Tritium’s record production propels it to number one spot outside China

Brisbane DC fast electric vehicle manufacturer Tritium DCFC has set a new production record and with continuing expansion of its US factory the company now claims to have the largest charger production plans of any company outside China.

The company set a new production record, with preliminary results from January 1, 2023 to April 30, 2023 of approximately 3,200 units, nearly achieving the Company’s total production of 3,572 units for calendar year 2022 in the first four months of this year.

According to an update it achieved record revenue of $57 million in the year to date, a year-over-year growth rate of 237 percent over the $17 million achieved in the same timeframe the previous year.

The company now has an order backlog valued at approximately $153 million, driven by continued strong orders, compared to $120 million for the same timeframe in the previous year.

This strength saw the company increase its revenue guidance to a range of $210 million to $225 million.

Founded in Brisbane, Tritium is now listed in the US on the NASDAQ and is manufacturing DC chargers both in Australia and at its new factory in Tennessee.

It confirmed previously announced global unit production guidance of 11,000 units for calendar year 2023, and 16,000 global annualised unit production guidance based on projected production by December 2023.

According to Tritium: “Tritium now has the largest published global production plans for DC fast chargers outside China and the largest published planned production capacity onshore in America.

“This production capacity places the company in a strong position to capitalise on the anticipated surge in demand for Buy America-compliant EV fast chargers over the next five years, as a result of funding from the National Electric Vehicle Infrastructure (NEVI).”

Tritium also confirmed its previously announced expectation to become EBITDA positive during the first half of calendar year 2024.

Earlier this year the company secured a $40 million capital investment from St Baker and O-Corp, two existing and longstanding Tritium investors

Tritium CEO Jane Hunter said: “Both the ongoing support from our largest investor and our preliminary results for the period January 1, 2023 through April 30, 2023 demonstrate the continued strong demand for Tritium’s products and services, and successful manufacturing scale-up to meet the demand for fast-charging infrastructure as the world shifts towards electrification.

“With our rapidly expanding production capacity and strategic customer partnerships, Tritium has maintained a strong market position and we believe the Company is well-positioned to compete for number one in market share.”

Picture: Tritium DCFC