Carbon Revolution Announces Record Revenue Results for Fiscal 2024
Carbon Revolution (CREV) reported record financial results for fiscal 2024, with revenue reaching US$47.3 million, marking an 87% increase year-over-year. The growth was primarily driven by full production of the Range Rover Sport SV program and increased shipments for the Corvette Z06/E-Ray program.
However, the company posted a significant loss after income tax of US$146.4 million, compared to US$52.5 million in the previous year, including US$20.9 million in transaction costs and a US$68.0 million asset impairment charge. The company completed initial commissioning of its Mega-line, strengthened leadership with key appointments including Donald Hampton, Jr. as CEO, and launched programs with prestigious automotive brands like Chevrolet Corvette ZR1 and Lamborghini Temerario.
Carbon Revolution (CREV) ha registrato risultati finanziari record per l'anno fiscale 2024, con ricavi pari a 47,3 milioni di dollari USA, segnando un incremento dell'87% rispetto all'anno precedente. La crescita è stata principalmente trainata dalla produzione completa del programma Range Rover Sport SV e dall'aumento delle spedizioni per il programma Corvette Z06/E-Ray.
Tuttavia, l'azienda ha riportato una perdita significativa dopo le imposte sul reddito di 146,4 milioni di dollari USA, rispetto ai 52,5 milioni dell'anno precedente, comprendendo costi di transazione per 20,9 milioni di dollari e una svalutazione di asset pari a 68,0 milioni di dollari. La società ha completato la messa in servizio iniziale della sua Mega-line, rafforzato la leadership con nomine chiave tra cui Donald Hampton, Jr. come CEO, e lanciato programmi con prestigiosi marchi automobilistici come Chevrolet Corvette ZR1 e Lamborghini Temerario.
Carbon Revolution (CREV) reportó resultados financieros récord para el año fiscal 2024, con ingresos que alcanzaron los 47,3 millones de dólares estadounidenses, lo que representa un aumento del 87% interanual. El crecimiento fue impulsado principalmente por la producción completa del programa Range Rover Sport SV y el aumento de los envíos para el programa Corvette Z06/E-Ray.
Sin embargo, la compañía registró una pérdida significativa después de impuestos sobre la renta de 146,4 millones de dólares estadounidenses, en comparación con los 52,5 millones del año anterior, incluyendo costos de transacción por 20,9 millones de dólares y un cargo por deterioro de activos de 68,0 millones de dólares. La empresa completó la puesta en marcha inicial de su Mega-line, fortaleció el liderazgo con nombramientos clave, entre ellos Donald Hampton, Jr. como CEO, y lanzó programas con marcas automotrices prestigiosas como Chevrolet Corvette ZR1 y Lamborghini Temerario.
Carbon Revolution (CREV)은 2024 회계연도에 기록적인 재무 실적을 보고했으며, 매출은 4,730만 미국 달러에 달해 전년 대비 87% 증가했습니다. 이 성장은 주로 Range Rover Sport SV 프로그램의 전면 생산과 Corvette Z06/E-Ray 프로그램의 출하 증가에 힘입은 것입니다.
하지만 회사는 1억 4,640만 미국 달러의 법인세 후 큰 손실을 기록했으며, 이는 전년도의 5,250만 달러와 비교됩니다. 이에는 2,090만 달러의 거래 비용과 6,800만 달러의 자산 손상차손이 포함되어 있습니다. 회사는 Mega-line의 초기 가동을 완료하고, Donald Hampton, Jr.를 CEO로 임명하는 등 핵심 인사를 영입하며 리더십을 강화했으며, Chevrolet Corvette ZR1과 Lamborghini Temerario 같은 명성 높은 자동차 브랜드와의 프로그램도 시작했습니다.
Carbon Revolution (CREV) a annoncé des résultats financiers records pour l'exercice 2024, avec un chiffre d'affaires atteignant 47,3 millions de dollars US, soit une augmentation de 87% par rapport à l'année précédente. Cette croissance a été principalement portée par la production complète du programme Range Rover Sport SV et l'augmentation des livraisons pour le programme Corvette Z06/E-Ray.
