Tritium DCFC Limited (Nasdaq: DCFC) (“Tritium” or the “Company”), a
global developer and manufacturer of direct current (“DC”) fast
chargers for electric vehicles (“EVs”), today announced record
sales orders, record revenue, and record backlog for the Company’s
2022 calendar year, and released financial statements for the
six-month period ended December 31, 2022.
Calendar Year 2022 Results
- Received record sales orders valued
at $195 million in calendar year 2022, representing an increase of
38% over the previous calendar year’s result of $141 million
- Achieved record revenue of $102
million in calendar year 2022, at the high-end of the previously
announced range of $95 - $102 million, of which $73 million was
achieved in the six months ended December 31, 2022, a 27% increase
over the results of the corresponding six-month period ended
December 31, 2021
- Cash and cash equivalents of $69
million as at December 31, 2022
- Achieved a record purchase order
backlog of approximately $159 million at December 31, 2022
Second Half 2022 Calendar Year Results
- Achieved record backlog and revenue
in the second half of the 2022 calendar year
- Had backlog of $159 million at
December 31, 2022, and achieved revenue of $73 million for the
six-month period ended December 31, 2022, representing increases of
115% and 27%, respectively, compared to the same period in the 2021
calendar year
- Gross margin was -9.7% for the
six-month period ended December 31, 2022, which is reflective of
ramp-up costs while the Company invested in and opened its new
Tennessee factory and is expected to normalize over the course of
calendar year 2023, particularly in the second half
- At December 31, 2022, Tritium
reported $69 million in cash and cash equivalents and $107 million
in raw materials and finished goods inventory
- Net comprehensive loss was $56
million for the six-month period ended December 31, 2022, a 17%
improvement from the corresponding prior six-month period ended
December 31, 2021
“We remain focused on our goal of becoming the
number one global manufacturer of electric vehicle fast chargers,”
said Tritium CEO Jane Hunter. “We invested in a US factory earlier
than our competitors and on a bigger scale. We expect our Tennessee
factory to become our global revenue engine, in part by unlocking
the benefits of the US government’s $7.5 billion of funding for EV
chargers and maintenance, which requires domestically built
charging equipment and will ultimately require more than 55%
locally sourced components. Our new factory started shipping
products to customers in August 2022 and, with the recent
announcement of the final Build America, Buy America guidelines for
the NEVI program, we believe Tritium has a major head start and a
leading position in supplying fast chargers for the US through what
we expect will soon be the highest capacity fast charger factory in
the country.”
2023 Calendar Year Guidance
- Tritium reaffirms expected revenue
for the 2023 calendar year in excess of $200 million, corresponding
to annual growth of over 100%, and reaffirms the timeline with
approximately 35% forecast for the first half of the 2023 calendar
year and the balance in the second half of the 2023 calendar
year
- Tritium expects gross margin to
improve to between 10% and 12% for calendar year 2023, particularly
through the second half as the Tennessee factory starts to hit
scaled production targets and the manufacturing overhead associated
with a greenfield facility is absorbed. The Company will also
benefit from lower cost freight routes from the East Coast of the
US to Europe, delivering stock via truck instead of air or sea to
North America, as well as price increases implemented in the 2022
calendar year, which require backlog builds to be completed to be
fully realized
- Tritium expects to become EBITDA
positive during the first half of the 2024 calendar year
Tritium continues to see strong customer growth, with increasing
orders from charge point operators, fleets, utilities, and the fuel
and convenience segments, many of which have shared public plans to
install tens of thousands of electric charging stations over the
next five years.
"Our results in the second half of 2022
demonstrate the strength of Tritium's position in the global fast
charging market as we address the demands of the growing
electric vehicle industry,” said Tritium CFO Rob Topol. “With our
new state-of-the-art Tennessee factory coming online and increasing
production capacity, we are confident that Tritium will continue to
be a leader in the global transition to electric mobility and drive
sustainable change for a cleaner and greener future.”
