Nearly 50% of the state’s first round of NEVI funding was awarded to Tritium customers for installation of Tritium fast charging stations
LEBANON, Tennessee, February 5, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that the company was the top-awarded fast charger manufacturer for the first round of the State of Tennessee’s National Electric Vehicle Infrastructure (NEVI) Formula Program.
The Tennessee Department of Transportation (TDOT) and the Tennessee Department of Environment and Conservation (TDEC) awarded a total of over $21 million of federal funding. Over $10.5 million of the total federal award, accounting for nearly 50% of the state’s initial NEVI funding round, was awarded to deploy 48 Tritium fast chargers across 12 new charging locations in the state. Tritium partners Universal EV LLC and PowerUp America were awarded funding for eight and four charging sites, respectively, with Lynkwell to provide the charging software for PowerUp America’s chargers.
“We are very proud to play a key role in the electrification of Tennessee’s passenger and commercial vehicles and to contribute to the health and well-being of Tennesseans,” said Tritium CEO Jane Hunter. “This recognition underscores the deep roots Tritium is putting down in Tennessee with our plant in Lebanon, and NEVI wins like this will support local jobs and industry.”
Tritium’s fast chargers will be manufactured at its state-of-the-art factory in Lebanon, Tennessee, which also exports chargers to Europe and the Asia Pacific region. With an expansion capacity to produce up to 30,000 units per year, Tritium’s fast charger factory is one of the largest in the world. The company believes that it is well-positioned to meet the Build America Buy America requirement that, by July of this year, at least 55% percent of the cost of all charger components be attributable to components manufactured in the United States.
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, contact us.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
[email protected]
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. You should carefully consider the 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.
Update complements Tritium’s Plug and Charge offering to further elevate seamless end-to-end charging experience for EV drivers and fleet operators
BRISBANE, Australia, January 9, 2024—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced the company is now offering Autocharge as a software capability on its RTM and PKM charger models. This launch allows Tritium to further provide its customers and EV drivers with convenient and efficient options for a seamless end-to-end EV charging experience.
“Tritium continues to be a leader among the charger OEMs offering seamless payment capabilities to drivers,” said Glen Bethel, Chief Technology Officer at Tritium. “Integrating Autocharge into our software offerings is the latest example of how the company remains on the leading edge of rapidly evolving industry trends, to provide drivers with a simple and convenient charging experience. By enabling our chargers to offer drivers seamless payment options, we hope to encourage the adoption of more EVs worldwide.”
Autocharge is currently available with the latest release software for Tritium’s RTM and PKM chargers. EV drivers with compatible vehicles at charging sites where the system has been implemented by a network operator will be able to start a charging session by simply plugging in their vehicle, without the need to tap or insert a payment card. Drivers love the ease of this capability, which is a feature only available to EV drivers and which cannot be offered to drivers of combustion engine vehicles. It is also very convenient for operators of busy sites with high utilization as it removes one step of the charging process and simplifies technical complexity by removing the need for a credit card reader.
Tritium has launched the first implementation of this software on its chargers in conjunction with its partner Lynkwell, which has activated the technology on its RTM models at several charging sites for enterprise fleet companies. Lynkwell is an energy technology company providing a comprehensive platform of EV charging products and services designed to drive rapid deployment and adoption of clean energy.
“Introducing innovations with partners like Tritium presents an exciting opportunity to enhance the EV customer experience,” said Nick Bordeau, Vice President of Engineering at Lynkwell. “Autocharge allows drivers of personal, commercial, or fleet vehicles to simply plug in and walk away. Benefits like increased ease and efficiency that also leverage telematics compound the value over large fleets and help drive large scale EV adoption.”
This activation serves as one of Tritium’s latest software updates, complementing the company’s Plug and Charge capabilities. Plug and Charge, which Tritium pioneered in the industry, is a certificate-based system built on the ISO 15118 standard. It allows customers to authenticate and charge their vehicles via the charging cable with a higher level of data security. Autocharge offers an alternative approach to vehicle authentication, while maintaining the same level of security as RFID cards. The availability of these two technologies will expand customer access to operating models that suit their specific business needs and preferences.
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, contact us.
About Lynkwell
Lynkwell is an innovative energy technology company with a mission to transform how the world connects clean, renewable, and sustainable energy solutions with the evolving electric infrastructure. The company provides comprehensive and coordinated products and services for design, planning, funding, financing, installation, and management of electric vehicle (EV) charging stations and provides a white-label offering allowing businesses to create custom-branded EV charging experiences. Since 2016, Lynkwell has facilitated the deployment of thousands of charging stations for public, private, and fleet applications, collaborated on the development and integration of hundreds of equipment and software solutions, and has secured tens of millions of dollars of incentives, grants, and funding awards for its customers. Partners can access one of the largest and most robust catalogs of hardware solutions and software functionality for EV charging infrastructure via the Lynkwell platform. Learn about the next generation of EV charging networks with Lynkwell at https://www.lynkwell.com/.
