Carbon Revolution Announces Record Revenue Results for Fiscal 2024

- Achieved Record Full Year Revenue of US$47.3 million, up 87% year-over-year- Makes substantial progress on operational and liquidity actions GEELONG, Australia, May 14, 2025 (GLOBE NEWSWIRE) -- Carbon Revolution plc (Nasdaq: CREV) (the “Company”), a Tier 1 OEM supplier and the leading global manufacturer of lightweight advanced technology automotive carbon fiber wheels, today announced fiscal 2024 results for the period ended June 30, 2024. Full year revenue was a record US$47.3 million, up 87% year-over-year. Full year loss after income tax was US$146.4 million compared to US$52.5 million a year ago, with transaction costs comprising US$20.9 million for the current year compared to US$16.4 million for the prior year. Impairment of assets in accordance with IAS 36 of US$68.0m was also taken in FY24. "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.” “The completion of our Mega-line initial commissioning is a significant milestone,” added Mr. Hampton, Jr. “The Mega-line, combined with associated expanded capacity, enhances our operational efficiency and we believe positions us to meet the demand from global OEMs. Spend 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.” “With all that has been achieved in the last 18 months, the Company expects to be well placed for growth and is moving toward profitability from our first plant in Australia." Business progress includes: Appointed Robert A. (Bob) Lutz as Chair of the Board of DirectorsStrengthened leadership with appointments of Donald Hampton, Jr. as CEO and Alia Comai as Chief Revenue OfficerKey customer vehicle launches, including Chevrolet Corvette ZR1 and Lamborghini TemerarioCompleted initial Mega-line commissioning, driving operational efficienciesAchieved industry recognition at the prestigious 2024 PACE Automotive News awards with dual awards Webcast and Conference Call Information To listen to the conference call via the Internet, please go to the Events section on Carbon Revolution’s investor website. To listen to the conference call via telephone, please call (877) 407-9716 (domestic) or (201) 493-6779 (international). A replay of the conference call will be available from 3:00 pm Eastern Time on May 15, 2025, until 11:59 pm Eastern Time on May 29, 2025 under the Events section of Carbon Revolution’s investor website, or by calling (844) 512-2921 (US domestic) or (412) 317-6671 (international), Access ID: 13753730. About Carbon Revolution plc Carbon Revolution plc (Nasdaq: CREV) is the parent of Carbon Revolution Pty Ltd, an early-stage growth company which has successfully innovated, commercialized and industrialized the advanced manufacture of carbon fiber wheels for the global automotive industry. The Company has progressed from single prototypes to designing and manufacturing lightweight wheels for cars and SUVs in the high performance, premium and luxury segments, for the world’s most prestigious automotive brands. Carbon Revolution is creating a significant and sustainable advanced technology business that supplies its lightweight wheel technology to automotive manufacturers around the world. For more information, visit carbonrev.com Financial Highlights Metrics(1)(US$ unless otherwise specified)FY24 FY23 Change %Revenue (US$m)47.3 25.3 87%Loss for the year (US$m)(146.4)(52.5)(179)%EBITDA(2) (US$m)(120.5)(42.3)(185)%Adjusted EBITDA(3) (US$m)(35.0)(23.5)(49)%Unrestricted cash at April 30 2025(4) (US$m)1.0 (1) All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience. Financial years ending June 30.(2) EBITDA differs from the most comparable IFRS measure, net loss for the year, primarily because it does not include interest expense and interest income, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets.(3) Adjusted EBITDA adjusts EBITDA for capital raising transaction costs, share-based payment expenses, impairment of assets, loss on modification, loss on extinguishment, supplier financing costs, realized foreign exchange loss, gain on remeasurement of warrant liabilities and unrealized foreign exchange gain. See additional information at the end of this release regarding non-IFRS financial measures.