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6-K 1 form6-k.htm 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of October, 2025

 

Commission File Number: 001-41856

 

Carbon Revolution Public Limited Company

(Exact name of registrant as specified in its charter)

 

10 Earlsfort Terrace

Dublin 2, D02 T380, Ireland

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of

Form 20-F or Form 40-F:

 

Form 20-F ☒   Form 40-F ☐

 

 

 

 

 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

Unaudited interim financial results for the six months ended December 31, 2024

 

Carbon Revolution Public Limited Company (the “Company”) is furnishing this Form 6-K to provide its unaudited interim financial results as of, and for the six months ended December 31, 2024, which are furnished as Exhibit 99.1.

 

The Condensed Consolidated Statement of Financial Position and Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income contained herein do not include accompanying notes or management discussion and analysis. They have been prepared on a going concern basis but there has been no assessment of the appropriateness of preparation on a going concern basis and they do not imply any representation on the Company’s ability to operate as a going concern for the next 12 months. They have not been reviewed or audited by the Company’s auditor. An assessment of the appropriateness of presentation on a going concern basis is anticipated to be undertaken as part of the audit of the financial statements for the fiscal year ended June 30, 2025, to be included in the Company’s Annual Report on Form 20-F for such period.

 

The accounting policies of the Company described in each of subsection E, “Critical Accounting Policies and Estimates” of Item 5 – Operating and Financial Review and Prospects and in the notes to the Company’s audited financial statements set forth in Item 18 – Financial Statements of the Company’s FY24 Annual Report on Form 20-F filed with the SEC on May 14, 2025, remain applicable.

 

Restatement of December 31, 2023 comparative financial information

 

The Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income includes comparative financial information for the six months to December 31, 2023. These figures were previously disclosed on July 26, 2024. On November 1, 2024 the Company disclosed amendments to the December 31, 2023 financial information. Those amendments are reflected in the reports contained herein. A further adjustment was made to the December 31, 2023 figures to reflect an increase in depreciation of $1.15 million USD to correct capitalization dates, impacting cost of goods sold.

 

Program cancellations and important business update

 

As previously disclosed in the Company’s release of July 25, 2025, the Company has a number of new programs entering, or expected to enter, production in the near-term, however, as a result of a decline in the volume of wheels ordered or projected to be ordered by certain customers, the Company revised its revenue forecasts downward and slowed its initial short-term expansion plans.

 

The Company has continued to experience lower than expected demand for certain programs, especially those tied to the EV space. The weakening of the broader EV market has led to the early cancellation of two programs by a customer, which the Company had initially expected to contribute substantial wheel volumes. The Company is pursuing claims in relation to these cancelled programs.

 

In addition, as disclosed in the Company’s release of June 3, 2025, the Company is currently not in compliance with certain Nasdaq continued listing requirements. The Company has submitted a plan of compliance to Nasdaq where it has sought an extension in accordance with its plan and is waiting for Nasdaq’s determination. However, even if such plan is accepted, the Nasdaq staff only has the discretion to grant an exception for regaining compliance until November 26, 2025.

 

Notwithstanding the additional US$5 million of OIC funding announced today (and the expected release of a further US$2 million of OIC funding), the Company expects that it may need to obtain additional funding in the short term and is actively seeking other strategic alternatives to be completed within this fiscal year (ending June 30, 2026).

 

In order to obtain sufficient liquidity to fund its business and operations, the extent of which funding need is partially dependent upon the outcome of the customer claims being pursued by the Company mentioned above, as well as to contribute towards regaining compliance with Nasdaq continued listing requirements, the Company is exploring other potential strategic and financing options, a portion of which may need to be obtained significantly earlier than the end of the Company’s fiscal year. The Company makes no assurances that it will be able to secure any of the aforementioned on satisfactory terms, or at all.

