Tritium DCFC Limited (“Tritium” or the “Company”) (Nasdaq: DCFC), a
global leader in direct current (“DC”) fast chargers for electric
vehicles (“EVs”), today provided an update on the business.
bp Order and Market Demand
Global demand for Tritium products continues to grow, as
evidenced by the latest order from bp (NYSE: BP), the Company’s
largest order from a single customer in its history. This is bp’s
second major order from the Company, following an initial order
announced alongside the bp multi-year global framework contract in
April 2022.
The size of these orders is an indicator of ongoing growth in
demand for DC fast chargers, in-line with global EV uptake
alongside the accelerating deployment of EV chargers by many
segments including petroleum, convenience, retail, electricity, and
fleet companies.
Tritium anticipates further acceleration of market demand for
its high-quality and reliable DC fast chargers, which have the
benefit of almost ten years of continuous operation in the field
through Tritium’s large global installed fleet of DC fast and
ultra-fast chargers. Tritium, an EV fast charging pioneer with a
reputation as a global technology leader, estimates its position as
the number two market share in the universal DC fast charger
category, excluding China.
The Company expects the volume of sales to continue to grow, as
customers move past pilot programs into accelerated rollouts of
large, global EV charging networks. With its Tennessee factory
already delivering chargers, Tritium is well-positioned to benefit
from expected increases in demand for Buy America-compliant EV fast
chargers from later in 2023 through 2028, driven by funding from
the National Electric Vehicle Infrastructure (“NEVI”) Formula
Program and the Inflation Reduction Act.
Tennessee Factory and Production Update
Tritium began its lease of a factory in Tennessee in March 2022,
fit out the facility over five months with the first of six planned
production lines operational in July, and held a grand opening in
August. During the 2022 calendar year, the Company made meaningful
upfront investments in raw materials, equipment, and the
recruitment of more than 200 employees for the Tennessee facility.
Tennessee will continue to scale over the course of 2023, producing
the Company’s chargers at a rate of efficiency previously not
achievable.
In December 2022, Tritium produced record units at both its
Brisbane and Tennessee facilities, with each location contributing
to the achievement of the single largest monthly output in Company
history with more than 600 and 400 units, respectively. These
milestones were reached by executing the Company’s plan to
accelerate production rates to meet customer demand and shorten
order fulfillment time to drive improved working capital efficiency
and advance Tritium’s continued market leadership.
Currently, the Tennessee factory is operating two production
lines with plans to add three additional lines in 2023. While
demand for Tritium’s products supports an even faster factory
ramp-up with additional lines and more shifts, the Company
continues to balance its growth within the guardrails of working
capital availability and labor recruitment in the local Tennessee
market.
The Company expects to hit several global production milestones
in 2023 as the Tennessee factory continues to ramp-up and
production at the Brisbane factory shifts to Tritium’s new class of
modular chargers. While the Tennessee factory focuses on modular
charger production, Tritium remains on plan to cease production of
its four legacy products at its Brisbane factory in 2023 to focus
production efforts at that location solely on the Company’s
in-demand, modular chargers going forward. This optimization will
further drive efficiency gains across purchasing, supply chain,
warehousing, production, testing, quality control, and
distribution, enabling improved margins.
The production ramp-up in 2023 is expected to produce a total
projected output of at least 11,000 units for the calendar year
2023. Calendar year 2024 is expected to benefit from the full year
impact of 2023 initiatives: a production run rate at scale, the
transition to the planned streamlined modular product suite, new
products to be launched in 2023, continued improved pricing, and
operational efficiencies across supply chains, logistics, and
services.
Calendar Year 2023 Guidance
Tritium’s 2023 forecasts are supported by the Company’s current
purchase order backlog of approximately 80% of forecast revenue for
calendar year 2023, planned production line expansion at the
Tennessee plant, and charging infrastructure deployment plans
shared by Tritium’s blue-chip customer base. For calendar year
2023, the Company expects:
- In excess of $200 million in
revenue, an increase of over 100% over unaudited preliminary
calendar year 2022 revenue.
- Gross margins to improve throughout
calendar year 2023, averaging between 10% and 12% over the full
calendar year.
- Operational expenses, including
R&D, of $90 million to $95 million, a 13% to 19% increase from
unaudited preliminary 2022 calendar year operational expenses.