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. You should carefully consider the 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 Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
33 Tritium ultrafast chargers power terminal tractor fleet at California’s Port of Long Beach
TORRANCE, California, November 29, 2023— Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that the company has completed the installation and operationalization of 33 of its chargers at the SSA Terminals, LLC container terminal at Pier C in the Port of Long Beach in California. The 175kW chargers are equipped with Stäubli mechanized charging connectors to support the terminal’s electric-drive terminal tractors, which are used to transport shipping containers and increase efficiency of the port’s operations. The project is the first large-scale port EV charging program using mechanized charging connectors in North America.
“Tritium’s partnership with SSA Terminals and the Port of Long Beach is a project we are immensely proud of,” said Tritium CEO Jane Hunter. “Autonomous charging is the future for EV depots and we’re excited to be leading the fast charger manufacturers in operationalizing hands-free charging for the Port of Long Beach. We applaud the State of California and the Port’s commitment to reducing emissions and we look forward to supporting the Port in this important technology transition.”
SSA Terminals, a subsidiary of SSA Marine and a joint venture with Matson Navigation Company, selected Tritium to provide all chargers for the project. Stäubli Electrical Connectors, a leading global manufacturer of electrical connector solutions, manufactured the fully automated high-power Quick Charging Connector (QCC) systems used for the terminal’s fleet of Tritium chargers. The technology automatically connects Tritium’s chargers to charge ports on each terminal tractor, creating a safe and efficient zero-touch charging system, saving the port time and money.
“SSA Terminals has a long history of driving innovation by testing and deploying new technologies that have the potential to reduce emissions in our operations,” said SSA Terminals Vice President Paul Gagnon. “With their reliability, small footprint, and high-powered charging capabilities, Tritium’s technology was an ideal fit for the Port of Long Beach. We’re grateful for their partnership in this landmark effort.”
The program is part of California Climate Investments, a statewide initiative that puts billions of cap-and-trade dollars to work reducing greenhouse gas emissions, strengthening the economy, and improving public health and the environment, particularly in disadvantaged communities.
“The Port of Long Beach has a unique opportunity to pivot our operations towards a future that is better for our communities and neighborhoods,” said Port of Long Beach CEO Mario Cordero. “We’re pleased to be using Tritium’s industry-leading chargers to electrify our fleet and appreciate their partnership in this crucial program.”
The project is funded by the $50 million Port of Long Beach grant obtained from the California Air Resources Board’s (CARB) Zero and Near Zero Emission Freight Facility (ZANZEFF) program.
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, contact us.
About the Port of Long Beach
The Port of Long Beach is a global leader in green port initiatives and top-notch customer service, moving cargo with reliability, speed and efficiency. As the premier U.S. gateway for trans-Pacific trade, the Port handles trade valued at $200 billion annually and supports 2.6 million jobs across the United States, including 575,000 in Southern California. In 2022, industry leaders named it “The Best West Coast Seaport in North America” for the fourth consecutive year. During the next 10 years, the Port is planning $2.2 billion in capital improvements aimed at enhancing capacity, competitiveness and sustainability.
About SSA Terminals / SSA Marine
SSA Terminals is a subsidiary of SSA Marine, one of the world’s leading independent, privately held marine terminal operators, with activities at more than 250 terminal facilities and rail operations throughout geographies in the U.S., Canada, Mexico, Central America, South America, and Asia. Since its founding in 1949, SSA Marine has continued to grow, always focusing on its customers’ interests.
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. You should carefully consider the 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 Contacts
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
LONDON, UK, November 21, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced that the company will provide the rapid chargers for Wales’ largest EV charging facility. With this new charging site, locals, visitors, and National Library of Wales staff in Aberystwyth will gain access to Wales’ largest EV charging site, thanks to a new hub with 40 charging points – including five rapid Tritium 75kW DC chargers with 10 connectors – at the National Library of Wales.
The charging hub will benefit local electric vehicle owners, including customers of nearby towns and villages, as well as attract tourists who are either visiting or passing through Aberystwyth. This rollout will allow EV drivers to visit the retail site and browse the library while they wait for their electric vehicle to complete a charge cycle, which in turn will increase visitors through the library’s doors to support the local institution.
