Document Entity Information
Document Entity Information | 12 Months Ended |
Jun. 30, 2023 shares | |
Document Entity Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Jun. 30, 2023 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-41226 |
Entity Registrant Name | Tritium DCFC Limited |
Entity Incorporation, State or Country Code | C3 |
Entity Address, Address Line One | 48 Miller Street |
Entity Address, City or Town | Murarrie |
Entity Address, Postal Zip Code | 4172 |
Entity Address, Country | AU |
Entity Common Stock, Shares Outstanding | 160,036,639 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Auditor Name | PricewaterhouseCoopers |
Auditor Location | Brisbane, Australia |
Entity Central Index Key | 0001862490 |
Current Fiscal Year End Date | --06-30 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Auditor Firm ID | 1379 |
Amendment Flag | false |
Ordinary shares | |
Document Entity Information | |
Title of 12(b) Security | Ordinary shares, no par value per share |
Trading Symbol | DCFC |
Security Exchange Name | NASDAQ |
Warrants | |
Document Entity Information | |
Title of 12(b) Security | Warrants to purchase ordinary shares |
Trading Symbol | DCFCW |
Security Exchange Name | NASDAQ |
Business Contact | |
Document Entity Information | |
Entity Address, Address Line One | 48 Miller Street |
Entity Address, City or Town | Murarrie |
Entity Address, Postal Zip Code | 4172 |
Entity Address, Country | AU |
Contact Personnel Name | Robert Topol |
City Area Code | +1 |
Local Phone Number | 503 367 5043 |
Contact Personnel Email Address | rtopol@tritiumcharging.com |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | |||
Total revenue | $ 184,544 | $ 85,821 | $ 56,157 |
Cost of goods sold | |||
Total cost of goods sold | (188,627) | (87,518) | (58,061) |
Selling, general and administration expense | (79,571) | (74,323) | (31,624) |
Product development expense | (15,466) | (14,031) | (10,521) |
Foreign exchange gain/(loss) | (4,344) | (4,208) | (1,436) |
Total operating costs and expenses | (99,381) | (92,562) | (43,581) |
Loss from operations | (103,464) | (94,259) | (45,485) |
Other income (expense), net | |||
Finance costs | (35,048) | (18,136) | (8,795) |
Transaction and offering related fees | 0 | (6,783) | (4,794) |
Fair value movements - derivatives and warrants | 16,977 | (9,782) | (5,947) |
Other income | 165 | 61 | 1,940 |
Total other expenses | (17,906) | (34,640) | (17,596) |
(Loss) before income taxes | (121,370) | (128,899) | (63,081) |
Income tax benefit expense | 0 | (20) | (11) |
Net (loss) | (121,370) | (128,919) | (63,092) |
Net (loss) per common share | |||
Net (loss) per common share attributable to common shareholders | $ (121,370) | $ (128,919) | $ (63,092) |
Basic (in dollars per share) | $ (0.78) | $ (1.02) | $ (0.58) |
Diluted (in dollars per share) | $ (0.78) | $ (1.02) | $ (0.58) |
Weighted average shares outstanding | |||
Basic (in shares) | 155,401,121 | 126,814,171 | 99,915,563 |
Diluted (in shares) | 155,401,121 | 126,814,171 | 99,915,563 |
Comprehensive (Loss) | |||
Net (loss) | $ (121,370) | $ (128,919) | $ (63,092) |
Other comprehensive income / (loss) (net of tax) | |||
Change in foreign currency translation adjustment | 2,780 | 7,336 | (136) |
Total other comprehensive income / (loss) (net of tax) | 2,780 | 7,336 | (136) |
Total comprehensive (loss) | $ (118,590) | $ (121,583) | $ (63,228) |
Class C shares | |||
Net (loss) per common share | |||
Basic (in dollars per share) | $ 0 | $ (0.58) | |
Diluted (in dollars per share) | $ 0 | $ 0 | $ (0.58) |
Weighted average shares outstanding | |||
Basic (in shares) | 0 | 8,047,417 | |
Diluted (in shares) | 8,047,417 | ||
External parties | |||
Other income (expense), net | |||
Finance costs | $ (27,867) | $ (18,136) | $ (8,795) |
Related parties | |||
Other income (expense), net | |||
Finance costs | (7,181) | 0 | |
Service and maintenance | |||
Revenue | |||
Total revenue | 9,267 | 4,979 | 2,590 |
Cost of goods sold | |||
Total cost of goods sold | (5,641) | (3,778) | (2,873) |
Hardware revenue | |||
Revenue | |||
Total revenue | 175,168 | 80,832 | 53,562 |
Cost of goods sold | |||
Total cost of goods sold | (182,986) | (83,740) | (55,188) |
Hardware revenue external parties | External parties | |||
Revenue | |||
Total revenue | 167,965 | 69,243 | 32,299 |
Hardware revenue related parties | Related parties | |||
Revenue | |||
Total revenue | 7,203 | 11,589 | 21,263 |
Service and maintenance revenue external parties | External parties | |||
Revenue | |||
Total revenue | 9,267 | 4,979 | 2,590 |
Software Revenue | |||
Revenue | |||
Total revenue | $ 109 | $ 10 | $ 5 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Assets | ||
Cash and cash equivalents | $ 29,421 | $ 70,753 |
Inventory | 140,291 | 54,349 |
Prepaid expenses | 3,745 | 4,873 |
Deposits | 17,437 | 15,675 |
Total current assets | 234,520 | 176,207 |
Property, plant and equipment, net | 17,833 | 11,151 |
Operating lease right of use assets, net | 22,823 | 24,640 |
Total non-current assets | 40,656 | 35,791 |
Total assets | 275,176 | 211,998 |
Liabilities and Shareholders' Deficit | ||
Accounts Payable | 71,050 | 27,049 |
Transaction and offer related fees | 42,593 | 20,554 |
Borrowings | 11,294 | 74 |
Related party borrowings | 51,136 | 0 |
Contract liabilities | 47,127 | 37,727 |
Employee benefits | 2,997 | 2,653 |
Other provisions | 3,343 | 27,623 |
Obligations under operating leases | 3,770 | 4,020 |
Financial instruments - derivative | 8,399 | 0 |
Other current liabilities | 1,694 | 2,939 |
Warrants | 11,627 | 12,340 |
Total current liabilities | 255,030 | 134,979 |
Obligations under operating leases | 22,588 | 25,556 |
Contract liabilities | 5,798 | 2,231 |
Employee benefits | 317 | 217 |
Borrowings | 115,744 | 88,269 |
Related party borrowings | $ 16,465 | $ 0 |
Notes Payable, Noncurrent, Related Party, Type | Related parties | Related parties |
Other provisions | $ 2,889 | $ 2,652 |
Total non-current liabilities | 163,801 | 118,925 |
Total liabilities | 418,831 | 253,904 |
Commitments and Contingent liabilities | ||
Shareholders' Deficit | ||
Common stock, no par value, unlimited stock authorized at June 30, 2023, 160,036,639 shares issued (153,094,269 as of June 30, 2022); 142,007,286 shares outstanding as of June 30, 2023 (148,893,898 as of June 30, 2022) | 243,065 | 227,268 |
Additional paid in capital | 20,254 | 19,210 |
Accumulated other comprehensive income (loss) | 6,420 | 3,640 |
Accumulated deficit | (413,394) | (292,024) |
Total Shareholders' deficit | (143,655) | (41,906) |
Total Liabilities, and Shareholders' deficit | 275,176 | 211,998 |
Related parties | ||
Assets | ||
Accounts receivable | 237 | 16 |
External parties | ||
Assets | ||
Accounts receivable | 43,389 | 30,541 |
Common shares | ||
Shareholders' Deficit | ||
Treasury shares, 3,015,188 as of June 30, 2023 (4,200,371 as of June 30, 2022) | $ 0 | $ 0 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - $ / shares | Sep. 12, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Consolidated Statements of Financial Position | ||||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | ||
Common stock, shares issued | 8,254,527 | 160,036,639 | 153,094,269 | 107,806,361 |
Common stock, shares outstanding | 142,007,286 | 148,893,898 | ||
Treasury shares | 3,715,688 | 4,200,371 | 7,890,800 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Deficit $ in Thousands | Common Stock Legacy Tritium Class C shares USD ($) shares | Common Stock B Riley Purchase Agreement USD ($) shares | Common Stock Employee stock USD ($) shares | Common Stock SEP USD ($) shares | Common Stock STIP USD ($) shares | Common Stock LTIP USD ($) shares | Common Stock USD ($) shares | Legacy Tritium Class C shares Legacy Tritium Class C shares USD ($) shares | Legacy Tritium Class C shares USD ($) shares | Treasury Shares AUD ($) shares | Additional paid-in capital Employee stock USD ($) | Additional paid-in capital SEP USD ($) | Additional paid-in capital LFSP USD ($) | Additional paid-in capital STIP USD ($) | Additional paid-in capital LTIP USD ($) | Additional paid-in capital ESPP USD ($) | Additional paid-in capital USD ($) | Accumulated Other comprehensive loss USD ($) | Accumulated deficit USD ($) | B Riley Purchase Agreement USD ($) | Employee stock USD ($) | LFSP USD ($) | STIP USD ($) | LTIP USD ($) | ESPP USD ($) | USD ($) |
Beginning balance at Jun. 30, 2020 | $ 92,809 | $ 4,383 | $ 2,479 | $ (3,560) | $ (100,013) | $ (3,902) | ||||||||||||||||||||
Beginning balance (in shares) at Jun. 30, 2020 | shares | 102,941,047 | 8,052,499 | (3,025,486) | |||||||||||||||||||||||
Stock-based compensation | $ (4,865,314) | 3,122 | 3,122 | |||||||||||||||||||||||
Share-based payment compensation (in shares) | shares | 4,865,314 | |||||||||||||||||||||||||
Net loss | (63,092) | (63,092) | ||||||||||||||||||||||||
Change in foreign currency translation adjustment | (136) | (136) | ||||||||||||||||||||||||
Ending Balance at Jun. 30, 2021 | $ 92,809 | $ 4,383 | 5,601 | (3,696) | (163,105) | (64,008) | ||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | shares | 107,806,361 | 8,052,499 | (7,890,800) | |||||||||||||||||||||||
Stock-based compensation | 5,932 | 5,932 | ||||||||||||||||||||||||
Issuance of shares | $ 4,383 | $ (4,383) | ||||||||||||||||||||||||
Issuance of shares (in shares) | shares | 8,052,499 | 1 | (8,052,499) | |||||||||||||||||||||||
Conversion of Convertible Notes into DCFC Common Stock | $ 42,570 | 42,570 | ||||||||||||||||||||||||
Conversion of Convertible Notes into DCFC Common Stock (in shares) | shares | 4,288,311 | |||||||||||||||||||||||||
Conversion of DCRN Class A and Class B shares into DCFC Common Stock | $ (12,750) | (12,750) | ||||||||||||||||||||||||
Conversion of DCRN Class A and Class B shares into DCFC Common Stock (in shares) | shares | 15,380,694 | |||||||||||||||||||||||||
Issuance of DCFC Common Stock related to the Option Agreements and PIPE Financing | $ 60,000 | 60,000 | ||||||||||||||||||||||||
Issuance of DCFC Common Stock related to the Option Agreements and PIPE Financing (in shares) | shares | 10,000,000 | |||||||||||||||||||||||||
Issuance of DCFC Common Stock related to the Shadow Equity Plan | $ 11,845 | 3,262 | 15,107 | |||||||||||||||||||||||
Issuance of DCFC Common Stock related to the Shadow Equity Plan (in shares) | shares | 1,175,601 | |||||||||||||||||||||||||
Exercise of warrants | $ 45,112 | 4,850 | 49,962 | |||||||||||||||||||||||
Exercise of warrants (in shares) | shares | 6,537,973 | |||||||||||||||||||||||||
Modification of the Loan Funded Share Plan | 6,381 | 6,381 | ||||||||||||||||||||||||
Modification of the Loan Funded Share Plan (in shares) | shares | (147,171) | 3,690,429 | ||||||||||||||||||||||||
Transaction costs | $ (16,701) | (16,701) | ||||||||||||||||||||||||
Waiver of related party's option to acquire Tritium | (6,816) | (6,816) | ||||||||||||||||||||||||
Net loss | (128,919) | (128,919) | ||||||||||||||||||||||||
Change in foreign currency translation adjustment | 7,336 | 7,336 | ||||||||||||||||||||||||
Ending Balance at Jun. 30, 2022 | $ 227,268 | 19,210 | 3,640 | (292,024) | (41,906) | |||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | shares | 153,094,269 | (4,200,371) | ||||||||||||||||||||||||
Stock-based compensation | $ 3,521 | $ 690 | $ 2,706 | $ 2,691 | $ 65 | $ 3,521 | $ 690 | $ 2,706 | $ 2,691 | $ 65 | ||||||||||||||||
Loan forgiveness related to the Loan Funded Share Plan (in shares) | shares | 484,683 | |||||||||||||||||||||||||
Issuance of shares | $ 2,413 | $ 3,874 | $ 3,262 | $ 652 | $ 841 | $ (3,874) | $ (3,262) | $ (652) | $ (841) | $ 2,413 | ||||||||||||||||
Issuance of shares (in shares) | shares | 1,631,302 | 630,474 | 326,211 | 430,615 | 133,337 | |||||||||||||||||||||
Exercise of warrants | $ 4,755 | 4,755 | ||||||||||||||||||||||||
Exercise of warrants (in shares) | shares | 3,790,431 | |||||||||||||||||||||||||
Net loss | (121,370) | (121,370) | ||||||||||||||||||||||||
Change in foreign currency translation adjustment | 2,780 | 2,780 | ||||||||||||||||||||||||
Ending Balance at Jun. 30, 2023 | $ 243,065 | $ 20,254 | $ 6,420 | $ (413,394) | $ (143,655) | |||||||||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | shares | 160,036,639 | (3,715,688) |
