EX-99.1 2 ef20049061_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


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. - 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 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
)
  
$
(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 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