Record First Fiscal Quarter Revenue for Carbon Revolution

19 December, 2023

Carbon Revolution has delivered record revenue in the fiscal first quarter of 2024, driven from an increase in production of the company’s lightweight carbon fibre wheels for the global automotive automotive industry.

Click here to read a full presentation and listen to a Business Update call from December 2023.

Carbon Revolution CEO, Jake Dingle, said revenue was up up 56% year-on-year to US$11.3 million1.

“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,” Mr. Dingle said.

Mustang Dark Horse Carbon Fiber Wheels side view
Carbon Revolution is ramping production of its carbon fibre wheels for the 2024 Ford Mustang Dark Horse with optional 19-inch Carbon Revolution wheels.

Increase in awarded programs

“In less than a year, we have increased our awarded programs to 182 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 said.

“We are incredibly excited about the opportunity ahead and remain focused on achieving profitable growth in the future, which we believe will be achieved through the automation of our production and driving greater fixed cost leverage as volumes ramp.

“Looking forward, we expect robust growth to continue in the fiscal second quarter. At the midpoint of our outlook, we expect revenue to increase more than 25% sequentially and nearly triple year-over-year,” he said.

Carbon Revolution CEO, Jake Dingle with a wheel for the 2024 Range Rover Sport SV, at Nasdaq headquarters in New York.
Carbon Revolution CEO, Jake Dingle with 2024 Range Rover Sport SV carbon fibre wheel, at Nasdaq headquarters in New York.

Fiscal second quarter 2024 outlook

Based on current business conditions, business trends and other factors, the Company is providing an outlook for the fiscal second quarter ending December 31, 2023. The Company expects revenue to be in the range of US$14.0 million to US$14.5 million.


The Company’s backlog has more than doubled since October 2022 to $730 million3. The increase in backlog primarily reflects new program awards, with almost 50% of the backlog for EVs.

1 All USD figures converted to USD at 0.7 for convenience and are unaudited.
2 Lifetime awards, of which six are in production, seven are in development and five are in aftersales.
3 Compared to backlog as of 10/31/2022 and 9/30/2023. Backlog (remaining lifetime gross program projected revenue) is based on awarded programs and excludes programs that are contracted for engineering. Please see Disclaimer, Risk Factors and Projection Methodologies for important details in the accompanying business update presentation here.