Highlights
- The Company achieved record revenue of
$112 million for the first half of the 2023 calendar year, an increase of more than 286% over the$29 million in revenue from the first half of the 2022 calendar year, meaningfully exceeding the midpoint of the Company’s previously updated guidance for the calendar year published onMay 11, 2023 . - The Company achieved record revenue for the fiscal year ended
June 30, 2023 of$185 million , an increase of more than 115% compared to revenue of$86 million for the previous fiscal year. - The Company reported gross margin of 4% for the first half of the 2023 calendar year, a nearly 2,200 basis point improvement compared to gross margin of -18% for the first half of the 2022 calendar year.
- In
September 2023 , the Company secured a financing commitment of up to$75 million , with an initial funding of$25 million .
“We are very pleased to deliver these excellent revenue and margin results for our shareholders,” said Tritium CEO
Financial Results
Tritium achieved record revenue of
Significant increases in production capacity throughout the fiscal year, including in the first half of the 2023 calendar year, have occurred as Tritium’s
Sales orders for the six-month period ended
Business Update
Tritium continues to expand its working capital investments to meet the continued growth in demand across its customer base. Tritium has inventory assets valued at
The Company maintains its previously issued 2023 revenue and gross margin guidance. 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.
Gross Margin
The Company reported gross margin of 4% for the six-month period ended
Throughout the fiscal year, Tritium saw a number of improvements across its business that contributed to gross margin performance in the second half of the fiscal year, despite the opening of its new
Easing conditions across global supply chains during the fiscal year compared to the same period last year have been noticeable, with shortening delivery and lead times for certain key product inputs and an easing of the disruption to sea and air freight.
Capital Raise
In
Tritium continues to believe that it has the largest published global production plans for DC fast chargers outside
In
Several US states have begun to require or propose to require the North American Charging Standard (“NACS”) for
Reporting Schedule
Tritium announces that it has changed its fiscal year end from
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.
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
*Non-GAAP Measures
Tritium prepares audited financial statements in accordance with
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.
Consolidated Statements of Operations and Comprehensive Loss
For the years ended
Year Ended | Year Ended | Year Ended | ||||||
$’000 | $’000 | $’000 | ||||||
Revenue | ||||||||
Hardware revenue – external parties | 167,965 | 69,243 | 32,299 | |||||
Hardware revenue – related parties | 7,203 | 11,589 | 21,263 | |||||
Service and maintenance revenue – external parties | 9,267 | 4,979 | 2,590 | |||||
Software Revenue | 109 | 10 | 5 | |||||
Total revenue | 184,544 | 85,821 | 56,157 | |||||
Cost of goods sold | ||||||||
Hardware – cost of goods sold | (182,986 | ) | (83,740 | ) | (55,188 | ) | ||
Service and maintenance - costs of goods sold | (5,641 | ) | (3,778 | ) | (2,873 | ) | ||
Total cost of goods sold | (188,627 | ) | (87,518 | ) | (58,061 | ) | ||
Selling, general and administration expense | (79,571 | ) | (74,323 | ) | (31,624 | ) | ||