“While the UK Government has now confirmed plans to ban the sale of new petrol and diesel vehicles by 2035, the rollout of EV charging infrastructure must continue to accelerate to meet their target to install 300,000 public charging stations by 2030. Wales has a major role to play in this acceleration so that the whole of the UK transport network is electrified, allowing drivers to traverse the country,” said Tritium CEO Jane Hunter. “Our latest installation at the National Library of Wales brings much-needed fast chargers to Wales, and Tritium is proud to be part of a solution that is encouraging both sustainable travel and opportunity charging at this national landmark in Aberystwyth.”
The National Library of Wales will be the charge point operator (CPO) of the site and will therefore manage day-to-day operations for each of the new chargers, providing a seamless and reliable charging experience for EV drivers.
Pedr ap Llwyd, Librarian and Chief Executive of the National Library of Wales said: “This is a major step forward in our offer to visitors and in achieving our well-being goals set out in our Strategic Plan in line with the Future Generations Act. We are proud to have worked with Tritium to secure the largest EV facility in Wales to date and will welcome all who wish to use the charging facilities as well as using that time to visit our exhibitions, café, and shop.”
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, contact us.
About National Library of Wales
The National Library of Wales, Aberystwyth, is the national legal deposit library of Wales and is one of the Welsh Government sponsored bodies. It holds over 6.5 million books and periodicals, and the largest collections of archives, portraits, maps and photographic images in Wales.
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Tritium Media Contact
Jack Ulrich
[email protected]
Tritium Investor Contact
Cary Segall
[email protected]
National Library of Wales Contact
Rhian Gibson
[email protected]
Company takes strategic steps toward profitability
BRISBANE, Australia, November 7, 2023—Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global leader in direct current (DC) fast chargers for electric vehicles (EVs), today announced the implementation of business measures designed to achieve a path to profitability in 2024 and reduce external capital requirements.
The plan sees Tritium improve operational efficiency and margins to drive profitability and shareholder value by consolidating its global manufacturing operations into its scaled plant in Lebanon, Tennessee, and reduce selling general & administrative (SG&A) expenses via plans to decrease specific headcount and professional fees.
Investment in technology development, services, software, and sales continues, with plans to retain and grow Tritium’s more than 200-person research and development team and world-class test facility in Brisbane, along with its global services team and salesforce, as the company delivers its product roadmap with category-leading and differentiated fast charging systems and continues to rollout and support a fleet of more than 14,500 chargers across 47 countries.
“While we continue to build on our recently reported financial results, which include achieving record revenue and gross margin, strategic restructuring of our business is necessary to drive both profitability and shareholder value,” said Tritium CEO Jane Hunter. “This transition is aligned with the company’s plan to be profitable in 2024. The implementation of this plan, including the closure of the Brisbane factory and consolidating our manufacturing operations in Tennessee, supports the ongoing market competitiveness and positioning of the company as a world leader in its category, driven in part by the highly successful scale-up of our US plant and the NEVI and BABA programs in the United States, while bringing our manufacturing operations closer to our largest markets. These changes reduce our capital requirements and hasten the timing of the company becoming EBITDA positive.”
Tritium opened the Tennessee plant in August 2022. The opening of the factory was an important step in Tritium’s strategy to achieve Buy America Build America (BABA) compliance, as required by the $5 billion National Electric Vehicle Infrastructure (NEVI) Formula Program which funds fast chargers every 50 miles along American highways.
About Tritium
Founded in 2001, Tritium (Nasdaq: DCFC) designs and manufactures proprietary hardware and software to create advanced and reliable DC fast chargers for EVs. 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, contact us.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the federal securities laws. The Company’s actual results may differ from its expectations, estimates and projections or expectations of future achievements and consequently, you should not rely on these forward-looking statements as predictions of future events. You are cautioned not to place undue reliance on forward-looking statements, including projections, which are often characterized by words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” or “aim,” or other comparable terminology, or by discussions of strategy, plans, or intentions for the future. These forward-looking statements include, without limitation, the Company’s expectations, hopes, beliefs, intentions, or strategies for the future and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. You should carefully consider the risks and uncertainties described in the documents furnished or 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. All forward-looking statements in this press release are made based on our current expectations, forecasts, estimates, and assumptions and speak only as of the date made. The Company does not undertake any obligation to release any updates or revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this press release except as may be required by applicable law. If any of these trends, risks, or uncertainties continues or occurs, our business, financial condition, or operating results could be materially and adversely affected, the trading prices of our securities could decline, and you could lose part or all of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
AMSTERDAM, Netherlands, October 4, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs), today announced a new partnership with leading French charging network Driveco to provide fast charger technology and services.
