your leisure. Let me give you a quick business overview. Hopefully, you'll have seen two cars outside the hotel. They're our vehicles. We brought them here today from our facility in Orlando. ECD is a creator of one of one, that's very important, one of one luxury restored classic vehicles. Currently, in our offering, we have the Defender on your left, the Range Rover Classic, Jaguar E-Type, FJ Land Cruiser, and to appease all the Americans, a classic Ford Mustang. So they're the vehicles that we restore. Each car is one of one designed by the client. The client goes through an immersive 3D design experience. It can take two weeks. It can take two years. They design every single element of the vehicle. We turn it into 3D renderings. We can put it in their driveway. We can put it in their city. They can see it in real time. They own the intellectual property to each car. We do not build one of 500. We build one of one classic vehicles. Each car takes 2,200 hours to restore ground up. It's handcrafted in our Orlando manufacturing facility by our ASE team of 100 technicians, aptly named the Rover Dome. Our price point average per vehicle is about $330,000. Believe it or not, it all began with a beer. In 2012, I met some fellow Brits. We had this vision to disrupt the luxury automotive space. We don't think it's a particularly great industry for customer service. We had an idea, and we had no idea if we drank that beer that we'd scale to a $100 million revenue business in a $15 billion annual revenue market in the U.S. alone. To disrupt the automotive space, we did five things. We said we wanted to put the consumer at the center of the experience and make the design process as enjoyable as driving the car. Second, we said if we put the client at the center of the experience, we want them to design one of one unique cars with unlimited customized options. Don't stop at paint, a set of wheels, some leather. They can customize anything they want, and I'll give some examples of that later in what we do. We wanted to create a retention strategy for US mechanics. We wanted to reignite an industry that was used to just burning mechanics because they got bored of fixing bad stuff. We wanted to retain mechanics so they could build cool stuff rather than fix bad stuff. Our retention rate of mechanics is 95%, twice the national automotive average. We then wanted to complete every aspect of the build in-house. If you're going to build a luxury customized product, you cannot subcontract that. We wanted to build a facility that owned time, quality, and cost control. So we brought everything in-house, and while we were a private business for a decade, we needed to build something that ensured it ignited us as founders of the business and ignited our staff that were building the product. So we always wanted to build stuff that excited car guys. Little did we know that those five anchors of the business and disrupting the luxury automotive space were going to take us from an idea over a beer to a Nasdaq-listed company in 10 years. Let me walk you through a history of that decade that we did as a private company. First and foremost, the night after we had the beer, I put $150,000 liquid into the business and convinced my co-founders to give up their day jobs, and we formed ECD Automotive Design. We identified that the classic car restoration space is typically mom-and-pop businesses that will take orders for a paint job or an upholstery work, but they rarely could take an execution to build a full vehicle ground up. The industry did not need more mechanics, although they're very good mechanics. It needed more business builders. Unfortunately, I'm a terrible mechanic and a good business builder. For a decade, we never took any outside capital. We never even took vendor credit terms. We scaled ECD on our own cash flow. What I realized at that time was we were exceptional capital allocators. We only ever allocated capital to three things. You'd never find fresh flowers in reception. You'd never find fish tanks in my office. We deployed capital to mechanics, to materials to build cars, and space to build cars. For a decade, we organically funded our own cash flow to scale the business. We recognized that 12 months was the sweet spot in this space. Any longer, and attrition rates were high. Any quicker, and it didn't feel exclusive. So 12-month lead time for our product is the sweet spot that works in the industry. So we designed all of our processes, systems, and manufacturing to fulfill that 12-month sweet spot. Over the decade, we added processes where we act like an automotive mainstream manufacturer, but we allowed the fluidity for customization at a level never seen before in the luxury automotive space. From that $150,000 revenue, those were our numbers. So $150,000 investment, those were our numbers. We grew to $100 million in revenue in 10 years with 651 vehicles built. $100 million revenue, our compound annual growth rate was 17% for those years, 19% price and compound annual growth rate. Industry-leading gross margins north of 30%. Not quite where Ferrari are, but certainly higher than the majority of the luxury automotive. I'll talk to you about those unit economics in a minute as to why we've got industry-leading gross profit