Carbon Revolution plc announced its fiscal 2024 results for the period ended June 30, 2024, reporting record full-year revenue of US$47.3 million. This represents an 87% increase year-over-year, driven primarily by the ramp to full production of the Range Rover Sport SV program and increased volumes for the Corvette Z06/E-Ray program. The company highlighted the completion of its Mega-line initial commissioning as a significant operational milestone, enhancing efficiency and positioning it to meet OEM demand.
Despite the strong top-line growth, Carbon Revolution reported a substantial loss after income tax of US$146.4 million for fiscal 2024, a significant increase from US$52.5 million in the prior year. This loss included US$20.9 million in transaction costs and a US$68.0 million impairment of assets in accordance with IAS 36. The company stated it has restructured and lowered its cost base, aiming for profitability from its first plant in Australia.
The financial results indicate a challenging path to profitability, with the cost of revenue significantly exceeding revenue generated, as reflected in the substantial net loss and asset impairment. While revenue growth demonstrates market demand for its carbon fiber wheels, the deep losses underscore the urgent need for improved manufacturing efficiency and cost control to achieve sustainable financial performance.
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