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Tritium rings the bell in the Big Apple as analysts get excited

Business

Brisbane company Tritium rang the closing bell on Australia Day at the Nasdaq exchange market site in Times Square as analysts tip the company will reach profit well ahead of expectations.

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Some US analysts have a bullish outlook for the company which produces fast charging technology for electric vehicles. However, its debut on the Nasdaq has been weak. Its shares have joined a broad downward slide on the index, but it listed by analysts as a “strong buy”.

Information company Simply Wall St said Tritium was now looking at a growth rate of 58 per cent and analysts were tipping a $US50 million profit for the company in 2023. Some had forecast its shares to jump to $US17 from the current $US7.74.

Earlier this year, Tritium said it was expecting to report an EBITDA of $US39 million for 2021 after its second half revenue broke records. It expects electric vehicle sales to grow at a compound rate of 17 per cent.

For the three months ended December 31, 2021, Tritium booked revenue of about $41 million, equivalent to a last quarter annualized (LQA) run-rate of $164 million, and set a new quarterly record. It more than doubled its third quarter 2021 revenue, the next largest quarterly revenue in its 19-year operating history, and achieved more than 2.5 times revenue compared to the fourth quarter of 2020.

 

 

 

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