Brisbane-headquartered Tritium has reported a massive 232% increase in sales for the 2022 fiscal year and says it has a record backlog of orders across all its markets.
The electric vehicle DC fast-charger maker released its annual financial report on Friday revealing sales orders to the tune of $203 million, three-quarters of which ($149 million) it is yet to fulfill. It reported $70 million cash-on-hand, $89 in revenue, a $120 million loss and -0.4% gross margin.
The 2022 fiscal year has been a busy one for the St Baker Energy Innovation Fund-backed company, which has a presence in the United States, Europe, Australia, and New Zealand with 1,000 fast-charger plugs worldwide.
It listed on the Nasdaq in January via a backdoor merger, and in February CEO Jane Hunter stood next to Joe Biden as the US president announced a “drumbeat of jobs” to be fueled by a massive investment in local manufacturing.
Orders have flowed in from many quarters, including from oil and gas giants BP and Shell which are looking to claim a piece of the growing electric vehicle sector, as well as energy titans like Enel X. Orders included in the fiscal report are those executed and contracted only, exclusive of expected orders and MoUs.
Hunter called the report “an incredible validation of Tritium’s technology and category leadership,” adding that the latest report “significantly outpaces total sales orders in prior fiscal years.”
The plan to fulfill its backlog will take in its Tennessee facility which is currently in “ramp-up” mode and is expected to reach its 6,000 charger units a year capacity by the end of 2022.[ectedtoreachits6000chargerunitsayearcapacitybytheendof2022
By the end of 2023, Tritium expects to be making 28,000 units a year.
It currently has a range of DC fast-chargers on offer, from 50kW units such as those installed along the NSW NRMA network, to 75kW modular units and 350kW ultra-fast units.
However, the company has copped flack for the reliability – or capacity to maintain – its DC chargers. As reported by The Driven in March, and recently followed up by the Sydney Morning Herald, concerns have been raised by EV owners who report the status of EV chargers via the smartphone Plugshare app. Inquiries by The Driven and the SMH to the company about maintenance issues have not received responses.
Tritium calls its Tennessee facility a “step change” for the company.
“The facility, which spans 120,000 square feet, was designed to be capable of producing up to six times more product than Tritium’s prior global manufacturing footprint, and is one of the largest EV fast charger factories in the United States,” said Rob Topol, who will take on the role of chief financial officer for the company after appropriate filings.
“Of particular importance, the Tennessee facility is expected to provide the Company with significant economies of scale in 2023,” he said.
The upcoming CFO made references to “improved manufacturing processes” and “reduced freight costs” that he says will see quicker shipping, localized supply chains, volume discounts and and “expected easing of component shortages” going into 2023.
He added the ability to assemble modular chargers more quickly “is key in our plans to further increase gross margin above the 300 basis point improvement achieved year-over-year.”
Bridie Schmidt is associate editor for The Driven, sister site of Renew Economy. She has been writing about electric vehicles since 2018, and has a keen interest in the role that zero-emissions transport has to play in sustainability. She has participated in podcasts such as Download This Show with Marc Fennell and Shirtloads of Science with Karl Kruszelnicki and is co-organiser of the Northern Rivers Electric Vehicle Forum. Bridie also owns a Tesla Model Y and has it available for hire on evee.com.au.