Good afternoon. Thank you for your time today. My name is Scott Wallace. I'm the CEO, Chairman, and Co-founder of ECD Automotive Design. Joining me today is Ben Piggott, our CFO. My background is primarily in the U.K. public and private equity space, where I did over two decades before relocating to the U.S. 15 years ago, as you can clearly hear by my accent. For the past 10 years, I have founded and scaled ECD Automotive Design from a small boutique business to a Nasdaq-listed company. Today, I want you to walk through the classic car market, our business overview, key historic milestones, our unique unit economics, our current status, and our growth opportunities. Please note the disclaimer slide there. I'll move on to this slide. The $94 billion annual classic car market presents the opportunity to scale ECD into the larger sector. The table on the right-hand side represents the six key revenue contributors to the total market: vehicle manufacturing, logistics and storage, community and experience, maintenance, restoration and spares, administration, financing and insurance, and trading and brokerage. Clearly, currently, we sit in the vehicle manufacturing space. We predict that as the market consolidates, key players will see a time in the future where a parent luxury brand or major automotive player will integrate all elements of the classic car sector to offer high-net-worth individuals an all-encompassing white-glove classic car lifecycle. This mirrors the LVMH luxury growth strategy, as they have recently acquired positions in custom yacht builders and boutique luxury hotels. ECD Automotive is a creator of one-of-one luxury restored classic vehicles, currently offering the Land Rover Defender, the Range Rover Classic, the Jaguar E-Type, Classic Mustang, and the FJ Land Cruiser. Each car is a one-of-one and designed by the client through an immersive 3D design experience. The client retains the intellectual property of each vehicle. Each car takes 2,200 hours to restore from ground up and is handcrafted by our 100 American ASE-certified team at our Orlando 100,000 sq ft facility, aptly named the Rover Dome. A one-of-one classic vehicle leaves the production line every four days. Our average price per vehicle is $340,000, with our highest price being over $600,000. As I explain how we disrupted the luxury and classic automotive space, it is important to remember we do not sell cars; we sell a luxury consumer experience like no other. ECD was originally, like most great ideas, a discussion over a beer between three British gearheads. We identified that the classic car restoration space was typically run by mom-and-pops, boutique businesses, and we aimed to change that. The industry did not need more mechanics; it needed business builders. While the luxury automotive space failed to deliver choice in customization and lacked five-star service, we set out to disrupt the luxury and classic restoration space. I invested $150,000 initially, working capital, and for a decade, we never took any outside capital or vendor trading terms. We scaled ECD and our own organic cash flow. We became outstanding capital allocators, with only allocating capital to three things: space, labor, and inventory. This ensured we could collect our own free organic capital to scale. We recognized that 12 months from order to delivery was the sweet spot in the sector and scaled to support a one-year backlog and delivery timing, which we retained for over a decade. Every bill in our backlog is contractual sales, creating both manufacturing and financial forecasting visibility. Over the decade, we evolved process to a volume like a volume automotive manufacturer that allowed the fluidness of customization in production, unlike any other luxury car manufacturer. From that initial $150,000 investment, we grew in 10 years to $100 million revenue, 650 + units built, 17% revenue compound annual growth rate, 19% price and compound annual growth rate, industry-leading gross margins, and 95% staff retention for mechanics, which is twice the national U.S. average. We also identified as we became a public company, we had all the trademarks of a micro-cap Ferrari, commanding a premium price due to the product and brand while enhancing margins via customization. As we reviewed the luxury car automotive space, we identified that nobody really enjoys buying or owning a car despite paying a premium. Service and true unique customization were not offered. As we reviewed the mom-and-pop space, we identified transparency, trust, and reliability were missing, while high levels of customization were offered. We concluded that the automotive space was missing a luxury journey from start to finish, and we decided to take the best of the mom-and-pops, Ferrari, and luxury hospitality. ECD was founded on a clear vision in mind to craft one-of-a-kind classic custom builds that blend timeless aesthetics with modern performance and comfort. Our commitment to transparency ensures that our clients receive accurate information and delivery dates. Every client has access to six live cameras as the car moves through the 20 stages of production in the plant, with the concierge team communicating key stages like paint and drive-through installation among the favorites with our clients. At ECD, the client is at the heart of the experience, and we provide white-glove five-star service to ensure a memorable and luxurious journey. Our clients are not cash-starved; they are option, time, and inspiration-starved. Every client is assigned a concierge and 3D design manager. We took gaming software from the racing software world and created our own immersive 3D design