Statement - Consolidated Statem
Statement - Consolidated Statements of Shareholders' Deficit (Parenthetical) | 12 Months Ended |
Jun. 30, 2023 | |
Consolidated Statements of Shareholders' Deficit | |
Issuance of share plan percentage. | 1% |
Stock-based compensation, share allocation percent | 1% |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | |||
Net loss | $ (121,370) | $ (128,919) | $ (63,092) |
Reconciliation of net loss to net cash used in operating activities | |||
Share-based compensation expense | 8,981 | 28,188 | 8,371 |
Foreign exchange gains or losses | 86 | 0 | 1,436 |
Transaction costs related to Common Stock purchase agreement | 741 | 0 | 0 |
Depreciation expense | 2,433 | 2,198 | 2,312 |
Loss on disposal of property, plant and equipment | 47 | 0 | 0 |
Borrowing costs | 0 | 1,518 | 0 |
Fair value movements - derivatives and warrants | (16,977) | 9,782 | 5,947 |
Adjustment for capitalized interest | 12,130 | 12,761 | 8,559 |
Changes in operating assets and liabilities | |||
Accounts receivable | (13,069) | (16,475) | (1,063) |
Inventory | (85,942) | (17,919) | (8,771) |
Accounts payable | 64,420 | 3,263 | 6,619 |
Employee benefits | 444 | 708 | 720 |
Other liabilities | (15,537) | 37,020 | 9,069 |
Other assets | 1,183 | (18,965) | (2,567) |
Net cash used in operating activities | (162,430) | (86,840) | (32,460) |
Cash flows from investing activities | |||
Payments for property, plant and equipment | (8,007) | (7,023) | (2,572) |
Proceeds from disposals of property, plant and equipment | 56 | 0 | 0 |
Net cash used in investing activities | (7,951) | (7,023) | (2,572) |
Cash flows from financing activities | |||
Proceeds from issuance of Common Stock in the Business Combination | 0 | 53,182 | 0 |
Proceeds from issuance of Common Stock | 1,672 | 0 | 0 |
Transaction costs | 0 | (3,808) | 0 |
Proceeds from sold Loan Funded Share Plan | 690 | 0 | 0 |
Proceeds from the exercise of warrants | 0 | 26,572 | 0 |
Proceeds from issuance of Common Stock pursuant to the PIPE Financing | 0 | 15,000 | 0 |
Proceeds from issuance of Common Stock pursuant to the Option Agreements | 0 | 45,000 | 0 |
Proceeds from borrowings - external parties | 56,705 | 117,527 | 0 |
Proceeds from borrowings - related parties | 75,423 | 0 | 0 |
Proceeds from convertible notes including derivative | 0 | 0 | 33,367 |
Transaction costs for borrowings | (8,178) | (3,888) | 0 |
Repayment of borrowings - external parties | 0 | (77,351) | 0 |
Repayment of borrowings - related parties | 0 | (6,414) | 0 |
Waiver of related party's option to acquire Tritium | 0 | (6,816) | 0 |
Net cash provided by financing activities | 126,312 | 159,004 | 33,367 |
Effects of exchange rate changes on cash and cash equivalents | 2,737 | (545) | 120 |
Net increase / (decrease) in cash and cash equivalents | (44,069) | 65,141 | (1,665) |
Cash and cash equivalents at the beginning of the period | 70,753 | 6,157 | 7,702 |
Cash and cash equivalents end of the period | $ 29,421 | $ 70,753 | $ 6,157 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 1 – Summary of Significant Accounting Policies The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For the purpose of these consolidated financial statements, intercompany accounts, transactions, and profits are eliminated on consolidation. Description of Business and General information Tritium DCFC Limited (“Tritium DCFC” or “Group”) is in the business of development, design, testing and manufacturing of innovative power electronic systems and renewable energy solutions. On May 25, 2021, Tritium DCFC entered into a Business Combination agreement (the “Business Combination Agreement” or “BCA”) with Tritium Holdings Pty Ltd (“Legacy Tritium” or “Tritium Holdings”) and Decarbonization Plus Acquisition Corporation II (“DCRN”). On January 13, 2022 (the “Closing Date”), the BCA was consummated and Tritium Holdings and DCRN became wholly owned subsidiaries of Tritium DCFC (the “Business Combination”). Principles of consolidation The Business Combination was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with accounting principles generally accepted in the United States. Under this method of accounting, Tritium DCFC and DCRN have been treated as the “acquired” companies for financial reporting purposes. For accounting purposes, Tritium Holdings has been deemed to be the accounting acquirer in the transaction and, consequently, the transaction has been treated as a recapitalization of Tritium Holdings (i.e., a capital transaction involving the issuance of shares by Tritium Holdings for the net assets of DCRN, accompanied by a recapitalization of Tritium Holdings). Consequently, Tritium Holdings has been deemed the accounting predecessor, meaning that Tritium Holdings’ consolidated assets, liabilities and results of operations have become the historical financial statements of the Group. Additional details related to the accounting for the BCA have been disclosed in the consolidated financial statements of Tritium DCFC Limited for the year ended June 30, 2022. Further information is included in Note 30. Subsidiaries Subsidiaries are all entities (including structured entities) over which the Company 8 Presentation The financial statements are presented in United States dollars which is the consolidated Group’s elected reporting currency. All amounts disclosed in the financial statements relate to the Group unless otherwise stated. The financial statements have been prepared on the historical cost basis, except for derivative financial instruments and warrant liabilities that have been measured at fair value and share-based compensation. Amounts in the consolidated financial statements have been rounded off to the nearest thousand dollars, unless otherwise stated. 8 Being the parent entity of the Tritium DCFC Group. Going concern The Group incurred an operating loss after income tax of $121.4 million (June 30, 2022: $128.9 million) and operating cash outflows of $162.4 million (June 30, 2022: $86.8 million) for the year ended June 30, 2023. At June 30, 2023 the Group had net current liabilities of $20.5 million, and a total shareholders’ deficit of $143.7 million (June 30, 2022: $41.9 million). In addition, the Group has sought and received a number of waivers from its lenders for failing to meet obligations under their debt agreements during the financial year ended June 30, 2023 (refer to Note 15 and Note 31 for details) and has been required to enter into arrangements with key creditors to support working capital management initiatives. This financial position has arisen as the Group has primarily funded its operating cash outflows in the period to June 30, 2023 through raising debt from various external sources. These external borrowing facilities require the Group to maintain minimum liquidity reserve levels throughout the term of the arrangements, as well as to be in compliance with debt covenants commencing in March 2024. The Board approved cashflow forecasts for the Group indicate that the Group will continue to incur operating cash outflows for at least 12 months from the date of this report to fund its operations. Subsequent to June 30, 2023, the Group entered into a securities purchase agreement (as amended on September 18, 2023, the “Preference Shares SPA”) for Series A redeemable convertible preference shares, (“Preference Shares”), with an institutional investor (the “Preference Shares Offering”) (refer to Note 31), raising an initial $25 million, with an option for subsequent tranches (total facility is $75 million), subject to conditions. An amount of $22.6m (net of transaction costs) was provided in escrow on September 13, 2023, and will be released from escrow upon the satisfaction of conditions which the Group expects to meet. Successful conversion to ordinary shares is subject to equity market and default conditions in the agreement, and in some circumstances, cash redemption may be required (refer to Note 31). The Group expects that the Preference Shares will be fully converted into the Group’s ordinary shares over the next 120 days. Although the additional funding from the Preference Shares SPA has been secured (subject to escrow conditions), the Board approved cashflow forecasts indicate that the Group will need additional capital in the short term to fund its financing obligations, settle current liability obligations as they fall due, strengthen the Group's balance sheet, and meet bank covenants. As a result of the above factors, the ability of the Group to continue as a going concern is dependent on a number of factors including its ability to: ● meet the Board approved cashflow forecasts, including timely receipt of payments from customers, and the ability to effectively manage working capital; ● raise sufficient funding in the short term to meet its current obligations, and settle current liability obligations as they fall due; ● receive the ongoing support of its lenders and shareholders; ● meet, renegotiate or defer the obligations in its debt agreements, including in relation to the minimum liquidity reserve levels and bank covenants (commencing in March 2024) as outlined in Note 15; ● meet the conditions for release of the institutional investor funds from escrow; and ● fund any cash redemption requirements that may arise under the institutional investor convertible preference share facility. The Group is currently assessing funding options from various external sources and management and the Board of Directors consider it has reasonable grounds to believe that they can raise additional capital in the timeframes and quantum required. However, there is no guarantee that additional capital raisings will be completed, will provide sufficient funding, or that funding will be obtained on terms acceptable to the Group, if at all. The above events and conditions raise substantial doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. In determining the Group’s ability to continue as a going concern, the Board of Directors has considered the following: ● Demand for goods: The demand for products provided by the Group has increased significantly over the past year and is forecasted to continue. The Group had a sales backlog of $99 million as of June 30, 2023, which is the basis for continued revenue growth into fiscal year 2024. The Group has invested heavily in its inventory balance to fulfill these sales orders, supporting an accelerated production ramp. ● Path to profitability: The Group’s scale in the first half of calendar year 2023 is driving positive gross margin for its products and the ability for it to fund its own working capital requirements in future periods. ● Support from lenders and shareholders: The Group has demonstrated an ability to raise capital over a long period of time, stretching back to 2012, to fund R&D and operational expansion through loss-making periods. St Baker Group, Tritium’s largest shareholder, has injected debt and equity on more than 11 separate occasions since 2013. This has included $70 million in the 12 months to June 30, 2023. During the twelve months to June 30, 2023, the Group was successful in raising $130 million through three debt facilities, as well as the additional $25 million through the Preference Shares SPA executed post-June 30, 2023. The Preference Shares SPA also provides for a potential further $50 million of Preference Shares to be issued, for a total of $75 million of Preference Shares, subject to conditions. This has demonstrated the Group’s continued relationships with debt lenders to provide the necessary funding to support the Group’s increased production and cash flow requirements over the next twelve months. ● Customer wins: The Group continues to solidify its position as the #1 supplier of DC fast chargers in the US (#2 position globally across ANZ, US and Europe), and is expecting a strong increase in revenue this year. With the investment in the Tennessee factory already made, the Group is well-positioned to benefit from demand for Buy America-compliant EV fast chargers, driven by funding from the National Electric Vehicle Infrastructure (“NEVI”) Formula