Tritium Announces Record Preliminary Year-To-Date Results and Increases CY2023 Guidance
Source: GlobeNewswire Inc.
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.
Preliminary Results – January 1, 2023 - April 30, 2023
Achieved record revenue of $57 million between January 1, 2023 and April 30, 2023, a year-over-year growth rate of 237% over the $17 million achieved in the same timeframe the previous year.
The Company has built an order backlog valued at approximately $153 million at April 30, 2023, driven by continued strong orders in the calendar year-to-date period, compared to $120 million for the same timeframe in the previous year. Strength in the backlog coupled with calendar year-to-date revenues is leading the Company to increase its revenue guidance to a range of $210 million to $225 million.
Sales orders for the period between January 1, 2023 through April 30, 2023 amounted to $49 million, compared to $64 million for the same timeframe in the previous year. The Company continues to see indications of strong order growth in the balance of the calendar year as customer indications for 2024 deployments translate into purchases.
Capital Investment
The Company secured a $40 million capital investment, comprised of $35 million from Sunset Power Pty Ltd as trustee of the St Baker Family Trust (“St Baker”) and $5 million from O-Corp EV LLC (“O-Corp”). These funds will be used to fund working capital to continue to scale production volumes, further product development, and grow service operations around the world.