margins. We've built over 600 units to date. We identified as we were doing this, in effect, we really are a micro-cap Ferrari. We command a premium entry point by luxury, and we enhance margin through customization. Unlike Ferrari, we offer an entire suite of customization driven by the consumer. Every build in our backlog is a contractual sale, which makes forecasting and production easier. It is contractually bound to build. These two slides represent the history of the business over the previous years. Our gross margin is key in our unit economics, and at 31.8%, it is industry-leading in the luxury space, higher than Aston Martin, higher than Porsche. Let me talk you through how that works. There are two fundamental points in the margin enhancement. First, our entry base car is $250,000. Nobody comes to ECD Automotive Design to build a base car. So then we take the client through an immersive design experience with a concierge team that hold your hand and you're making thousands of choices. There are up to two million different configurations you can make. During that process, the average consumer adds $83,000 in upgrades, taking the price point to $333,000 average per vehicle. We have vehicles built north of $500,000 as well. Our price points do go higher than $333,000. Our average is $333,000. The sweet spot of the economics is on the upgrades at $83,000. The average gross margin in the upgrades is a minimum of 65% gross margin. Let me give you an example of our level of customization. A client came to us once and identified they only wanted a specific herd of cattle for the leather in their vehicle. We are then tasked with finding the Italian farmer. We then buy eight cows from the Italian farmer. We unfortunately take the cows to the slaughterhouse and slaughter them. We then take the hides to the tannery factory. We dye the hides in exactly the choice of leather that client wants. We import the leather into the U.S., and our upholstery and seamstress team add that into the vehicle. That upgrade is $107,000 for that client. But that client has got a remarkable story where they can say the leather in that car is exclusive only to that car and can never be deployed to another vehicle, and they've got a great story to tell their friends and family. What we built is trust. We built the trust like a luxury automotive manufacturer and the efficiencies, but with the margin enhancements like a boutique operator would. If you look to the right, that is the factory we built, and I'll talk about when we built that in a second, so that's our factory in Kissimmee, Florida. We are 10 miles from Mickey Mouse and 20 miles from Orlando International Airport, and I'll talk you through the economics of how the factory works in a second, but during COVID, we identified something unique. Our sales team were getting incoming phone orders at a rate we've never had. We deal with high-net-worth individuals, and they had more time to look at spending on products like this. So we gambled. During COVID, we realized the order book was filling, and we didn't want to go to a two-year wait time. So we did two things. We built the factory on our own dime. We were still a private company at this point. So we built that factory and fitted it out in our own free cash flow. And then we did something that probably saved the entire business and put us where we are today. I split the management team, and I sent two back to the U.K. where we did all our logistics and planning. And we knew supply chain was going to be a wrench, particularly manufacturing and automotive during COVID. We went back to the U.K., and we opened up our own logistics and fulfillment center where we do all our sourcing of our British classic cars. That allowed us control of shipping, cost, and supply chain. This year, our guidance in that factory is $33 million in revenue, which we're highly confident we'll do because it's a committed order. That currently represents about 50% of our manufacturing capacity in that factory. However, if we fill the factory and have three production lines running like that down the building, building 60 cars a year each per annum at the price points we've discussed, our opportunity is to scale to $75 million revenue in the next few years. Our immediate objective is to fill that factory with the model I've shared with you today, and we've got two core strategies that we're doing that with. One of those strategies we've currently executed already. We identified that the mom-and-pop sector has access to clients wishing to do a full restoration, but they rarely have the production process systems or capital to support the need of that client. We went and spoke to many of these mom-and-pops, great operators building great product, but they just couldn't scale at the rate we had. And I figured out actually what we'd succeeded in is building a factory that could fulfill volume production of classic car restoration. So supporters of filling the factory identified that we could solve their problem and our problem. So we approached, targeted other builders at mom-and-pop size where we saw the revenue opportunity and we saw margin enhancement. So we acquired a Mustang business on a royalty model, an FJ business, and another small defender business. Rather than