- Achieved Record Half Year Revenue of
- Half Year Sales of 12.8k Wheels, More Than Doubling Volumes Compared to the Prior Year
- Achieved Record Quarterly Revenue of
- Limited liquidity as of
- Issues Preliminary Estimate for Fiscal 3Q 2024 (Quarter Ended
GEELONG,
“Carbon Revolution reported half year revenue in the fiscal first half of 2024, up 107% year-over-year to
First half business progress includes
- Completed Nasdaq listing
- Appointed
Bob Lutz as Chair of the Board of Directors - Won an OEM wheel program by a premium brand of a major German automaker
- Launched the Range Rover Sport SVO program with Jaguar Land Rover (JLR), with more than half of the 2025 Range Rover Sport SVs models sold in the US reportedly featuring Carbon Revolution’s 23-inch carbon fiber wheels
Chris Recktenwald joined to lead global strategic procurement and supply chain initiatives forCarbon Revolution - Commissioning of Mega-line is now well advanced. There were some increased costs in the first half of 2024 related to commissioning and ramping two new programs simultaneously
Fiscal 3Q 2024 Preliminary Revenue
The Company’s third quarter fiscal 2024 preliminary revenue is expected to be in the range of
As stated in
Webcast and Conference Call Information
Interested investors and other parties can listen to a webcast of the live conference call at
The conference call can be accessed live over the phone by dialing (877) 407-9716 (US domestic) or (201) 493-6779 (international). A replay of the conference call will be available from
About
For more information, visit carbonrev.com
Unaudited Financial Highlights
Metrics(1) (US$ unless otherwise specified) | 1H FY24 | 1H FY23 | Change % | |||
Number of Wheels Sold (‘000s) | 12.8 | 6.2 | 107 | % | ||
Revenue (US$m) | 26.1 | 12.6 | 107 | % | ||
Adjusted EBITDA (2) (US$m) | (14.5 | )3 | (12.9 | )3 | 13 | % |
NPAT (US$m) | (38.2 | ) | (19.2 | ) | 99 | % |
Unrestricted cash at 31 March(3) (US$m) | 1.7 | 2.5 | (32 | )% |
(1) | Financials are unaudited. Converted to USD at 0.7 for convenience. 1H period ending | |
(2) | Excludes capital raising transaction costs 1H FY24 | |
(3) | While the Company has | |
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
These forward-looking statements are subject to a number of risks and uncertainties, including (i)
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
For further information, please contact:
Investors
Investors@carbonrev.com
Media
Media@carbonrev.com
Condensed Consolidated Statement of Financial Position (Unaudited) | |||||||||||
US $'0001 | AU $'000 | ||||||||||
As of | As of | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Current assets | |||||||||||
Cash and cash equivalents | 18,852 | 9,855 | 26,931 | 14,078 | |||||||
Restricted trust fund | 4,841 | - | 6,916 | - | |||||||
Receivables | 6,782 | 3,972 | 9,689 | 5,674 | |||||||
Contract assets | 12,734 | 1,362 | 18,192 | 1,946 | |||||||
Inventories | 16,528 | 14,528 | 23,612 | 20,754 | |||||||
Other current assets | 2,588 | 1,848 | 3,697 | 2,640 | |||||||
Total current assets | 62,325 | 31,564 | 89,037 | 45,092 | |||||||
Non-current assets | |||||||||||
Property, plant and equipment | 48,273 | 40,942 | 68,962 | 58,488 | |||||||
Right-of-use assets | 4,962 | 5,463 | 7,088 | 7,804 | |||||||
Intangible assets | 12,004 | 10,982 | 17,148 | 15,688 | |||||||