As part of this new partnership, Driveco has placed its first order with Tritium for more than 200 fast chargers, including 100 PKM150 (150kW) chargers and 100 RTM50 (50kW) chargers.
Driveco is expanding and diversifying its 8,000+ charge point network with several marquee partnerships across hospitality, retail, and aerospace. The fast chargers in this order will primarily be installed at the world’s eighth-largest retailer, with over 1,000 supermarkets, nearly 4,000 convenience stores, and 248 hypermarkets in France alone.
“We’re thrilled to embark on this partnership with Driveco, a pivotal milestone in addressing the ever-growing charging needs of EV drivers throughout Driveco’s expansive European network,” said Tritium CEO Jane Hunter. “This initial order of 200 fast chargers, located at prominent retail and fast charging sites across multiple EU countries, underscores our commitment to European EV drivers, who we have been supporting with globally leading chargers since 2014. We are resolute in our ambition to design, and importantly, to support in the field, the world’s best fast charging equipment. Driveco has purchased service level agreements for their charging hardware, which is the best way to achieve a network with high uptime and availability for drivers.”
Tritium and Driveco’s partnership will provide reliable fast charging to the increasing number of French EV drivers. France currently has over 100,000 public charging stations, including nearly 14,000 fast charging points as of July 2023, with the French government aiming to install 400,000 charging points by 2030. In 2022, EV sales in France increased by 8.4% from the previous year, to reach an annual sales volume of 329,034 EVs.
Driveco is dedicated to making electric mobility accessible to all and has the goal of operating over 60,000 charging points in Europe by 2030. Achieving this milestone will save approximately three million tons of CO2 emissions per year, in line with the European Union’s Fit for 55 objectives.
About Tritium
Founded in 2001, Tritium (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, contact us.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. 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. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the US 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.
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Tritium Media Contact
Jack Ulrich
[email protected]
Tritium Investor Contact
Cary Segall
[email protected]
Highlights
BRISBANE, Australia, September 21, 2023 – 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 its business. Today’s announcement will be followed by a conference call for investors at 10:30 AM Eastern time.
“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. In recent months, we’ve been proud to see our EV charging customer bp pulse achieving over 97% uptime across their Tritium charger networks in Australia and New Zealand. UK customer Evyve also recently published their achievement of 98% uptime across their fleet of Tritium fast chargers, and Australia’s largest public fast charging network, Evie Networks, reports uptime of 97% across their Tritium fleet. These high uptime achievements are a major strategic objective for the business and verification of our world-leading technology – beyond those named customers, our global fleet data shows a growing number of customers across the fuel, fleet, and charging network segments achieving between 97% and 99% uptime across their Tritium charger networks.”
Financial Results
Tritium achieved record revenue of $112 million for the six-month period ended June 30, 2023, a year-over-year growth rate of over 286% over the $29 million in revenue for the comparative prior six-month period. The Company also achieved record revenue of $185 million for the fiscal year ended June 30, 2023, a year-over-year growth rate of over 115% over the $86 million for the prior fiscal year.
Significant increases in production capacity throughout the fiscal year, including in the first half of the 2023 calendar year, have occurred as Tritium’s Tennessee facility scales, enabling Tritium to convert its backlog into revenue and expand its gross margin as the benefits of operating leverage materialize. The Company still maintains an order backlog valued at approximately $99 million at June 30, 2023, which compares to $149 million for the same timeframe at the end of the previous fiscal year.
Sales orders for the six-month period ended June 30, 2023 amounted to $56 million, compared to $105 million for the comparative prior six-month period; the Company also reported sales orders of $146 million for the fiscal year ended June 30, 2023, compared to $224 million for the comparative prior fiscal year. The Company expects strong order growth in the second half of the 2023 calendar year as customer forecasts for 2024 deployments are anticipated to translate into purchases. These expectations are substantiated by recent large purchase orders across Tritium’s primary product offerings, which were secured following the June 30, 2023 reporting period from a number of leading industry players, including a major global fuel retailer and independent charge point operators.
Business Update
Tritium continues to expand its working capital investments to meet the continued growth in demand across its customer base. Tritium has inventory assets valued at $140 million at June 30, 2023, comprised of finished goods, raw materials, and work-in-progress, compared to total inventory assets valued at $54 million for the same timeframe in the previous year. The Company also maintained cash and cash equivalents of approximately $29 million at June 30, 2023, compared to $71 million for the same timeframe in the previous year. The Company maintained approximately 160 million common shares outstanding and total borrowings of $195 million at June 30, 2023, of which $127 million consisted external borrowings and $68 million consisted of related party borrowings from shareholders. This compares to cash and cash equivalents, common shares outstanding, and total borrowings of $71 million, 127 million, and $88 million at June 30, 2022, respectively.
