Core Insights - Carbon Revolution plc achieved record full-year revenue of US$47.3 million, representing an 87% increase year-over-year, despite a significant loss after income tax of US$146.4 million compared to US$52.5 million the previous year [1][6][15] Financial Performance - Full-year revenue for FY24 was US$47.3 million, up from US$25.3 million in FY23, marking an 87% increase [1][6] - The loss for the year was US$146.4 million, a 179% increase from the previous year's loss of US$52.5 million [1][6] - EBITDA for FY24 was reported at (US$120.5 million), compared to (US$42.3 million) in FY23, reflecting a 185% decline [6][24] - Adjusted EBITDA for FY24 was (US$35.0 million), worsening from (US$23.5 million) in FY23, indicating a 49% decline [6][24] Operational Highlights - The company made substantial progress in operational and liquidity actions, including the completion of the Mega-line initial commissioning, which is expected to enhance operational efficiency [2][7] - The ramp-up to full production of the Range Rover Sport SV program and increased volumes for the Corvette Z06/E-Ray program were key drivers of revenue growth [2][7] - The company has recently restructured and lowered its cost base, contributing to improved resilience [2][7] Leadership and Strategic Developments - Robert A. (Bob) Lutz was appointed as Chair of the Board of Directors, alongside Donald Hampton, Jr. as CEO and Alia Comai as Chief Revenue Officer, strengthening the leadership team [7] - The company received industry recognition at the 2024 PACE Automotive News awards, winning dual awards [7] Cash Position and Future Outlook - As of April 30, 2025, the company had US$1.0 million in unrestricted cash and US$3.6 million in a restricted trust fund related to the PIUS agreement [6][8] - The company expects to draw down the remaining US$5 million from OIC funds in calendar year 2025 [8]