Carbon Revolution reports subdued results, strong prospects

Carbon fibre road wheel manufacturer Carbon Revolution’s results for the 2021 financial year were negatively impacted by the Covid-19 pandemic, however armed with a $95 million capital raising the company is investing heavily to expand production for new orders for wheel programs already in hand.

The Geelong company reported revenue down 10 per cent to $34.9 million in the year to June 30 and an after tax loss of $32 million.

However it pointed to advances in its industrialisation activities, a strengthened balance sheet and funding in hand to support rapid growth.

CEO Jake Dingle said: “We are excited about the year ahead and confident about the long-term potential of our technology and business.

“During the year Ferrari launched two new cars that feature our carbon fibre wheels – the 296 GTB and the 812 Competizione.

“These wheels are now in production.

With detailed design and engineering now underway for four new wheel programs, the company is pressing ahead with the construction of its Phase 1 mega-line production system to boost volumes.

“A significant proportion of these new programs involve higher volume platforms and are for electric vehicles with large wheel formats.”

Dingle said the company has bought a significant amount of new production equipment for the mega-line which would provide a step-change in production volumes.

Its diamond weave wheel facia technology had been introduced and improved the aesthetic quality of its wheels.

“We continue to develop long term growth opportunities with the goal of playing a major disruptive role in the automotive wheel industry.”

Picture: Ferrari 296 GTB

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