Carbon Revolution (ASX:CBR) shares close 19% strong. Here’s why

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Carbon Revolution (ASX:CBR) shares close 19% strong. Here’s why

Carbon Revolution (CBR), quarterly update, Q1 FY22 report, revenue, sales, share price
Image source: © Antartis | Megapixl.com

Highlights

  • Carbon Revolution reports selling 4,397 wheels in the last quarter (unaudited).
  • The company experiences a revenue growth of 86.6% in the given period (unaudited).
  • CBR has also secured significant wheel manufacturing deals, including one with General Motors during this period.

The shares of Carbon Revolution Limited (ASX:CBR) have jumped over 19% today on the ASX. The sudden share price growth was supported by the company releasing its quarterly update today.

Read more: Why is PointsBet (ASX:PBH) down by 23% in one week

Carbon Revolution’s financial updates the period ended on 31 December 2021 (Q2 FY22):

  • CBR has experienced a strong wheels demand, reporting an unaudited sale growth of 4,397 wheels, up by 109.4% during Q2 FY22.
  • The unaudited quarterly revenue of CBR went up by 82.6% to AU$ 11.4 million in Q2 FY22.
  • CBR’s cash balance at the end of the quarter was AU$47.8 million.
  • The company’s net cash outflow during the quarter aligned with its expectations. It was reported as AU$16.0 million.

Carbon Revolution believes that the ongoing high demand for electronic vehicles has led to strong sales value in the last quarter. The company’s sales value had almost doubled over the previous three months. 

Let us look at other key achievements of CBR in the given period:

  • Strategic partnership with General Motors: CBR’s carbon fibre wheels could be used on the new Chevrolet C8 Corvette Z06 & Z07. Additionally, CBR has also secured two new engineering contracts, including an Electronic Vehicle (EV) SUV deal. Currently, CBR is a part of 15 active programs.
  • The company has also finalised the Mega-line infrastructure design and begun its construction during Q2 FY22.

CBR intends to focus on executing the deals signed during Q2 FY22, including the one with General Motors. Additionally, the company will also focus on improvising its technology to serve its customers better during the remaining financial year.

Meanwhile, on the ASX, the CBR stock has closed today’ trading session 19.047% higher at AU$1.00 per share.

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