Financial information at and for the period ended
Highlights
- Secured the largest order from a single customer in Company history with a new order from bp (NYSE: BP) for deployment across
the United States ,United Kingdom ,Europe , andAustralia . - Achieved the largest monthly production output in Company history in
December 2022 , with 50% more output than any previous month.
Calendar Year 2022 – Preliminary Results
- Received record sales orders valued at
$195 million in calendar year 2022, growth of 38% over the previous calendar year’s result of$141 million . - Achieved record revenue in the range of
$95 million to$102 million in calendar year 2022, of which approximately$72 million was achieved in the six months endedDecember 31, 2022 , a 157% increase over the results of the previous six-month period endedJune 30, 2022 . - Projects cash and cash equivalents of approximately
$70 million atDecember 31, 2022 . - Opens the 2023 calendar year with a record order backlog of approximately
$159 million atDecember 31, 2022 .
Calendar Year 2023 – Guidance
- Expected revenue in excess of
$200 million , corresponding to annual growth of over 100%, with approximately 35% forecasted for the first half of calendar year 2023 and the balance in the second half of calendar year 2023. - Expected gross margin of 10% to 12% in calendar year 2023 as the Company benefits from its manufacturing scale-up, improved product pricing, and planned product suite streamlining.
bp Order and Market Demand
Global demand for Tritium products continues to grow, as evidenced by the latest order from bp (NYSE: BP), the Company’s largest order from a single customer in its history. This is bp’s second major order from the Company, following an initial order announced alongside the bp multi-year global framework contract in
The size of these orders is an indicator of ongoing growth in demand for DC fast chargers, in-line with global EV uptake alongside the accelerating deployment of EV chargers by many segments including petroleum, convenience, retail, electricity, and fleet companies.
Tritium anticipates further acceleration of market demand for its high-quality and reliable DC fast chargers, which have the benefit of almost ten years of continuous operation in the field through Tritium’s large global installed fleet of DC fast and ultra-fast chargers. Tritium, an EV fast charging pioneer with a reputation as a global technology leader, estimates its position as the number two market share in the universal DC fast charger category, excluding
The Company expects the volume of sales to continue to grow, as customers move past pilot programs into accelerated rollouts of large, global EV charging networks. With its
Tritium began its lease of a factory in
In
Currently, the
The Company expects to hit several global production milestones in 2023 as the
The production ramp-up in 2023 is expected to produce a total projected output of at least 11,000 units for the calendar year 2023. Calendar year 2024 is expected to benefit from the full year impact of 2023 initiatives: a production run rate at scale, the transition to the planned streamlined modular product suite, new products to be launched in 2023, continued improved pricing, and operational efficiencies across supply chains, logistics, and services.
Calendar Year 2023 Guidance
Tritium’s 2023 forecasts are supported by the Company’s current purchase order backlog of approximately 80% of forecast revenue for calendar year 2023, planned production line expansion at the
- In excess of
$200 million in revenue, an increase of over 100% over unaudited preliminary calendar year 2022 revenue. - Gross margins to improve throughout calendar year 2023, averaging between 10% and 12% over the full calendar year.
- Operational expenses, including R&D, of
$90 million to$95 million , a 13% to 19% increase from unaudited preliminary 2022 calendar year operational expenses.
Tritium believes it is well-positioned to meet its 2023 forecasts despite macro-economic factors affecting the global economy, given its customer base includes well-capitalized Fortune 100 companies, fully-funded growth companies, and companies that are already accessing committed government funding. Tritium’s guidance for revenue and margin increases is enabled by planned production scale-up, production efficiencies gained through a streamlined product suite with significant parts and architecture commonality, the ability to truck chargers across the US, rather than transport them by sea or air, and pricing improvements driven by supply limitations,
“Tritium remains focused on maintaining and growing our enviable global fast charger market share through designing, selling, building, and servicing world-class chargers,” said Tritium CEO
2022 Business Update
- The Company projects record sales orders valued at
$195 million for calendar year 2022, representing a 38% increase over the$141 million of sales orders received in calendar year 2021. Based on discussions with new and existing customers, Tritium expects to have 2023 production fully allocated through committed sales orders in early 2023. - Tritium currently expects to achieve record revenue in the range of
$95 to$102 million for calendar year 2022, representing a 23% to 32% increase over revenue for calendar year 2021. Revenue for the six months endedDecember 31, 2022 is expected to be$72 million , an increase of 157% over the six months endedJune 30, 2022 . - The Company anticipates a record year-end sales order backlog of approximately
$159 million , which supports the Company’s calendar year 2023 revenue guidance. - Cash and cash equivalents at the end of calendar year 2022 are projected to be
$70 million .
Tritium enters 2023 as the only top three global fast charger manufacturer with a US factory able to take advantage of Buy America requirements. The Company’s product suite continues to sit at the forefront of the industry, with the only fully liquid-cooled, fully-sealed, and IP65-rated charger on the market, affording the Company an industry-leading total addressable market and delivering to its customers a lower total cost of ownership over the competition.
St Baker Capital Raise
Tritium also received a primary capital investment of
The
The capital is to be used to grow the business through increased manufacturing capacity, securing long lead-time parts, and bolstering the Company’s cash balance. These capital raises demonstrate the long-term support for Tritium by both its largest shareholder, Trevor St Baker AO, and the Company’s senior lenders.
In addition to providing capital, during the fourth quarter of 2022 the
About Tritium
Founded in 2001, Tritium (NASDAQ: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for electric vehicles. Tritium’s compact and robust chargers are designed to look great on
For more information, visit tritiumcharging.com.
Presentation of Information
Unless otherwise indicated, all references herein to “year” or to a specific year (e.g., 2022, 2023, 2024, etc.) are to the calendar year. Any references herein to the Company’s fiscal year ending
Forward Looking Statements
This press release includes “forward-looking statements.” The Company’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” “aim,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions or strategies for the future. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results, including, but not limited to: our history of losses; the ability to successfully manage our growth; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits, and the impact of government incentives; the accuracy of our forecasts and projections including those regarding our market opportunity; competition; our ability to secure financing; delays in our manufacturing plans; losses or disruptions in supply or manufacturing partners; risks related to our technology, intellectual property and infrastructure; exemptions to certain
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Investor Contact
ir@tritiumcharging.com
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