process and put the client at the center of the experience. This allows an endless amount of customization, with the result being a true one-of-one vehicle which can never be replicated as the client owns the intellectual property. We do not require heavy capital investment in R&D, as every client drives our R&D by demanding new innovations per build. We have 650 free automotive designers that drive our innovation on every build. The client choices take the base contract of $260,000 on average and add another $80,000 in upgrades, the average selling point therefore being $340,000 per vehicle. Our highest order to date is $621,000 per vehicle. Our margin on upgrades is 65%. We are not Ferrari. We go way beyond a limited number of choices and do not build one of 500 production runs. We build one-of-one. Let me give you an example of one-of-one. We had a client contacted us and identified that they wanted a specific herd of cattle in their vehicle. We had to source, find the farmer in Italy. We had to buy eight cows from the farmer in Italy. We had to take the cows to the slaughterhouse in Italy. We had to get to a tannery in Italy to get the leather dyed and import the leather into Italy to put it into the car. The car had that leather from the roof to the floor. It was a $107,000 upgrade, and there was a commitment that we will never use that leather in anybody else's vehicle. That's an example of our levels of customization. Our client-centric approach not only drives revenue and margin, but it also drives client retention, as 20% of orders are existing clients, therefore reducing cost of acquisition, and 25% of leads come from referrals. Most of all, it positions in a space that is highly unique and proprietary. These two tables show our historic growth in revenue margins as a public company. Our revenue growth over the past two years has yielded a 62% compound annual growth rate, with 25% in 2025 showing a 29% year-on-year growth rate. Our gross margin is key to our unit economics. At 24% gross margin, we're at the high end of the luxury automotive space and still have opportunity to grow with our innovations. The margin growth strategy allows us to exceed Porsche at 26.4% and Aston Martin in the mid-30% in the near future. The trust of a luxury automotive manufacturing efficiency with margin enhancement through one-of-one customization is our key to revenue and gross margin success and superior unit economics. Our core objective at this moment in time is to scale production while protecting our brand values and our unit economics. During COVID, as a private company, we gambled on growth and built our 100,000 sq ft new manufacturing facility in Orlando, Florida, shown here at the bottom of the slide. We built that on our own free cash flow. We also, at the same time, built a U.K. logistics facility to ensure we were 100% in control of supply chain during COVID and throughout the pandemic and currently through the tariff impacts. The facility has capacity for four production lines, with each car moving every four days, creating the capacity for 216 units per year, which would generate $75 million in revenue in a single shift, five-day work pattern with 4% overtime allowance. Our immediate objective is filling the factory, as we are currently at about 50% factory utilization. We have two core strategies to fill the factory. Strategy one, new products. We identified that the mom-and-pop sector has access to clients wishing to build a classic restoration, but rarely the production process to fulfill the orders. To support filling the factory, we identified partners in our space where we could add backlog while enhancing margin and protecting price point. The three companies we partner with have paid a royalty fee per unit, which is similar to our internal cost of acquisition. They sell the product, we pay them a royalty, and then we take over the client experience as an ECD client. This fills backlog in a cost-effective way, complements price point, expands product range, drives margin, and time as the supply chain is domestic versus international. We are also protected from the traditional M&A risk using the royalty partnership model. In 2025, we have 20% of total production backlog from this model alone. We will remain active in the space for good brand fits and partners. This has also allowed us access to a wider marketing audience via a broader but aligned target audience. Google organic searches for a classic Mustang per month in the U.S. are 80,000 searches a month, compared to 12,000 searches a month for a Classic Defender. America understands the Mustang, and it will become a core part of our production in the future. This demonstrates the market opportunity through our new products. Strategy two. The fastest route for ECD to launch is to launch our industry-leading retail strategy. Historically, ECD has generated 100% of its $100 million lifetime revenue through a digital presence only. Unlike other luxury car manufacturers, our backlog has never been driven via retail presence. We aim to open a small number of immersive retail experiences like a Rolex retail store and other high-end retailers, where the client will experience Ritz-Carlton service, a fully immersive design experience, and touch, feel, and drive experience like no other. We have already successfully demonstrated the model in two locations. Our new West Palm location opened in January 2025 in West Palm, and we recently, in April, only a few weeks ago, launched in Nantucket in Massachusetts. Our luxury retail brand is expanding to reach the heartland of our esteemed clients, positioning us to fill the factory in a cost-effective