Program and the Inflation Reduction Act. ● Regulatory or operational framework: The Group has made significant progress improving the operational structure, controls and processes, as well as hiring key talent in critical business functions. There are no major changes to the Group’s operational framework, including supplier management, customer mix, and the Group’s workforce, that are expected for the foreseeable future. In considering the circumstances above, management and the Directors believe the Group will be successful in the above matters as the Group and its ultimate parent have a strong history of being able to raise capital from debt and equity sources and accordingly, that the going concern basis of preparation is appropriate. Should the Group be unable to continue as a going concern, it may be required to realize its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Group be unable to continue as a going concern. New and Amended Standards Adopted by the Group In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which requires entities to disclose annually its transactions with a government accounted for by applying a grant or contribution accounting model by analogy. The disclosure requirement includes information about the nature of the transactions and the related accounting policy used to account for the transactions, the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line, and significant terms and conditions of the transactions, including commitments and contingencies. The guidance became effective for the Company on July 1, 2022 and was adopted prospectively, but did not have any impact on the Group’s disclosures as it has not received government assistance during the year ended June 30, 2023. In May 2021, the FASB issued Accounting Standards Update (“ASU 2021-04”) “Earnings Per Share (Topic 260)”and is effective for fiscal years beginning after December 15, 2021. This amendment provides that for an entity that presents earnings per share (EPS) in accordance with Topic 260, the effects of a modification or an exchange of a freestanding equity-classified written call option that is recognized as a dividend should be an adjustment to net income (or net loss) in the basic EPS calculation. The adoption of this standard did not have any impact on the Group’s consolidated financial statements. In August, 2020, the FASB issued Accounting Standards Update (“ASU 2020-06”) “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”. The amendments are effective for fiscal years beginning after December 15, 2021. The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares, impact the diluted EPS computation. The Group expects to apply the exemption available under Section 7(a)(2)(B) of the Securities Act and adopt ASU 2020-06 for fiscal years beginning after December 15, 2023. Recently issued accounting standards In October 2021, the FASB issued Accounting Standards Update (“ASU 2021-08”) “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” and is effective for fiscal years beginning after December 15, 2022. This amendment requires that an entity (acquirer) recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Group does not expect that the adoption of this standard will have a material impact on their financial statements. On March 29, 2023, the FASB issued Accounting Standards Update (ASU) 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323)” and is effective for reporting periods beginning after December 15, 2023, for public business entities. This amendment allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria. While the ASU does not significantly alter the existing eligibility criteria, it does provide clarifications to address existing interpretive issues. It also prescribes specific information reporting entities must disclose about tax credit investments each period. Entities will have the option of applying the ASU using either a modified retrospective or retrospective adoption approach. For some changes related to existing low-income-housing tax credit (LIHTC) investments, prospective application is permitted. The Group does not currently have any equity method investments or joint venture arrangements. On March 27, 2023, the FASB issued ASU 2023-01, which amends certain provisions of ASC 842, “Leases (Topic 842) - Common Control Arrangements” and is effective for fiscal years beginning after December 15, 2023. The amendment in this update applies to arrangements between related parties under common control. Specifically, the ASU offers private companies, as well as not-for-profit entities that are not conduit bond obligors, a practical expedient that gives such entities the option of using the written terms and conditions of a common-control arrangement when determining (1) whether a lease exists and (2) the subsequent accounting for the lease, including the lease’s classification. In addition, the ASU amends the accounting for leasehold improvements in common-control arrangements for all entities. The Group does not have any lease arrangements with entities under common control. The FASB has issued Accounting Standards Update (ASU) No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, and is effective for reporting periods beginning after December 15, 2023, for public business entities, to increase comparability of financial information for entities that hold equity securities with contractual restrictions prohibiting the sale of the securities. Currently, there is diversity in practice on the application of a discount to measure fair value when securities have such contractual restrictions. The ASU provides clarity related to this matter. The ASU also adds disclosure requirements related to contractual sale restrictions. The group does not have Equity Securities subject to contractual sale restrictions. a) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include but are not limited to: determining the lease term of contracts with renewal and termination options, discount rates, share-based compensation, estimation of the fair value of derivatives and warrants, estimation of useful lives of assets, impairment of assets, taxes, employee benefits provisions and warranty provision. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates due to risks and uncertainties and may be material. b) Revenue recognition Revenue from contracts with customers Revenue is recognized when or as the control of the goods or services are transferred to the customer. Depending on the terms of the contract, control of the goods or services may be transferred over time or at a point in time. If control of the goods or services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards satisfying the performance obligation, otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include more than one performance obligation. For such arrangements, the Group allocates the contract price to each distinct performance obligation based on relative standalone selling price. All revenue is stated net of the amount of taxes. The specific recognition criteria described below must also be met before revenue is recognized. Where applicable, the Group has elected to apply the practical expedient available under ASC 606 Revenue from Contracts with Customers on all sales of goods and has not adjusted the promised amount of consideration for the effects of a significant financing component. Sale of hardware revenue The Group generates revenue from the sale of electric vehicle chargers. The contracts with customers include distinct performance obligations relating to the sale of goods and other related services. The overall contract price is allocated to the distinct performance obligations based on the relative standalone selling price. Revenue from the sale of electric vehicle chargers is recognized at a point in time when the Group transfers control of the assets to the customer. The Group also provides for standard warranty rights as required by the local jurisdictions for general repairs for either two or three years on all electric vehicle chargers sold. This standard warranty is not considered to be a separate performance obligation. The estimated warranty costs are recognized as a liability when the Group transfers control of the goods to a customer. The Group has elected the accounting policy choice available under ASC 606 Revenue from Contracts with Customers to account for shipping and handling activities as activities to fulfil the promise to transfer the good. Where the policy choice is applied, related costs of those shipping and handling activities are accrued upon revenue recognition. Rendering of services revenue The Group generates revenue from services in relation to installation, maintenance, and training. Generally, revenue in relation to rendering of services is recognized when the service has been provided, either over time or at a point in time. The Group recognizes the material portion of their revenue from services at a point of time when the service is delivered (i.e., For installation and repairs). However, if the service is performed over a period of time and if the outcome can be estimated reliably, then the stage of completion of the services based on an input method (i.e., costs incurred) is used to determine the appropriate level of revenue to be recognized in the period. The Group provides an extended warranty to its customers for an additional fee. Extended warranty revenue is recognized as a contract liability on receipt and recognized over the period in which the service is provided based on the time elapsed (this commences after the standard warranty expires). Bill-and-hold transactions In certain circumstances, the Group’s customers may request the Group to store products on the customer’s behalf until the customer is ready to collect or have the goods delivered to their specified location. This may arise if customers are not ready to take delivery as a result, generally, of delays in their site construction and rollout or obtaining necessary customs clearances. In these situations, the transfer of control of these products to the customer occurs when the finished products are ready for delivery to the customer. In assessing the transfer of control in these “bill-and-hold” arrangements, we assess whether the Group ● billed the customers in full; ● made the products available for the customer, end of line testing of the product is completed and notification made of the completion of manufacture; ● identified the product physically and systematically as belonging to a specific customer and segregated in our warehouse; and ● does not have the ability to direct the product to a different customer. In assessing bill-and-hold arrangements, the Group is required to make a judgement on whether there is commercial substance to the customer’s request and that the customer agrees that control has passed and the Group has the right to bill the customer. Costs to obtain a contract Costs to obtain a contract mainly relate to commissions paid to the Group’s sales personnel. As contract costs related to sales are typically fulfilled within one year, the costs to obtain a contract are expensed as incurred. Amounts billed to customers related to shipping and handling are classified as revenue. The cost for freight and shipping are recognized as an expense in cost of goods sold when control over the chargers, parts or accessories have transferred to the customer. Contract liabilities A contract liability balance typically arises due to allocation of a part of the consideration received to unsatisfied performance obligations, including extended warranty obligations under revenue contracts. Contract liabilities also arise due to receipt of advances from the customer, prior to satisfaction of performance obligations. The Group’s balance sheet includes customer advances and unearned revenue as contract liabilities. Grant income The Group received government incentives during the previous reporting periods in the form of the Job Keeper program which was a program aimed to support companies as a result of the COVID 19 pandemic. Grant income is recognized in the Consolidated Statements of