(4) The Company expects to draw down the remaining US$5m from OIC funds in CY2025. As of April 30, 2025 the Company has US$1.0m of available cash on the balance sheet and US$3.6m in restricted Trust fund in relation to the PIUS agreement. Use of Non-IFRS Financial Measures and Other Operating Metrics In addition to results determined in accordance with IFRS, management utilizes certain non-IFRS financial measures such as EBITDA and Adjusted EBITDA, which are not financial measures as defined by IFRS. Non-IFRS measures have certain limitations and should not be considered in isolation or as a substitute for analysis of the Company’s results of operations as reported under IFRS. The Company believes non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management believes that the use of non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends in and in comparing the Company’s financial measures with other similar companies, many of which present similar non-IFRS/GAAP financial measures to investors. These measures should not be used instead of, or considered as alternatives to, the Company’s financial results prepared in accordance with IFRS and may not be comparable to similarly titled measures disclosed by other companies. Forward Looking Statements All statements other than statements of historical facts contained in this communication are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the future financial performance, business strategies, financings and expectations for the Company’s business. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Carbon Revolution’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from such assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Carbon Revolution. These forward-looking statements are subject to a number of risks and uncertainties, including (i) Carbon Revolution's liquidity, including its ability to pay its obligations and to issue equity, refinance its indebtedness or otherwise obtain financing at all or on acceptable terms, (ii) risks related to our ability to meet financial covenants and other key covenants under existing financing arrangements, (iii) changes in domestic and foreign business, market, financial, political and legal conditions; (iv) the ability to maintain the listing of Carbon Revolution’s securities on the stock exchange; (v) risks related to the rollout of Carbon Revolution’s business strategy and the timing of expected business milestones; (vi) the effects of competition on Carbon Revolution’s future business and the ability of the combined company to grow and manage growth, establish and maintain relationships with customers and retain its management and key employees; (vii) risks related to domestic and international political and macroeconomic uncertainty, including tariffs and trade policy and the Russia-Ukraine and Israel-Hamas and Israel-Hezbollah conflicts; (viii) the outcome of any legal proceedings that may be instituted against Carbon Revolution; (ix) the impact of pandemic and governmental responses on any of the foregoing risks; (x) risks related to Carbon Revolution’s industry; (xi) changes in laws and regulations; and (xii) those factors discussed in the documents Carbon Revolution filed with the SEC, including the Annual Report on Form 20-F for the financial year ended June 30, 2024. If any of these risks materialize or Carbon Revolution’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Carbon Revolution does not presently know or that Carbon Revolution currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Carbon Revolution’s expectations, plans or forecasts of future events and views as of the date of this communication. Carbon Revolution anticipates that subsequent events and developments will cause Carbon Revolution’s assessments to change. However, while Carbon Revolution may elect to update these forward-looking statements at some point in the future, Carbon Revolution specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Carbon Revolution’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements. For further information, please contact: InvestorsInvestors@carbonrev.com MediaMedia@carbonrev.com Carbon Revolution plcCondensed 1Consolidated Statement of Financial Position June 30, 2024US $’000 June 30, 2024AU $’000 June 30, 2023AU $’000 Current assets Cash and cash equivalents 2,454 3,705 19,582 Restricted trust fund 446 674 14,677 Receivables 5,656 8,538 6,430 Contract assets 9,242 13,952 8,239 Inventories 19,101 28,836 22,173 Other current assets 1,453 2,193 378 Total current assets 38,352 57,898 71,479 Non-current assets Restricted trust fund 4,637 