manner. Both locations are already delivering above expectations. By overlaying our current client data, real-time database, and other high-end automotive dealers like Lamborghini and Ferrari, we can see the exact locations and pockets of wealth where to open our retail experiences. We would keep this unique with a very small number of stores. This is not a brand ego trip where we need an ECD badge in every city. We need a small number of stores in key locations. This would create enough orders to take the factory to capacity quickly. We have to date identified 12 locations in the U.S. and expect to execute on four in the near future. Fit-out costs are minimal, as the cars are the heroes of the experience and not expensive chandeliers, therefore driving rapid ROI. Four locations selling two units a month would take the factory to capacity of $75 million revenue. The retail strategy allows for three outcomes to drive revenue: backlog and net margin enhancements. We have a small number of cars that we build that are available now in inventory for clients that do not want to wait 12 months. These are placed in our stores for clients to buy and take delivery immediately in real time to avoid a 12-month wait while driving free cash flow. Scenario two is they design a new build at retail locations, and we send the order directly back to the factory in Florida for fulfillment. Scenario three is we recycle our used inventory to protect price points, and we get consignment income of about 10% on recycling used inventory. With a retail presence, we would also build a database of high-net-worth individuals and put them through our CRM system so we were constantly contacting them. A combination of these outcomes would quickly fill the factory and drive ECD towards its annual $75 million revenue growth plans. Why invest in ECD? We have a strong decade of performance with outstanding capital allocation. Real and achievable growth projections organically and into the broader market with operational opportunities towards $300 million in revenue. An industry consolidation opportunity via the chart I showed you earlier with the $94 billion total available market. A continued disruptive approach to the automotive space. A management team with a strong track record and depth, and a product that caters to high-net-worth individuals. We are, all things considered, a micro-cap Ferrari. Most importantly, we're a 100-strong team, a group of U.S.-based automotive misfits that build really cool one-of-one cars. Thank you for your time. Can Ben or I answer any questions for you? Sorry? We're always looking at raising capital. We're fortunate that we've got organic capital as well and a strong backlog. The cost of going into the retail units is relatively inexpensive. The fit-out costs are minimal. The biggest cost to us is putting the inventory into those locations. It costs us about $107,000 a unit to put those inventory models in there, about $33,000 in labor, shipping, and consumables on top of that. We're currently doing about one vehicle a month that we move to inventory. We've had a bit of a nice problem in the last three months where the stock inventory we're selling isn't actually making it to the retail stores because it's being bought in advance. We've identified a target audience that our sales team and our marketing team are literally taking production and saying there's a slot being built in, say, four months. Somebody could say, "Well, I'll take the September build." They have limited choices at that point because the bill of material has been ordered, but they could still change key things like a drivetrain choice. They could change the color of the vehicle. They could change the leather vehicle. What we want to do is scale that production so that we can feed the inventory line. The answer I haven't got, the problem I've got, and I kind of know my numbers pretty well for that, I don't know what retail will do to the mix of production. We've historically worked in 100% of production has been contractual backlog. In 2025, we moved that to 90% contractual, 10% inventory. I think the retail model could quickly drive that in a very different direction, but I've got really no idea what that direction will be until I see consumer behaviors in the retail model. Isn't tariffs a great subject? I mean, what we're told today isn't what happens tomorrow. It's honestly manufacturing. It's nonsense, a lot of what you hear. You've actually got to do what we've always done, and we regroup, and we do what's right for the business. In answer to that question, we did a number of things. Ben and the procurement team and our data team, we overlaid the country of origin for all our bill of materials. We took a bill of materials for a vehicle, and we overlaid which country of port of origin they were from. We're fortunate that in the business we're in, it wasn't like we were in this stable field of supply chain. From day one, we've always had to manage our supply chain. We were well versed for COVID before any of the big manufacturers because what we do is a very difficult supply chain to fund. Interestingly, they're the base vehicles in England. It's not just the chassis. We buy the base car. In England, they're like an F-150. They are readily available. Two million were made in the lifecycle of the Land Rover Defender. Farmers have them. Utility companies have them. Government cars have them. We buy them, being candid, for about $12,000. Under the current tariff terms, they're classed as a classic vehicle, so they're exempt from the 25% import tax. They're putting in new cars. It doesn't change our position at all. In terms of