In the initial hours of today’s trading session, the stocks of Carbon Revolution Public Limited Company (NASDAQ: CREV) have embarked on an upward trajectory. Notably, the shares of Carbon Revolution have surged by 7.35% as of the latest assessment, reaching $15.06. This notable increase appears to be bolstered by a significant equity maneuver announced by CREV today.
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Carbon Revolution (CREV) has disclosed an agreement with Orion Infrastructure Capital (“OIC”) for the early release of US$5 million. This sum is part of the US$35 million held in escrow under its previously disclosed Structured Equity Facility with OIC, totaling up to US$110 million. The terms and conditions of this agreement are outlined in the Company’s filing with the SEC, accessible here.
Furthermore, ongoing discussions between Carbon Revolution and OIC are in progress regarding the terms for the early release of the remaining US$30 million from escrow. However, Carbon Revolution has not provided assurances that these negotiations will lead to the release of any or all of the remaining funds on acceptable terms, if at all.
Carbon Revolution, being an early-stage growth entity, relies on fresh capital until it attains profitability and positive free cash flow. As of March 31, 2024, CREV has limited liquidity, with $1.7 million in unrestricted cash.
Additionally, as announced on April 9, 2024, Carbon Revolution has achieved record revenue results for the first half of fiscal 2024, including a record quarterly revenue of US$14.8 million in 2Q24, marking a 177% year-over-year increase. A preliminary estimate for fiscal 3Q 2024 (ending March 31, 2024) revenue ranges between $10 million to $11 million, reflecting a 110% year-over-year increase at the midpoint of the range.
Moreover, Carbon Revolution anticipates further revenue growth in the second half with the anticipated launch of several new programs. With this commercial momentum, its planned Australian capacity is nearing full utilization, including new capacity from the Mega-line expansion.