Operations and Comprehensive Loss when the Group is entitled to the grant, it can be measured reliably, and it is probable that the economic benefits gained from the grant will be received. It is recognized as a liability until these conditions have been met. Government grants received by the Group are typically for the reimbursement of expenses incurred. c) Cost of sales Hardware Cost of hardware revenue includes raw materials, associated freight, production related depreciation, extended and assurance warranty costs, labor costs and overheads directly attributable to the manufacture of products. Service and maintenance Cost of service and maintenance revenue includes spare part materials and labor costs, including the cost of subcontractors. d) Product development All costs associated with new product development are expensed as incurred, including software development costs. External use software development costs are expensed as incurred on the basis that the threshold of technical feasibility as defined in ASC 985, Software, has not been achieved. Product development costs primarily consist of employee compensation for those employees engaged in product development activities, including the development, design and testing of new products. For the year ended June 30, 2023, product development expenses are $15.5 million (2022: $14.0 million, 2021: $10.5 million). e) Finance costs Finance costs are recognized as expenses in the period in which they are incurred. Interest on borrowings are recognized using the effective interest method. f) Income tax Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Group recognizes the effect of income tax positions or benefit from uncertain tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses. The Group has not incurred any material interest and penalties in the June 30, 2023, 2022 or 2021 periods. The Group does not have any material uncertain tax positions during the period recognized. g) Loans and debt securities Loans and debt securities issued are recognized on the date when they are originated at fair value. All other financial liabilities are initially recognized on the trade date. The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. Finance cost includes all interest-related expenses. h) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments that are readily convertible to known amounts of cash with an original maturity date of less than 90 days and which are subject to an insignificant risk of changes in value. i) Derivative Instruments The Group recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. The Group evaluates its debt and equity issuances to determine if those contracts or embedded components of those contracts qualify as derivatives requiring separate recognition in the Group’s financial statements. The result of this accounting treatment is that the fair value of the embedded derivative is revalued at each balance sheet date and recorded as a liability or an asset, and the change in fair value during the reporting period is recorded in other income (expense) in the Consolidated Statements of Operations and Comprehensive Loss. The current or non-current classification of derivative instruments is reassessed at the end of each reporting period. Derivative instrument liabilities or assets are classified in the balance sheet as current or non-current liabilities or assets based on whether or not net-cash settlement of the derivative instrument is expected within twelve months of the balance sheet date. j) Trade and other receivables Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Group records an allowance for estimated credit losses for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, the Group considers historical losses adjusted to take into account current market conditions and the Group’s customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Group reviews its allowance for credit losses monthly. The Group does not have any off-balance-sheet credit exposure related to its customers. Trade accounts are generally written off as bad debts when they are both in dispute and significantly aged where the recoverability is considered unlikely. Balances are not considered past due until they are 30 days after the original due date of the payment. k) Inventory Inventories are measured at the lower of cost or net realizable value. The cost of inventory is determined using a weighted average approach basis and is net of any rebates and discounts received. The costs of inventory included in the Consolidated Statements of Operations and Comprehensive Loss includes directly attributable overhead costs to manufacture, raw materials purchases, associated freight and labor costs. The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the aging of inventories and other factors that affect inventory obsolescence. The inventory obsolescence provision recognized as of June 30, 2023 is $0.7 million (June 30, 2022: $0.5 million). l) Property, plant and equipment Recognition and measurement The Group’s fixed assets are stated at cost. Fixed assets, excluding freehold land, are depreciated on a straight-line and declining balance basis over the assets useful life to the Group, commencing when the asset is ready for use. Depreciation Leasehold improvements are amortized over the shorter of either the unexpired period of the lease or their estimated useful life. The depreciation rates generally used for each class of depreciable asset are shown below: ● Plant and equipment 12.5% - 33.34% ● Furniture, Fixtures and Fittings 10.00% ● Motor Vehicles 33.34% ● Office Equipment 20.00% ● Computer Equipment 33.34% An item of fixed asset and any material part initially recognized is derecognized upon disposal. Any gain or loss arising on de-recognition of the fixed asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Statements of Operations and Comprehensive Loss when the asset is derecognized. At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate. The costs of maintenance and repairs are expensed as incurred. Software as a service (“SaaS”) usage costs are also expensed as incurred. m) Impairment of long-lived assets Long-lived assets such as fixed assets subject to depreciation are reviewed for impairment whenever events or changes in circ |
Revision of Previously Issued F
Revision of Previously Issued Financial Statements. | 12 Months Ended |
Jun. 30, 2023 | |
Revision of Previously Issued Financial Statements. | |
Revision of Previously Issued Financial Statements. | Note 2 - Revision of Previously Issued Financial Statements. During the year, the Group identified that certain items of inventories were incorrectly measured which led to them being overstated at June 30, 2022. The Group procured certain parts on behalf of a raw material supplier, that once consumed by the supplier were not subsequently updated in accordance with the requirements of the accounting guidance. The impact of the adjustment is immaterial however the Group has corrected it on a voluntary basis by revising the prior year financial statements. The assessment above has been reflected by revising each of the affected financial statement line items for the prior periods. There was no impact on previously reported cashflows. Consolidated Statement of Operations and Comprehensive Loss As previously reported As revised Year Ended Year Ended June 30, 2022 Revision June 30, 2022 $’000 $’000 $’000 Hardware - cost of goods sold (82,383) (1,357) (83,740) Total cost of goods sold (86,161) (1,357) (87,518) Loss from operations (92,902) (1,357) (94,259) (Loss) before income taxes (127,542) (1,357) (128,899) Net loss (127,562) (1,357) (128,919) Net (loss) (127,562) (1,357) (128,919) Total comprehensive (loss) (120,226) (1,357) (121,583) Consolidated Statement of Financial Position As previously reported As revised Year Ended Year Ended June 30, 2022 Revision June 30, 2022 $’000 $’000 $’000 Inventory 55,706 (1,357) 54,349 Total current assets 177,564 (1,357) 176,207 Total assets 213,355 (1,357) 211,998 Accumulated deficit (290,667) (1,357) (292,024) Total Shareholders’ deficit (40,549) (1,357) (41,906) Total Liabilities, and Shareholders’ deficit 213,355 (1,357) 211,998 |
Revenue and Other Income
Revenue and Other Income | 12 Months Ended |
Jun. 30, 2023 | |
Revenue and Other Income | |
Revenue and Other Income | Note 3 - Revenue and Other Income Year Ended Year Ended Year Ended June 30,2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 (a) Revenue from contracts with customers Sale of hardware – external parties 167,965 69,243 32,299 Sale of hardware – related parties 7,203 11,589 21,263 Sale of service and maintenance – external parties 9,267 4,979 2,590 Software Revenue 109 10 5 Total revenue 184,544 85,821 56,157 (b) Other income Interest received 147 7 12 Government grants — 18 1,757 Other income 18 36 171 Total other income 165 61 1,940 During the fiscal year ended June 30, 2023, a number of customers requested us to provide our products on a bill-and-hold basis. Changes and delays to the customers’ site rollout schedules continues to contribute to the significant bill-and-hold arrangements for this period. The revenue under the bill-and-hold arrangements for the fiscal year ended June 30, 2023 contributed to 23% of our total revenue (2022: 16%; 2021: 4%). Sale of hardware reflects the revenues from the sale of electric vehicle chargers. Hardware revenue is broken down into the sale of Stand Alone, or Distributed Chargers, or other products provided to customers. This revenue is recognized at a point in time when the performance obligations per the terms of a contract are satisfied. Depending on specific contract terms, this may be at delivery or dispatch, or when bill-and-hold criteria are met. Service and maintenance revenues can reflect either a point in time or an over time obligation dependent on the services provided. The substantial portion of service and maintenance revenue is satisfied at a point in time, with the exception of Service Level Agreements which are recorded over time. Details on the reportable segments have been referenced in Note 22, Segment Reporting. |
Selling, General and Administra
Selling, General and Administration Expenses | 12 Months Ended |
Jun. 30, 2023 | |
Selling, General and Administration Expenses | |
Selling, General and Administration Expenses | Note 4 - Selling, General and Administration Expenses Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Equity settled share-based compensation expense (8,981) (12,339) (3,122) Cash settled share-based compensation expense — (15,849) (5,249) Wages, salaries, and other employee benefits (32,919) (22,582) (14,543) Depreciation expense (1,222) (1,582) (2,312) IT and communications (7,074) (6,247) (1,660) Occupancy (2,423) (4,198) (1,464) Sales and marketing (1,129) (449) (188) Insurance (5,719) (3,370) (627) Professional fees (10,970) (5,625) (1,470) Expected credit losses on trade receivables (5,182) (61) (148) Bad debt expenses — (73) (21) Travel, meals, and accommodation expenses (1,827) (1,400) (178) Other administration expenses (887) (490) (290) Other operating expenses (1,238) (58) (352) Total selling, general and administration expenses (79,571) (74,323) (31,624) |
Finance Costs and Fair Value Mo
Finance Costs and Fair Value Movement | 12 Months Ended |
Jun. 30, 2023 | |
Finance Costs and Fair Value Movement | |
Finance Costs and Fair Value Movement | Note 5 - Finance Costs and Fair Value Movement Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 (a) Finance costs Interest on debt and borrowings (25,548) (17,142) (8,588) Interest on debt and borrowings Related Party (7,181) — — Other finance costs (2,319) (994) (207) Total finance costs (35,048) (18,136) (8,795) (b) Fair value movement Prepayment fee feature — (6,291) (5,947) Warrant liability 17,826 (3,491) — Embedded derivative (849) — — Total Fair value movement 16,977 (9,782) (5,947) |
Transaction and Offering Relate
Transaction and Offering Related Fees | 12 Months Ended |
Jun. 30, 2023 | |
Transaction and Offering Related Fees | |
