Recently listed carbon fibre composite wheel manufacturer Carbon Revolution is aiming to be EBITDA positive in the last quarter of the financial year as it continues to ramp up production.
In its first report as a public company Carbon Revolution reaffirmed its aim of total revenue for the year of $62 million and production of 23,000 wheels.
In a briefing to investors the company said it had made a loss in the half of $4.6 million on sales revenue of $20.1 million.
The result was impacted by the cost of listing and capital raising which brought a net $25.3 million in funds into the business.
Wheel sales increased 171 per cent as the company ramped up production with 6,761 wheels produced.
With new cutting, layup, moulding and painting equipment being commissioned, production rates would rise, with the second half producing two thirds of sales revenues.
The company told investors: “Carbon Revolution’s growth journey is well underway.
“The industrialisation phase is occurring…the path to profitability is clear and key financial KPIs are tracking in the right direction.”
Carbon Revolution continues to invest heavily in R&D and product development.
The company is progressing the development of a wheel for an aerospace customer, with design underway and new materials technology selected.
A federal R&D grant of $5.9 million is expected to be received in the third quarter.
Picture: Carbon Revolution
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