Tritium, a Brisbane-based manufacturer of electric vehicle chargers, has released its first-half calendar year and full fiscal year results, reporting record revenue of $112 million for the first half of 2023, marking a remarkable year-over-year increase of over 286 per cent.
The company said in a news release it has achieved record revenue of $185 million for the fiscal year ended 30 June, signifying a year-over-year growth rate of over 115 per cent compared to revenue of $86 million for the previous fiscal year.
Additionally, the firm is poised to secure a financing package of up to $75 million, providing added backing for its growth and journey towards achieving profitability.
These achievements are attributed to significant increases in production capacity at Tritium’s Tennessee facility, enabling the company to convert its backlog into revenue and enhance its gross margin.
“We are very pleased to deliver these excellent revenue and margin results for our shareholders,” said Tritium CEO Jane Hunter.
“Our commitment to product quality, spanning our hardware, software, and service offerings, is a key differentiator and competitive advantage for Tritium,” the CEO added.
Tritium also continues to invest in working capital to meet growing demand, with inventory assets valued at $140 million and cash and cash equivalents of approximately $29 million.
The company’s gross margin improved significantly, reaching four per cent for the first half of 2023, compared to -18 per cent for the same period the previous year.
This remarkable performance was driven by various factors, including improved order fulfilment, price increases to address cost inflation, and reduced freight costs as production shifted to Tennessee.
The company said it anticipates strong growth in the second half of 2023 as customer forecasts for 2024 deployments translate into purchases.
According to Tritium, it is well-positioned to capitalise on the increasing demand for EV charging solutions, particularly in the US, where funding programs are driving growth in this sector.
Moreover, Tritium announced a change in its fiscal year end from June 30 to December 31, beginning in 2024.
This adjustment will streamline the company’s reporting schedule and align it with its operational and strategic objectives.