Cependant, la société a enregistré une perte importante après impôt de 146,4 millions de dollars US, contre 52,5 millions l'année précédente, incluant 20,9 millions de dollars de coûts de transaction et une charge de dépréciation d'actifs de 68,0 millions de dollars. L'entreprise a achevé la mise en service initiale de sa Mega-line, renforcé sa direction avec des nominations clés, notamment Donald Hampton, Jr. en tant que CEO, et lancé des programmes avec des marques automobiles prestigieuses telles que Chevrolet Corvette ZR1 et Lamborghini Temerario.
Carbon Revolution (CREV) meldete für das Geschäftsjahr 2024 Rekordergebnisse mit einem Umsatz von 47,3 Millionen US-Dollar, was einem 87%igen Anstieg gegenüber dem Vorjahr entspricht. Das Wachstum wurde hauptsächlich durch die volle Produktion des Range Rover Sport SV-Programms und erhöhte Lieferungen für das Corvette Z06/E-Ray-Programm angetrieben.
Das Unternehmen verzeichnete jedoch einen erheblichen Verlust nach Ertragsteuern in Höhe von 146,4 Millionen US-Dollar im Vergleich zu 52,5 Millionen im Vorjahr, einschließlich Transaktionskosten von 20,9 Millionen US-Dollar und einer Wertminderungsaufwendung von 68,0 Millionen US-Dollar. Das Unternehmen schloss die Erstinbetriebnahme seiner Mega-Line ab, stärkte die Führungsebene mit wichtigen Ernennungen, darunter Donald Hampton, Jr. als CEO, und startete Programme mit renommierten Automobilmarken wie Chevrolet Corvette ZR1 und Lamborghini Temerario.
- Record revenue of US$47.3 million, up 87% year-over-year
- Successful completion of Mega-line initial commissioning, enhancing operational efficiency
- Key program launches with premium brands (Chevrolet Corvette ZR1, Lamborghini Temerario)
- Strengthened leadership team with strategic appointments
- Won dual awards at 2024 PACE Automotive News awards
- Increased net loss of US$146.4 million, up from US$52.5 million year-over-year
- Significant asset impairment charge of US$68.0 million
- Higher transaction costs of US$20.9 million compared to US$16.4 million prior year
Insights
CREV reports 87% revenue growth but widening losses despite operational progress; significant asset impairment signals underlying challenges.
Carbon Revolution delivered record revenue of
The company's losses have substantially widened to
The completion of the Mega-line commissioning marks a crucial operational milestone that should enhance manufacturing efficiency and capacity. However, this capacity expansion has clearly strained finances in the short term. Management's comment about "concluding" spending on capacity expansion and their recent cost-cutting measures indicates they're shifting focus from growth to operational sustainability.
The high-profile executive appointments and board changes, including Robert Lutz as Chair, signal the company is bringing in experienced leadership to navigate this challenging transition period. The mention of "moving toward profitability" from their Australian plant suggests they're still not profitable despite the revenue growth, with the path to positive earnings remaining a significant hurdle despite operational progress.
- Achieved Record Full Year Revenue of US
- 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
"Carbon Revolution delivered exceptional growth in fiscal 2024, with full-year revenue growing
“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$m) | 47.3 | 25.3 | |||
| Loss for the year (US$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 | |
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 1Consolidated Statement of Financial Position | |||||||||
| June 30, 2024 US $’000 | June 30, 2024 AU $’000 | June 30, 2023 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 2For 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 | ) | ) | |
| Diluted | (77.90 | ) | (117.61 | ) | (59.20 | ) | ) | |
_______________________________
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 Capital* | Share Premium* | Warrants | Share buyback reserve | Share based payment reserve | Accumulated losses | Foreign currency translation reserve | Total equity (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.
| 3Carbon Revolution plc Condensed Statements of Cash Flows For the years ended June 30, 2024, 2023 and 2022 | |||||||||
| 2024 US $’000 | 2024 AU $’000 | 2023 AU $’000 | 2022 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 | ) | |
| 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 US $m4 | 2023 US $m | 2024 AU $m | 2023 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
FAQ
What was Carbon Revolution's (CREV) revenue growth in fiscal 2024?
What caused Carbon Revolution's (CREV) increased losses in FY2024?
What major operational developments did Carbon Revolution (CREV) achieve in 2024?
Who are Carbon Revolution's (CREV) main automotive customers in 2024?
What management changes did Carbon Revolution (CREV) make in fiscal 2024?