In support of this accelerating demand from new and existing
customers for Tritium’s fast chargers, the Company expects to scale
the Tennessee factory to five production lines and two shifts on
two of those lines by the end of the 2023 calendar year. Through
this production ramp, the Company expects to produce a total of
11,000 units for the 2023 calendar year and projects global
annualized production rates of 16,000 units by December 2023 and
28,000 units by December 2024. Tritium believes the Company’s
planned US production capacity remains the highest of any publicly
announced DC fast charger manufacturer in the US.
Based on management estimates, at December 31, 2022 Tritium
believes it held the #1 universal fast charger market share in the
US, Australia, and New Zealand, and the #3 position across
Europe.
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
Presentation of InformationUnless otherwise
indicated, references to a particular “fiscal year” are to our
fiscal year ended June 30 of that year. References to a year other
than a “fiscal” or “fiscal year” are to the calendar year ended
December 31.
Forward Looking StatementsThis press release
includes “forward-looking statements” within the meaning of Section
27A of the Securities Act and Section 21E of the Securities
Exchange Act of 1934, as amended, also known as the Private
Securities Litigation Reform Act of 1995. Any express or implied
statements contained in this press release that are not statements
of historical fact and generally relate to future events, hopes,
intentions, strategies, or performance may be deemed to be
forward-looking statements. Words such as “expect,” “estimate,”
“project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,”
“may,” “will,” “could,” “should,” “might,” “possible,” “believe,”
“predict,” “potential,” “continue,” “aim,” “strive,” and similar
expressions may identify such forward-looking statements, but the
absence of these words does not mean that a statement is not
forward-looking. These forward-looking statements involve
significant risks and uncertainties that could cause the actual
results to differ materially from the expressed or implied
forwarding-looking statements, 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 factors discussed under the caption
“Risk Factors” in the Company’s prospectus filed pursuant to Rule
424(b)(3) filed with the Securities and Exchange Commission (the
“SEC”) on August 30, 2022, as such factors may be updated from time
to time in the Company’s other filings with the SEC, accessible on
the SEC’s website at www.sec.gov and the Investors Relations
section of Company’s website at
https://investors.tritiumcharging.com/. Any investors should
carefully consider the risks and uncertainties described in the
documents filed by the Company from time to time with the SEC as
most of the factors are outside the Company’s control and are
difficult to predict. As a result, the Company’s actual results may
differ from its expectations, estimates and projections and
consequently, such forward-looking statements should not be relied
upon as predictions of future events. The Company cautions not to
place undue reliance upon any forward-looking statements, including
projections, which speak only as to management expectations and
beliefs as of the date they are made. The Company disclaims any
obligation or undertaking to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, other than to the extent required by applicable
law.
No OfferThis press release is for informational
purposes only and it does not represent an offer to sell or the
solicitation of an offer to buy any of the Company’s securities.
There will be no sale of the Company’s securities in any
jurisdiction in which one would be unlawful.