Product development expense | (15,466 | ) | (14,031 | ) | (10,521 | ) | ||
Foreign exchange gain/(loss) | (4,344 | ) | (4,208 | ) | (1,436 | ) | ||
Total operating costs and expenses | (99,381 | ) | (92,562 | ) | (43,581 | ) | ||
Loss from operations | (103,464 | ) | (94,259 | ) | (45,485 | ) | ||
Other income (expense), net | ||||||||
Finance costs | (27,867 | ) | (18,136 | ) | (8,795 | ) | ||
Finance costs - related parties | (7,181 | ) | - | - | ||||
Transaction and offering related fees | - | (6,783 | ) | (4,794 | ) | |||
Fair value movements - derivatives and warrants | 16,977 | (9,782 | ) | (5,947 | ) | |||
Other income | 165 | 61 | 1,940 | |||||
Total other expenses | (17,906 | ) | (34,640 | ) | (17,596 | ) | ||
(Loss) before income taxes | (121,370 | ) | (128,899 | ) | (63,081 | ) | ||
Income tax benefit expense | - | (20 | ) | (11 | ) | |||
Net (loss) | (121,370 | ) | (128,919 | ) | (63,092 | ) | ||
Net (loss) per common share | ||||||||
Net (loss) per common share attributable to common shareholders | (121,370 | ) | (128,919 | ) | (63,092 | ) | ||
Basic and diluted – common stock | (0.78 | ) | (1.02 | ) | (0.58 | ) | ||
Basic and diluted – C shares | - | - | (0.58 | ) | ||||
Weighted average shares outstanding | ||||||||
Basic and diluted – common stock | 155,401,121 | 126,814,171 | 99,915,563 | |||||
Basic and diluted – C shares | - | - | 8,047,417 | |||||
Comprehensive (Loss) | ||||||||
Net (loss) | (121,370 | ) | (128,919 | ) | (63,092 | ) | ||
Other comprehensive income / (loss) (net of tax) | ||||||||
Change in foreign currency translation adjustment | 2,780 | 7,336 | (136 | ) | ||||
Total other comprehensive income / (loss) (net of tax) | 2,780 | 7,336 | (136 | ) | ||||
Total comprehensive (loss) | (118,590 | ) | (121,583 | ) | (63,228 | ) | ||
Consolidated Statements of Financial Position
As of
As of | As of | |||||
$’000 | $’000 | |||||
Assets | ||||||
Cash and cash equivalents | 29,421 | 70,753 | ||||
Accounts receivable - related parties | 237 | 16 | ||||
Accounts receivable - external parties, net | 43,389 | 30,541 | ||||
Inventory | 140,291 | 54,349 | ||||
Prepaid expenses | 3,745 | 4,873 | ||||
Deposits | 17,437 | 15,675 | ||||
Total current assets | 234,520 | 176,207 | ||||
Property, plant and equipment, net | 17,833 | 11,151 | ||||
Operating lease right of use assets, net | 22,823 | 24,640 | ||||
Total non-current assets | 40,656 | 35,791 | ||||
Total assets | 275,176 | 211,998 | ||||
Liabilities and Shareholders’ Deficit | ||||||
Accounts Payable | 71,050 | 27,049 | ||||
Transaction and offer related fees | 42,593 | 20,554 | ||||
Borrowings | 11,294 | 74 | ||||
Related party borrowings | 51,136 | - | ||||
Contract liabilities | 47,127 | 37,727 | ||||
Employee benefits | 2,997 | 2,653 | ||||
Other provisions | 3,343 | 27,623 | ||||
Obligations under operating leases | 3,770 | 4,020 | ||||
Financial instruments – derivative | 8,399 | - | ||||
Other current liabilities | 1,694 | 2,939 | ||||
Warrants | 11,627 | 12,340 | ||||
Total current liabilities | 255,030 | 134,979 | ||||
Obligations under operating leases | 22,588 | 25,556 | ||||
Contract liabilities | 5,798 | 2,231 | ||||
Employee benefits | 317 | 217 | ||||
Borrowings | 115,744 | 88,269 | ||||
Related party borrowings | 16,465 | - | ||||
Other provisions | 2,889 | 2,652 | ||||
Total non-current liabilities | 163,801 | 118,925 | ||||
Total liabilities | 418,831 | 253,904 | ||||
Commitments and Contingent liabilities | ||||||
Shareholders’ Deficit | ||||||
Common stock, no par value, unlimited stock authorized at | 243,065 | 227,268 | ||||
