Carbon Revolution Provides Business Update; Issues Outlook For Fiscal Q2, Sees Revenue Of $14M-$14.5M
Portfolio Pulse from Benzinga Newsdesk
Carbon Revolution plc (NASDAQ: CREV), a manufacturer of carbon fiber wheels, reported a 56% year-over-year increase in fiscal Q1 2024 revenue to $11.3 million. The company expects continued growth with a Q2 revenue forecast of $14M-$14.5M, driven by doubling its backlog to $730 million, with 50% for EVs. The company is focused on profitable growth through automation and increased production volume.
December 12, 2023 | 9:09 pm
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Carbon Revolution reported strong Q1 revenue growth and anticipates a significant increase in Q2 revenue. The company's backlog has more than doubled, indicating robust demand, particularly in the EV sector.
The positive revenue outlook and doubled backlog for Carbon Revolution suggest strong demand for their products, which is likely to be viewed favorably by investors. The focus on EVs aligns with a growing market trend, potentially increasing investor interest and stock demand in the short term.
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