Carbon Revolution Announces Record Revenue Results for Fiscal 2024
- Achieved Record Full Year Revenue of US$47.3 million, up 87% year-over-year
- Makes substantial progress on operational and liquidity actions
GEELONG, Australia, May 14, 2025 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the "Company"), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced fiscal 2024 results for the period ended June 30, 2024. Full year revenue was a record US$47.3 million, up 87% year-over-year. Full year loss after income tax was US$146.4 million compared to US$52.5 million a year ago, with transaction costs comprising US$20.9 million for the current year compared to US$16.4 million for the prior year. Impairment of assets in accordance with IAS 36 of US$68.0m was also taken in FY24.
"Carbon Revolution delivered exceptional growth in fiscal 2024, with full-year revenue growing 87% year-over-year," said Donald Hampton, Jr, CEO of Carbon Revolution. "This performance was driven primarily by a ramp to full production of the Range Rover Sport SV program combined with increased volumes shipped for the Corvette Z06 / E-Ray program."
"The completion of our Mega-line initial commissioning is a significant milestone," added Mr. Hampton, Jr. "The Mega-line, combined with associated expanded capacity, enhances our operational efficiency and we believe positions us to meet the demand from global OEMs. Spend on capacity expansion required for expected volume from currently awarded programs is concluding and we have recently restructured and lowered our cost base, both items combined bring a new level of resilience to our business."
"With all that has been achieved in the last 18 months, the Company expects to be well placed for growth and is moving toward profitability from our first plant in Australia."
Business progress includes:
-- Appointed Robert A. (Bob) Lutz as Chair of the Board of Directors
-- Strengthened leadership with appointments of Donald Hampton, Jr. as CEO
and Alia Comai as Chief Revenue Officer
-- Key customer vehicle launches, including Chevrolet Corvette ZR1 and
Lamborghini Temerario
-- Completed initial Mega-line commissioning, driving operational
efficiencies
-- Achieved industry recognition at the prestigious 2024 PACE Automotive
News awards with dual awards
Webcast and Conference Call Information
To listen to the conference call via the Internet, please go to the Events section on Carbon Revolution's investor website. To listen to the conference call via telephone, please call (877) 407-9716 (domestic) or (201) 493-6779 (international).
A replay of the conference call will be available from 3:00 pm Eastern Time on May 15, 2025, until 11:59 pm Eastern Time on May 29, 2025 under the Events section of Carbon Revolution's investor website, or by calling (844) 512-2921 (US domestic) or (412) 317-6671 (international), Access ID: 13753730.
About Carbon Revolution plc
Carbon Revolution plc (Nasdaq: CREV) is the parent of Carbon Revolution Pty Ltd, an early-stage growth company which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world's most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world.
For more information, visit carbonrev.com
Financial Highlights
Metrics((1)
(US$ unless otherwise specified) FY24 FY23 Change %
----------------------------------------------- ------ ----- --------
Revenue (US$m) 47.3 25.3 87%
----------------------------------------------- ------ ----- --------
Loss for the year (US$m) (146.4) (52.5) (179)%
----------------------------------------------- ------ ----- --------
EBITDA(2() (US$m) (120.5) (42.3) (185)%
----------------------------------------------- ------ ----- --------
Adjusted EBITDA((3) () (US$m) (35.0) (23.5) (49)%
----------------------------------------------- ------ ----- --------
Unrestricted cash at April 30 2025((4) ()
(US$m) 1.0
----------------------------------------------- ------ ------ --------
(1) All USD figures converted to USD at a rate of 0.6624:1
(USD:AUD) for convenience. Financial years ending
June 30.
(2) EBITDA differs from the most comparable IFRS measure,
net loss for the year, primarily because it does not
include interest expense and interest income, income
taxes, depreciation of property, plant and equipment,
and amortization of intangible assets.