acquire the business, which would have been a distraction and capital allocation we didn't want, we did a royalty deal. So for the cost of acquisition, it costs us to typically acquire a client. We pay them the royalty fee. They get mailbox money. We get the order. We bring the client into ECD and treat them like our client. The mom-and-pops haven't got to worry about the scaling, the production, the supply chain, the labor. We take care of that problem. It's a win-win for both. So we did three transactions under that royalty model. They filled 20% of our production capacity for 2025 already. The Mustang's the best example where we have back orders through until July, August of next year. So we filled 20% of our production capacity alone just from that model. How we really aim to disrupt the automotive space and to fill the remaining capacity in the factory is that we want to look at some new sales channels. The fastest route for ECD to launch and fill our factory is to enter into a retail strategy. Historically, ECD has generated $100 million in lifetime revenue from an online presence only. We have no visibility by people seeing the product, touching the product, driving the product. It is purely online through social media, YouTube videos, press referral, and organic ranking on Google. We aim to open a small number of immersive retail experiences like Rolex, high-end retailers, where the client will experience Ritz-Carlton service and a fully immersive design experience, touch, feel, test drive like we've never done. Low fit-out costs, the car is the hero. I will not spend $200,000 in a chandelier just because we're in upmarket locations. The car will remain the hero, and people will be drawn to see the car and design it. We overlaid our customer data. We overlaid Ferrari dealerships. We overlaid Lamborghini dealerships. We identified hotspots in the U.S. where we could take our locations. We only need a small number to fill the factory. I only need 60 additional units per year. I don't need 46 dealership locations like Ferrari. I certainly don't want a dealership model like Ferrari. Small boutique luxury retail experience, which we have acid tested in Malibu historically and with an outreach team this year, where we know when people feel and see our product, it encourages conversion rates and buying. We've identified 12 locations that work for us in the U.S. based on our information and research, and we hope to execute in four in the near future. There are three outcomes from that retail experience. We build a small number of inventory in the production schedule about 10 units a year because one in 20 leads does not want to wait a year for their car. They want something available now. So we build a small amount of inventory that we sell as available now. We get margin enhancements in that because we can predict how we're going to build it. So a client could go into that store and take one of our new available now inventory and take it home today, like you would in a classic car dealership. Second thing is they don't like that car or something about it, and they want to change it. They create a new custom order, send that back to the factory in Florida. We will also recycle our used inventory there as well. So there are three outcomes. That shows on those scenarios, just selling one unit a month of each model, would fill the factory and take ECD Automotive Design to $75 million revenue by 2026. One of the things I want to expand on is the classic car ecosystem. It's very unknown. It's extremely fragmented and was one of the reasons that attracted me to the space. There are five real dimensions to the $15 billion annual contribution to the U.S., which is predicted to grow to $28 billion in the near future. One of them is manufacturing, which we're clearly in. Lifestyle is where Cars and Coffee is happening all over America every weekend with car buffs wanting to see each other's cars and showing them off. Also, the retail experience I just talked about as well is expanding. You'll find multiple very expensive storage locations for classic and exotic cars throughout the U.S. as well. That's the lifestyle element. That's a huge growing contributor. We're hoping to move into that space very quickly with retail. We'll be covering manufacturing and lifestyle. Financial services, if you look at Hagerty, Hagerty did an IPO not to sell more car insurance. They did it to get into some of these revenue streams within this total addressable market here. Financial services, typically these cars are not loaned by finance like typical car financing, and they should be. Leasing is not in the classic car space, and it probably should be. Supply chain is the other sector where a majority of classic car people are all chasing the same piece of glass from one vendor in Turkey in the world. Supply chain is a huge part of fulfilling this ecosystem as well. Market channels. Auction houses like Mecum, Barrett-Jackson are all now trading classic cars at high resale rates, and it's a very good revenue stream for them. We basically see that the market at some point, I predict it's likely that a luxury umbrella parent brand or wraps it all up and puts it into one because it doesn't matter why you're buying anything luxury, whether it's