Carbon Revolution Ltd (ASX: CBR) shares are falling today after the wheel manufacturer released its FY21 first-half (1H21) results this morning. In mid-afternoon trade, the Carbon Revolution share price has slumped 4.18% to $2.29.
Here’s a wrap of how the company has been performing.
Carbon Revolution results brief
The Carbon Revolution share price is trending lower after the company reported a 14% reduction in revenue for 1H21. Revenue for the period totalled $17.2 million.
Wheel sales dropped from $18.4 million in 1H20 to $16.6 million in 1H21.
As a result of poor sales activities, Carbon Revolution incurred a net loss of $14.8 million for 1H21, which was an improvement on the $98.6 million loss posted for 1H20.
Earnings per share (EPS) were negative 10 cents for 1H21, an improvement compared to the negative $1.55 EPS of the prior corresponding half.
The company’s total assets dropped from $141.7 million in 1H20 to $121.6 million in 1H21. Cash and cash equivalents took a nasty hit, falling from $33.9 million in 1H20 to $15.4 million in 1H21.
In further news driving the Carbon Revolution share price lower, the company did not declare an interim dividend.
Carbon Revolution advised that it is in the process of finalising a new $7…