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14/07/23
13:04
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Originally posted by jaluma:
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For those who haven't listened to the webinar, here are some of the key highlights I picked up. - Forecast revenue growing from $28.5m in calendar 22 to $90m in calendar 24 , which is a CAGR of 78%, all from programs that area awarded and either in production or engineering and forecast to be EBITDA profitable in 24 - From start of 23, ramp up of Corvette Z06 wheel is in production and growing strongly - Premium SUV wheel started production in January s also now in production as well, so I guess it must be getting announced soon - Later in 23, they will start producing wheels for the Corvette e-ray and the Mustang Dark Horse - Business development pipeline is STRONG , with value of the awarded programs increasing from $335m to $460m (37% increase) through the combination of a recent awarded program and the expansion of existing programs. Looking at the preso, they highlight this number comes from the 9 awarded programs (5 in production, 4 indevelopment) with global OEMs, but then there is another 4 programs under engineeringcontracts which don't count to the pipeline number, so if they are larger programs, that $460m could easily lift to $700m+ based on the lift from recent program award. - Megaline in commissioning phase and is producing wheels from the line, with full commissioning to continue over coming months, which should improve margins once up and running. Was a very good update and really looking forward to see the SUV wheel launched by the OEM.
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CBR said they were going to do sales of $62m in FY20 from ~24K wheels. And before you blame COVID, heres a video from 2013 where the CEO says they would expand production four-fold from 6,000 (that's to ~24k) in about a years time (that's 2014). There is also a similar history for break even. Take from that what you will about management and the boards track record.VIDEO