Tritium booms and tips a doubling of revenue as it ramps up production

Brisbane-based Tritium has predicted a doubling of its revenue to $US200 million ($A287 million) this year after it also reported its biggest ever sale of electric vehicle recharging units.

Jan 18, 2023, updated Jan 18, 2023
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)

In its preliminary results for the 2022 year, Tritium said its revenue for the year was likely to be between $US95 million and $US102 million, most of which was achieved in the second half.

That was likely to double in 2023 with about 35 per cent of the total recorded in the first half. Margins were likely to be between 10 and 12 per cent as it benefited from a scale-up, improved pricing and product streamlining.

A production ramp up would lead to 11,000 units this year.

Tritium shares on the US Nasdaq index, however, are in the doldrums, falling to $US1.49 from highs of $US15.70 when it recorded a “Biden bounce” in March last year on the back of US Government funding benefiting the EV sector. Chief executive Jane Hunter also appeared on stage with US President Joe Biden to spruik the transition to EVs.

However, that fall in Tritium shares has also been reflected on the Nasdaq index.

While Tritium was hit with supply side problems in 2022, it also recorded its largest monthly production total in December, which was 50 per cent above its previous best, and its backlog of orders was about $US159 million.

“Tritium remains focussed on maintaining and growing our enviable global fast charger market share through designing, selling, building, and servicing world-class chargers,” Tritium chief executive Jane Hunter said.

“2022 was a foundational year, putting many of the building blocks in place to deliver our long-term competitive strategy, while still achieving record revenue and sales.

“With the listing of the company on the Nasdaq, opening the Tennessee factory, securing the world’s best customers, and rounding out our talented management team, Tritium is better positioned than ever to capitalise on the opportunities ahead.”

Its record unit sale was to BP. The company did not reveal the volume, but it claimed the size of the order was an indicator of demand for the DC fast chargers.

Tritium anticipated a further acceleration of market demand for its charging units as EV uptake grew and companies moved past pilot programs into accelerated rollouts.

“Tritium is well-positioned to benefit from expected increases in demand for Buy America-compliant EV fast chargers from later in 2023 through to 2028, driven by funding from the National Electric Vehicle Infrastructure Formula program and the Inflation Reduction Act,” the company said.

Its factory in Tennessee was operating two production lines and another three were to be added. It said demand for its units supported an “even faster factory ramp up with additional lines and more shifts”.

It will end production of some its legacy units at its Brisbane factory this year, but would continue to produce modular chargers.

“Tritium believes it is well-positioned to meet its 2023 forecasts despite macro-economic factors affecting the global economy, given its customer base includes well capitalised Fortune 100 companies, fully funded growth companies and companies that already accessing committed Government funding.”





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