Total non-current assets | 65,239 | 57,386 | 93,198 | 81,980 | |||||||
Total assets | 127,564 | 88,950 | 182,235 | 127,072 | |||||||
Current liabilities | |||||||||||
Payables | 33,966 | 5,684 | 48,524 | 8,120 | |||||||
Borrowings | 15,707 | 14,407 | 22,439 | 20,581 | |||||||
Lease liability | 460 | 443 | 657 | 633 | |||||||
Contract liability | 1,279 | 545 | 1,827 | 779 | |||||||
Deferred income | 1,299 | 1,234 | 1,856 | 1,763 | |||||||
Provisions | 2,798 | 3,090 | 3,997 | 4,414 | |||||||
Total current liabilities | 55,509 | 25,403 | 79,300 | 36,290 | |||||||
Non-current liabilities | |||||||||||
Borrowings | 78,124 | - | 111,606 | - | |||||||
Lease Liability | 4,926 | 5,386 | 7,037 | 7,694 | |||||||
Contract liability | 3,058 | - | 4,368 | - | |||||||
Deferred income | 9,958 | 11,165 | 14,225 | 15,950 | |||||||
Provisions | 1,712 | 460 | 2,446 | 657 | |||||||
Total non-current liabilities | 97,778 | 17,011 | 139,682 | 24,301 | |||||||
Total liabilities | 153,287 | 42,414 | 218,982 | 60,591 | |||||||
Net (liabilities) / assets | (25,723 | ) | 46,537 | (36,747 | ) | 66,481 | |||||
(Deficiency in equity) / equity | |||||||||||
Contributed equity | 37 | 269,875 | 53 | 385.536 | |||||||
Warrant | 3,808 | - | 5,440 | - | |||||||
Reserves | 269,739 | 4,949 | 385,342 | 7,070 | |||||||
Accumulated losses | (299,307 | ) | (228,288 | ) | (427,582 | ) | (326,125 | ) | |||
Total (deficiency in equity) / equity | (25,723 | ) | 46,537 | (36,747 | ) | 66,481 |
_______________________
1 All USD figures converted to USD at 0.7 for convenience.
Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (Unaudited) | |||||||||||||||
US $'0002 | AU $'000 | ||||||||||||||
Six Months Ended | Six Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Sale of wheels | 24,172 | 12,606 | 34,532 | 18,009 | |||||||||||
Engineering services | 1,038 | - | 1,483 | - | |||||||||||
Sale of tooling | 931 | - | 1,330 | - | |||||||||||
Revenue | 26,141 | 12,606 | 37,345 | 18,009 | |||||||||||
Cost of goods sold | (35,877 | ) | (17,910 | ) | (51,253 | ) | (25,586 | ) | |||||||
Gross margin | (9,736 | ) | (5,304 | ) | (13,908 | ) | (7,577 | ) | |||||||
Other income | 4,293 | 1,740 | 6,133 | 2,485 | |||||||||||
Operational expenses | (1,884 | ) | (272 | ) | (2,692 | ) | (388 | ) | |||||||
Research and development | (5,253 | ) | (6,394 | ) | (7,504 | ) | (9,134 | ) | |||||||
Administrative expenses | (5,783 | ) | (5,499 | ) | (8,261 | ) | (7,855 | ) | |||||||
Marketing expenses | (456 | ) | (512 | ) | (653 | ) | (732 | ) | |||||||
Capital raising transaction costs | (12,080 | ) | (2,270 | ) | (17,257 | ) | (3,243 | ) | |||||||
Finance costs | (7,263 | ) | (726 | ) | (10,375 | ) | (1,037 | ) | |||||||
Loss before income tax expense | (38,162 | ) | (19,237 | ) | (54,517 | ) | (27,481 | ) | |||||||
Income tax expense | - | - | - | - | |||||||||||
Loss for the year after income tax | (38,162 | ) | (19,237 | ) | (54,517 | ) | (27,481 | ) | |||||||
Other comprehensive income | |||||||||||||||
Items that may be reclassified subsequently to profit or loss: | |||||||||||||||
Foreign currency translation differences - foreign operations | (609 | ) | (12 | ) | (870 | ) | (17 | ) | |||||||
Other comprehensive income | (609 | ) | (12 | ) | (870 | ) | (17 | ) | |||||||
Total comprehensive loss for the year, net of tax | (38,772 | ) | (19,249 | ) | (55,387 | ) | (27,498 | ) | |||||||