Transaction and Offering Related Fees | Note 6 - Transaction and Offering Related Fees Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Professional fees — (150) (4,794) Indirect tax expense — (5,683) — Other transaction and offering related fees — (950) — Total transaction and offering related fees — (6,783) (4,794) For the year ended June 30, 2023, transaction and offering related fees presented above are transactions costs in relation to the business combination agreement with Decarbonization Plus Acquisition Corporation. The FBT tax expense incurred is a result of the modification of various LFSP grants made to executives as a result of the business combination. |
Income Tax Expense
Income Tax Expense | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Expense | |
Income Tax Expense | Note 7 - Income Tax Expense There is no provision for income taxes because the Group has historically incurred operating losses and maintains a full valuation allowance against its net deferred tax assets. The Group’s loss before provision for income taxes for the years ended June 30, 2023,2022 and 2021 was generated in Australia. As a result, any material income tax results arise in foreign jurisdictions. A reconciliation of the statutory income tax rate to the Group’s effective income tax rate is as follows: Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Tax at the statutory tax rate of 30% (36,411) (38,263) (18,928) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: State tax (2,133) — — Foreign tax rate differential 2,610 563 321 Non-deductible items (370) 6,778 3,389 Current year tax losses and temporary difference not recognized 36,304 30,902 15,207 Effective income tax — (20) (11) Net deferred tax assets as of June 30, 2023 and 2022 consisted of the following: As of As of June 30, 2023 June 30, 2022 $’000 $’000 Deferred tax assets Unused tax losses 93,777 62,717 Employee entitlements 4,356 1,294 Warranties 1,896 1,571 Lease liabilities 8,833 8,871 Other 4,788 3,987 Total deferred tax assets 113,650 78,440 Deferred tax liabilities Right of use assets (6,847) (7,392) Total deferred tax liabilities (6,847) (7,392) Valuation allowance applied (106,803) (71,048) Net deferred tax assets — — As of As of June 30, 2023 June 30, 2022 $’000 $’000 Changes in deferred taxation allowance Opening balance – July 1 (71,048) (44,584) (Increase) in deferred tax assets (excluding losses) (35,755) (25,901) Other movements including foreign currency and rate differential — (563) Valuation allowance on tax losses (106,803) (71,048) The Group has recognized a full valuation allowance for tax losses carried forward as of June 30, 2023, and 2022. The Group’s historical tax losses predominantly arose in Australia. At June 30, 2023 there are $283.7 million (2022: $197.8 million; 2021: $107.9 million) available indefinitely for offsetting against future taxable profits of the companies in which the losses arose, subject to certain tests being met. The losses are subject to confirmation with taxing authorities and the lodgment and finalization of income tax returns. The actual losses available on lodgment of these returns may be different. The future use is also uncertain due to Group operations, continuity of ownership limitations, tax law changes and compliance with existing tax law. Consequently, a full valuation allowance has been recorded. The Group files income tax returns in a number of jurisdictions including the United States, the Netherlands and Australia. Income tax returns for all jurisdictions except the Netherlands have been filed for the period ending June 30, 2022. Additionally, the Group has not filed income tax returns for the Netherlands relating to period June 2019 and June 2020, however, does not expect any material amendments, penalties, or interest to be incurred as a result of this late filing for the June 30, 2021, 2020 and 2019 year ends. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | Note 8 – Cash and Cash Equivalents June 30, 2023 June 30, 2022 $’000 $’000 Cash and cash equivalents 29,421 70,753 Cash and cash equivalents represent cash held with financial institutions. Under the $150 million CIGNA Refinance Loan agreement disclosed in Note 15, the Group is required to maintain a Liquidity Reserve that is no less than $25 million. |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance for Expected Credit Losses | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, Net of Allowance for Expected Credit Losses | |
Accounts Receivable, Net of Allowance for Expected Credit Losses | Note 9 - Accounts Receivable, Net of Allowance for Expected Credit Losses June 30, 2023 June 30, 2022 $’000 $’000 Accounts receivable – related parties 237 16 Trade receivables 45,574 28,559 45,811 28,575 Less: Allowance for expected credit losses (5,473) (275) Sales tax receivable 893 1,150 Other receivables 2,395 1,107 Total accounts receivables 43,626 30,557 Expected credit loss rate Carrying amount Allowance for expected credit losses 2023 2022 2023 2022 2023 2022 Consolidated % % $’000 $’000 $’000 $’000 Less than 30 days past due — — 31,935 16,337 — — 30 to 60 days past due — — 2,820 1,674 — — 61 to 90 days past due — — 3,713 710 — — Greater than 90 days past due 74.5 2.8 7,343 9,854 (5,473) (275) 45,811 28,575 (5,473) (275) Based on the assessment of specific customers where the balance is over 90 days past due, the Group has assessed the specific risk of recover and taken a provision accordingly. As such, the Group considers the current expected credit loss rate to be appropriate. June 30,2023 June 30, 2022 Provision $’000 $’000 Opening balance of provision – July 1 (275) (227) Provision created during the year (5,195) (255) Recoveries during the year 5 171 Foreign currency translation movements (8) 36 Closing balance of provision – June 30 (5,473) (275) |
Inventory
Inventory | 12 Months Ended |
Jun. 30, 2023 | |
Inventory | |
Inventory | Note 10 – Inventory June 30, 2023 June 30, 2022 * $’000 $’000 Raw materials and consumables 103,102 43,486 Work in progress 6,809 4,561 Finished goods 29,275 3,457 Stock in transit 1,105 2,845 Total inventory 140,291 54,349 A total of $0.7 million is recognized in inventory obsolescence provisions at June 30, 2023 (2022: $0.5 million). * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. |
Prepaid Expenses
Prepaid Expenses | 12 Months Ended |
Jun. 30, 2023 | |
Prepaid Expenses | |
Prepaid Expenses | Note 11 - Prepaid Expenses June 30, 2023 June 30, 2022 $’000 $’000 Prepaid expenses 3,745 4,873 Prepaid expenses reflect the monies paid for operating expenses to be expensed over the committed term. The $3.7 million at June 30, 2023 is primarily related to the prepaid premium for director and officer liability insurance. |
Deposits
Deposits | 12 Months Ended |
Jun. 30, 2023 | |
Deposits | |
Deposits | Note 12 – Deposits June 30, 2023 June 30, 2022 $’000 $’000 Current assets Term deposits held against bank guarantees 3,601 3,796 Supplier deposits 13,836 11,879 Total current deposits 17,437 15,675 Supplier deposits are funds paid by the Group to suppliers for manufacturing and prepayments for services or utilities to be provided and invoiced later by the supplier . |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment | |
Property, Plant and Equipment | Note 13 – Property, Plant and Equipment Total Furniture, property, fixtures plant Plant and and Motor Computer Leasehold Construction and equipment fittings vehicles equipment improvements in progress equipment $’000 $’000 $’000 $’000 $’000 $’000 $’000 Year ended June 30, 2022 Opening net book amount 3,489 155 244 18 1,783 — 5,689 Additions 1,350 60 23 423 236 5,929 8,021 Disposals — — — — — — — Depreciation (988) (102) (55) (444) (609) — (2,198) Exchange rate variation (223) (9) (33) 17 (113) — (361) Closing net book amount 3,628 104 179 14 1,297 5,929 11,151 Year ended June 30, 2022 Cost 6,515 616 430 1,707 3,464 5,929 18,661 Accumulated depreciation (2,887) (512) (251) (1,693) (2,167) — (7,510) Net book amount 3,628 104 179 14 1,297 5,929 11,151 Year ended June 30, 2023 Opening net book amount 3,628 104 179 14 1,297 5,929 11,151 Additions 2,878 1,243 9 621 2,168 2,708 9,627 Transfers 4,326 1,217 1 16 2,230 (7,790) — Disposals (13) — (90) — — — (103) Depreciation (1,158) (270) (18) (214) (773) — (2,433) Exchange rate variation (323) (23) (8) — (55) — (409) Closing net book amount 9,338 2,271 73 437 4,867 847 17,833 Year ended June 30, 2023 Cost 13,309 3,043 330 2,300 7,773 847 27,602 Accumulated depreciation (3,971) (772) (257) (1,863) (2,906) — (9,769) Net book amount 9,338 2,271 73 437 4,867 847 17,833 Depreciation expense is recorded within cost of goods sold and operating costs in the Consolidated Statements of Operations and Comprehensive Loss and amounted to $2.4 million for the year ended June 30, 2023 (2022: $2.2 million, 2021: $2.3 million). |
Accounts Payable
Accounts Payable | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Payable | |
Accounts Payable | Note 14 – Accounts Payable June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Trade and other payables 58,688 16,872 Accrued Expenses 8,409 1,461 Sales tax payable 3,868 8,623 Related party payables 85 93 Total accounts payable 71,050 27,049 Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days. The carrying amounts are a reasonable approximation of fair value . |
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2023 | |
Borrowings | |
Borrowings | Note 15 – Borrowings June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Interest-bearing borrowings 11,191 — Related party borrowings 51,136 — Other borrowings 103 74 Total current borrowings 62,430 74 Non-current liabilities Interest-bearing borrowings 115,744 88,269 Related party borrowings 16,465 — Total non-current borrowings 132,209 88,269 Total borrowings 194,639 88,343 Borrowing costs have been included in the interest-bearing borrowings line item in the current year. June 30, 2023 June 30, 2022 $’000 $’000 Borrowings Rollforward Opening Balance – July 1 88,343 80,332 Drawdowns of facilities 129,848 117,527 Transaction costs paid (8,178) (3,888) Repayment of borrowings (inclusive of prepayment fee) — (72,407) Accrued Interest 12,130 12,761 Conversion of convertible notes — (42,570) Derivative and warrant allocation (29,518) — Prepayment fee 2,250 — Credit card borrowings 30 49 Foreign currency translations movements (266) (3,461) Closing Balance – June 30 194,639 88,343 Current borrowings Financing arrangements with Sunset Power Pty Ltd as trustee of St Baker Family Trust (“Sunset Power”) and O-CORP EV LLC (“O-Corp”) On May 5, 2023, the Group entered into two separate financing agreements with Sunset Power and O-Corp for finance of $35 million and $5 million, “the borrowings”. The borrowings attract interest at a coupon rate of 12% p.a. that is capitalized into the balance of the borrowings and is repayable in full along with repayment of the principal. The borrowings do not provide a fixed date on which the Group is required to repay these loans. Instead, they require that: ● If within 120 days of the drawdown of the borrowings, the Group is able to undertake a fundraising wherein it raises at least $25 million from third parties (through debt and/or equity instruments) (“Qualifying Fundraising”), then, if all required circumstances (such as pre-agreed returns) are met, Sunset Power is required to participate in such Qualifying Fundraising and rollover the outstanding principal balance. O-Corp, at its sole discretion, may decide not to participate in a Qualifying Fundraising. In such an event, any accrued interest that is not capitalized as part of the principal amount will be paid out in cash. ● Where a Qualifying Fundraising does not occur within the specified timeframe, or where either of Sunset Power or O-Corp do not participate in the Qualifying Fundraising, each of Sunset Power and O-Corp have an option to redeem the outstanding unpaid balance of borrowings (including interest) by either: o Subscribing to the Group’s ordinary shares. The number of ordinary shares to be issued will be determined based on the outstanding balance of borrowings (including interest), divided by the Variable Weighted Average Price (“VWAP”) of the Group’s ordinary shares, for 10 days immediately preceding the