The Company maintains its previously issued 2023 revenue and gross margin guidance. Given the Company’s higher focus on its path to profitability versus growth, the Company now expects an advantaged sales mix of higher price and margin products than originally contemplated to drive its revenue and gross margin targets, thereby requiring a lower unit production profile than the previous guidance of 11,000 units.
Gross Margin
The Company reported gross margin of 4% for the six-month period ended June 30, 2023, compared to -18% for the comparative prior six-month period; the Company also reported gross margin of -2% for the fiscal year ended June 30, 2023, compared to -2% for the comparative period. The 4% gross margin achieved in the first half of calendar year 2023 represents a nearly 2,200 basis point improvement over the comparable previous period and was underpinned by continued improvement throughout the six-month period, with record corporate-wide gross margins being achieved as the reporting period concluded. Investors should note that Tritium reports gross margin in accordance with U.S. generally accepted accounting principles (“GAAP”), while certain other publicly traded electric vehicle charging manufacturers report gross margin as revenue less only materials cost of goods sold, excluding costs associated with labor and/or other variable expenses.
Throughout the fiscal year, Tritium saw a number of improvements across its business that contributed to gross margin performance in the second half of the fiscal year, despite the opening of its new Tennessee factory in July 2022 and ramping the factory to full production over the course of the first half, which was expected to dilute overall gross margins. Tritium has seen gross margins benefit from recent order fulfillments, which include price increases negotiated to address components and freight cost inflation driven by the pandemic. Finally, with an increasing proportion of the Company’s production originating from Tennessee rather than Brisbane, the Company is seeing a reduction in freight out costs which contributes to margin expansion.
Easing conditions across global supply chains during the fiscal year compared to the same period last year have been noticeable, with shortening delivery and lead times for certain key product inputs and an easing of the disruption to sea and air freight.
Capital Raise
In September 2023, following this reporting period, the Company secured a financing commitment of up to $75 million, with an initial funding of $25 million. The Company intends to use the proceeds to continue its investment in working capital to meet expected continued strong customer demand in the 2024 calendar year. The Company is engaged with several parties, both financial and strategic, around supporting Tritium’s business. Tritium believes the appetite for its solutions and demand in the marketplace for its offerings remains very strong and growing, although the market for capital for growth and cleantech platforms remains constrained. As such, the Company will continue to prioritize deepening and broadening both existing and new strategic customer relationships with particular emphasis on its path to profitability.
Tennessee Factory and Production Update
Tritium continues to believe that it has the largest published global production plans for DC fast chargers outside China and the largest published planned production capacity onshore in America. Tritium further believes that this production capacity places the Company in a strong position to capitalize on the anticipated surge in demand for Buy America-compliant EV fast chargers over the next five years, due to funding programs like the National Electric Vehicle Incentive (“NEVI”) Formula Program, Charging and Fueling Infrastructure Discretionary Grant Program, and the Inflation Reduction Act.
In March 2023, Tritium began accepting orders for the Company’s first product offering for the NEVI program. Tritium’s NEVI system is expected to achieve the Build America, Buy America Act waiver milestones set by the Federal Highway Administration. In July, Tritium made an announcement that it will provide all fast chargers for the State of Hawai’i’s first round of NEVI funding. Tritium believes that as US states deploy their NEVI funding allocations, the Company will see measurable growth in US orders, particularly in 2024 and 2025.
Several US states have begun to require or propose to require the North American Charging Standard (“NACS”) for NEVI-funded projects. Tritium is prepared to meet this demand and has committed to providing NACS connectors on Tritium chargers in late 2023 or early 2024, both at the point of manufacture and as a retrofit kit post-manufacture. Tritium offers a highly competitive NEVI charging system with four dual-cable 150kW fast chargers, meeting the federal requirement for four Combined Charging Standard (“CCS”) connectors with four NACS connectors to meet customer and driver demand and certain state requirements.
Reporting Schedule
Tritium announces that it has changed its fiscal year end from June 30 to December 31, beginning in the 2024 calendar year. As a result, Tritium expects to file its last report for the fiscal year ended June 30 on Form 20-F and intends to subsequently file interim financials for the six-month period ending December 31, 2023, before beginning an annual reporting cycle of January 1 through December 31 beginning in the 2024 calendar year and beyond.
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, contact us.
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.