(3) Adjusted EBITDA adjusts EBITDA for capital raising
transaction costs, share-based payment expenses, impairment
of assets, loss on modification, loss on extinguishment,
supplier financing costs, realized foreign exchange
loss, gain on remeasurement of warrant liabilities
and unrealized foreign exchange gain. See additional
information at the end of this release regarding non-IFRS
financial measures.
(4) The Company expects to draw down the remaining US$5m
from OIC funds in CY2025. As of April 30, 2025 the
Company has US$1.0m of available cash on the balance
sheet and US$3.6m in restricted Trust fund in relation
to the PIUS agreement.
Use of Non-IFRS Financial Measures and Other Operating Metrics
In addition to results determined in accordance with IFRS, management utilizes certain non-IFRS financial measures such as EBITDA and Adjusted EBITDA, which are not financial measures as defined by IFRS. Non-IFRS measures have certain limitations and should not be considered in isolation or as a substitute for analysis of the Company's results of operations as reported under IFRS. The Company believes non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management believes that the use of non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company's financial measures with other similar companies, many of which present similar non-IFRS/GAAP financial measures to investors. These measures should not be used instead of, or considered as alternatives to, the Company's financial results prepared in accordance with IFRS and may not be comparable to similarly titled measures disclosed by other companies.
Forward Looking Statements
All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend, " "expect," "should," "would," "plan," "project," "forecast," "predict," "potential," "seem," "seek," "future," "outlook," "target" or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the future financial performance, business strategies, financings and expectations for the Company's business. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Carbon Revolution.
These forward-looking statements are subject to a number of risks and uncertainties, including (i) Carbon Revolution's liquidity, including its ability to pay its obligations and to issue equity, refinance its indebtedness or otherwise obtain financing at all or on acceptable terms, (ii) risks related to our ability to meet financial covenants and other key covenants under existing financing arrangements, (iii) changes in domestic and foreign business, market, financial, political and legal conditions; (iv) the ability to maintain the listing of Carbon Revolution's securities on the stock exchange; (v) risks related to the rollout of Carbon Revolution's business strategy and the timing of expected business milestones; (vi) the effects of competition on Carbon Revolution's future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and retain its management and key employees; (vii) risks related to domestic and international political and macroeconomic uncertainty, including tariffs and trade policy and the Russia-Ukraine and Israel-Hamas and Israel-Hezbollah conflicts; (viii) the outcome of any legal proceedings that may be instituted against Carbon Revolution; (ix) the impact of pandemic
and governmental responses on any of the foregoing risks; (x) risks related to Carbon Revolution's industry; (xi) changes in laws and regulations; and (xii) those factors discussed in the documents Carbon Revolution filed with the SEC, including the Annual Report on Form 20-F for the financial year ended June 30, 2024.
If any of these risks materialize or Carbon Revolution's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Carbon Revolution does not presently know or that Carbon Revolution currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution's expectations, plans or forecasts of future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution's assessments to change. However, while Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Carbon Revolution's assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
For further information, please contact:
Investors