exercise of such option. Or o Subscribing to the Group’s Redeemable Preference Shares (“RPS”) and Warrants. The RPS, if issued, are proposed to have a fixed term of 5 years , redeemable in cash, carry a coupon rate of 12% p.a. and guarantee a return of 1.8 x or a 12% Internal Rate of Return on invested capital, whichever is higher. The number of Warrants to be issued are fixed at 12,807,407 and 1,829,630 , respectively for Sunset Power and O-Corp. The Warrants will be exercisable in three tranches, with each Warrant convertible into one ordinary share of the Group, for a fixed price per Warrant. In addition, 75% of the total warrants are subject to a Mandatory Exercise Notice if, based on the 20 day VWAP and assuming the Lenders exercise all of the Total Warrants such that it receives the aggregate amount of ordinary shares, the lender would receive value equivalent to 2.50x multiple of invested capital (MOIC) to the Lenders. Or o Where Tritium is in the process of securing financing from a third party for at least $25 million, each of Sunset Power and O-Corp, separately, may opt to subscribe to such funding and roll-over the outstanding balance of borrowings (including interest). This election if completely at the discretion of Sunset Power and O-Corp. ● The respective borrowing agreements also require the Group to pay an upfront fee of 3.5% of the amount drawn. As at June 30, 2023, the Group has drawn down both facilities in full and paid the associated upfront fees. ● Both borrowing arrangements are unsecured. The Group has assessed the borrowing arrangements to be a ‘hybrid financial instrument’, with the following components: ● Financial liability component (recognized within borrowings – Note 15) – representing the Group’s potential obligation to settle the borrowings in cash. Recognized initially at fair value and subsequently at amortized cost. ● An embedded derivative component (recognized separately from borrowings) – representing the various conversion options. Recognized initially at fair value with subsequent changes in fair value recognized in the Consolidated Statements of Operations and Comprehensive Loss. At initial recognition, the Group has fair valued the above components and allocated the fair value of the embedded derivative component and transaction costs against the proceeds under the financing arrangements. Transaction costs allocated to the financial liability component have been recognized at amortized cost, along with the financial liability, while those associated with the embedded derivative have been recognized directly in the statement of Consolidated Statements and Comprehensive Loss, within Finance Costs. Working capital facility Sunset Power also provided a $20.0 million working capital facility (“Working Capital Facility”) on December 23, 2022 which was drawn down in full on December 30, 2022. The drawdown was subject to a 2% commitment fee. The Working Capital Facility attracts interest at a coupon rate of 9.5% on 360-day compounding, payable quarterly. Repayment of the Working Capital Facility is linked to the fulfillment of specifically identified customer Purchase Orders – once a customer is invoiced, Tritium will repay the corresponding portion of the facility within a maximum of 14 months after entering the arrangement. Non-current borrowings Senior Loan Note Subscription Agreement On September 2, 2022, the existing $90 million senior debt facility from Cigna & Barings has been extended by $60 million to a $150 million facility which will be used to fund working capital to accelerate production, further product development, and support operations around the world. The facility has a 3-year term and 8.5% cash coupon capitalized and paid quarterly supplemented with the issuance to the lenders or their affiliates of warrants for the purchase of ordinary shares of the Company. The consortium providing the facility comprises long-term supporter Cigna Investments, Inc. (Cigna), the investment arm of Cigna Corporation, a U.S.-based global health services company, in addition to Barings LLC (Barings), a leading global financial services firm and subsidiary of MassMutual, a U.S.-based mutual insurance company, Riverstone Energy Limited. This facility is secured against the present and after-acquired property of Tritium Holdings Pty Ltd and Tritium Pty Ltd. The facility has a number of conditions including the following Financial Covenants commencing on 31 March 2024. Total Leverage Ratio (TLR) must not be greater than the corresponding level specified below in respect of the Compliance Date: ● TLR of 8.00 x for March 31, 2024 ● TLR of 5.00 x for June 30, 2024 ● TLR of 4.00 x for September 30, 2024 ● TLR of 3.50 x for December 31, 2024 ● TLR of 2.50 x for March 31, 2025 and each compliance date thereafter Total Interest Cover Ratio (TIR) must not be less than the corresponding level specified below in respect of that Compliance Date: ● TIR of 1.00 x for March 31, 2024 ● TIR of 1.50 x for June 30, 2024 ● TIR of 1.75 x for September 30, 2024 ● TIR of 2.00 x for December 31, 2024 ● TIR of 3.00 x for March 31, 2025 and each compliance date thereafter Total Tangible Assets Ratio (TTAR) must be less than 1.5x on each TTAR Compliance Date The borrowing arrangement also requires the Group to maintain a minimum liquidity balance of $25 million. On November 18, 2022, the Group’s liquidity fell below the minimum required amount which was notified to the lenders simultaneously with the execution of the Accordion Facility permitted by the senior debt facility agreement (see below), allowing the Group to restore the minimum liquidity balance by November 23, 2022. As a result of the Group’s ability to restore the minimum liquidity balance and to present expected future inflow of funds and expected timing, the lenders confirmed on December 12, 2022: ● the remediation of this event to their satisfaction, and accordingly no Review Event Notice will be issued; ● to unconditionally waive any event of default which occurred as a result of a breach of a representation, warranty, condition or undertaking made in entering into the Accordion Facility when being under the minimum liquidity balance. On March 16, 2023, the Group’s liquidity fell below the minimum required amount which was notified to the lenders and managed to restore it by June 19, 2023. As a result of the Group's ability to restore the minimum liquidity balance and to present expected future inflow of funds and expected timing, the lenders confirmed on June 28, 2023: ● the remediation of this event to their satisfaction, and accordingly no Review Event Notice will be issued. Accordion facility The Group entered into a separate loan agreement with Sunset Power on November 18, 2022 (“borrowing”). Finance of $10.0 million was obtained under this borrowing agreement. The borrowing attracts interest at the coupon rate of 8.5%. This accrued interest on the borrowing is capitalized quarterly into the balance of the loan and the principle is repayable in full at the termination date. The borrowing is repayable via cash settlement on the termination date of November 18, 2025. The facility is secured against the present and after-acquired property of Tritium Holdings Pty Ltd and Tritium Pty Ltd. NAB Facility The Group has a NAB facility which is used for credit cards and other liabilities in the Group. The NAB facility is 100% supported by term deposits and is a non-interest bearing facility. The total facility limit is $3.7 million and a total of $2.2 million is unused as of June 30, 2023 (2022: $3.3 million). |
Fair value measurements
Fair value measurements | 12 Months Ended |
Jun. 30, 2023 | |
Fair value measurements | |
Fair value measurements | Note 16 – Fair value measurements The fair values of the Group’s financial assets and financial liabilities reflect the amounts that would be received to sell the assets or paid to transfer the liabilities in an orderly transaction between market participants at the measurement date (exit price). The fair value of the Group’s long-term debt with fixed interest rates is based on market prices, if available, or expected future cash flows discounted at the current interest rate for financial liabilities with similar risk profiles (Level 2 fair value hierarchy). Based on this assessment, the fair value of the Group’s long-term debt is materially the same as the carrying value. Private warrants As part of the initial public offering, the company issued private placement warrants which can be exercised to purchase an equal number of Common Stock. Refer to Note 1(y) for additional information. The fair value of the private warrants is classified as Level 2 within the fair value hierarchy and is based on the indexation of the public warrants price. Other warrants As part of the refinancing of the senior debt facility and the Accordion facility, the company issued warrants. The warrants vest in three equal tranches over a period of eighteen months and entitle the holder to purchase one share of the group’s Common Stock for $0.0001 per share. Refer to Note 1(y) for additional information. The fair value of the other warrants is classified as Level 2 within the fair value hierarchy and is based on a binomial tree valuation, where the value of the security at each discrete step is determined and the present value of the future outcomes, weighted by probability, results in the fair value of the other warrants. Tranche 1 Tranche 2 Tranche 3 Valuation date June 30, 2023 June 30, 2023 June 30, 2023 Vesting date September 2, 2022 June 2, 2023 March 2, 2024 Expiry date September 2, 2025 September 2, 2025 September 2, 2025 Share price at the valuation date $ 1.09 $ 1.09 $ 1.09 Exercise price $ 0.0001 $ 0.0001 $ 0.0001 Volatility 90 % 90 % 90 % Risk free interest rate 5.03 % 5.03 % 5.03 % Dividend yield 0 % 0 % 0 % Embedded derivatives As part of the hybrid financial instrument with Sunset Power and O-Corp, the various conversion options were recognized as an embedded derivative. Refer to Note 15 for additional information. The fair value of the embedded derivative is classified as Level 2 within the fair value hierarchy and is based on a Monte Carlo simulation for tranches 1 and 2 and Black Scholes option pricing model for tranche 3. The assumptions used in the valuation were as follows: Tranche 1 Tranche 2 Tranche 3 Valuation date June 30, 2023 June 30, 2023 June 30, 2023 Share price $ 1.09 $ 1.09 $ 1.09 Exercise price $ 1.25 $ 2.50 $ 5.00 Expected option terms 5 years 5 years 5 years Expected volatility 90 % 90 % 90 % Risk-free rate of return 4.16 % 4.16 % 4.16 % Expected annual dividend yield 0 % 0 % 0 % The Group’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of June 30, 2023 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Common stock public warrant liabilities 3,690 — — 3,690 Common stock private warrant liabilities — 98 — 98 Other warrant liabilities — 7,839 — 7,839 Embedded derivatives (Note 15) — 8,399 — 8,399 Total financial liability 3,690 16,336 — 20,026 The following table presents a summary of the changes in the fair value of the Group’s warrant liability: Public warrants Private warrants Other warrants Total Number of Number of Number of Number of warrants Amounts warrants Amounts warrants Amounts warrants Amounts $’000 $’000 $’000 $’000 Balance as at June 30, 2022 9,037,130 12,019 241,147 321 — — 9,278,277 12,340 Warrants issued — — — — 2,166,229 21,879 2,166,229 21,879 Warrants exercised and equity issued (10,146) (18) — — (992,856) (4,748) (1,003,002) (4,766) Change in fair value — (8,311) — (223) — (9,292) — (17,826) Balance as at June 30, 2023 9,026,984 3,690 241,147 98 1,173,373 7,839 10,441,504 11,627 The movement in fair value in relation to the embedded derivative was $0.8 million. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Jun. 30, 2023 | |
Employee Benefits | |
Employee Benefits | Note 17 – Employee Benefits June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Annual leave 2,780 2,345 Long service leave 217 308 Total current employee benefits 2,997 2,653 Non-current liabilities Long service leave 317 217 Total employee benefits 3,314 2,870 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Other Liabilities | |
