Carbon Revolution (CBR) said the negative result, on a 10 per cent reduction in revenue to $34.9 million, was caused by a “challenging external environment” but said that during the year, it had made “significant progress” on new customer programs that had led to an investment in its Phase-1 Mega-line expansion.

The line expansion, now underway, has been funded primarily by a successful $95 million equity raising campaign that included funds for tooling and development costs.

CBR CEO Jake Dingle said: “The Mega-line is expected to provide a step change in production scale and economics that will enable the company to deliver larger volume programs to a broader cross-section of the market.

“We continue to develop long-term growth opportunities with the goal of playing a major disruptive role in the automotive wheel industry.”

Mr Dingle also said the company was “very excited about the year ahead and confident about the long-term potential of our technology and our business”.

“During the year, Ferrari launched two new cars that feature our carbon-fibre wheels – the 296 GTB and the 812 Competizione. These wheels are now in production.”

He said that the company had also secured formal agreements to initiate detailed design and engineering for four new wheel programs.

“A significant proportion of these new programs involve higher volume platforms and are for electric vehicles with large wheel formats,” he said.

“These programs are expected to enter production in CY2023 and CY2024.”

Carbon Revolution has also announced that it will supply wheels for Ford’s GT Heritage edition. This is the latest Ford product to feature CBR wheels, following the Ford GT, Ford GT 2021 Heritage edition, Mustang GT350R and Mustang GT500.

The carbon-fibre wheels are structurally stiffer than the standard aluminum wheels offered on the GT and save almost one-kilogram of unsprung, rotating weight per wheel.

For this Ford GT Heritage, the CBR wheels are finished in Antimatter Blue, which pays tribute to the colour pack of the 1964 Ford GT40 Mk1 and keeps the carbon weave visible in the barrel of the wheel. 

“Carbon-fibre wheels are ideal in a vehicle which pushes the envelope of performance as much as the Ford GT does,” Mr Dingle said.

“We are proud to continue our relationship with Ford as a part of their newest GT Heritage edition, and to see the wheels finished in beautiful Antimatter Blue mounted to the car.”

By Neil Dowling