*Non-GAAP Measures
Tritium prepares audited financial statements in accordance with U.S. GAAP. Tritium also discloses certain non-GAAP measures such as EBITDA, as we believe that such non-GAAP measures are useful to investors in evaluating our performance by providing an additional tool for investors to use in comparing our financial performance over multiple periods. Additionally, these figures provide an understanding and evaluation of our trends when comparing our operating results against those of our competitors and over time by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP.
We calculate forward-looking EBITDA based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP net income (loss). We do not attempt to provide a reconciliation of forward-looking EBITDA guidance and targets to forward looking GAAP net income (loss) because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.
Consolidated Statements of Operations and Comprehensive Loss
For the years ended June 30, 2023, 2022 and 2021
| Year Ended June 30, 2023 $’000 | Year Ended June 30, 2022 $’000 | Year Ended June 30, 2021 $’000 | |
|---|---|---|---|
| Revenue | |||
| Hardware revenue – external parties | 167,965 | 69,243 | 32,299 |
| Hardware revenue – related parties | 7,203 | 11,589 | 21,263 |
| Service and maintenance revenue – external parties | 9,267 | 4,979 | 2,590 |
| Software Revenue | 109 | 10 | 5 |
| Total revenue | 184,544 | 85,821 | 56,157 |
| Cost of goods sold | |||
| Hardware – cost of goods sold | (182,986) | (83,740) | (55,188) |
| Service and maintenance – costs of goods sold | (5,641) | (3,778) | (2,873) |
| Total cost of goods sold | (188,627) | (87,518) | (58,061) |
| Selling, general and administration expense | (79,571) | (74,323) | (31,624) |
| Product development expense | (15,466) | (14,031) | (10,521) |
| Foreign exchange gain/(loss) | (4,344) | (4,208) | (1,436) |
| Total operating costs and expenses | (99,381) | (92,562) | (43,581) |
| Loss from operations | (103,464) | (94,259) | (45,485) |
| Other income (expense), net | |||
| Finance costs | (27,867) | (18,136) | (8,795) |
| Finance costs – related parties | (7,181) | – | – |
| Transaction and offering related fees | – | (6,783) | (4,794) |
| Fair value movements – derivatives and warrants | 16,977 | (9,782) | (5,947) |
| Other income | 165 | 61 | 1,940 |
| Total other expenses | (17,906) | (34,640) | (17,596) |
| (Loss) before income taxes | (121,370) | (128,899) | (63,081) |
| Income tax benefit expense | – | (20) | (11) |
| Net (loss) | (121,370) | (128,919) | (63,092) |
| Net (loss) per common share | |||
| Net (loss) per common share attributable to common shareholders | (121,370) | (128,919) | (63,092) |
| Basic and diluted – common stock | (0.78) | (1.02) | (0.58) |
| Basic and diluted – C shares | – | – | (0.58) |
| Weighted average shares outstanding | |||
| Basic and diluted – common stock | 155,401,121 | 126,814,171 | 99,915,563 |
| Basic and diluted – C shares | – | – | 8,047,417 |
| Comprehensive (Loss) | |||
| Net (loss) | (121,370) | (128,919) | (63,092) |
| Other comprehensive income / (loss) (net of tax) | |||
| Change in foreign currency translation adjustment | 2,780 | 7,336 | (136) |
| Total other comprehensive income / (loss) (net of tax) | 2,780 | 7,336 | (136) |
| Total comprehensive (loss) | (118,590) | (121,583) | (63,228) |
Consolidated Statements of Financial Position
As of June 30, 2023 and 2022
| As of June 30, 2023 $’000 | As of June 30, 2022 $’000 | |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 29,421 | 70,753 |
| Accounts receivable – related parties | 237 | 16 |
| Accounts receivable – external parties, net | 43,389 | 30,541 |
| Inventory | 140,291 | 54,349 |
| Prepaid expenses | 3,745 | 4,873 |
| Deposits | 17,437 | 15,675 |
| Total current assets | 234,520 | 176,207 |
| Property, plant and equipment, net | 17,833 | 11,151 |
| Operating lease right of use assets, net | 22,823 | 24,640 |
| Total non-current assets | 40,656 | 35,791 |
| Total assets | 275,176 | 211,998 |
| Liabilities and Shareholders’ Deficit | ||
| Accounts Payable | 71,050 | 27,049 |
| Transaction and offer related fees | 42,593 | 20,554 |
| Borrowings | 11,294 | 74 |
| Related party borrowings | 51,136 | – |
| Contract liabilities | 47,127 | 37,727 |
| Employee benefits | 2,997 | 2,653 |
| Other provisions | 3,343 | 27,623 |
| Obligations under operating leases | 3,770 | 4,020 |
| Financial instruments – derivative | 8,399 | – |
| Other current liabilities | 1,694 | 2,939 |
| Warrants | 11,627 | 12,340 |
| Total current liabilities | 255,030 | 134,979 |
