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– Issues Outlook For Fiscal Second Quarter Revenue –
– Conference Call and Investor Presentation Available on IR Site –
GEELONG, Australia, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Carbon Revolution plc (NASDAQ:CREV)" (the "Company") a Tier 1 OEM supplier and a leading global manufacturer of lightweight advanced technology carbon fiber wheels, today provided a business update.
"Carbon Revolution delivered record revenue in the fiscal first quarter of 2024, up 56% year-over-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," said Jake Dingle, CEO of Carbon Revolution.
"In less than a year, we have increased our awarded programs to eighteen2 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 continued.
"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," concluded Mr. Dingle.
Fiscal Second Quarter 2024 Outlook
Based on current business conditions, business trends and other factors, the Company is providing an outlook for the fiscal second quarter ending December 31, 2023. The Company expects revenue to be in the range of US$14.0 million to US$14.5 million.
Backlog
The Company's backlog has more than doubled since October 2022 to $730 million3. The increase in backlog primarily reflects new program awards, with almost 50% of the backlog for EVs.
Webcast and Conference Call Information
Interested investors and other parties can listen to a webcast of the live conference call at 5:00 p.m. (Eastern Time) on December 12, 2023 by logging onto the Investor Relations section of the Company's website at https://investors.carbonrev.com/.
The conference call can be accessed live over the phone by dialing 1-877-407-9716 (domestic) or + 1-201-493-677 (international). A telephonic replay will be available approximately two hours after the call by dialing 1-844-512-2921 or for international callers, 1-412-317-6671. The access ID number for the replay is 13742968. The telephonic replay will be available until 11:59 p.m. (Eastern Time) on December 26, 2023.
Posted In: CREV