Earnings per share | |||||||||||||||
Basic | $(15.57 | ) | $(0.09 | ) | $(22.24 | ) | $(0.13 | ) | |||||||
Diluted | $(15.57 | ) | $(0.09 | ) | $(22.24 | ) | $(0.13 | ) |
_______________________
2 All USD figures converted to USD at 0.7 for convenience.
Condensed Consolidated Statement of Changes in Equity (Unaudited) – US $3 | |||||||||||||||||
US $’000s | Contributed Equity | Warrant | Restructure reserve | Irish distribution reserve | Share buyback reserve | Share based payment reserve | Accumulated Losses | Foreign Currency Translation Reserve | Total Equity | ||||||||
Balance as at | 268,675 | - | - | - | (218 | ) | 5,050 | (209,051 | ) | (109 | ) | 64,348 | |||||
Net loss after tax for the half year | - | - | - | - | - | - | (19,237 | ) | - | (19,237 | ) | ||||||
Other comprehensive loss for the half year | - | - | - | - | - | - | - | (12 | ) | (12 | ) | ||||||
Total comprehensive loss for the half year | - | - | - | - | - | - | (19,237 | ) | (12 | ) | (19,249 | ) | |||||
Issue of share capital | - | - | - | - | - | - | - | - | - | ||||||||
Shared-based payments | 1,200 | - | - | - | - | 238 | - | - | 1,438 | ||||||||
Total transactions with owners in their capacity as owners | 1,200 | - | - | - | - | 238 | - | - | 1,438 | ||||||||
Balance as at | 269,875 | - | - | - | (218 | ) | 5,288 | (228,288 | ) | (121 | ) | 46,537 | |||||
US $’000s | Contributed Equity | Warrant | Restructure reserve | Irish distribution reserve | Share buyback reserve | Share based payment reserve | Accumulated Losses | Foreign Currency Translation Reserve | Total Equity | ||||||||
Balance as at | 270,503 | - | - | - | (218 | ) | 5,387 | (264,507 | ) | (153 | ) | 11,012 | |||||
Net loss after tax for the half year | - | - | - | - | - | - | (38,162 | ) | - | (38,162 | ) | ||||||
Other comprehensive loss for the half year | - | - | - | - | - | - | - | (609 | ) | (609 | ) | ||||||
Total comprehensive loss for the half year | - | - | - | (38,162 | ) | (609 | ) | (38,771 | ) | ||||||||
Share-based payments | 620 | - | - | - | - | (5,387 | ) | 3,362 | - | (1,405 | ) | ||||||
Business combination | (271,123 | ) | 3,808 | 243,147 | - | - | - | - | - | (24,168 | ) | ||||||
Capital reduction | 37 | - | - | 27,572 | - | - | - | - | 27,609 | ||||||||
Total transactions with owners in their capacity as owners | (270,466 | ) | 3,808 | 243,147 | 27,572 | - | (5,387 | ) | 3,362 | - | 2,036 | ||||||
Balance as at | 37 | 3,808 | 243,147 | 27,572 | (218 | ) | - | (299,307 | ) | (762 | ) | (25,723 | ) |