| Obligations under operating leases | 22,588 | 25,556 |
| Contract liabilities | 5,798 | 2,231 |
| Employee benefits | 317 | 217 |
| Borrowings | 115,744 | 88,269 |
| Related party borrowings | 16,465 | – |
| Other provisions | 2,889 | 2,652 |
| Total non-current liabilities | 163,801 | 118,925 |
| Total liabilities | 418,831 | 253,904 |
| Commitments and Contingent liabilities | ||
| Shareholders’ Deficit | ||
| Common stock, no par value, unlimited stock authorized at June 30, 2023, 160,036,639 shares issued (153,094,269 as of June 30, 2022); 142,007,286 shares outstanding as of June 30, 2023 (148,893,898 as of June 30, 2022) | 243,065 | 227,268 |
| Treasury shares, 3,419,009 as of June 30, 2023 (4,200,371 as of June 30, 2022) | – | – |
| Additional paid in capital | 20,254 | 19,210 |
| Accumulated other comprehensive income (loss) | 6,420 | 3,640 |
| Accumulated deficit | (413,394) | (292,024) |
| Total Shareholders’ deficit | (143,655) | (41,906) |
| Total Liabilities, and Shareholders’ deficit | 275,176 | 211,998 |
Consolidated Statements of Cash Flows
For the years ended June 30, 2023, 2022 and 2021
| Year Ended June 30, 2023 $’000 | Year Ended June 30, 2022 $’000 | Year Ended June 30, 2021 $’000 | |
|---|---|---|---|
| Cash flows from operating activities | |||
| Net loss | (121,370) | (128,919) | (63,092) |
| Reconciliation of net loss to net cash used in operating activities | |||
| Share-based compensation expense | 8,981 | 28,188 | 8,371 |
| Foreign exchange gains or losses | 86 | – | 1,436 |
| Transaction costs related to Common Stock purchase agreement | 741 | – | – |
| Depreciation expense | 2,433 | 2,198 | 2,312 |
| Loss on disposal of property, plant and equipment | 47 | – | – |
| Borrowing costs | – | 1,518 | – |
| Fair value movements – derivatives and warrants | (16,977) | 9,782 | 5,947 |
| Adjustment for capitalized interest | 12,130 | 12,761 | 8,559 |
| Changes in operating assets and liabilities | |||
| Accounts receivable | (13,069) | (16,475) | (1,063) |
| Inventory | (85,942) | (17,919) | (8,771) |
| Accounts payable | 64,420 | 3,263 | 6,619 |
| Employee benefits | 444 | 708 | 720 |
| Other liabilities | (15,537) | 37,020 | 9,069 |
| Other assets | 1,183 | (18,965) | (2,567) |
| Net cash used in operating activities | (162,430) | (86,840) | (32,460) |
| Cash flows from investing activities | |||
| Payments for property, plant and equipment | (8,007) | (7,023) | (2,572) |
| Proceeds from disposals of property, plant and equipment | 56 | – | – |
| Net cash used in investing activities | (7,951) | (7,023) | (2,572) |
| Cash flows from financing activities | |||
| Proceeds from issuance of Common Stock in the Business Combination | – | 53,182 | – |
| Proceeds from issuance of Common Stock | 1,672 | – | – |
| Transaction costs | – | (3,808) | – |
| Proceeds from sold Loan Funded Share Plan | 690 | – | – |
| Proceeds from the exercise of warrants | – | 26,572 | – |
| Proceeds from issuance of Common Stock pursuant to the PIPE Financing | – | 15,000 | – |
| Proceeds from issuance of Common Stock pursuant to the Option Agreements | – | 45,000 | – |
| Proceeds from borrowings – external parties | 56,705 | 117,527 | – |
| Proceeds from borrowings – related parties | 75,423 | – | – |
| Proceeds from convertible notes including derivative | – | – | 33,367 |
| Transaction costs for borrowings | (8,178) | (3,888) | – |
| Repayment of borrowings – external parties | – | (77,351) | – |
| Repayment of borrowings – related parties | – | (6,414) | – |
| Waiver of related party’s option to acquire Tritium | – | (6,816) | – |
| Net cash provided by financing activities | 126,312 | 159,004 | 33,367 |
| Effects of exchange rate changes on cash and cash equivalents | 2,737 | (545) | 120 |
| Net increase / (decrease) in cash and cash equivalents | (44,069) | 65,141 | (1,665) |
| Cash and cash equivalents at the beginning of the period | 70,753 | 6,157 | 7,702 |
| Cash and cash equivalents end of the period | 29,421 | 70,753 | 6,157 |
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Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
BRISBANE, Australia, September 18, 2023—Tritium DCFC Limited (“Tritium” or the “Company”) (NASDAQ: DCFC), a global leader in direct current (“DC”) fast chargers for electric vehicles (“EVs”) today announced that it will release financial results for the Company’s full 2023 fiscal year, which ended June 30, 2023, before the market opens on Thursday, September 21, 2023. This release will be followed by a conference call for investors at 10:30 AM Eastern time the same day.
