Tritium smashes records – heads for number one in US
Brisbane-based Tritium has upgraded its revenue guidance after a bumper start to the year in which it broke production records and met its annual output target in four months.
Tritium chief executive Jane Hunter (Pic: Tritium)
The company, which makes fast charging technology for electric vehicles, said it now expected revenue of between $US210 million ($A313 million) and $US225 million after receiving $US57 million in the four months to the end of April.
Its previous revenue guidance was “in excess of $200 million”.
The four-month income was a 237 per cent increase on the $US17 million it received for the same period last year.
It said it now had the largest published global production plans for DC fast chargers outside China and the largest published planned production capacity onshore in America.
The Nasdaq-listed company maintained its previous guidance that it would be EBITDA positive in the first half of calendar 2024. Gross margin guidance has also been maintained.
“The company has built an order backlog of approximately $US153 million at April 30, driven by continued strong orders in the calendar year to date, compared to $US120 million for the same timeframe in the previous year,” Tritium said.
The announcement follows one earlier in the week in which it said the St Baker Family Trust and O-Corp had invested $US35 million.
Chief executive Jane Hunter said the ongoing support from investors and the earnings received so far this year demonstrated the strong demand for Tritium’s products and services.
“With our rapidly expanding production capacity and srtategic partnerships, Tritium has maintained a strong market position and we believe the company is well-positioned for number one in market share,” she said.