Condensed Consolidated Statements of Operations and
Comprehensive LossFor the six months ended December 31,
(unaudited)
|
Six months to December 31, 2022$’000 |
Six months to December 31, 2021$’000 |
Revenue |
|
|
Service and maintenance revenue – external parties |
4,376 |
|
2,405 |
|
Hardware revenue – external
parties |
66,579 |
|
41,952 |
|
Hardware revenue – related
parties |
1,588 |
|
12,629 |
|
Software revenue |
101 |
|
5 |
|
Total revenue |
72,644 |
|
56,991 |
|
Cost of goods
sold |
|
|
Service and maintenance -
costs of goods sold |
(1,770 |
) |
(1,962 |
) |
Hardware – cost of goods
sold |
(77,919 |
) |
(51,495 |
) |
Total cost of goods sold |
(79,689 |
) |
(53,457 |
) |
|
|
|
Selling, general and
administration expense |
(36,437 |
) |
(46,851 |
) |
Product development
expense |
(7,114 |
) |
(6,521 |
) |
Foreign exchange
gain/(loss) |
102 |
|
152 |
|
Total operating costs and
expenses |
(43,449 |
) |
(53,220 |
) |
Loss from operations |
(50,494 |
) |
(49,686 |
) |
Other income
(expense), net: |
|
|
Finance costs |
(15,471 |
) |
(11,581 |
) |
Transaction and offering
related fees |
- |
|
(640 |
) |
Fair value movements –
warrants and derivative |
9,607 |
|
(6,282 |
) |
Other income |
87 |
|
51 |
|
Total other expense |
(5,777 |
) |
(18,452 |
) |
(Loss) before income
taxes |
(56,271 |
) |
(68,138 |
) |
Income tax
expense |
- |
|
- |
|
Net
(loss) |
(56,271 |
) |
(68,138 |
) |
Net (loss) per common
share |
|
|
Net (loss) attributable to
common shareholders |
(56,271 |
) |
(68,138 |
) |
Basic and diluted – common
shares |
(0.37 |
) |
(0.63 |
) |
Basic and diluted – class C
shares |
- |
|
(0.63 |
) |
Weighted average
shares outstanding |
|
|
Basic and diluted – common
shares |
153,454,231 |
|
99,915,539 |
|
Basic and diluted – class C
shares |
- |
|
8,047,417 |
|
Comprehensive
Loss |
|
|
Net (loss) |
(56,271 |
) |
(68,138 |
) |
Other income (loss)
(net of tax) |
|
|
Change in foreign currency
translation adjustment |
(435 |
) |
2,550 |
|
Total other
comprehensive income (loss) (net of tax) |
(435 |
) |
2,550 |
|
Total comprehensive
(loss) |
(56,706 |
) |
(65,588 |
) |
|
|
|
|
|
Condensed Consolidated Statements of Financial
PositionAs at December 31, (unaudited)
|
As of December 31, 2022$’000 |
As of June 30, 2022$’000 |
Assets |
|
|
Cash and cash equivalents |
68,551 |
|
70,753 |
|
Accounts receivable - related
parties |
183 |
|
16 |
|
Accounts receivable - external
parties |
59,960 |
|
30,816 |
|
Accounts receivable -
allowance for expected credit losses |
(743 |
) |
(275 |
) |
Inventory |
106,858 |
|
55,706 |
|
Prepaid expenses |
2,666 |
|
4,873 |
|
Deposits |
25,586 |
|
15,675 |
|
Total current assets |
263,061 |
|
177,564 |
|
|
|
|
Property, plant and equipment,
net |
15,031 |
|
11,151 |
|
Operating lease right of use
assets |
20,183 |
|
24,640 |
|
Total non-current assets |
35,214 |
|
35,791 |
|
Total Assets |
298,275 |
|
213,355 |
|
Liabilities and Shareholders’ Deficit |
|
|
Accounts Payable |
101,379 |
|
47,603 |
|
Borrowings |
904 |
|
74 |
|
Related party borrowings |
19,661 |
|
- |
|
Contract liabilities |
70,017 |
|
37,727 |
|
Employee benefits |
2,692 |
|
2,653 |
|
Other provisions |
2,246 |
|
27,623 |
|
Obligations under operating leases |
2,995 |
|
4,020 |
|
Warrants |
10,050 |
|
12,340 |
|
Other current liabilities |
1,602 |
|
2,939 |
|
Total current liabilities |
211,546 |
|
134,979 |
|
|
|
|
Obligations under operating leases |
22,974 |
|
25,556 |
|
Contract liabilities |
2,776 |
|
2,231 |
|
Employee benefits |
295 |
|
217 |
|
Borrowings net of unamortized issuance costs |
135,873 |
|
88,269 |
|
Related party borrowings |
8,988 |
|
- |
|
Other provisions |
3,069 |
|
2,652 |
|
Total non-current liabilities |
173,975 |
|
118,925 |
|
Total Liabilities |
385,521 |
|
253,904 |
|
Commitments and Contingent liabilities |
|
- |
|
