BRISBANE, Australia,
Jan. 4, 2022 /PRNewswire/ -- 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 sales, backlog
and revenue results for and as of the year ended December 31, 2021, and provided a business
update. Except as otherwise indicated or unless the context
otherwise requires, all financial figures are in U.S. dollars and
references herein to "quarter," "year," "2020," "2021" or "2022"
are to the relevant calendar period.
For the three months ended December 31,
2021, Tritium booked revenue of approximately $41 million, equivalent to a last quarter
annualized (LQA) run-rate of $164
million, and set a new quarterly record. The Company
more than doubled its Q3 2021 revenue, the next largest quarterly
revenue in its 19-year operating history, and achieved more than
2.5x revenue compared to the fourth quarter of 2020.
For 2021, revenue was approximately $78
million, which is only slightly lower than the previous
forecast of $84 million, due in large
part to logistics and supply chain challenges, including delays at
the ports of Long Beach and
Los Angeles, which delayed certain
product deliveries at year end. Tritium expects to record those
revenues as products are received by customers in the first quarter
of 2022. As reported by CNBC, the twin ports of Long Beach and Los
Angeles account for 40% of sea freight entering the United States, and the back-up escalated
throughout the year. Tritium has begun to see supply chain
constraints ease, with these ports reporting a 33% decline in
lingering cargo containers in December
2021 compared to November
2021. The Company expects 2021 EBITDA and Free Cash Flow to
be approximately $(39) million and
$(43) million, respectively.
Underscoring the record demand for Tritium's products, sales for
2021 were $141 million, which
represents more than a 136% increase over 2020 sales of
$60 million. The Company's sales grew
significantly in the second half of 2021 to $98 million, an increase of 416% compared to the
second half result of $19 million the
previous year.
Tritium believes that this growth in sales substantiates its
thesis that DC fast charging infrastructure is rolling out at an
accelerating pace to support the rapid shift towards electric
vehicles globally. Tritium enters 2022 with the largest
year-opening order book in its history. Tritium's backlog continued
to grow throughout 2021, ending at approximately $82 million, an increase of approximately 316%
since year end 2020. This backlog is expected to be completely
delivered in 2022, and is now expected to account for over 48% of
Tritium's 2022 revenue guidance, or approximately 5 months of
forward production capacity at current production levels. Tritium
continues to be engaged in a number of additional and potentially
high-impact orders under several of its recently announced
commercial partnerships and tender wins, and is expanding
production capacity to fulfill growing demand in the United States and Europe.
Other recent business highlights include:
- Won a Shell global EV charging tender to provide fast charging
technology and services to the world's largest mobility retailer
with over 46,000 retail sites. This agreement is expected to help
accelerate the supply of Tritium DC fast chargers to their business
operations in Europe, South Africa, Asia, the Middle
East and North America, in
pursuit of Shell's ambition to operate 500,000 charge points by
2025 and 2,500,000 by 2030.
- Refinanced $90 million of debt
out to 2024, giving Tritium more cash following the listing on the
Nasdaq to invest in its business to maintain and increase growth in
line with the Company's customers' rollout plans, conditional on
closing of the business combination.
- Unveiled the PKM, a groundbreaking line of EV fast chargers
designed for more cost-effective operations and infrastructure
deployment. The PKM150 is the first charger in the PKM line and the
first charger that utilizes Tritium's shared power system, designed
to reduce customers' capital investment while maintaining high
charger availability and power output to EVs. Like Tritium's
successful predecessor product launches, the PKM system was
developed in response to customer demand pull for its
features.
- Opened a world-class EV charger testing facility, featuring one
of the highest power commercially accessible electromagnetic
compatibility ("EMC") testing chambers in the world, with thermal
testing capable of producing temperatures ranging from -70°C
(-94°F) to +180°C (+356°F), and more to accelerate the
time-to-market for new products.
- Tritium is in advanced stages of site selection for its new
U.S. factory, expected to increase the Company's global production
capacity up threefold in 2022. Two states – Texas and Tennessee – are the finalists in this process,
and the Company expects an announcement in the first quarter of
2022 as engagement with private and public sector representatives
related to this process nears conclusion.
