Carbon Revolution announces wheel production more than tripled in Q4 CY23

Carbon Revolution announced that wheel production, as measured by wheels boxed for shipment, more than tripled in Q4 CY2023 from the year ago period and rose 84% in the second half of CY23 versus the previous half as the Company made strong progress ramping Mega-line capacity and throughput. To fulfill the growing demand from Carbon Revolution’s OEM customers, capacity and throughput of the Company’s manufacturing facility grew steadily quarter on quarter during calendar 2023. This was enabled by the completion of the first phase of Mega-line commissioning. The Company achieved record production in the 2nd calendar half of just under 13,000 wheels. Production in the 4th calendar quarter was also a record at 7,100 wheels. Production for the first two quarters of the fiscal year ending June 30, 2024 was almost equivalent to the total production achieved for all of fiscal year 2023. “We have been ramping up production to meet our growing pipeline of orders as our backlog has more than doubled1 since October 2022 to US$730 million,” said Jake Dingle, CEO of Carbon Revolution. “This is due primarily to new program awards, including substantial electric vehicle programs and the recently announced award by a premium brand of a major German automaker.”