Other Liabilities | Note 18 - Other Liabilities June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Insurance and other liabilities 1,477 1,769 Cash settled employee liabilities 146 152 Deferred fulfillment liabilities — 432 Commissions 71 586 Total current other liabilities 1,694 2,939 Insurance and other liabilities relates to a loan received to fund the D&O insurance liability. |
Other Provisions
Other Provisions | 12 Months Ended |
Jun. 30, 2023 | |
Other Provisions | |
Other Provisions | Note 19 – Other Provisions June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Warranties 1,392 1,326 Legal and other provisions 1,231 126 Bonus Provision 720 1,028 Transaction and offering related fees — 25,143 Total other provisions - current 3,343 27,623 Non-current liabilities Warranties 2,889 2,652 Total other provisions 6,232 30,275 Transaction and offering related fees relate to advisory fees outstanding in relation to the special purpose acquisition company listing and are expected to be settled in cash. Amounts recognized as at June 30, 2022 were estimated and have now been re-classified out of provisions where the amounts are known. June 30, 2023 June 30, 2022 Provision for warranties $’000 $’000 Opening balance of warranties – July 1 3,978 3,925 Warranty utilized during the year (4,262) (3,295) Provision created during the year 4,730 3,656 Foreign currency translation adjustment (165) (308) Closing balance of provision for warranties – June 30 4,281 3,978 |
Right of Use Assets and Lease L
Right of Use Assets and Lease Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Right of Use Assets and Lease Liabilities | |
Right of Use Assets and Lease Liabilities | Note 20 – Right of Use Assets and Lease Liabilities June 30, 2023 June 30, 2022 $’000 $’000 Total right of use assets 22,823 24,640 Lease liabilities Current lease liabilities 3,770 4,020 Non-current lease liabilities 22,588 25,556 Total lease liabilities 26,358 29,576 The Group has lease contracts for various property, buildings, motor vehicles and other equipment used within its operations. The Group’s obligations under its leases are secured by the lessor’s title to the leased assets. Generally, the Group is restricted from assigning and subleasing the leased assets. There are several lease contracts that include extension and termination options. The Group had total cash outflows for leases of $4.2 million in 2023 ($2.6 million in 2022 and $1.1 million in 2021 respectively). The Group recognized expenses relating to short term leases of $0.1 million in 2023 ($0.01 million in 2022 and 2021 respectively). The weighted average incremental borrowing rate at June 30, 2023 was 2.76% (June 30, 2022: 2.72%; June 30, 2021: 1.45%). As most of the Group’s leases do not provide an implicit rate of return, the use of the incremental borrowing rate has been adhered to, based on the information available at lease commencement date in determining the present value of lease payments. For the current period ending June 30, 2023, the maturity of the lease payments is as follows: Amount Operating leases $’000 June 30, 2024 4,070 June 30, 2025 4,125 June 30, 2026 4,340 June 30, 2027 4,474 June 30, 2028 4,583 Thereafter 9,573 Total minimum lease payments 31,165 Less amount representing interest 4,807 Present value of lease liabilities 26,358 Less: current portion 3,770 Long term portion of lease liabilities 22,588 The weighted average lease term is 5.8 years for the June 30, 2023 period (7.2 years for 2022 and 7.4 years for 2021 respectively). The Group has several lease contracts that include extension and termination options. These options are negotiated by management to provide flexibility in managing the leased-asset portfolio and align with the Group’s business needs. Management exercises significant judgement in determining whether these extension and termination options are reasonably certain to be exercised. |
Contract Liabilities
Contract Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Contract Liabilities | |
Contract Liabilities | Note 21 – Contract Liabilities June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Customer advance deposits 45,482 33,508 Unearned revenue 1,645 4,217 Total current contract liabilities 47,127 37,727 Non-current liabilities Customer advance deposits — 847 Unearned revenue 5,798 1,384 Total non-current contract liabilities 5,798 2,231 Total contract liabilities 52,925 39,958 It is expected that the performance obligations recognized as current contract liabilities which are yet to be satisfied as of June 30, 2023 will be recognized in revenue in the next 12 months. Unearned revenue represents the sale of extended warranties which is recognized as revenue over the term of the extended warranty. Customer advance deposits represent advance payments for products, which are made at the time the order is placed and is recorded as revenue once the performance obligation is satisfied. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Jun. 30, 2023 | |
Segment Reporting | |
Segment Reporting | Note 22 – Segment Reporting The following table presents revenue by the Group’s reportable segments: Hardware Distributed Total Service and Stand Alone * Chargers Other Hardware * Maintenance Software Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Year Ended June 30, 2021 Revenue 20,084 32,974 504 53,562 2,590 5 56,157 Cost of goods sold (21,099) (33,718) (371) (55,188) (2,873) — (58,061) Segment gross profit/(loss) (1,015) (744) 133 (1,626) (283) 5 (1,904) Year Ended June 30, 2022 Revenue 52,072 26,603 2,157 80,832 4,979 10 85,821 Cost of goods sold (53,264) (28,597) (1,879) (83,740) (3,778) — (87,518) Segment gross profit/(loss) (1,192) (1,994) 278 (2,908) 1,201 10 (1,697) Year Ended June 30, 2023 Revenue 108,927 61,406 4,835 175,168 9,267 109 184,544 Cost of goods sold (116,320) (61,782) (4,884) (182,986) (5,641) — (188,627) Segment gross profit/(loss) (7,393) 376 (49) (7,818) 3,626 109 (4,083) * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. The Group assesses the performance and makes operating decisions on the basis of seven existing operating segments, which are aggregated into three reportable hardware segments, one service and maintenance segment and one software segment. The hardware operating segments meet the qualitative criteria for aggregation in this manner as the operating segments that are aggregated into the stand alone segment have similar economic characteristics, are similar in nature and they have similar manufacture, distribution chains and customers. This is also the case for those operating segments that are aggregated into the ‘distributed chargers’ segment. Stand alone charging systems are single units. Distributed charging systems can have multiple user units all connected in the one system. Other hardware products are managed as a single operating and reportable segment and are monitored by the Group’s Chief Operating Decision Making (CODM) in this way. The Group believes the current method of segment reporting reflects both the way its business segments are currently managed and the way the performance of each segment is evaluated. Service and maintenance revenue relates to commissioning, repair, maintenance, and training and is recognized when the service and/or maintenance has been provided, either over time or at a point in time. Software revenue relates to software services related to licenses and other software modules, such as preventative maintenance and site utilization. The Group does not monitor service and maintenance and software revenue as it is not considered a key part of the current business operations. The CODM uses revenue and gross margin/loss to evaluate segment performance and allocate resources. The CODM does not evaluate operating segments using asset or liability information nor are there any other performance metrics or measures used to monitor the operations. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies and there are no inter-segment revenues or costs. In terms of concentration of customer risks, two customers each contribute more than 10% of the Group’s total revenue which represents approximately $47.5 million of the total amount (26% of the total revenue), with customer one amounting to $19.2 million in the distributed chargers segment (2022: $13.0 million; 2021: $17.0 million) and customer two amounting to $28.3 million, with $9.5 million in the distributed chargers segment and $18.8 million in the standalone chargers segment (2022: $0; 2021: $0). The following table reconciles segment gross (loss) to loss from operations and a calculation of segment gross margin: Group Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 * June 30, 2021 $’000 $’000 $’000 Revenue 184,544 85,821 56,157 Cost of goods sold (188,627) (87,518) (58,061) Segment gross profit (4,083) (1,697) (1,904) Selling, general and administration expense (79,571) (74,323) (31,624) Product development expense (15,466) (14,031) (10,521) Foreign exchange gain/(loss) (4,344) (4,208) (1,436) Total operating costs and expenses (99,381) (92,562) (43,581) Segment gross profit (4,083) (1,697) (1,904) Revenue 184,544 85,821 56,157 Segment gross margin (2.2) % (2.0) % (3.4) % * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. Segment gross profit is calculated as Revenue less Cost of goods sold. The following table presents the Group’s revenue by geographic area based on the entity that has entered the external contract to supply the product and services. The entity’s geographical area is based on the place of incorporation. Group Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Australia 31,280 12,735 5,044 United States 63,074 33,174 12,730 The Netherlands 90,190 39,912 38,383 Total revenue 184,544 85,821 56,157 The following table presents long-lived assets by geographic area on the same basis as detailed above: Group Year Ended Year Ended June 30, 2023 June 30, 2022 $’000 $’000 Australia 18,499 18,709 United States 21,634 16,290 The Netherlands 523 792 Total Long-lived assets 40,656 35,791 The Group’s manufacturing and inventory is predominately located in and supplied from Australia. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Jun. 30, 2023 | |
Loss Per Share | |
Loss Per Share | Note 23 – Loss Per Share The following table presents net loss per share and related information: Group Basic and diluted loss per share June 30, 2023 June 30, 2022 * June 30, 2021 Net (loss) attributable to common stockholders ($’000) (121,370) (128,919) (63,092) Weighted average number of shares Basic and diluted – common Stock 155,401,121 126,814,171 99,915,563 Basic and diluted net loss per share (0.78) (1.02) (0.58) Basic and diluted – C shares 8,047,417 Basic and diluted net loss per share (0.58) * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. Loss per share calculations for all periods prior to the Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Business Combination to affect the reverse recapitalization, less shares related to the mandatorily convertible notes and the Loan Funded Share Plan. The share conversion factor applied to shares immediately prior to the Business Combination is 1.4716625 (refer to Note 30 for additional details). Because the Company reported net losses for all periods presented, all potentially dilutive Common Stock equivalents were determined to be antidilutive for those periods and have been excluded from the calculation of net loss per share. The Loss per share as previously reported was calculated on the following basis: Group Basic and diluted loss per share June 30, 2021 Net (loss) attributable to common stockholders (58,389,069) Weighted average number of shares – Basic and diluted 67,892,971 Basic and diluted net loss per share – common stockholders (0.86) Net loss attributable to class C stockholders (4,702,784) Weighted average number of class C shares 5,468,249 Basic and diluted net loss per share – class C stockholders (0.86) |
Share Options Outstanding
Share Options Outstanding | 12 Months Ended |
Jun. 30, 2023 | |
Share Options Outstanding | |