 

 

 

EXHIBIT INDEX

 

Exhibit No. Description
99.1   Unaudited Interim Financial Results as of, and for, the Six Months Ended December 31, 2024

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Carbon Revolution Public Limited Company
     
Date: October 31, 2025  
  By: /s/ Donald Hampton, Jr.
  Name: Donald Hampton,Jr.
  Title: Chief Executive Officer

 

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

Carbon Revolution Public Limited Company

Condensed Consolidated Statement of Financial Position

(Unaudited)

 

    US $’0001     AU $’000  
    31 Dec 2024     30 June 2024     31 Dec 2024     30 June 2024  
Current assets                                
Cash and cash equivalents     2,108       2,594       3,012       3,705  
Restricted trust funds     1,798       472       2,568       674  
Receivables     5,398       5,976       7,713       8,538  
Contract assets     12,855       9,766       18,364       13,952  
Inventories     22,410       20,185       32,014       28,836  
Other current assets     489       1,535       699       2,193  
Total current assets     45,058       40,528       64,370       57,898  
Non-current assets                                
Restricted trust funds     3,019       4,901       4,313       7,001  
Total non-current assets     3,019       4,901       4,313       7,001  
Total assets     48,077       45,429       68,683       64,899  
                                 
Current liabilities                                
Payables     43,488       31,671       62,128       45,247  
Borrowings     9,193       9,810       13,131       14,013  
Lease liability     517       494       738       705  
Contract liabilities     4,360       771       6,229       1,102  
Deferred income     2,074       1,480       2,963       2,114  
Provisions     2,733       3,051       3,904       4,359  
Total current liabilities     62,365       47,277       89,093       67,540  
Non-current liabilities                                
Borrowings     137,671       98,597       196,673       140,853  
Payables     846       10,635       1,209       15,193  
Derivative liability     897       372       1,282       531  
Lease liability     4,820       4,943       6,886       7,061  
Contract liabilities     -       3,169       -       4,527  
Deferred income     9,782       9,326       13,974       13,323  
Provisions     2,202       1,984       3,145       2,834  
Total non-current liabilities     156,218       129,026       223,169       184,322  
Total liabilities     218,583       176,303       312,262       251,862  
Net (liabilities) / assets     (170,506 )     (130,874 )     (243,579 )     (186,963 )
                                 
(Deficiency in equity) / equity                                
Contributed equity     -       -       -       -  
Warrants     9,014       5,253       12,877       7,504  
Reserves     1,926       1,392       2,752       1,989  
Accumulated losses     (181,446 )     (137,519 )     (259,208 )     (196,456 )
Total (deficiency in equity) / equity     (170,506 )     (130,874 )     (243,579 )     (186,963 )

 

 

1All USD figures converted from AUD to USD at 0.7 for convenience.

 


1

 

Carbon Revolution Public Limited Company

Condensed Consolidated Statement of Profit or Loss and

Other Comprehensive Income

(Unaudited)

 

    US $’0002     AU $’000  
    Six Months Ended December 31,     Six Months Ended December 31,  
    2024     20233     2024     20233  
Sale of wheels     26,912       23,881       38,446       34,116  
Engineering services     941       1,038       1,344       1,483  
Sale of tooling     4,192       931       5,988       1,330  
Revenue     32,045       25,850       45,778       36,929  
Cost of goods sold     (31,273 )     (37,032 )     (44,676 )     (52,903 )
Impairment expense     (3,172 )     -       (4,532 )     -  
Gross margin     (2,400 )     (11,182 )     (3,430 )     (15,974 )
                                 
Other income     907       4,293       1,296       6,133  
Finance income     39       -       56       -  
Operational expenses     (3,370 )     (1,884 )     (4,814 )     (2,692 )
Research and development     (4,585 )     (5,253 )     (6,550 )     (7,504 )
Administrative expenses     (7,512 )     (5,783 )     (10,732 )     (8,261 )
Marketing expenses     (514 )     (456 )     (734 )     (653 )
Capital raising transaction costs     (1,525 )     (21,043 )     (2,179 )     (30,061 )
Finance costs     (24,025 )     (12,568 )     (34,321 )     (17,954 )
                                 
Loss before income tax expense     (42,985 )     (53,876 )     (61,408 )     (76,966 )
Income tax expense     -       -       -       -  
Loss for the period after income tax     (42,985 )     (53,876 )     (61,408 )     (76,966 )
                                 
Other comprehensive income                                
Items that may be reclassified subsequently to profit or loss:                                
Foreign currency translation differences - foreign operations     695       509       993       727  
Other comprehensive income     695       509       993       727  
                                 
Total comprehensive loss for the period, net of tax     (42,290 )     (53,367 )     (60,415 )     (76,239 )

 

 

2 All USD figures converted from AUD to USD at 0.7 for convenience.

3 Restated

 

2