Investors@carbonrev.com
Media
Media@carbonrev.com
Carbon Revolution plc
Condensed (1) Consolidated Statement of Financial
Position
June 30, 2024 June 30, 2024 June 30, 2023
US $'000 AU $'000 AU $'000
------------- ------------- -------------
Current assets
Cash and cash
equivalents 2,454 3,705 19,582
Restricted trust
fund 446 674 14,677
Receivables 5,656 8,538 6,430
Contract assets 9,242 13,952 8,239
Inventories 19,101 28,836 22,173
Other current
assets 1,453 2,193 378
------------- ------------- -------------
Total current
assets 38,352 57,898 71,479
------------- ------------- -------------
Non-current assets
Restricted trust
fund 4,637 7,001 -
Property, plant and
equipment - - 62,638
Right-of-use assets - - 7,446
Intangible assets - - 16,774
------------- ------------- -------------
Total non-current
assets 4,637 7,001 86,858
------------- ------------- -------------
Total assets 42,989 64,899 158,337
------------- ------------- -------------
Current
liabilities
Payables 29,973 45,247 15,474
Borrowings 9,282 14,013 13,829
Lease liability 467 705 645
Contract liability 730 1,102 748
Deferred income 1,400 2,114 1,919
Provisions 2,887 4,359 12,957
------------- ------------- -------------
Total current
liabilities 44,739 67,540 45,572
------------- ------------- -------------
Non-current
liabilities
Borrowings 93,301 140,853 70,833
Payables 10,064 15,193 -
Derivative
liability 352 531 -
Lease liability 4,677 7,061 7,368
Contract liability 2,999 4,527 1,755
Deferred income 8,825 13,323 15,235
Provisions 1,877 2,834 1,843
------------- ------------- -------------
Total non-current
liabilities 122,095 184,322 97,034
------------- ------------- -------------
Total liabilities 166,834 251,862 142,606
------------- ------------- -------------
Net (liabilities) /
assets (123,845) (186,963) 15,731
============= ============= =============
Equity (Deficit)
Contributed equity - - -
Warrants 4,971 7,504 -
Reserves 1,317 1,990 7,166
Accumulated losses (130,133) (196,457) 8,565
------------- ------------- -------------
Total equity
(deficit) (123,845) (186,963) 15,731
============= ============= =============
_______________________________
(1) All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience.
Carbon Revolution plc
Condensed Consolidated Statement of Profit or Loss
and
Other Comprehensive Income
(2) For the Years Ended June 30, 2024, 2023 and 2022
2024 2024 2023 2022
US $'000 AU $'000 AU $'000 AU $'000
-------------------------- -------- -------- -------- --------
Sale of wheels 44,752 67,560 37,477 38,276
Engineering services 1,702 2,569 530 464
Sale of tooling 881 1,330 253 1,596
-------- -------- -------- --------
Revenue 47,335 71,459 38,260 40,336
Cost of goods sold (65,262) (98,523) (55,094) (57,445)
Impairment of assets (55,472) (83,745) - -
-------- -------- -------- --------
Gross loss (73,399) (110,809) (16,834) (17,109)
Other income 1,423 2,148 3,096 4,320
Operational expenses (2,505) (3,782) (2,997) (2,013)
Research and development
expenses (23,914) (36,102) (16,180) (16,933)
Administrative expenses (11,979) (18,084) (14,566) (13,146)
Marketing expenses (1,166) (1,760) (1,494) (1,550)
Capital raising
transaction costs (20,921) (31,584) (24,746) -
Finance costs (19,937) (30,100) (5,502) (1,390)
Finance income 5,955 8,990 - -
Loss before income tax
expense (146,443) (221,083) (79,223) (47,821)
Income tax expense - - - -
-------- -------- -------- --------
Loss for the year (146,443) (221,083) (79,223) (47,821)
-------- -------- -------- --------
Other comprehensive income
/ (loss)
Items that may be
reclassified subsequently
to profit or loss:
Foreign currency
translation differences
-- foreign operations 201 303 (62) (147)
-------- -------- -------- --------
Other comprehensive income
/ (loss) 201 303 (62) (147)
-------- -------- -------- --------
Total comprehensive loss
for the year (146,242) (220,780) (79,285) (47,968)
Earnings per share US $ AU $ AU $ AU $
Basic (77.90) (117.61) (59.20) $(36.17)
-------- -------- -------- --------
Diluted (77.90) (117.61) (59.20) $(36.17)
======== ======== ======== ========
_______________________________
(2) All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience.
