Velocity Composites, a leading supplier of composite material kits to the aerospace industry, has released its audited financial results for the fiscal year ended October 31, 2024. The company reported a 40% increase in total revenue to ยฃ23.0 million, up from ยฃ16.4 million in the previous fiscal year. This growth was driven by a significant increase in US revenue, which quadrupled to ยฃ7.9 million. The company also improved its gross margin to 25.9%, an increase of 710 basis points, due to a better sales mix, inflation adjustments, and improved operational efficiencies. Velocity Composites reported a positive adjusted EBITDA of ยฃ0.4 million, compared to a loss of ยฃ1.6 million in the previous year. The company ended the fiscal year with a net cash position of ยฃ0.7 million and has since increased its gross cash balance to ยฃ1.6 million as of January 24, 2025. The outlook for the company remains positive, with expected increases in production rates for the A350 program and anticipated growth in the civil and defense aerospace markets. The Board expects further revenue growth in FY25 and is confident in the companys ability to deliver strong performance.