Preheat oven to 350°F. Spread chopped nuts in a single layer on a baking sheet. Toast for 6-8 minutes, then set aside to cool.
In a medium mixing bowl, use a whisk to sift together flour, granulated sugar, cocoa powder, baking powder and salt.
Add milk, melted butter, vanilla and almond extracts. Add 3/4 cup nuts and chocolate chips, mix until fully blended.
Spray a 9x9-inch pan with cooking spray. Pour the chocolate cake batter into the prepared pan.
Sprinkle brown sugar and cocoa powder over top of the cake batter. Dissolve the espresso in hot water, then gently pour over the top. Do not stir.
Bake for 35-40 minutes or just until the top is dry when gently touched.
Scoop into bowls, spoon sauce from bottom of pan over cake.
Serve with a scoop of vanilla ice cream, sprinkled with additional walnuts, whipped cream and maraschino cherries.
Notes
Nuts: You can use walnuts, pecans or almonds for this fudge cake. You can also omit the nuts altogether.
Eggs: There are no eggs in this hot fudge cake, that's not an omission.
Baking Chips: You can use milk chocolate chips or dark chocolate chips in place of semisweet chocolate chips.
Espresso Powder: Espresso isn't an ingredient that would have been in the original version of this chocolate cake. It adds a depth of flavor without making it taste like mocha. You can use instant coffee or omit it, if that's your preference. Either way, the amount of hot water wouldn't change.