Tritium achieves $200 million in sales in one year

Fast electric vehicle charger manufacturer Tritium has announced $200 million in sales in a single year marked by heavy investment, including in a new factory in Lebanon, Tennessee (pictured) which is now in operation.

The Brisbane company revealed orders of $203 million and a production backlog of $149 million as part of its full year profit figure released to investors.

Tritium ended the year with a loss of $120 million on revenues of $86 million.

Tritium CEO Jane Hunter said: “Over $200 million of sales orders in a twelve-month period is an incredible validation of Tritium’s technology and category leadership, and significantly outpaces total sales orders in prior fiscal years.

“This is a testament to remarkable work from our employees, and a signal of the velocity now emerging across the global fast charger category as we look to 2023 and 2024.”

Hunter said customers were now implementing multi-year investment strategies to build networks of fast charging infrastructure in its markets of the United States, Europe, Australia, and New Zealand.

“We are pleased to begin the 2023 fiscal year with a record contracted backlog that is currently in the process of being fulfilled as our Tennessee facility ramps-up its production capacity, in-line with our operating plan.”

Opened in August the US factory, which was supported by funding from the US government, is targeting of production capacity of 6,000 charger units per year by December, and 28,000 by December 2023.

However production is six weeks behind schedule because of supply chain issues similar to those faced by other manufacturers.

Tritium, which has 12,000 of its chargers installed globally, ended the year with cash of $70 million.

Picture: Tritium

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