Tritium Holdings Pty Ltd (“Tritium” or the “Company”), a global developer and manufacturer of direct current (“DC”) fast chargers for electric vehicles (“EVs”), today announced record results for the three months ended September 30, 2021, and provided a business update, including an update on sales orders and backlog for the quarter.
On May 26, 2021, Tritium announced it had entered into a definitive agreement for a business combination with Decarbonization Plus Acquisition Corporation II (NASDAQ: DCRN, DCRNW, DCRNU), a publicly traded special purpose acquisition company (SPAC), that would result in Tritium DCFC Limited (“NewCo”), which will be the going-forward company, becoming publicly listed. Completion of the proposed transaction is subject to customary closing conditions, including approval of DCRN’s stockholders, and is currently expected to occur in either December 2021 or January 2022.
For the three months ended September 30, 2021, Tritium booked record orders of approximately $55 million (31% higher than the September 30, 2021 forecast in the Analyst Day update released on September 21). The Company’s backlog continued to grow throughout the three months ended September 30, 2021, ending at a record of approximately $78 million (18% higher than the September 30, 2021 forecast in the Analyst Day update), or an increase of 333% over the backlog at December 31, 2020.
Other recent business highlights include:
Total Tritium DC fast chargers sold globally now stand in excess of 5,250, compared to 4,400 when Tritium announced its proposed business combination with DCRN – an increase of 19% in only 18 weeks.
Production in the three months ended September 30, 2021 was a record of approximately $22 million, representing a 64% increase over the three months ended June 30, 2021 and a 140% increase over the three months ended March 31, 2021.
Total backlog of approximately $78 million as of September 30, 2021 represents the largest backlog ever recorded by Tritium, an increase of 86% over the June 30, 2021 backlog of $42 million and an increase of 189% over the March 31, 2021 backlog of $27 million.
Since November 2020, increasing product demand has required Tritium to double the Company’s production line shift headcount. The Company expected this increase in market demand which will be met through previously announced expansions of assembly, throughput and testing capacity in the United States and Europe following the anticipated successful closing of the business combination with DCRN.
Jane Hunter, CEO of Tritium, commented, “The momentum we have experienced across Tritium’s suite of products has been exceptional this past quarter. As the world embraces the electrification of transportation, it has now become near-consensus that the proliferation of reliable, fast charging will be an essential step in accelerating EV adoption. Although there is certainly a continued and needed role for slow charging, drivers are increasingly demanding a charging experience that is analogous to their gasoline car experience, and Tritium’s product portfolio is squarely positioned to meet those needs. We celebrated several commercial wins since announcing our business combination agreement with DCRN, a select handful of which we made public, and we continue to see an elevated level of dialogue with substantial players across utilities, retail, charge point operators, fleets and traditional fuel station owners that point to strength across our business and geographies.”
Michael Hipwood, CFO of Tritium, commented, “The business model built by Tritium on the back of leading, proprietary technology is now apparent in the Company’s results. As a manufacturer of finished goods that require assembly through components sourced globally, Tritium is not immune to the challenges of the well-covered supply chain disruptions occurring around the world, as the movement of goods continues to be upended. Nevertheless, Tritium’s leadership invested early in operational solutions that have enabled the current record results. Tritium has received over $220 million of cumulative financings since its inception, including an approximately AUD $40 million private placement just secured and announced on September 7, 2021. The benefits of that legacy, multi-year investment campaign are being seen in strong sales momentum especially given our existing global footprint. In 2021, we expect to deliver continued growth, and look forward to continued momentum into 2022.”
Since Tritium announced its business combination with DCRN, the Company announced the opening of its Singapore office to serve the rapidly growing APAC and Middle East regions and several global commercial wins across a variety of geographies and customer categories, including:
On October 12, Tritium announced a partnership with ChargeNet to bring Tritium chargers to the San Francisco Bay Area Taco Bells.
On August 26, Tritium announced a partnership with local distributor Solcon to provide DC fast chargers in Israel and Palestine.
On August 24, Tritium announced a partnership with Miller Technology to provide electric vehicle charging solutions to mining operations for the BHP Mitsubishi Alliance in Queensland, Australia.
On August 18, the Company announced a deal with Evie Networks to install more than 300 fast chargers across Australia.
On August 10, Tritium announced a partnership with Greenlots, a member of the Shell Group, for installation of fast charging infrastructure across the U.S. state of Maryland for utility Baltimore Gas and Electric.
On June 29, the Company celebrated the opening of the largest universal fast charging lot in North America with Revel in New York City.
David Finn, Founder and Chief Growth Officer of Tritium, remarked, “The success of our technology platform has been validated in the commercial channel, and we are extraordinarily grateful for the support of our customers and partners who have responded so enthusiastically to our offerings. We released a modular 75kW charger in 2020, and we are eager to bring a 150kW variant of that charger for retail applications to market in 2022. We have a pipeline of product introductions slated for 2022 and 2023, including our 25kW V2G/V2H wall unit and our 360kW and 1MW line, which will begin with a 150kW line designed for charging park applications launching before the end of 2021.”
David Toomey, Chief Revenue Officer of Tritium, continued, “These offerings will build on Tritium’s longstanding technology edge, which has always been at the vanguard of the industry. For example, Tritium was the first company in the world to implement Plug and Charge (ISO 15118), which enables EVs and charging equipment to communicate, authenticate, and transact seamlessly via the charging cable. Further, the Company’s compact and sleek 350kW charger – which enables a 60-mile charge in 3 minutes – has been available since 2018, and we look forward to bringing to market products that reflect the ongoing performance and quality enhancements currently under development by our global team of engineers. We believe our 459-person employee base – which has grown over 30% from 348 just four months ago when we announced our business combination with DCRN – continues to set the industry standard for both product innovation and customer-led decision-making.”
Additionally, since announcing the proposed business combination with DCRN, Tritium announced that Gilbarco Veeder-Root, the worldwide technology leader for retail and commercial fueling operations and a Tritium shareholder since 2018, agreed to support the Company’s proposed business combination with DCRN. Finally, Tritium announced that the 77th U.S. Secretary of the Navy and former Ambassador to Norway, Kenneth Braithwaite, will be joined by seasoned automotive executive Edward Hightower on the Board of Directors of the post-business combination company.
On September 24, 2021, NewCo filed its preliminary Registration Statement on Form F-4 (the “Registration Statement”) with the U.S. Securities and Exchange Commission (the “SEC”), and Tritium is looking forward to providing near-term updates on the proposed business combination with DCRN.
Use of Non-GAAP Financial Measures
We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
Source: Tritium(Press release)
