Click here to read a full presentation and listen to a Business Update call from December 2023.

Carbon Revolution CEO, Jake Dingle, said revenue was up up 56% year-on-year to US$11.3 million1.

“As program wins have moved into production, and we expect that strength to continue. Our commercial momentum is extremely strong, with five program wins in 2023 more than doubling our backlog,” Mr. Dingle said.

Carbon Revolution is ramping production of its carbon fibre wheels for the 2024 Ford Mustang Dark Horse with optional 19-inch Carbon Revolution wheels.

Increase in awarded programs

“In less than a year, we have increased our awarded programs to 182 with six global OEMs. We continue to make strong progress on our expansion, including commissioning of the first phase of the Mega-line, along with record production of wheels. Importantly, we have also raised significant capital to fund our growth and execute on our vision to be the global leader in lightweight wheels,” Mr Dingle said.

“We are incredibly excited about the opportunity ahead and remain focused on achieving profitable growth in the future, which we believe will be achieved through the automation of our production and driving greater fixed cost leverage as volumes ramp.

“Looking forward, we expect robust growth to continue in the fiscal second quarter. At the midpoint of our outlook, we expect revenue to increase more than 25% sequentially and nearly triple year-over-year,” he said.