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Tritium still in the red after record revenue year for EV charger

Business

Brisbane EV charging station company Tritium has produced record revenue but another year of big losses.

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The company’s bottom line was a loss of $US121 million ($A156 million), a slight improvement on the $US128 million for the previous year.

However, its revenue is climbing. It produced a record $US185 million for the year, an increase of 115 per cent.

Chief executive Jane Hunter said there were excellent revenue and margin results.

Tritium said there were significant increases in production capacity throughout the fiscal year, including in the first half of the 2023 calendar year, at its Tennessee facility scales.

The production increases enabled Tritium to convert its backlog into revenue and expand its gross margin as the benefits of operating leverage materialised. It still has an order backlog valued at approximately $US99 million at June 30, 2023, which compares to $149 million for the same timeframe at the end of the previous fiscal year.

“The company expects strong order growth in the second half of the 2023 calendar year as customer forecasts for 2024 deployments are anticipated to translate into purchases,” Tritium said.

“These expectations are substantiated by recent large purchase orders across Tritium’s primary product offerings, which were secured following the June 30, 2023 reporting period from a number of leading industry players, including a major global fuel retailer and independent charge point operators.”

“Given the Company’s higher focus on its path to profitability versus growth, the Company now expects an advantaged sales mix of higher price and margin products than originally contemplated to drive its revenue and gross margin targets, thereby requiring a lower unit production profile than the previous guidance of 11,000 units.”

Tritium has also been able to raise another $US75 million in financing that will be used as working capital.

 

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