Tritium Announces Record Preliminary Year-To-Date Results and Increases CY2023 Guidance
11 Maggio 2023 - 1:00PM
Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq: DCFC), a
global leader in direct current (“DC”) fast chargers for electric
vehicles (“EVs”), today provided an update on the business.
Preliminary Results – January 1, 2023 - April 30,
2023
- Achieved record revenue of $57
million between January 1, 2023 and April 30, 2023, a
year-over-year growth rate of 237% over the $17 million achieved in
the same timeframe the previous year.
- The Company has built an order
backlog valued at approximately $153 million at April 30, 2023,
driven by continued strong orders in the calendar year-to-date
period, compared to $120 million for the same timeframe in the
previous year. Strength in the backlog coupled with calendar
year-to-date revenues is leading the Company to increase its
revenue guidance to a range of $210 million to $225 million.
- Sales orders for the period between
January 1, 2023 through April 30, 2023 amounted to $49 million,
compared to $64 million for the same timeframe in the previous
year. The Company continues to see indications of strong order
growth in the balance of the calendar year as customer indications
for 2024 deployments translate into purchases.
Capital Investment
The Company secured a $40 million capital investment, comprised
of $35 million from Sunset Power Pty Ltd as trustee of the St Baker
Family Trust (“St Baker”) and $5 million from O-Corp EV LLC
(“O-Corp”). These funds will be used to fund working capital to
continue to scale production volumes, further product development,
and grow service operations around the world.
“Both the ongoing support from our largest
investor and our preliminary results for the period January 1, 2023
through April 30, 2023 demonstrate the continued strong demand for
Tritium’s products and services, and successful manufacturing
scale-up to meet the demand for fast-charging infrastructure as the
world shifts towards electrification,” said Tritium CEO Jane
Hunter. “With our rapidly expanding production capacity and
strategic customer partnerships, Tritium has maintained a strong
market position and we believe the Company is well-positioned to
compete for number one in market share.”
Business Update
- Tritium is deploying its new tranche
of funding to working capital investments to meet the continued
growth in demand across its customer base. Tritium now has
inventory assets valued at $144 million, comprised of finished
goods, raw material, and work-in-progress, as well as cash and cash
equivalents of approximately $50 million, as of May 10, 2023. This
compares to total inventory assets valued at $47 million and cash
and cash equivalents of $96 million, for the same timeframe in the
previous year.
- Tritium continues to expand its
customer footprint, both in scale and geography. The Company
previously announced the following new orders in calendar year
2023:
- In January, Tritium secured the
largest order in company history with bp. These chargers are
planned to be installed for fleets and the general public in the
United States, the United Kingdom, Europe, and Australia.
- Also in January, Tritium was named
the preferred fast charger provider to Evyve, the UK charging
network. Evyve has ordered 350 Tritium fast chargers to date as
part of their plans to install 10,000 EV charging stations by 2030
to become the UK’s largest charger network.
- In February, Tritium secured a 300
fast charger purchase order by OK a.m.b.a. (“OK”), Denmark’s
largest fuel retailer.
Calendar Year 2023 – Guidance
- The Company previously announced
revenue guidance in excess of $200 million, with approximately 35%
forecasted for the first half of calendar year 2023 and the balance
in the second half of calendar year 2023. In light of calendar
year-to-date revenue and backlog, the Company is increasing revenue
guidance to a range of $210 million to $225 million.
- Confirms previously announced gross
margin guidance of 10% to 12% for calendar year 2023. Investors
should note that Tritium reports gross margin in accordance with
U.S. GAAP. However, certain other publicly traded electric vehicle
charging manufacturers report gross margin as revenue less only
materials cost of goods sold, excluding costs associated with labor
and/or other variable expenses. We believe utilizing such
calculations would result in a significantly higher gross margin
for Tritium.
- Confirms previously announced global
unit production guidance of 11,000 units for calendar year 2023 and
16,000 global annualized unit production guidance based on
projected production by December 2023.
- Confirms previously announced
expectation to become EBITDA* positive during the first half of the
calendar year 2024.
Tennessee Factory and Production Update
The Company’s Tennessee facility is rapidly scaling to meet
demand across all the Company’s customer channels, as evidenced by
the Company’s aggregate production of approximately 3,200 units
from January 1, 2023 through April 30, 2023, nearly achieving the
total production of 3,572 units for the calendar year 2022.
Tritium now has the largest published global production plans
for DC fast chargers outside China and the largest published
planned production capacity onshore in America. This production
capacity places the Company in a strong position to capitalize on
the anticipated surge in demand for Buy America-compliant EV fast
chargers over the next five years, as a result of funding from the
National Electric Vehicle Infrastructure (“NEVI”) Formula Program,
Charging and Fueling Infrastructure (“CFI”) Discretionary Grant
Program, and the Inflation Reduction Act.
In March 2023, Tritium began accepting orders for the Company’s
first product offering for the NEVI program. Tritium’s NEVI system
is expected to achieve the Build America, Buy America Act waiver
milestones set by the Federal Highway Administration.
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 Main Street and
thrive in harsh conditions, through technology engineered to be
easy to install, own, and use. Tritium is focused on continuous
innovation in support of our customers around the world.
For more information, visit tritiumcharging.com.
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 U.S. securities laws as a result of our
status as a foreign private issuer; and other important risks and
uncertainties described in the documents filed by the Company from
time to time with the U.S. Securities and Exchange Commission.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Most of these factors are outside the Company’s control and are
difficult to predict. The Company cautions not to place undue
reliance upon any forward-looking statements, including
projections, which speak only as of the date made. The Company does
not undertake or accept any obligation to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
*Non-GAAP Measures
Tritium prepares audited financial statements in accordance with
U.S. generally accepted accounting principles (“GAAP”). Tritium
also discloses certain non-GAAP measures such as EBITDA as we
believe that such non-GAAP measures are useful to investors in
evaluating our performance by providing an additional tool for
investors to use in comparing our financial performance over
multiple periods. Additionally, these figures provide an
understanding and evaluation of our trends when comparing our
operating results against those of our competitors and over time by
excluding items that we do not believe are indicative of our core
operating performance. These non-GAAP financial measures have
limitations as analytical tools and should not be considered in
isolation or as substitutes for an analysis of our results as
reported under GAAP.
We calculate forward-looking EBITDA based on internal forecasts
that omit certain amounts that would be included in forward-looking
GAAP net income (loss). We do not attempt to provide a
reconciliation of forward-looking EBITDA guidance and targets to
forward looking GAAP net income (loss) because forecasting the
timing or amount of items that have not yet occurred and are out of
our control is inherently uncertain and unavailable without
unreasonable efforts. Further, we believe that such reconciliations
would imply a degree of precision and certainty that could be
confusing to investors. Such items could have a substantial impact
on GAAP measures of financial performance.
Media ContactJack
Ulrichmedia@tritiumcharging.com
Investor ContactCary
Segallir@tritiumcharging.com
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