Carbon Revolution plc
Condensed Consolidated Statement of Changes in Equity
(Deficit) -- AU$
For the years ended June 30, 2024, 2023 and 2022
Share Foreign
Share based currency Total
Share Share buyback payment Accumulated translation equity
Capital* Premium* Warrants reserve reserve losses reserve (deficit)
AU $'000 AU $'000 AU $'000 AU $'000 AU $'000 AU $'000 AU $'000 AU $'000
-------- -------- -------- -------- -------- ----------- ----------- ---------
Balance as of
July 1, 2021 - - - (311) 5,979 (131,067) (9) 136,726
Loss after tax
for the year - - - - - (47,821) - (47,821)
Other
comprehensive
loss for the
year - - - - - - (147) (147)
-------- -------- -------- -------- -------- ----------- ----------- ---------
Total
comprehensive
loss for the
year - - - - - (47,821) (147) (47,968)
-------- -------- -------- -------- -------- ----------- ----------- ---------
Transactions
with owners in
their capacity
as owners
Share options
exercised - - - - 1,235 1,932 - 3,167
Total
transactions
with owners in
their capacity
as owners - - - - 1,235 1,932 - 3,167
-------- -------- -------- -------- -------- ----------- ----------- ---------
Balance as of
June 30, 2022 - - - (311) 7,214 85,178 (156) 91,925
======== ======== ======== ======== ======== =========== =========== =========
Balance as of
July 1, 2022 - - - (311) 7,214 85,178 (156) 91,925
Loss after tax
for the year - - - - - (79,223) - (79,223)
Other
comprehensive
loss for the
year - - - - - - (62) (62)
-------- -------- -------- -------- -------- ----------- ----------- ---------
Total
comprehensive
loss for the
year - - - - - (79,223) (62) (79,285)
-------- -------- -------- -------- -------- ----------- ----------- ---------
Transactions
with owners in
their capacity
as owners
Share options
exercised - - - - 481 2,610 - 3,091
Total
transactions
with owners in
their capacity
as owners - - - - 481 2,610 - 3,091
-------- -------- -------- -------- -------- ----------- ----------- ---------
Balance as of
June 30, 2023 - - - (311) 7,695 8,565 (218) 15,731
======== ======== ======== ======== ======== =========== =========== =========
Balance as of
July 1, 2023 - - - (311) 7,695 8,565 (218) 15,731
Loss after tax
for the year - - - - - (221,083) - (221,083)
Other
comprehensive
income for the
year - - - - - - 303 303
-------- -------- -------- -------- -------- ----------- ----------- ---------
Total
comprehensive
income /
(loss) for the
year - - - - - (221,083) 303 (220,780)
-------- -------- -------- -------- -------- ----------- ----------- ---------
Transactions
with owners in
their capacity
as owners
Share options
exercised - - - - (886) 886 - -
Equity-settled
share-based
payment - - - - (410) - - (410)
Cancellation of
share-based
payment plans - - - 311 (4,802) 4,491 - -
Settlement of
share-based
payment with
cash
alternative - - - - (1,597) - - (1,597)
Equity-settled
share-based
payment to
non-employee - - - - 1,905 - - 1,905
Acquisition
transaction - 10,684 - - - - - 10,684
Capital
reduction - (10,684) - - - 10,684 - -
Issue of
warrants - - 7,504 - - - - 7,504
-------- -------- -------- -------- -------- ----------- ----------- ---------
Total
transactions
with owners in
their capacity
as owners - - 7,504 311 (5,790) 16,061 - 18,086
-------- -------- -------- -------- -------- ----------- ----------- ---------
Balance as of
June 30, 2024 - - 7,504 - 1,905 (196,457) 85 (186,963)
======== ======== ======== ======== ======== =========== =========== =========
* Comparative periods have been re-stated with the capital structure of Carbon Revolution PLC being the continuing legal parent. Refer to note 6.7 of the financial statements in the Annual Report on Form 20-F.