Shareholders’ Deficit |
|
|
Common shares, no par value, unlimited shares authorized at
December 2022 and June 2022, 156,310,918 shares issued as of
December 2022 (153,094,269 as of June 2022), 156,310,918 shares
outstanding as of December 2022 (148,893,898 shares outstanding as
of June 2022) |
237,779 |
|
227,268 |
|
Treasury shares, 3,015,188 as of December 2022 (4,200,371 as of
June 2022) |
|
- |
|
Additional paid in capital |
18,708 |
|
19,210 |
|
Accumulated other comprehensive income |
3,205 |
|
3,640 |
|
Accumulated deficit |
(346,938 |
) |
(290,667 |
) |
Total Shareholders’ deficit |
(87,246 |
) |
(40,549 |
) |
Total Liabilities, and Shareholders’ Deficit |
298,275 |
|
213,355 |
|
|
|
|
|
|
Condensed Consolidated Statements of Cash
FlowsFor the six months ended December 31, (unaudited)
|
|
Six months to December 31, 2022$’000 |
Six months to December 31, 2021$’000 |
Cash flows from operating activities |
|
|
|
Net loss |
|
(56,271 |
) |
(68,138 |
) |
Reconciliation of net loss to
net cash used in operating activities |
|
|
|
Adjustments for non-cash
items |
|
|
|
Share-based employee benefits
expense |
|
5,435 |
|
28,912 |
|
Foreign exchange gains or
losses |
|
(364 |
) |
(152 |
) |
Depreciation expense |
|
1,100 |
|
669 |
|
Fair value movements –
warrants and derivative |
|
(9,607 |
) |
6,282 |
|
Capitalized interest |
|
6,942 |
|
10,885 |
|
Non-cash transaction costs on
financing facility |
|
841 |
|
- |
|
Changes in operating assets
and liabilities |
|
|
|
Accounts receivable |
|
(28,843 |
) |
(35,475 |
) |
Inventory |
|
(51,152 |
) |
1,888 |
|
Accounts payable |
|
32,014 |
|
23,007 |
|
Employee benefits |
|
117 |
|
(12,459 |
) |
Other liabilities |
|
24,293 |
|
28,330 |
|
Other assets |
|
(3,218 |
) |
(7,733 |
) |
Net cash used in operating activities |
|
(78,711 |
) |
(23,984 |
) |
|
|
|
|
Cash flows from
investing activities |
|
|
|
Payments for property, plant
and equipment |
|
(4,944 |
) |
(2,576 |
) |
Net cash used in investing activities |
|
(4,944 |
) |
(2,576 |
) |
|
|
|
|
Cash flows from
financing activities |
|
|
|
Proceeds from borrowings –
external parties |
|
150,000 |
|
28,645 |
|
Proceeds from borrowings –
related parties |
|
30,000 |
|
- |
|
Proceeds from convertible
notes including derivative |
|
- |
|
73 |
|
Repayment of borrowings –
external parties |
|
(95,205 |
) |
(10 |
) |
Repayment of borrowings –
related parties |
|
(45 |
) |
- |
|
Transaction costs for
borrowings |
|
(5,841 |
) |
-- |
|
Net cash provided by financing activities |
|
78,909 |
|
28,708 |
|
|
|
|
|
Effects of exchange rate
changes on cash and cash equivalents |
|
2,544 |
|
(3 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
(4,746 |
) |
2,148 |
|
Cash and cash equivalents at
the beginning of the period |
|
70,753 |
|
6,157 |
|
Cash and cash equivalents at the end of the period |
|
68,551 |
|
8,302 |
|
Supplemental information to the condensed
consolidated statement of cash flows:
Classification |
Description |
Six months toDecember 31, 2022$’000 |
Six months toDecember 31, 2021$’000 |
Operating |
Cash paid for interest, net of amounts capitalised |
7,962 |
|
2,238 |
Investing |
Non-cash movements in relation to property, plant and
equipment |
256 |
|
- |
Investing |
Non-cash movement in relation to Right of Use Assets |
(96 |
) |
210 |
Investing |
Cash paid in relation to lease liabilities |
1,755 |
|
1,497 |
Financing |
Cashless conversion of warrants into common shares |
3,022 |
|
- |
|
|
|
|
|
Media ContactJack
Ulrichmedia@tritiumcharging.com
Investor ContactCary
Segallir@tritiumcharging.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8a447d21-f997-45cc-a8d8-27f5ee4761ac
Tritium DCFC (NASDAQ:DCFCW)
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Tritium DCFC (NASDAQ:DCFCW)
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