jewelry or anything else, a car is just the same for the high-net-worth individual. The car industry is certainly seeing the value in classic car restoration. During COVID, where they couldn't get inventory, this was their key source of selling cars. They pulled up on the classic car sector because they saw the demand for it and they saw the margins in it. So why invest in ECD? A decade of performance, which is pretty rare. As a private company, we've got a decade of incredible performance. Real and achievable growth projections. An industry consolidation opportunity. A continued disruptive approach to the automotive luxury space, which is needed and required and where we've been successful. A management team with a strong track record and depth and a product that caters to high-net-worth individuals. And we are all things after the presentation that we are in effect a micro-cap Ferrari. I hope the last few minutes have given you an overview of ECD's current and future as we continue to disrupt the luxury automotive space. Please feel free and I'd advise you to go and get in the cars today, feel them, touch them, sit in them and see some of the things I've spoke about in real life. Thank you for your time today. And do you have any questions? Sir. Have you tried any programs where people ordering the vehicles are offered the opportunity to become a shareholder in their own stock? Yeah, that's a great question. I get asked that a lot, how can we kind of integrate them from being a client? And I'm going to be kind of very direct in the answer. I don't often mix the two. If you saw my database of clients, you'd recognize nearly every name on there: athletes, celebrities, CEOs. I always call it a legal high. I mean, we have got some of the most famous NFL players that come to our facility, and they just want to escape from the life. We never disclose our clients. We have NDAs with many of them. They're coming to us to escape from it. The minute I turn it from that legal high, as I call it, to business, I think we've let them do it organically. We launched on all our social media channels. We've got about 600,000 social media fans. We're very loyal to our fans. Not everybody can afford our product, but I don't want to be that arrogant brand that doesn't treat you like you belong in our brand. Our fan base has been incredible. So the minute we went public, we switched it and switched on ECD Automotive IR channels. So on all our social media channels, you'll see IR. I do it in a very different way. I walk the factory. I talk about the P&L in real time. And what we've done organically is moved some of our clients from being to get into that territory. When we pull our list, our noble list of our shareholders, we see actively a lot of our clients are in there. I don't want to push it on them, but money will just come to play themselves in this market. You went public through a SPAC about a year ago. Can you explain the reason why you chose a SPAC process and kind of lessons learned? Yeah. It's not an easy thing to go. No, it's not. I mean, I met Ben, our CFO, during the process. I mean, I had the background of being a public company and a private company in the U.K. So I'd seen both sides of it in Europe. I knew the pros and cons. Private equity was one of the options we had. We didn't want to go to private equity. Mainly, my reason for private equity is that when I was in private equity, I didn't want to destroy the business model. I didn't want to turn it into like a P&L exercise where you just kept taking margin at the top. And you would do that with our business if that was the approach because the customization side of it is what's critical to it. And it would turn into cookie cutters. That was the reason we didn't go that route. The de-SPAC process, my advice to everybody if I was doing it again is just be as prepared as you possibly can. There's so many gotchas and unknowns that are going to come at you. And I think the better you can rehearse it and share with each other. I would love for somebody to contact me and say, "Talk me through what the next 12 months is going to look like." And I'd share with them my experience. Yes, sir. I think you mentioned going to boutique locations. What was the legacy customer acquisition process and what was the cost associated with that? Yeah. And how do you expect your boutiques to compare against what you've been spending on customer acquisition? Yeah, it's a really good question on how the acquisition model would change. Basically, I'm going to be honest with you, we hijacked a very luxury automotive event in Malibu in 2017. This luxury automotive dealership had said, "We're having an event in Malibu." And they invited all the world press, Top Gear and Robb Report and Bloomberg and Forbes. I sent a tweet out and said, "There's three British idiots in the canyon with an LS3 Corvette-powered Defender. If you want to come and drive it, come and do it." Unbeknownst to me, they all came up the hill and drove the Defender. Then they wrote about us. I realized we had quite a special story. They quite liked the fact that a few British guys had had a beer were disrupting the space. They continued to do that. I'm also pretty good in a marketing background. I identified that Google was a really good resource for us that if we supplied Google with good content and just kept doing it and kept doing it and we became creative storytellers, Google would endorse that and reward us for it. We're ranked, I mean, ridiculously. We're ranked number one for Electric Defender on Google, which still blows my mind. So we did it that way, first of all. And it costs us about 1.5%, including labor and fees, but it's very low for a luxury brand, that cost of acquisition. 