Tritium, a leading provider of electric vehicle (EV) charging solutions, has reported record revenue of $185 million for the fiscal year ending June 30, 2023, marking a 115% increase compared to the previous year. The company has also seen significant improvement in its gross margin and successfully scaled up production at its Tennessee factory. Tritium has secured new strategic partnerships, including with a major European utility, a global fleet company, and a global automotive OEM. The company plans to launch its MyTritium software platform and introduce a 400-kilowatt modular charger in the coming years.
During the earnings call, Tritium highlighted the growth it has experienced in its financial performance, attributing it mainly to the expansion of its Tennessee facility. The company achieved a gross margin of 4% in the first half of the year and aims to reach a guidance of 10% to 12% in the second half. Tritium mentioned its $140 million inventory, including spare parts, finished goods, and chargers in transit, and expects remote monitoring services to be a significant source of revenue.
Tritium plans to align its overhead and SG&A with its sales forecasts, address interest expenses and debt servicing, and explore the possibility of converting some debt to equity. Despite lower production in July and August due to stock-taking and optimization activities, the company remains confident in the second half of the year, with strategic customers expected to place purchase orders. Tritium anticipates continued revenue and margin growth, even though the shift from backlog-driven to flow-driven orders may result in a slightly lower backlog entering 2024.