- As of December 31, 2021, Tritium
had sold more than 6,700 DC fast chargers around the world,
compared to the more than 4,400 DC fast chargers sold as of
May 26, 2021, the time of the
announcement of the business combination.
Business Combination Update
The special meeting of stockholders of Decarbonization Plus
Acquisition Corporation II (NASDAQ: DCRN, DCRNW, DCRNU) ("DCRN") to
approve the proposed business combination with Tritium, among other
related matters, is scheduled to be held on Wednesday, January 12, 2022 at 10:00am Eastern time.
Credit Suisse Securities (USA)
LLC ("Credit Suisse") is acting as the exclusive financial advisor
to a consortium of certain Tritium shareholders in connection with
the business combination between Tritium and DCRN. DCRN engaged
Credit Suisse as its lead placement agent and Citi Global Markets
("Citi") and J.P. Morgan Securities LLC ("JPMorgan") as placement
agents for its PIPE Financing (as defined below). Raymond James & Associates, Inc.
("Raymond James") is acting as
Capital Markets Advisor for DCRN. Citi and JPMorgan are acting as
financial advisors to DCRN.
The board of directors of DCRN has unanimously recommended
stockholders vote in favor of the proposed business combination,
which values Tritium at approximately $1.2
billion. As of market close on Monday, January 3, 2022, based on publicly
available information as illustrated in the table below, Tritium
continues to be valued at a significant discount to the publicly
traded, pure-play EV charging peers.
Tritium believes that its target customers are in the midst of
an aggressive and historic build cycle. Unlike many of the
alternative investment opportunities in the EV charging category,
Tritium's cash flow profile benefits from revenue realization at
the time of sale, paired with associated service and recurring
software revenue in the future. In an environment of rising
interest rates, Tritium believes this business model will resonate
with public equity investors seeking exposure to manufacturers,
producers and suppliers to the EV thematic.
Fast chargers are emerging as an essential tool to address range
anxiety while also providing drivers with a recharging experience
that is most analogous to their refueling experience. Tritium
believes its technology-advantaged hardware alongside its growing
commitment to the services and software offerings presents a
compelling value for charge point operators; forecourt fuel, gas
and petrol stations; and retail, restaurant and residential
complexes looking to install DC fast chargers. Contribution from
those critical categories continued to expand in 2021, and Tritium
expects the positive impact from the charging infrastructure and
hardware buildout to become increasingly evident in 2023 and 2024
financial results. This strategy is consistent with Tritium's
strategy and customer-serving thesis, and the deepening of the
Company's existing relationships with partners such as Shell and
Ionity, in addition to new relationships with partners such as
Osprey and Aqua superPower, is validating the position Tritium
enjoys in performance, reliability, visual display and modularity
relative to competitor offerings.
The Company expects to furnish its consolidated financial
statements as of and for the six months ended December 31, 2021 in future filings by Tritium
DCFC Limited ("NewCo") with the U.S. Securities and Exchange
Commission (the "SEC") assuming consummation of the business
combination. Figures originally reported in Australian dollars were
translated into U.S. dollars for the purposes of this press release
using the average AUD/USD foreign exchange rates for historical
periods.
About Tritium
Founded in 2001, Tritium designs and manufactures proprietary
hardware and software to create advanced and reliable DC fast
chargers for electric vehicles. Tritium's compact and robust
chargers are designed to look great on Main Street and thrive in
harsh conditions, through technology engineered to be easy to
install, own, and use. Tritium is focused on continuous innovation
in support of our customers around the world.
As announced on May 26, 2021,
Tritium has 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 NewCo 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 January 2022.
For more information, visit tritiumcharging.com.
About Decarbonization Plus Acquisition Corporation II
Decarbonization Plus Acquisition Corporation II is a blank check
company formed for the purpose of effecting a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or
similar business combination with a target whose principal effort
is developing and advancing a platform that decarbonizes the most
carbon-intensive sectors. These include the energy and agriculture,
industrials, transportation and commercial and residential sectors.
DCRN is sponsored by an affiliate of Riverstone Holdings LLC and
represents a further expansion of Riverstone's 15-year franchise in
low-carbon investments, having established industry leading, scaled
companies with more than US$6 billion
of equity invested in renewables.