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-capitalized Fortune
100 companies, fully-funded growth companies, and companies that
are already accessing committed government funding. Tritium’s
guidance for revenue and margin increases is enabled by planned
production scale-up, production efficiencies gained through a
streamlined product suite with significant parts and architecture
commonality, the ability to truck chargers across the US, rather
than transport them by sea or air, and pricing improvements driven
by supply limitations, NEVI funding, and high inflation. The
Company ordered long-lead time parts throughout the 2022 calendar
year for planned 2023 manufacturing to mitigate the globally
disrupted electronics supply chain.
“Tritium remains focused on maintaining and
growing our enviable global fast charger market share through
designing, selling, building, and servicing world-class chargers,”
said Tritium CEO Jane Hunter. “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 capitalize on the opportunities ahead.”
2022 Business Update
- The Company projects record sales
orders valued at $195 million for calendar year 2022, representing
a 38% increase over the $141 million of sales orders received in
calendar year 2021. Based on discussions with new and existing
customers, Tritium expects to have 2023 production fully allocated
through committed sales orders in early 2023.
- Tritium currently expects to achieve
record revenue in the range of $95 to $102 million for calendar
year 2022, representing a 23% to 32% increase over revenue for
calendar year 2021. Revenue for the six months ended December 31,
2022 is expected to be $72 million, an increase of 157% over the
six months ended June 30, 2022.
- The Company anticipates a record
year-end sales order backlog of approximately $159 million, which
supports the Company’s calendar year 2023 revenue guidance.
- Cash and cash equivalents at the end
of calendar year 2022 are projected to be $70 million.
Tritium enters 2023 as the only top three global fast charger
manufacturer with a US factory able to take advantage of Buy
America requirements. The Company’s product suite continues to sit
at the forefront of the industry, with the only fully
liquid-cooled, fully-sealed, and IP65-rated charger on the market,
affording the Company an industry-leading total addressable market
and delivering to its customers a lower total cost of ownership
over the competition.
St Baker Capital Raise
Tritium also received a primary capital investment of $30
million in December 2022. This capital is made possible through a
new, stand-alone $20 million working capital facility and an
additional $10 million accordion, which expands the previously
announced senior debt facility from $150 million to $160 million.
The Company also confirms that it has not sold any securities under
its previously announced $75 million B. Riley committed equity
facility, and its current share count stood at 155,488,856 common
shares as of December 31, 2022.
The $20 million working capital facility has been provided by
Sunset Power Pty Ltd (“Sunset Power”), a trustee of the St Baker
Family Trust. The $10 million accordion facility is also provided
by Sunset Power and expands the previously announced debt facility
agreement with long-term supporters Cigna Investments, Inc.
(“Cigna”), the investment arm of Cigna Corporation, a U.S.-based
global health services company, Barings LLC (“Barings”), a global
investment manager, and Riverstone Energy Limited
(“Riverstone”).
The capital is to be used to grow the business through increased
manufacturing capacity, securing long lead-time parts, and
bolstering the Company’s cash balance. These capital raises
demonstrate the long-term support for Tritium by both its largest
shareholder, Trevor St Baker AO, and the Company’s senior
lenders.
In addition to providing capital, during the fourth quarter of
2022 the St Baker Family Trust notified Tritium that it had
acquired an additional 3% of Tritium shares through market
purchases, representing the maximum additional shareholder
accumulation permitted under Regulatory Guide 6 of the Australian
Securities and Exchange Commission (“ASIC”) addressing creeping
acquisitions within takeover law, which limits additional
accumulations in a six-month period by any shareholder with
holdings in excess of 20% of the Company’s common shares. The St
Baker Family Trust and its affiliates now own and control 24.8% of
the common shares of the Company as of December 31, 2022.
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 Information
Unless otherwise indicated, all references herein to “year” or
to a specific year (e.g., 2022, 2023, 2024, etc.) are to the
calendar year. Any references herein to the Company’s fiscal year
ending June 30 are described as “fiscal year” or “FY.”
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 U.S. securities laws as a result of our
status as a foreign private issuer; and other important risks and
uncertainties described in the documents filed by the Company from
time to time with the U.S. Securities and Exchange Commission.
These filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Most of these factors are outside the Company’s control and are
difficult to predict. The Company cautions not to place undue
reliance upon any forward-looking statements, including
projections, which speak only as of the date made. The Company does
not undertake or accept any obligation to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions,
or circumstances on which any such statement is based.
Media ContactJack
Ulrichmedia@tritium.com.au
Investor ContactCary
Segallir@tritiumcharging.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/acc02d42-a889-49e6-b51e-b5bf38bc763f
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