to durable demand and operational throughput; watch for H2 ramp to meet $33M guide .
Profit bridge hinges on financing costs: interest expense (convertible note + floor plan) is the dominant GAAP headwind; any refinancing, cash generation, or note conversions could change the EPS trajectory .
Product expansion is a growth lever: Mustangs (BNMC assets) and Toyota FJs (licensing) broaden TAM and support premium margins; partnership model lowers capital intensity .
Backlog and demand signals remain constructive: management cites backlog extending into Q2 2025; ASP and margin resilience support pricing power narrative .
OpEx growth moderates with scale: public company costs elevated now; as revenue scales, operating leverage should improve Adjusted EBITDA and cash generation .
Liquidity adequate near term but monitored: cash ~$5.66M and expectation of sufficient liquidity for 2024; observe deferred revenue levels and operating cash flow trends .
Near-term trading: catalysts include execution on new model deliveries, any financing updates/waivers, and H2 revenue cadence towards $33M; risk remains around financing terms and associated default remedies .

Q2 2024 10-Q and press release: financial statements, margins, segment breakdown, OpEx and interest detail .
Q1 2024 press release: revenue, margin, EPS, Adjusted EBITDA, guidance reaffirmation .
FY 2023 press release: baseline financials and strategic context .
Toyota FJ licensing press release: product expansion and backlog commentary .
Q2 earnings call logistics (no transcript available in our set) .