In March, Carbon Revolution – which supplies carbon-fibre wheels to the likes of Ferrari, Lamborghini, Chevrolet and Ford – announced it would enter voluntary administration, citing a desire to get back on track amid financial uncertainty.
The depth of its financial difficulties have now been uncovered, with the Australian Financial Review (AFR) citing a report by administrator McGrathNicol that uncovered $347 million in losses since July 2022.
According to the report, Carbon Revolution lost $97 million in the 2024-25 financial year and had lost $43 million between July 2025 and the end of March 2026. Two months ago it was reported the company had accrued circa-US$160 million (A$230 million) in debts.
While Carbon Revolution supplies lighter weight wheels for the Lamborghini Temerario, the Ford Mustang Dark Horse SC and the Chevrolet Corvette Z06, it had planned to make rims for electric vehicles too, with the lower weight helping to increase driving range.
Australia’s revolutionary car parts supplier enters voluntary administration
However, according to the AFR, two “substantial” contracts for EVs were lost last year, becoming a contributing factor to the eventual voluntary administration.
To add to the woes, the McGrathNicol report believes Carbon Revolution “was potentially insolvent, on a cash flow basis, on or around early December 2025”, which had been preceded by a failed attempt at selling the business.
Despite the current uncertainty, Carbon Revolution has continued to operate under the voluntary administration, allowing its circa-350 strong workforce to remain employed.
“Now is the right time for Carbon Revolution to engage in this process, one that holds the opportunity of a de-leveraged balance sheet and the ability to expand the depth of our relationships with our current customers and add new ones” said Eugene Davis, director of the Carbon Revolution plc‘s Australian subsidiaries – Carbon Revolution Pty. Ltd. and Carbon Revolution Operations – said in March.
“Now is the right time for Carbon Revolution to engage in this process, one that holds the opportunity of a de-leveraged balance sheet and the ability to expand the depth of our relationships with our current customers and add new ones” said Eugene Davis, director of the Australian subsidiaries.
Carbon Revolution plc chairman Bob Lutz – a veteran executive of Detroit’s ‘Big Three’ carmakers – said at the time that “as the market’s appreciation for the value that carbon fibre wheels deliver continues to grow, the restructured business will be well set up to be a prime beneficiary of this trend at just the right time”.
“We want to extend our abiding gratitude to our employees, customers, suppliers, shareholders, and so many others for supporting us through this journey.”
Carbon Revolution was listed on the ASX from 2019 but switched to the Nasdaq in November 2023.
It was kicked off the US stock exchange in February, after its market capitalisation bottomed out at almost US$20,000 (A$27,590), or about how much some car companies charge to equip its wheels.
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