Carbon Revolution announces Q1 revenue up 56% YoY to $11.3M

“Carbon Revolution delivered record revenue in the fiscal first quarter of 2024, up 56% year-over-year to $11.3M, 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.