items we purchase from highly tariff-rated countries, we're able to pivot. For instance, some of the parts we buy from China, we can buy from Turkey. We can offset some of the margins there, and we can get into a 30-day inventory cycle time in that as well. We can quickly pivot from sea freight to air freight, and we can do it cost-effectively in Orlando because there's a lot of tourist flights coming in. We just fill the cargo areas. To offset it as the ultimate risk, we can very cleverly deploy about a 5% increase in our upgrades I talked about. Our clients aren't going to, if they're spending $80,000 on an upgrade, they're not going to kind of pivot from spending $84,000. We've put a 5% buffer in there to cater to the tariffs, but we've made an absolute agreement that we're not going to put it on the base contracts. We're not going to migrate those costs onto that. For about three days, it was a difficult field to manage, and then you just said, "Let's stop waiting for information to come in. Let's make some serious business decisions." Tariffs, we're pretty well ahead of that. We were pleased to hear that the base cars were exempt from the 25% because that was grey for about 48 hours, and that would have been a difficult task because we import about 8 vehicles-10 vehicles a month. Yeah, 20% of one in five customers is a repeat customer. One in four leads is a referred customer. It's interesting, we have a little board in the business, and we have a client that's bought the most vehicles. That one client has bought six vehicles. They bought one of every vehicle and some of them twice. They bought a gas engine, and they bought an EV version of a Defender. Our clients vary. Some of them genuinely, I mean, they're built to be used as daily road cars. They've got all the classic aesthetics of a classic vehicle, but they've got all the modern luxury of a daily driver. They're all GM power plants, anything from 430 brake horsepower up to 880 is our most high-performance powered engine. We have nine drivetrain choices, including EV. Yeah, I mean, our clients sometimes use them as garage queens and just have six different ECD vehicles they look at every night like pieces of art and others. We've got one guy that lives there with his ECD vehicle. He asked us to build as an off-road vehicle, 180-degree awning, tent on the roof, a $60,000 color-matched trailer on the back of it for living in. Yeah, it's a fairly unique business. I mean, it's a big part of our business, clients. It isn't something you can get everywhere. Typically when a neighbor sees it on Nantucket and they ask the neighbor, "Where did you get that?" we get another order from the neighbor in Nantucket. Yeah, I mean, it's an incredible thing. I mean, I've been fortunate enough to have some nice cars in life. If I ever go to a gas station in one of our cars, I don't leave the gas station for 30 minutes. We actually now just put a QR code in each car when it's on test mi because the test drivers were getting half the mi done in a day. We need to get 300 test mi in each vehicle. We just put a QR code on it, and it tells—we just say, "Just scan that," and it tells you everything about the car because they were just getting nothing done. They do attract a lot of attention. If you're ever in Orlando, please come and see the facility. I can't do it justice talking today. When you see the fluidness of Ferrari manufacturing, sorry, when you see the efficiency of Ferrari manufacturing where the cars are moving every four days, but you see the fluidness of customization. We purposely do not have a lot of management in the business. There's a C-suite, and there's very little after that because for every one manager, I can get two mechanics. If I empower those mechanics and let them build cool stuff rather than fix bad stuff, it's an incredibly motivational thing. That's why we have 95% retention rate mechanics. We have very little management. When you see that, when you see empowered mechanics pivoting on their own labor deployment, it's a very powerful thing. I think my time is up. Oh, sorry. Yeah, the Mustang's been the most interesting one. As I said, 80,000 people search a month for a classic Mustang. Americans understand classic Mustangs. I had to educate them on a Classic Defender like that. We’ve added the Mustang in. We’ve had to change dramatically on the supply chain for that because we have three letters in our break room called BOU, and it’s Bet On Us. We bought prefabricated bodies. We bought prefabricated frames for the Mustang. I’m going to be honest, they were junk. Our QC team rejected them. Our paint team rejected them and said they just can’t get to our quality. Quality Quality is the heart of our business. We just couldn’t get. We have pivoted, and now we got all the panels, and we have a $45,000 welding machine, and we spot weld everything so that we make sure the alignment on the Mustang is perfect. We have just got into that flow. Very exciting point last Friday. I think we moved into the Mustang space July last summer. The first Mustang left the line last Friday night, and it was great to see it roaring off the line. We have got a backlog now of 17 orders, so we have got enough to commit it to a full production line of its own. Yeah, we need to be about 10 units a month, and currently we are about 8.5 at 10 units a month. After that, OpEx is just leveraged dramatically. We think there is about 8 percentage points on OpEx as we fill the factory. If you ever come to Orlando, please come and see us, and I'll give you a personal tour. It's a great thing to see. You can have some fun test drives. It's a blast. Thank you very much.