(3) Carbon Revolution plc
Condensed Statements of Cash Flows
For the years ended June 30, 2024, 2023 and 2022
2024 2024 2023 2022
US $'000 AU $'000 AU $'000 AU $'000
-------------------- --------- --------- --------- ---------
Cash flow from
operating
activities
Receipts from
customers 44,198 66,724 45,742 33,643
Receipt of grants
and research and
development
incentives 134 202 15,446 3,767
Payments to
suppliers and
employees (75,545) (114,049) (80,215) (81,005)
Interest received 134 202 61 94
Capital raising
transaction costs (7,758) (11,712) (9,030) -
Borrowing costs (5,978) (9,025) (20,676) -
Finance costs (6,087) (9,187) (3,810) (2,475)
--------- --------- --------- ---------
Net cash used in
operating
activities (50,902) (76,845) (52,482) (45,976)
--------- --------- --------- ---------
Cash flow from
investing
activities
Payments for
property, plant and
equipment (13,004) (19,632) (13,082) (15,634)
Payments for
intangible assets (3,607) (5,446) (4,874) (6,007)
Sale proceeds from
sale of property,
plant and
equipment 1 2 3 -
--------- --------- --------- ---------
Net cash used in
investing
activities (16,610) (25,076) (17,953) (21,641)
--------- --------- --------- ---------
Cash flow from
financing
activities
Proceeds from
third-party
borrowings 71,508 107,953 124,963 33,657
Repayment of
third-party
borrowings (20,211) (30,512) (43,212) (29,370)
Reclassification
(to)/from
restricted trust
fund 4,638 7,002 (14,677) -
Capital raising
transaction costs - - - (422)
Proceeds from
capital
reorganization 719 1,085 - -
Repayment of lease
liability (277) (418) (604) $(596.SI)$
--------- --------- --------- ---------
Net cash provided by
financing
activities 56,377 85,110 66,470 3,269
--------- --------- --------- ---------
Net (decrease) /
increase in cash
and cash
equivalents held (11,135) (16,811) (3,965) (64,348)
Cash and cash
equivalents at
beginning of
financial year 12,971 19,582 22,693 87,257
Effects of exchange
rate changes on
cash and cash
equivalents 618 934 854 (216)
--------- --------- --------- ---------
Cash and cash
equivalents at end
of financial year 2,454 3,705 19,582 22,693
========= ========= ========= =========
_______________________________
(3) All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience.
Reconciliation of EBITDA and Adjusted EBITDA to Net
loss for the year
EBITDA differs from the most comparable IFRS measure, net loss for the year, primarily because it does not include interest expense and interest income, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for capital raising transaction costs, share-based payment expenses, impairment of assets, loss on modification, loss on extinguishment, supplier financing costs, realized foreign exchange loss, gain on remeasurement of warrant liabilities and unrealized foreign exchange gain. The table below provides the buildup of EBITDA and Adjusted EBITDA described in the Financial Highlights table above.
2024 2023 2024 2023
US $m(4) US $m AU $m AU $m
Net loss for the year (146.4) (52.5) (221.1) (79.2)
Income tax expense - - - -
Depreciation & Amortization 8.8 7.0 13.2 10.5
Effective interest on third
party borrowings 10.6 1.0 16.0 1.4
Cash Interest on third party
borrowings 6.1 1.8 9.2 2.7
Interest on lease liabilities 0.2 0.2 0.3 0.3 Interest other 0.4 0.4 0.6 0.6 Interest income (0.1) (0.0) (0.2) (0.1) Earnings before Interest, Tax, Depreciation & Amortization (EBITDA) (120.5) (42.3) (182.0) (63.8) Capital raising transaction costs 20.9 16.4 31.6 24.7 Share based payment expenses (0.1) 2.1 (0.2) 3.1 Impairment of assets 68.0 - 102.6 - Loss on modification 0.6 - 0.9 - Loss on extinguishment 1.4 - 2.1 - Supplier financing costs 0.6 0.3 1.0 0.4 Realized foreign exchange loss 0.0 - 0.1 - Gain on remeasurement of warrant liabilities (4.4) - (6.7) - Unrealized foreign exchange gain (1.4) - (2.1) - Adjusted EBITDA (35.0) (23.5) (52.7) (35.6)
_______________________________
(4) All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience
(END) Dow Jones Newswires
May 14, 2025 17:00 ET (21:00 GMT)
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