7,001 - Property, plant and equipment - - 62,638 Right-of-use assets - - 7,446 Intangible assets - - 16,774 Total non-current assets 4,637 7,001 86,858 Total assets 42,989 64,899 158,337 Current liabilities Payables 29,973 45,247 15,474 Borrowings 9,282 14,013 13,829 Lease liability 467 705 645 Contract liability 730 1,102 748 Deferred income 1,400 2,114 1,919 Provisions 2,887 4,359 12,957 Total current liabilities 44,739 67,540 45,572 Non-current liabilities Borrowings 93,301 140,853 70,833 Payables 10,064 15,193 - Derivative liability 352 531 - Lease liability 4,677 7,061 7,368 Contract liability 2,999 4,527 1,755 Deferred income 8,825 13,323 15,235 Provisions 1,877 2,834 1,843 Total non-current liabilities 122,095 184,322 97,034 Total liabilities 166,834 251,862 142,606 Net (liabilities) / assets (123,845) (186,963) 15,731 Equity (Deficit) Contributed equity - - - Warrants 4,971 7,504 - Reserves 1,317 1,990 7,166 Accumulated losses (130,133) (196,457) 8,565 Total equity (deficit) (123,845) (186,963) 15,731 _______________________________1 All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience. Carbon Revolution plcCondensed Consolidated Statement of Profit or Loss andOther Comprehensive Income2For the Years Ended June 30, 2024, 2023 and 2022 2024 2024 2023 2022 US $’000 AU $’000 AU $’000 AU $’000 Sale of wheels44,752 67,560 37,477 38,276 Engineering services1,702 2,569 530 464 Sale of tooling881 1,330 253 1,596 Revenue47,335 71,459 38,260 40,336 Cost of goods sold(65,262)(98,523)(55,094)(57,445)Impairment of assets(55,472)(83,745)- - Gross loss(73,399)(110,809)(16,834)(17,109) Other income1,423 2,148 3,096 4,320 Operational expenses(2,505)(3,782)(2,997)(2,013)Research and development expenses(23,914)(36,102)(16,180)(16,933)Administrative expenses(11,979)(18,084)(14,566)(13,146)Marketing expenses(1,166)(1,760)(1,494)(1,550)Capital raising transaction costs(20,921)(31,584)(24,746)- Finance costs(19,937)(30,100)(5,502)(1,390)Finance income5,955 8,990 - - Loss before income tax expense(146,443)(221,083)(79,223)(47,821)Income tax expense- - - - Loss for the year(146,443)(221,083)(79,223)(47,821) Other comprehensive income / (loss) Items that may be reclassified subsequently to profit or loss: Foreign currency translation differences – foreign operations201 303 (62)(147)Other comprehensive income / (loss)201 303 (62)(147) Total comprehensive loss for the year(146,242)(220,780)(79,285)(47,968) Earnings per shareUS $ AU $ AU $ AU $ Basic(77.90)(117.61)(59.20)$(36.17)Diluted(77.90)(117.61)(59.20)$(36.17) _______________________________2 All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience. Carbon Revolution plcCondensed Consolidated Statement of Changes in Equity (Deficit) – AU$For the years ended June 30, 2024, 2023 and 2022 ShareCapital* SharePremium* Warrants Sharebuybackreserve Share basedpaymentreserve Accumulatedlosses Foreigncurrencytranslationreserve Total equity(deficit) AU $’000 AU $’000 AU $’000 AU $’000 AU $’000 AU $’000 AU $’000 AU $’000 Balance as of July 1, 2021- - - (311) 5,979 (131,067) (9) 136,726 Loss after tax for the year- - - - - (47,821) - (47,821)Other comprehensive loss for the year- - - - - - (147) (147)Total comprehensive loss for the year- - - - - (47,821) (147) (47,968)Transactions with owners in their capacity as owners Share options exercised- - - - 1,235 1,932 - 3,167 Total transactions with owners in their capacity as owners- - - - 1,235 1,932 - 3,167 Balance as of June 30, 2022- - - (311) 7,214 85,178 (156) 91,925 Balance as of July 1, 2022- - - (311) 7,214 85,178 (156) 91,925 Loss after tax for the year- - - - - (79,223) - (79,223)Other comprehensive loss for the year- - - - - - (62) (62)Total comprehensive loss for the year- - - - - (79,223) (62) (79,285)Transactions with owners in their capacity as owners Share options exercised- - - - 481 2,610 - 3,091 Total transactions with owners in their capacity as owners- - - - 481 2,610 - 3,091 Balance as of June 30, 2023- - - (311) 7,695 8,565 (218) 15,731 Balance as of July 1, 2023- - - (311) 7,695 8,565 (218) 15,731 Loss after tax for the year- - - - - (221,083) - (221,083)Other comprehensive income for the year- - - - - - 303 303 Total comprehensive income / (loss) for the year- - - - - (221,083) 303 (220,780)Transactions with owners in their capacity as owners Share options exercised- - - - (886) 886 - - Equity-settled share-based payment- - - - (410) - - (410)Cancellation