1.5% of the gross. Yes, of each vehicle. Yeah. But that's all inclusive, labor included in there and everything else. We don't really pay a lot to play in the marketing space, to be honest with you. It's mainly defensive and a pay-per-click model for Google if competitors bid on keywords, for example. But to your point on the future, it'll be a lower cost of capital and higher reward because on the numbers we're running for these, I'm not looking at, for instance, this is not an ego trip. I've got no intention of going to Rodeo Drive and opening one of these. I've got no intention of opening 46 because I don't need 46 to fill the factory. I need three to four. So we've done exactly that exercise, and we've identified that actually Boston is better bang for our buck than New York in the data we've looked at. So I'm not going to pay $150 per sq ft to be somewhere in New York. For $65, I can be in Boston because right now you've got to travel all the way to Florida to see me. Nobody's ever seen the product. So if you've got to go from New York to Boston, that's an easier ride, right, and a cheaper plane ticket. So we think that the return, the ROI on the math we've run for the retail models we've run, payback is about nine months. Yeah. Per location. location. Per location. Payback's about nine months. Yeah. But the great thing of it is it's a sustainable source to keep filling the factory without doing all the risk side of M&A because there isn't really an M&A target that's good enough or is a good fit. And I will always endorse, build a business, don't buy a business. If you can build it yourself, don't buy the business and pay a premium. Thanks for that. Second thing I want to ask is you mentioned you need 60 more orders to fill the factory to 100% capacity. What does the supply chain, you know, I think you have four or five models of cars today. In terms of can the business really grow to a billion-dollar business, or is it constrained based on what you're able to source for inventory? I'm sure we know how many of each one of these are out there that you either own or could potentially acquire. What does that side of it? I mean, again, a good question. I don't need more models to fill the factory. The five we've got will absolutely do that. What I can't answer is what will the mix look like? I really think Mustang is going to take off because 87,000 people a month search for classic Mustang on Google compared to 12,000 for classic Defender. You guys are all much more versed in a Mustang than you are a Defender. 90% of you, you asked me, what is that car? Yeah. But there's 2 million. There's 2 million. Two million Defenders were built. So I've got a really nice problem. If I sell two million of these, it's a bigger problem than we. So there's two million Defenders available. Mustang is a completely different model. It's all domestic. And we've done the supply chain, the bill of materials, the exercise is all there as well. So supply chain has never been an issue for us because if you want to figure out supply chain, do automotive manufacturing customization through COVID. The scars on my back tell me how to figure out supply chain. It was a brutal time. But yeah, we did it. Yeah. So follow-up on kind of like the acquisition of these vehicles initially because they're all already classic cars. What is that process and how does that build time build into your sale of the vehicle in itself? Does it take time to source a proper vehicle or do you have to repair it in and of itself and stuff like that? Yeah. Great question. Again, it depends on the vehicle. The British vehicles, obviously, that adds about 100 days in production time because we've got to bring all the elements in from the U.K. and import it. All the cars are 25 years old. So that adds about 100 days. If it's a domestic vehicle like the Mustang, we can do that 100 days quicker and easier because it's a domestic supply chain. But actually, the answer to the question is the consumer. How quickly each client goes through that process is up to them. So we have a schedule on our software system that if you're making your decisions really quickly and you design the car in a week. Another question since we've taken outside. Thank you so much. Let me answer that outside. Thank you very much. Thanks. Sequire Audience, our customizable video conference feature, facilitates secure and seamless video communication for your chosen audience. Creating an audience event with your shareholders is as easy as pressing a button, and you can customize each session with things like allowing public registration, attendee verification, dial-in numbers, and Q&A features. Add cover photos, company decks, and more. Just schedule the day and time, and you're ready to go. 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