Forward Looking Statements
Certain statements made in this document are "forward-looking
statements" with respect to Tritium's future financial or operating
performance, growth strategy, sales performance, the proposed
business combination and including statements regarding the
commencement of mailing of the definitive proxy statement (the
"Proxy Statement") of DCRN, the special meeting of DCRN
stockholders and the anticipated timing of the closing of the
business combination. These forward-looking statements generally
are identified by the words "estimates," "projected," "expects,"
"anticipates," "forecasts," "plans," "intends," "believes,"
"seeks," "targets," "may," "will," "should," "would," "will be,"
"will continue," "will likely result," "future," "propose,"
"strategy," "opportunity" and variations of these words or similar
expressions (or the negative versions of such words or expressions)
that predict or indicate future events or trends or are not
statements of historical matters are intended to identify
forward-looking statements. These forward-looking statements are
provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, guarantees,
assurances, predictions or definitive statements of fact or
probability regarding future performance, conditions or results,
and involve a number of known and unknown risks, uncertainties,
assumptions and other important factors, many of which are outside
the control of NewCo, Tritium or DCRN, that could cause actual
results or outcomes to differ materially from those discussed in
the forward-looking statements. Important factors, among others,
that may affect actual results or outcomes include the inability to
complete the business combination or the private offering of
ordinary shares in the capital of NewCo to a certain investor (the
"PIPE Financing") in a timely manner or at all (including due to
the failure to receive required stockholder or shareholder, as
applicable, approvals, or the failure of other closing conditions
such as the satisfaction of the minimum trust account amount
following redemptions by DCRN's public stockholders, and the
receipt of certain governmental and regulatory approvals), which
may adversely affect the price of DCRN's securities; the inability
of the business combination to be completed by DCRN's business
combination deadline and the potential failure to obtain an
extension of the business combination deadline if sought by DCRN;
the occurrence of any event, change or other circumstance that
could give rise to the termination of the proposed business
combination or the PIPE Financing; the inability to recognize the
anticipated benefits of the proposed business combination; the
inability to obtain or maintain the listing of NewCo's shares on a
national exchange following the proposed business combination;
costs related to the proposed business combination; the risk that
the proposed business combination disrupts current plans and
operations, business relationships or business generally as a
result of the announcement and consummation of the proposed
business combination; NewCo's ability to manage growth; NewCo's
ability to execute its business plan and meet its projections; the
adoption and demand for electric vehicles including the success of
alternative fuels, changes to rebates, tax credits and the impact
of government incentives; the accuracy of Tritium's forecasts and
projections including those regarding its market opportunity;
competition; risks related to health pandemics including those of
COVID-19; disruptions in Tritium's or NewCo's supply chain,
shipping, logistics or manufacturing processes; Tritium's or
NewCo's reliance on the third-parties outside of its control; risks
related to Tritium's technology, intellectual property and
infrastructure; foreign exchange fluctuations; potential disruption
in NewCo's employee retention as a result of the business
combination; potential litigation, governmental or regulatory
proceedings, investigations or inquiries involving NewCo, Tritium
or DCRN, including in relation to the business combination; changes
in applicable laws or regulations and general economic and market
conditions impacting demand for Tritium's or NewCo's products and
services; and other risks and uncertainties indicated from time to
time in the proxy statement/prospectus relating to the proposed
business combination, including those under "Risk Factors" therein,
and in DCRN's other filings with the SEC. Forward-looking
statements speak only as of the date they are made. Readers are
cautioned not to put undue reliance on forward-looking statement,
and NewCo and DCRN assume no obligation and do not undertake any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. Neither NewCo nor DCRN gives any
assurance that either NewCo or DCRN will achieve its
expectations.
Additional Information about the Business Combination and
Where to Find It
In connection with the proposed business combination, NewCo,
which will be the going-forward public company, filed the
Registration Statement, which includes a preliminary proxy
statement of DCRN. The Registration Statement is now effective, and
the Proxy Statement has been mailed to DCRN stockholders of record
as of the close of business on December 6,
2021. INVESTORS AND SECURITY HOLDERS OF DCRN ARE URGED TO
READ THE PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS
THERETO) AND THE EFFECTIVE REGISTRATION STATEMENT AND OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR
ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT TRITIUM,
DCRN, NEWCO AND THE BUSINESS COMBINATION. Investors and security
holders will also be able to obtain copies of the Registration
Statement and other documents containing important information
about each of the companies once such documents are filed with the
SEC, without charge, at the SEC's web site at www.sec.gov.
