Riding a wave created by the success of the eighth-generation mid-engine Corvette, the company that provides the carbon fiber wheels for some of those Chevy sports cars is reporting some record financial results.
In a press release this week, Carbon Revolution – which supplies high-performance lightweight carbon-fiber wheels for the Z06 and E-Ray – reported its annual revenue for 2024 was a record US$47 million, up 87 percent from the previous year.
“Carbon Revolution delivered exceptional growth in fiscal 2024, with full-year revenue growing 87% year-over-year,” said Donald Hampton Jr., CEO of Carbon Revolution. “This performance was driven primarily by a ramp to full production of the Range Rover Sport SV program combined with increased volumes shipped for the Corvette Z06 / E-Ray program.”
Unfortunately, the company reported a full year loss after income tax of US$146.4 million, compared to US$52.5 million in 2023.
Nevertheless, the CEO says the company is in good shape for the future and moving toward profitability.
Photo Credit: Carbon Revolution
“The completion of our Mega-line initial commissioning is a significant milestone,” Hampton said. “The Mega-line, combined with associated expanded capacity, enhances our operational efficiency and we believe positions us to meet the demand from global OEMs. Spending on capacity expansion required for expected volume from currently awarded programs is concluding, and we have recently restructured and lowered our cost base. Both items combined bring a new level of resilience to our business.”
After all that has been achieved by CR in the last 18 months, he said, “the Company expects to be well placed for growth and is moving toward profitability from our first plant in Australia.”
Recent business progress, he added, includes:
- Appointed Robert A. (Bob) Lutz as Chair of the Board of Directors
- Strengthened leadership with appointments of Donald Hampton Jr. as CEO and Alia Comai as Chief Revenue Officer
- Key customer vehicle launches, including Chevrolet Corvette ZR1 and Lamborghini Temerario
- Completed initial Mega-line commissioning, driving operational efficiencies
- Achieved industry recognition at the prestigious 2024 PACE Automotive News awards with dual awards.
Source:
globenewswire.com
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Carbon Revolution Dishes on its Latest Visible Carbon Fiber Wheels for the Corvette ZR1
Are Carbon Fiber Wheels Coming to the C8 Corvette ZR1? Signs Point to Yes!
Carbon Revolution May Open a Manufacturing Facility in Mexico to Serve North America Customers
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Good for CR and the C8 program but unclear if the overall 24 loss is mostly due to the Australian corporate income taxes? 30% take rate is not for the faint of heart.
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