Tritium DCFC (“Tritium” or the “Company”), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), announced record sales orders, record revenue, and record backlog for the Company’s 2022 calendar year, and released financial statements for the six-month period ended December 31, 2022.
Calendar Year 2022 Results
- Received record sales orders valued at $195 million in calendar year 2022, representing an increase of 38% over the previous calendar year’s result of $141 million
- Achieved record revenue of $102 million in calendar year 2022, at the high-end of the previously announced range of $95 – $102 million, of which $73 million was achieved in the six months ended December 31, 2022, a 27% increase over the results of the corresponding six-month period ended December 31, 2021
- Cash and cash equivalents of $69 million as at December 31, 2022
- Achieved a record purchase order backlog of approximately $159 million at December 31, 2022
Second Half 2022 Calendar Year Results
- Achieved record backlog and revenue in the second half of the 2022 calendar year
- Had backlog of $159 million at December 31, 2022, and achieved revenue of $73 million for the six-month period ended December 31, 2022, representing increases of 115% and 27%, respectively, compared to the same period in the 2021 calendar year
- Gross margin was -9.7% for the six-month period ended December 31, 2022, which is reflective of ramp-up costs while the Company invested in and opened its new Tennessee factory and is expected to normalize over the course of calendar year 2023, particularly in the second half
- December 31, 2022, Tritium reported $69 million in cash and cash equivalents and $107 million in raw materials and finished goods inventory
- Net comprehensive loss was $56 million for the six-month period ended December 31, 2022, a 17% improvement from the corresponding prior six-month period ended December 31, 2021
“We remain focused on our goal of becoming the number one global manufacturer of electric vehicle fast chargers,” said Tritium CEO Jane Hunter. “We invested in a US factory earlier than our competitors and on a bigger scale. We expect our Tennessee factory to become our global revenue engine, in part by unlocking the benefits of the US government’s $7.5 billion of funding for EV chargers and maintenance, which requires domestically built charging equipment and will ultimately require more than 55% locally sourced components. Our new factory started shipping products to customers in August 2022 and, with the recent announcement of the final Build America, Buy America guidelines for the NEVI program, we believe Tritium has a major head start and a position in supplying fast chargers for the US through what we expect will soon be the highest capacity fast charger factory in the country.”
2023 Calendar Year Guidance
- Tritium reaffirms expected revenue for the 2023 calendar year in excess of $200 million, corresponding to annual growth of over 100%, and reaffirms the timeline with approximately 35% forecast for the first half of the 2023 calendar year and the balance in the second half of the 2023 calendar year
- Tritium expects gross margin to improve to between 10% and 12% for calendar year 2023, particularly through the second half as the Tennessee factory starts to hit scaled production targets and the manufacturing overhead associated with a greenfield facility is absorbed. The Company will also benefit from lower cost freight routes from the East Coast of the US to Europe, delivering stock via truck instead of air or sea to North America, as well as price increases implemented in the 2022 calendar year, which require backlog builds to be completed to be fully realized
- Tritium expects to become EBITDA positive during the first half of the 2024 calendar year
Tritium continues to see strong customer growth, with increasing orders from charge point operators, fleets, utilities, and the fuel and convenience segments, many of which have shared public plans to install tens of thousands of electric charging stations over the next five years.
“Our results in the second half of 2022 demonstrate the strength of Tritium’s position in the global fast charging market as we address the demands of the growing electric vehicle industry,” said Tritium CFO Rob Topol. “With our new state-of-the-art Tennessee factory coming online and increasing production capacity, we are confident that Tritium will continue to be a leader in the global transition to electric mobility and drive sustainable change for a cleaner and greener future.”
In support of this accelerating demand from new and existing customers for Tritium’s fast chargers, the Company expects to scale the Tennessee factory to five production lines and two shifts on two of those lines by the end of the 2023 calendar year. Through this production ramp, the Company expects to produce a total of 11,000 units for the 2023 calendar year and projects global annualized production rates of 16,000 units by December 2023 and 28,000 units by December 2024. Tritium believes the Company’s planned US production capacity remains the highest of any publicly announced DC fast charger manufacturer in the US.
Based on management estimates, at December 31, 2022 Tritium believes it held the #1 universal fast charger market share in the US, Australia, and New Zealand, and the #3 position across Europe.
Source
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