Participants in the Solicitation
DCRN and its directors and executive officers may be deemed
participants in the solicitation of proxies from DCRN's
stockholders with respect to the proposed business combination. A
list of the names of those directors and executive officers and a
description of their interests in DCRN is contained in DCRN's
filings with the SEC, including DCRN's Annual Report on Form 10-K
for the fiscal year ended December 31,
2020, which was filed with the SEC on March 31, 2021, and is available free of charge
at the SEC's web site at www.sec.gov. Additional information
regarding the interests of such participants is set forth in the
Registration Statement for the proposed business combination. NewCo
and Tritium and their respective directors and executive officers
may also be deemed to be participants in the solicitation of
proxies from the shareholders of DCRN in connection with the
proposed business combination. A list of the names of such
directors and executive officers and information regarding their
interests in the business combination is contained in the
Registration Statement for the proposed business combination.
No Offer or Solicitation
This document does not constitute a solicitation of a proxy,
consent or authorization with respect to any securities or in
respect of the proposed business combination. This document also
does not constitute an offer to sell or exchange, or the
solicitation of an offer to buy or exchange, any securities, nor
will there be any sale of securities in any states or jurisdictions
in which such offer, solicitation, or sale or exchange would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction. No offering of securities
will be made except by means of a prospectus meeting the
requirements of section 10 of the Securities Act of 1933, as
amended, or an exemption therefrom.
Use of Non-GAAP Financial Measures
Tritium has provided in this press release financial information
that has not been prepared in accordance with generally accepted
accounting principles in the United
States ("GAAP"), namely expected EBITDA and Free Cash Flow
for the year ended December 31, 2021.
The Company uses non-GAAP financial measures internally in
analyzing its financial results and believes that the use of these
non-GAAP financial measures are useful to investors to evaluate
ongoing operating results and trends, and in comparing the
Company's financial results with other companies in its industry,
many of which present similar non-GAAP financial measures.
The presentation of these non-GAAP financial measures is not
meant to be considered in isolation or as a substitute for
comparable GAAP financial measures and should be read only in
conjunction with the Company's consolidated financial statements
prepared in accordance with GAAP, which NewCo expects to provide in
its future filings with the SEC assuming consummation of the
business combination. Due to the high variability and difficulty in
accurately determining of some of the information to be excluded
from EBITDA and Free Cash Flow for the year ended December 31, 2021 as of the date of this press
release, together with some of the excluded information not being
ascertainable or accessible as of the date of this press release,
the Company is unable to accurately quantify certain amounts that
would be required to be included in the most directly comparable
GAAP financial measures without unreasonable effort. Consequently,
no disclosure of estimated comparable GAAP measures is included and
no reconciliation of EBITDA or Free Cash Flow is included.
EBITDA. Tritium defines EBITDA as net loss before
interest income or expense, income tax expense or benefit, and
depreciation and amortization.
Free Cash Flow. Tritium defines Free Cash Flow is defined
as EBITDA less Capital Expenditures and change in Net Working
Capital.
Investors are cautioned that there are a number of limitations
associated with the use of non-GAAP financial measures to analyze
financial results and trends. In particular, many of the
adjustments to Tritium's GAAP financial measures reflect the
exclusion of items that are recurring and will be reflected in its
financial results for the foreseeable future. Furthermore, these
non-GAAP financial measures are not based on any standardized
methodology prescribed by GAAP, and the components that Tritium
excludes in its calculation of these non-GAAP financial measures
may differ from the components that other companies exclude when
they report their non-GAAP financial results. Tritium compensates
for these limitations by providing specific information regarding
the GAAP amounts excluded from these non-GAAP financial measures.
In the future, the Company may also exclude other expenses it
determines do not reflect the performance of the Company's
operating results.
Tritium Media Contact
Jack
Ulrich
media@tritium.com.au
Tritium Investor Contact
Caldwell Bailey
ICR, Inc.
TritiumIR@icrinc.com
DCRN Media Contact
Daniel
Yunger
Kekst CNC
Daniel.Yunger@kekstcnc.com
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