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Tritium DCFC (DCFC) - 2023 Q1 - Quarterly Report
2022-09-21 16:00
Exhibit 99.1 Tritium Reports Full Fiscal Year 2022 Financial Results with Record Sales Orders, Revenue, and Backlog; Company Details Successful Tennessee Factory Launch and Capital Raise • Achieved record fiscal year sales orders of $203 million, an increase year-over-year of 232%, and ended the June 30, 2022 fiscal year with a record backlog of $149 million1 as customer demand grew strongly across all of the Company's geographies • Reported record revenue of $86 million for fiscal year ended June 30, 2022, ...
Tritium DCFC (DCFC) - 2022 Q4 - Annual Report
2022-09-21 16:00
Revenue Recognition - Revenue from EV chargers is recognized at a point in time when control is transferred to the customer [517]. - For the fiscal years ended June 30, 2022, 2021, and 2020, the percentage of total revenue recognized under bill-and-hold arrangements was 16%, 4%, and 15% respectively [522]. - Tritium received grant income from the Australian "JobKeeper" program during the fiscal years ended June 30, 2022, and 2021 [527]. Warranty and Liabilities - The estimated warranty costs for EV chargers are recognized as a liability when control of the goods is transferred to the customer [518]. - Tritium recognizes a warranty provision based on the present value of future cash flows estimated to settle the warranty obligation [539]. - Tritium's warranty provision is based on the estimated costs to settle obligations, with a potential increase or decrease of $0.6 million with a 10% change in the number of months of warranty remaining [579]. - Tritium's balance sheet includes customer advances and unearned revenue as contract liabilities [526]. Financial Performance - Tritium's sales in the second half of 2021 reached approximately $54.5 million, a significant increase from approximately $18.0 million in the first half of 2021 [565]. - The fair value of Tritium's ordinary shares was determined to be A$20.94 as of June 30, 2021, reflecting a reassessment due to the Business Combination Agreement [564]. Stock-Based Compensation - Stock-based compensation expense is recognized at the grant date for the Loan Funded Share Plan, as there are no service conditions attached [551]. - Tritium's stock-based compensation expense is recognized over the requisite service period, with a liability remeasured at each reporting period until settlement [555]. - The expected volatility for stock options granted in 2022 was estimated at 60%, compared to 40% in 2020 [556]. - Tritium's sensitivity analysis indicates that a +/-10% change in expected volatility could result in an increase/decrease of $0.47 million in incentive plan expenses and $0.16 million in ESS expenses [586]. Financial Risks and Estimates - Tritium's allowance for credit losses is assessed quarterly, with a sensitivity analysis indicating a potential increase or decrease of $0.03 million with a 10% change in the probability of default [573]. - A +/-100 basis points change in the discount rate could lead to an increase/decrease of $883,000 in finance costs [596]. - A +/-10% change in share price could result in an increase/decrease of $0.93 million in derivative fair value movement related to warrant expenses [590]. - A +/-2 year change in the useful life of plant and equipment could lead to an increase/decrease of $292,000 in depreciation expenses [588]. Internal Controls and Compliance - Tritium has identified material weaknesses in internal control over financial reporting, including lack of appropriate procedures and segregation of duties, which could lead to material misstatements [612]. - The company is implementing a remediation plan for identified weaknesses, including hiring additional accounting personnel and enhancing policies and controls [613]. - The company is not required to provide an auditor's attestation report on internal control over financial reporting due to its emerging growth company status [618]. Currency and Inflation Risks - Tritium's functional currency is USD, but it is exposed to foreign currency risk due to operations in AUD, EUR, and GBP [605]. - The company does not currently hedge foreign currency exchange risk but may consider it in the future [608]. - Inflation has increased product costs, but this has been offset by favorable foreign exchange rates and increased sales prices [609]. - The company has not experienced a material effect on its business from current inflation levels [609]. Accounting Standards and Growth Status - The company has elected to take advantage of the extended transition period for compliance with new financial accounting standards as an emerging growth company [615]. - The company will remain an emerging growth company until it has total annual gross revenue of at least $1.235 billion [619].
Tritium DCFC (DCFC) - 2022 Q4 - Annual Report
2022-06-29 16:00
Exhibit 99.1 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis provides information which our management believes is relevant to an assessment and understanding of the consolidated results of operations and financial condition of Tritium Holdings Pty Ltd (including its subsidiaries, "Tritium Holdings"). The discussion should be read together with the historical consolidated financial statements of Tritium Holdings for the periods pres ...