Tritium faces huge backlog as growth skyrockets

Brisbane-based tech outfit Tritium produced a year with a 232 per cent increase in sales and a backlog of almost $US150 million ($A225 million).

Sep 23, 2022, updated Sep 23, 2022
Tritium chief executive Jane Hunter, US President Jo Biden and national climate advisor Gina McCarthy. (Image: Tritium)

Tritium chief executive Jane Hunter, US President Jo Biden and national climate advisor Gina McCarthy. (Image: Tritium)

But its earnings dived to a $US120 million loss and it still maintains a negative margin. Included in the loss was a one-time stock-based compensation and listing costs.

The company, which is listed on the US Nasdaq and is a developer and manufacturer of direct current fast chargers for electric vehicles, said it had sale orders of $US203 million, an increase year-over-year of 232 per cent for the June 30 year.

It said its record backlog of $US149 million was due to customer demand growing strongly.

Its revenue of $US86 million was a 53 per cent increase. It reported gross margins at -0.4 per cent.

It has been a huge year for the company. It listed on the Nasdaq in January, opened a manufacturing facility in the US and chief executive Jane Hunter shared a podium with US President Joe Biden.

Hunter said more than $US200 million of sales orders in a 12-month period was “an incredible validation of Tritium’s technology and category leadership’’.

She said it significantly outpaced total sales orders in previous years. 

“This is a testament to remarkable work from our employees, and a signal of the velocity now emerging across the global fast charger category as we look to 2023 and 2024,” she said.

“Our customers are now implementing multi-year investment strategies to build networks of fast charging infrastructure in our primary target geographies of the United States, Europe, Australia, and New Zealand. 

“We are pleased to begin the 2023 fiscal year with a record contracted backlog that is currently in the process of being fulfilled as our Tennessee facility ramps-up its production capacity, in-line with our operating plan.”

She said there had been an escalating level of sales activity across all of Tritium’s geographies, with strong demand from existing and new customers. 

During the year, Tritium’s footprint grew to more than 11,000 fast charger connectors around the world.

Its Nasdaq shares finished trade at $US4.38, a fall of 11 per cent on the day.

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