- | - | |||||
Additional paid in capital | 20,254 | 19,210 | ||||
Accumulated other comprehensive income (loss) | 6,420 | 3,640 | ||||
Accumulated deficit | (413,394 | ) | (292,024 | ) | ||
Total Shareholders’ deficit | (143,655 | ) | (41,906 | ) | ||
Total Liabilities, and Shareholders’ deficit | 275,176 | 211,998 | ||||
Consolidated Statements of Cash Flows
For the years ended
Year Ended | Year Ended | Year Ended | ||||||
$’000 | $’000 | $’000 | ||||||
Cash flows from operating activities | ||||||||
Net loss | (121,370 | ) | (128,919 | ) | (63,092 | ) | ||
Reconciliation of net loss to net cash used in operating activities | ||||||||
Share-based compensation expense | 8,981 | 28,188 | 8,371 | |||||
Foreign exchange gains or losses | 86 | - | 1,436 | |||||
Transaction costs related to Common Stock purchase agreement | 741 | - | - | |||||
Depreciation expense | 2,433 | 2,198 | 2,312 | |||||
Loss on disposal of property, plant and equipment | 47 | - | - | |||||
Borrowing costs | - | 1,518 | - | |||||
Fair value movements – derivatives and warrants | (16,977 | ) | 9,782 | 5,947 | ||||
Adjustment for capitalized interest | 12,130 | 12,761 | 8,559 | |||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (13,069 | ) | (16,475 | ) | (1,063 | ) | ||
Inventory | (85,942 | ) | (17,919 | ) | (8,771 | ) | ||
Accounts payable | 64,420 | 3,263 | 6,619 | |||||
Employee benefits | 444 | 708 | 720 | |||||
Other liabilities | (15,537 | ) | 37,020 | 9,069 | ||||
Other assets | 1,183 | (18,965 | ) | (2,567 | ) | |||
Net cash used in operating activities | (162,430 | ) | (86,840 | ) | (32,460 | ) | ||
Cash flows from investing activities | ||||||||
Payments for property, plant and equipment | (8,007 | ) | (7,023 | ) | (2,572 | ) | ||
Proceeds from disposals of property, plant and equipment | 56 | - | - | |||||
Net cash used in investing activities | (7,951 | ) | (7,023 | ) | (2,572 | ) | ||
Cash flows from financing activities | ||||||||
Proceeds from issuance of Common Stock in the Business Combination | - | 53,182 | - | |||||
Proceeds from issuance of Common Stock | 1,672 | - | - | |||||
Transaction costs | - | (3,808 | ) | - | ||||
Proceeds from sold Loan Funded Share Plan | 690 | - | - | |||||
Proceeds from the exercise of warrants | - | 26,572 | - | |||||
Proceeds from issuance of Common Stock pursuant to the PIPE Financing | - | 15,000 | - | |||||
Proceeds from issuance of Common Stock pursuant to the Option Agreements | - | 45,000 | - | |||||
Proceeds from borrowings – external parties | 56,705 | 117,527 | - | |||||
Proceeds from borrowings – related parties | 75,423 | - | - | |||||
Proceeds from convertible notes including derivative | - | - | 33,367 | |||||
Transaction costs for borrowings | (8,178 | ) | (3,888 | ) | - | |||
Repayment of borrowings – external parties | - | (77,351 | ) | - | ||||
Repayment of borrowings – related parties | - | (6,414 | ) | - | ||||
Waiver of related party’s option to acquire Tritium | - | (6,816 | ) | - | ||||
Net cash provided by financing activities | 126,312 | 159,004 | 33,367 | |||||
Effects of exchange rate changes on cash and cash equivalents | 2,737 | (545 | ) | 120 | ||||
Net increase / (decrease) in cash and cash equivalents | (44,069 | ) | 65,141 | (1,665 | ) | |||
Cash and cash equivalents at the beginning of the period | 70,753 | 6,157 | 7,702 | |||||
Cash and cash equivalents end of the period | 29,421 | 70,753 | 6,157 | |||||
Media Contact
media@tritiumcharging.com
Investor Contact
ir@tritiumcharging.com
Source:
2023 GlobeNewswire, Inc., source