Revenue Growth - The company achieved record revenue of $112 million for the first half of 2023, an increase of over 286% compared to $29 million in the first half of 2022[4]. - For the fiscal year ended June 30, 2023, the company reported revenue of $185 million, representing a year-over-year growth of over 115% from $86 million in the previous fiscal year[5]. - Total revenue for the year ended June 30, 2023, was $184.544 million, a significant increase of 115% compared to $85.821 million in 2022[23]. - Hardware revenue from external parties reached $167.965 million, up 143% from $69.243 million in the previous year[23]. Gross Margin and Loss - The gross margin for the first half of 2023 was reported at 4%, a nearly 2,200 basis point improvement from -18% in the first half of 2022[10]. - The net loss for the year ended June 30, 2023, was $121.370 million, slightly improved from a net loss of $128.919 million in 2022[23]. - The company reported a comprehensive loss of $118.590 million for the year ended June 30, 2023, compared to a comprehensive loss of $121.583 million in 2022[23]. Financial Position - Total assets increased to $275.176 million as of June 30, 2023, compared to $211.998 million as of June 30, 2022, reflecting a growth of 30%[24]. - Cash and cash equivalents decreased to $29.421 million from $70.753 million in the previous year, indicating a decline of 58%[24]. - Total liabilities rose to $418.831 million as of June 30, 2023, compared to $253.904 million in 2022, marking a 65% increase[24]. Cash Flow and Operating Activities - Cash flows used in operating activities amounted to $162.430 million for the year ended June 30, 2023, compared to $86.840 million in 2022, indicating a significant increase in cash outflow[25]. - The company incurred finance costs of $27.867 million in 2023, up from $18.136 million in 2022, reflecting a 54% increase[23]. Inventory and Orders - The company has inventory assets valued at $140 million as of June 30, 2023, compared to $54 million for the same timeframe in the previous year[8]. - Inventory levels surged to $140.291 million as of June 30, 2023, compared to $54.349 million in 2022, representing a 158% increase[24]. - As of June 30, 2023, the company maintained an order backlog valued at approximately $99 million, down from $149 million at the end of the previous fiscal year[6]. - Sales orders for the six-month period ended June 30, 2023, amounted to $56 million, compared to $105 million for the same period in the prior year[7]. - The company expects strong order growth in the second half of 2023, supported by recent large purchase orders from leading industry players[7]. Financing and Future Plans - The company secured a financing commitment of up to $75 million in September 2023, with an initial funding of $25 million[4]. - Tritium plans to provide NACS connectors on its chargers by late 2023 or early 2024 to meet new state requirements for NEVI-funded projects[16]. - The company announced a change in its fiscal year end from June 30 to December 31, starting in 2024[17].
Tritium DCFC (DCFC) - 2023 Q4 - Annual Report