_______________________
3 All USD figures converted to USD at 0.7 for convenience.
Condensed Consolidated Statement of Changes in Equity (Unaudited) – AU$ | |||||||||||||||||
AU $’000s | Contributed Equity | Warrant | Restructure reserve | Irish distribution reserve | Share buyback reserve | Share based payment reserve | Accumulated Losses | Foreign Currency Translation Reserve | Total Equity | ||||||||
Balance as at | 383,822 | - | - | - | (311 | ) | 7,214 | (298,644 | ) | (156 | ) | 91,925 | |||||
Net loss after tax for the half year | - | - | - | - | - | - | (27,481 | ) | - | (27,481 | ) | ||||||
Other comprehensive loss for the half year | - | - | - | - | - | - | - | (17 | ) | (17 | ) | ||||||
Total comprehensive loss for the half year | - | - | - | - | - | - | (27,481 | ) | (17 | ) | (27,498 | ) | |||||
Issue of share capital | - | - | - | - | - | - | - | - | - | ||||||||
Shared-based payments | 1,714 | - | - | - | - | 340 | - | - | 2,054 | ||||||||
Total transactions with owners in their capacity as owners | 1,714 | - | - | - | - | 340 | - | - | 2,054 | ||||||||
Balance as at | 385,536 | - | - | - | (311 | ) | 7,554 | (326,125 | ) | (173 | ) | 66,481 | |||||
AU $’000s | Contributed Equity | Warrant | Restructure reserve | Irish distribution reserve | Share buyback reserve | Share based payment reserve | Accumulated Losses | Foreign Currency Translation Reserve | Total Equity | ||||||||
Balance as at | 386,432 | - | - | - | (311 | ) | 7,695 | (377,867 | ) | (218 | ) | 15,731 | |||||
Net loss after tax for the half year | - | - | - | - | - | - | (54,517 | ) | - | (54,517 | ) | ||||||
Other comprehensive loss for the half year | - | - | - | - | - | - | - | (870 | ) | (870 | ) | ||||||
Total comprehensive loss for the half year | - | - | - | (54,517 | ) | (870 | ) | (55,387 | ) | ||||||||
Share-based payments | 886 | - | - | - | - | (7,695 | ) | 4,802 | - | (2,007 | ) | ||||||
Business Combination | (387,318 | ) | 5,440 | 347,353 | - | - | - | - | - | (34,525 | ) | ||||||
Capital reduction | 53 | - | - | 39,388 | - | - | - | - | 39,441 | ||||||||
Total transactions with owners in their capacity as owners | (386,379 | ) | 5,440 | 347,353 | 39,388 | - | (7,695 | ) | 4,802 | - | 2,909 | ||||||
Balance as at | 53 | 5,440 | 347,353 | 39,388 | (311 | ) | - | (427,582 | ) | (1,088 | ) | (36,747 | ) |
Condensed Statements of Cash Flows (Unaudited) | |||||||||||
US $'0004 | AU $'000 | ||||||||||
Six Months Ended | Six Months Ended | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Cash flows from operating activities | |||||||||||
Receipts from customers | 19,861 | 20,932 | 28,373 | 29,903 | |||||||
Receipt of grants and research and development incentives | 111 | 10,630 | 159 | 15,186 | |||||||
Payments to suppliers and employees | (38,765 | ) | (27,231 | ) | (55,380 | ) | (38,902 | ) | |||
Borrowing costs | (2,806 | ) | (616 | ) | (4,009 | ) | (880 | ) | |||
Capital raising transaction costs | (7,482 | ) | (2,201 | ) | (10,689 | ) | (3,144 | ) | |||
Interest received | 53 | 26 | 76 | 37 | |||||||
Finance costs | (3,614 | ) | - | (5,163 | ) | - | |||||
Net cash used in operating activities | (32,642 | ) | 1,540 | (46,633 | ) | 2,200 | |||||
Cash flow from investing activities | |||||||||||
Payment for property, plant and equipment | (4,774 | ) | (4,140 | ) | (6,820 | ) | (5,914 | ) | |||
Payment for intangible assets | (1,495 | ) | (1,757 | ) | (2,135 | ) | (2,510 | ) | |||
Net cash (used in) / provided by investing activities | (6,269 | ) | (5,897 | ) | (8,955 | ) | (8,424 | ) | |||
Cash flow from financing activities | |||||||||||
Proceeds from third party borrowings | 49,663 | 10,854 | 70,947 | 15,505 | |||||||
Repayment of third party borrowings | (7,592 | ) | (12,560 | ) | (10,845 | ) | (17,943 | ) | |||
Reclass to restricted cash | (5,373 | ) | - | (7,675 | ) | - | |||||
Repayment of lease liability | (224 | ) | (134 | ) | (320 | ) | (191 | ) | |||
Net cash provided by / (used in) financing activities | 47,220 | (1,840 | ) | 67,457 | (2,629 | ) | |||||
Net increase / (decrease) in cash held | 8,309 | (6,197 | ) | 11,869 | (8,853 | ) | |||||
Cash at beginning of financial period | 13,707 | 15,885 | 19,582 | 22,693 | |||||||
Effects of exchange rate changes on cash and cash equivalents | (3,164 | ) | 167 | (4,520 | ) | 238 | |||||
Cash at end of financial period | 18,852 | 9,855 | 26,931 | 14,078 |
_______________________
4 All USD figures converted to USD at 0.7 for convenience.
Source:
2024 GlobeNewswire, Inc., source