Tritium DCFC stock plunges as annual losses widen

Sep. 23, 2022 10:27 AM ETTritium DCFC Limited (DCFC)By: Preeti Singh, SA News Editor5 Comments

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Tritium DCFC (NASDAQ:DCFC) shares plunged 12% on Friday in response to the firm's fiscal year 2022 results.

The EV charger maker reported record revenue of $86M for the year that grew 53% Y/Y.

However, net loss widened from $63M last year to $127.56M even as sales orders grew 232% Y/Y to a record $203M.

The company ended the year with a record backlog of $149M as customer demand grew strongly across all of the company’s geographies.

Gross margin for the year was negative 0.4%, which was a 300 basis point improvement year on year.

Tritium (DCFC) started production at its Tennessee factory in July 2022, with hopes to reach a production capacity of 6,000 charger units per year by Dec 2022.

CFO Michael Hipwood said: "With our Tennessee facility now online and ramping to capacity, a large and growing backlog and measures we are taking to overcome various supply challenges in the global economy, we are confident in the strong drivers supporting our revenue and gross margin in progress as we look towards 2023."

However, the company is six weeks behind its planned production ramp up due to supply constraints and recruitment delays. The production delay is expected to shift about six weeks of projected 2022 revenue, or about $45M, into calendar year 2023, resulting in expected calendar year 2022 revenue of ~$125M.

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