The call will feature prepared remarks from Tritium CEO Jane Hunter and CFO Rob Topol. The prepared remarks will be followed by a question and answer session.
The conference call may be accessed via live webcast on a listen-only basis through the link on the News & Events page of the Investor section of Tritium’s website at https://investors.tritiumcharging.com/news-events/events. A replay of the webcast will be available shortly after the call on the Investor section of Tritium’s website.
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, contact us.
###
Media Contact
Jack Ulrich
[email protected]
Investor Contact
Cary Segall
[email protected]
LONDON, United Kingdom, August 22, 2023 – Tritium DCFC Limited (Tritium) (Nasdaq: DCFC), a global developer and manufacturer of direct current (DC) fast chargers for electric vehicles (EVs), and UK charging network evyve, have today reached a partnership milestone, with 150 rapid chargers delivered and installed at retail and hospitality sites across the UK, from Eastbourne to Edinburgh.
The original purchase order for 350 Tritium fast chargers was announced at the beginning of this calendar year. The majority of the 150 chargers manufactured and delivered have been installed at retail sites owned by Greene King pubs.
evyve is dedicated to helping the UK switch from internal combustion engine (ICE) vehicles to EVs, as part of national efforts to achieve carbon net zero by 2050. evyve’s rapidly growing network is essential for the swift transition of the motor industry, providing vehicle charging which is easy to use, accessible, and reliable for Britain’s growing number of EV drivers.
David Nicholl, Tritium Chief Sales Officer, said: “This is a critical time for the development of the EV infrastructure that many industries rely on. Car manufacturers need their customers to have trust in the rapidly expanding electric vehicle charging network, with assurance that they will have great EV charging accessibility, convenience, and reliability. This is another positive step and we’re incredibly pleased to have made this progress with evyve in support of its reliable charging network rollout and ambitions for the UK market.”
According to recent statistics by the UK government, there was a 21% increase in the number of newly registered plug-in vehicles in 2022 compared to the previous year. By the end of December 2022, there were over 1.1 million registered plug-in vehicles, accounting for 2.8% of the total number of vehicles on UK roads.
James Moat, CEO of evyve, said: “We are on a mission to drive sustainable solutions quickly and to improve the UK’s EV infrastructure. Currently a lack of charging infrastructure is often cited as one of the biggest barriers to EV adoption in the UK. As we install our 150th Tritium charger, we want to spread awareness of our partnership and celebrate the swift progress we are making with the deployment of Tritium fast chargers nationwide.”
evyve reports that its network of Tritium DC fast chargers demonstrates incredible reliability, with one of the highest uptime rates of 98%. This uptime rate has been achieved through Tritium’s latest generation modular chargers and is supported by a robust service level agreement. The stations are now widely accessible in multiple locations across the country from Eastbourne in Southern England to Edinburgh in Northern Scotland. The 150th charger has been installed in Bramcote, Nottingham, which is strategic to the area and enables residents and passing visitors to recharge their EV whilst enjoying hospitality provided at the local Greene King pub.
About Tritium
Founded in 2001, Tritium (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, contact us.
About evyve – Charging Ahead
Established by EVY Infrastructure Partners and Peel NRE, part of regeneration business Peel L&P, which is at the heart of the nation’s activity around clean growth and a circular economy. evyve is developing a new nationwide network of high quality fast and ultra-fast electric vehicle (EV) charge points powered by 100% renewable energy, providing important infrastructure to support the growing number of electric vehicles on UK roads.
With plans for around 10,000 chargers by 2030, evyve is set to become one of the largest EV charging networks in the UK with facilities across key retail, food and drink, leisure and commercial business locations throughout England, Scotland and Wales.
For more information, visit evyve.co.uk/
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1996. 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. You should carefully consider the risks and uncertainties described in the documents filed by the Company from time to time with the US 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.
###
Tritium Media Contact
Jack Ulrich
[email protected]
Tritium Investor Contact
Cary Segall
[email protected]
evyve Media Contact
Katy Davison
[email protected]