Carbon Revolution plc reported record full-year revenue of $47.3 million for fiscal 2024, marking an 87% increase compared to the previous year. Despite the revenue growth, the company reported a full-year loss after income tax of $146.4 million, a significant increase from the $52.5 million loss recorded in the prior year. The increased loss was influenced by $20.9 million in transaction costs, up from $16.4 million the previous year, and an impairment of assets amounting to $68.0 million under IAS 36. The growth in revenue was largely driven by the ramp-up to full production of the Range Rover Sport SV program and increased volumes in the Corvette Z06 / E-Ray program. Additionally, the completion of the Mega-line initial commissioning is expected to enhance operational efficiency and position the company to meet global OEM demand. Significant business developments included the appointment of Robert A. (Bob) Lutz as Chair of the Board of Directors, the strengthening of leadership with Donald Hampton, Jr. as CEO and Alia Comai as Chief Revenue Officer, and key customer vehicle launches, such as the Chevrolet Corvette ZR1 and Lamborghini Temerario. The company also received industry recognition with dual awards at the 2024 PACE Automotive News awards.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.