of share-based payment plans- - - 311 (4,802) 4,491 - - Settlement of share-based payment with cash alternative- - - - (1,597) - - (1,597)Equity-settled share-based payment to non-employee- - - - 1,905 - - 1,905 Acquisition transaction- 10,684 - - - - - 10,684 Capital reduction- (10,684) - - - 10,684 - - Issue of warrants- - 7,504 - - - - 7,504 Total transactions with owners in their capacity as owners- - 7,504 311 (5,790) 16,061 - 18,086 Balance as of June 30, 2024- - 7,504 - 1,905 (196,457) 85 (186,963) * Comparative periods have been re-stated with the capital structure of Carbon Revolution PLC being the continuing legal parent. Refer to note 6.7 of the financial statements in the Annual Report on Form 20-F. 3Carbon Revolution plcCondensed Statements of Cash FlowsFor the years ended June 30, 2024, 2023 and 2022 2024US $’000 2024AU $’000 2023AU $’000 2022AU $’000 Cash flow from operating activities Receipts from customers44,198 66,724 45,742 33,643 Receipt of grants and research and development incentives134 202 15,446 3,767 Payments to suppliers and employees(75,545)(114,049) (80,215)(81,005)Interest received134 202 61 94 Capital raising transaction costs(7,758)(11,712) (9,030)- Borrowing costs(5,978)(9,025) (20,676)- Finance costs(6,087)(9,187) (3,810)(2,475)Net cash used in operating activities(50,902)(76,845) (52,482)(45,976) Cash flow from investing activities Payments for property, plant and equipment(13,004)(19,632) (13,082)(15,634)Payments for intangible assets(3,607)(5,446) (4,874)(6,007)Sale proceeds from sale of property, plant and equipment1 2 3 - Net cash used in investing activities(16,610)(25,076) (17,953)(21,641) Cash flow from financing activities Proceeds from third-party borrowings71,508 107,953 124,963 33,657 Repayment of third-party borrowings(20,211)(30,512) (43,212)(29,370)Reclassification (to)/from restricted trust fund4,638 7,002 (14,677)- Capital raising transaction costs- - - (422)Proceeds from capital reorganization719 1,085 - - Repayment of lease liability(277)(418) (604)(596)Net cash provided by financing activities56,377 85,110 66,470 3,269 Net (decrease) / increase in cash and cash equivalents held(11,135)(16,811) (3,965)(64,348)Cash and cash equivalents at beginning of financial year12,971 19,582 22,693 87,257 Effects of exchange rate changes on cash and cash equivalents618 934 854 (216)Cash and cash equivalents at end of financial year2,454 3,705 19,582 22,693 _______________________________3 All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience. Reconciliation of EBITDA and Adjusted EBITDA to Net loss for the year EBITDA differs from the most comparable IFRS measure, net loss for the year, primarily because it does not include interest expense and interest income, income taxes, depreciation of property, plant and equipment, and amortization of intangible assets. Adjusted EBITDA adjusts EBITDA for capital raising transaction costs, share-based payment expenses, impairment of assets, loss on modification, loss on extinguishment, supplier financing costs, realized foreign exchange loss, gain on remeasurement of warrant liabilities and unrealized foreign exchange gain. The table below provides the buildup of EBITDA and Adjusted EBITDA described in the Financial Highlights table above. 2024US $m4 2023US $m 2024AU $m 2023AU $m Net loss for the year(146.4)(52.5) (221.1)(79.2)Income tax expense- - - - Depreciation & Amortization8.8 7.0 13.2 10.5 Effective interest on third party borrowings10.6 1.0 16.0 1.4 Cash Interest on third party borrowings6.1 1.8 9.2 2.7 Interest on lease liabilities0.2 0.2 0.3 0.3 Interest other0.4 0.4 0.6 0.6 Interest income(0.1)(0.0) (0.2)(0.1)Earnings before Interest, Tax, Depreciation & Amortization (EBITDA)(120.5)(42.3) (182.0)(63.8)Capital raising transaction costs20.9 16.4 31.6 24.7 Share based payment expenses(0.1)2.1 (0.2)3.1 Impairment of assets68.0 - 102.6 - Loss on modification0.6 - 0.9 - Loss on extinguishment1.4 - 2.1 - Supplier financing costs0.6 0.3 1.0 0.4 Realized foreign exchange loss0.0 - 0.1 - Gain on remeasurement of warrant liabilities(4.4)- (6.7)- Unrealized foreign exchange gain(1.4)- (2.1)- Adjusted EBITDA(35.0)(23.5) (52.7)(35.6) _______________________________4 All USD figures converted to USD at a rate of 0.6624:1 (USD:AUD) for convenience

Carbon Revolution Announces Record Revenue Results for Fiscal 2024

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