Share Options Outstanding | Note 24 – Share Options Outstanding Loan Funded Share Plan (LFSP) In prior years, pursuant to the LFSP, the Group issued common share to employees to purchase such common stock with an interest free, limited recourse loan payable to the Group. These limited recourse loans were not collateralized and were not recourse to the assets of the borrower, except to the extent of the shares issued. Because the loans were the sole consideration for the shares issued, the Group accounts for these arrangements as share options since the substance is similar to the grant of an option, with a deemed exercise price equal to the loan amount. The fair value of the notional share options is expensed in the period in which the notional share options are issued, with a corresponding credit to additional paid-in capital. The limited recourse loans are repayable in 7 years from the issuance of the common stock. There are no service or performance conditions attached to the notional share options issued under the LFSP. The Group does not recognize a separate receivable for limited recourse loans as the LFSP is accounted for as share-based compensation. As a result of the BCA the shares under the following occurred: ● A number of awards for executives were modified to forgive outstanding loans. As a result of this modification, for the year ended June 30, 2022, an expense of $6.4 million was recognized as the fair value of the change which were equal to the loan balances outstanding at the date of modification. FBT tax expense of $5.6 million was incurred as a result of the modification, for the year ended June 30, 2022; ● On completion of the merger, the treasury shares subject to the limited recourse loan, were converted to the Group’s ordinary shares, applying the conversion factor of 1.4716625 . No other changes to the terms or requirements to repay the loans were made. For the year ended June 30, 2023, as the LFSP was fully vested and no share-based payment expense was recognized. The following table summarizes the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the year ended June 30, 2023, under the LFSP: Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price Remaining (Years) USD $ USD $ No. of shares Balance at July 1, 2022 4.18 0.56 1.75 4,200,371 Options granted — — — — Options exercised 2.34 0.66 1.41 (484,683) Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) 3.44 0.86 1.74 3,715,688 Employee Share Scheme (ESS) On June 23, 2022, eligible employees were offered 1.4 million performance rights under the Tritium DCFC Limited Long Term Incentive Plan (“Employee Share Scheme”). Each performance right will entitle the employees to acquire one fully paid ordinary share in Tritium DCFC, subject to satisfaction of vesting conditions. These vesting conditions require that eligible employees must have been in employment with any of the Tritium group companies at the date on which Tritium DCFC was listed on the NASDAQ and continue to remain in employment and must not have resigned or have their employment terminated up to 14 October 2022. If the vesting conditions are satisfied, the performance rights will vest on 14 October 2022 and may be exercised by the holder from this date but must be exercised by 23 June 2025, failing which these performance rights will be deemed to have been exercised on that date. The performance rights have a Nil exercise price. For the year ended June 30, 2023, the Group has recognized $3.5 million of share-based payment expense in the consolidated statements of operations and comprehensive loss under the ESS (June 30, 2022: $0). The following table summarizes the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the year ended June 30, 2023, under the ESS: Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price No. Remaining (Years) USD $ USD $ of shares Balance at July 1, 2022 0.25 6.19 — 1,328,758 Options granted — — — — Options exercised — 6.18 — (725,199) Options cancelled — 6.41 — (7,332) Balance at June 30, 2023 (vested and exercisable) — 6.15 — 596,227 LTIP On June 23, 2022, eligible employees were offered 1.4 million performance rights under the LTIP. Each performance right will entitle the employees to acquire one fully paid ordinary share in Tritium DCFC, subject to satisfaction of vesting conditions. These vesting conditions require that eligible employees must have been in employment with any of the Tritium group companies at the date on which Tritium DCFC was listed on the NASDAQ and continue to remain in employment and must not have resigned or have their employment terminated up to October 14, 2022. If the vesting conditions are satisfied, the performance rights will vest on October 14, 2022, and may be exercised by the holder from this date but must be exercised by June 23, 2025, failing which these performance rights will be deemed to have been exercised on that date. The performance rights have a Nil exercise price. Tritium have determined that these performance rights will be in the nature of “equity classified arrangements” as per the requirements of ASC 718 Compensation - Stock Compensation (“ASC 718”). For the year ended June 30, 2023, the Group has recognized $2.7 million of share-based payment expense in the consolidated statements of operations and comprehensive loss under the LTIP (June 30, 2022: $0). The following table summarizes the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the year ended June 30, 2023, under the LTIP: Average Weighted Life Average Average Contractually Weighted Weighted Remaining Fair Value Exercise Price (Years) USD $ USD $ No. of shares Balance at July 1, 2022 — — — — Options granted 2.51 2.06 — 979,468 Options exercised — 5.22 1.71 (148,760) Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) 1.62 1.54 — 780,708 STIP Performance rights under the STIP were communicated to a group of employees, executive management and the non-executive directors during the year ended June 30, 2023. The vesting period has commenced and the service commencement date has been determined as the date the performance rights were communicated to the individuals. However, the grant date has been estimated at June 30, 2023 as formal acceptance (as required under the STIP Rules) has not yet been received from the individuals. The estimated weighted average fair value of the rights at grant date is $1.68. For the year ended June 30, 2023, the Group has recognized $2.7 million of share-based payment expense in the consolidated statements of operations and comprehensive loss under the STIP (June 30, 2022: $0). The following table summarizes the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the year ended June 30, 2023, under the STIP: Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price No. Remaining (Years) USD $ USD $ of shares Balance at July 1, 2022 — — — — Options granted — 1.18 — 738,139 Options exercised — 1.27 1.38 (559,970) Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) — 1.08 — 178,169 ESPP Performance rights under the ESPP were communicated to a group of employees during the year ended June 30, 2023. Under this plan, each eligible employee can purchase up to a maximum of 10,000 ordinary shares of the Group (in a twelve-month offering period and a maximum of 5,000 shares within each six-month purchase period therein), at a price equal to 85% of the lesser of the Volume-Weighted Average Price (“VWAP”) of an Ordinary Share on the grant date or the exercise date. Participating employees enroll in monthly payroll deductions wherein the Group deducts between 1% to 10% of the employee’s compensation each month, subject to a maximum deduction of $25,000 in a calendar year. The plan contains a service condition wherein participating employees are required to be in employment to be eligible under this plan. Tritium have determined that these performance rights will be in the nature of “equity classified arrangements” as per the requirements of ASC 718. For the year ended June 30, 2023, the Group has recognized $0.07 million of share-based payment expense in the consolidated statements of operations and comprehensive loss under the ESPP (June 30, 2022: $0). The following table summarizes the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the year ended June 30, 2023, under the ESPP: Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price No. Remaining (Years) USD $ USD $ of shares Balance at July 1, 2022 — — — — Options granted 0.74 0.326 1.00 570,866 Options exercised — — — — Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) 0.50 0.33 1.00 570,866 |
Fair Valuation of Share-Based C
Fair Valuation of Share-Based Compensation | 12 Months Ended |
Jun. 30, 2023 | |
Fair Valuation of Share-Based Compensation | |
Fair Valuation of Share-Based Compensation | Note 25 – Fair Valuation of Share-Based Compensation LFSP The Group uses the fair value method in recognizing share-based compensation expense. The fair value of each notional share option is estimated on the date of grant using the Black-Scholes option pricing model including a range of assumptions. The weighted average fair value for share options that were outstanding (including issuances in the year) as at June 30, 2023, 2022 and 2021 are as follows: Group June 30, 2023 June 30, 2022 June 30, 2021 Risk free interest rate 1.56 % 1.56 % 1.59 % Expected term 3.44 years 0.5 years 1.5 years Expected volatility 60 % 60 % 60 % Dividend yield 0 % 0 % 0 % Grant value fair value per share 0.86 0.82 0.94 Share price 1.09 2.6 2.57 Aggregate intrinsic value of shares vested and not yet exercised (USD) 862,705 524,983 2,835,795 ESS The Group uses the fair value method in recognizing share-based compensation expense. The fair value of each notional share option is estimated on the date of grant using the Black-Scholes option pricing model including a range of assumptions. The weighted average fair value for share options that were outstanding (including issuances in the year) as at June 30, 2023 are as follows: June 30, 2023 Risk free interest rate 2.5 % Expected term 0 Dividend yield 0 Grant value fair value per share 6.15 Share price 1.09 Aggregate intrinsic value of shares vested and not yet exercised (USD) — LTIP The Group uses the fair value method in recognizing share-based compensation expense. The fair value of each notional share option is estimated on the date of grant using the Black-Scholes option pricing model including a range of assumptions. The weighted average fair value for share options that were outstanding (including issuances in the year) as at June 30, 2023 are as follows: June 30, 2023 June 30, 2022 Risk free interest rate 4.27 % 2.68 % Expected term 1.62 3 Expected volatility 80 % 80 % Dividend yield 0 0 Grant value fair value per share $ 2.08 $ 6.17 Share price $ 1.09 $ 6.17 Aggregate intrinsic value of shares vested and not yet exercised (USD) 0 0 STIP The Group uses the fair value method in recognizing share-based compensation expense. As the award is based on a fixed dollar amount, the fair value of the award is based on the present value of the award. The weighted average fair value for share options that were outstanding (including issuances in the year) as at June 30, 2023 are as follows: June 30, 2023 Risk free interest rate 3.93 % Expected term 0 Expected volatility 80 % Dividend yield 0 Grant value fair value per share 1.08 Share price 1.09 Aggregate intrinsic value of shares vested and not yet exercised (USD) 1,860 ESPP The Group uses the fair value method in recognizing share-based compensation expense. The fair value of each notional share option is estimated on the date of grant using the Black-Scholes option pricing model including a range of assumptions. The weighted average fair value for share options that were outstanding (including issuances in the year) as at June 30, 2023 are as follows: June 30, 2023 Risk free interest rate 4.83 % Expected term 0.5 Expected volatility 40 % Dividend yield 0 % Grant value fair value per share 0.33 Share price 1.09 Aggregate intrinsic value of shares vested and not yet exercised (USD) 435,959 In respect of all of the above share-based compensation plans: The fair value of the underlying ordinary shares considered the price per share paid by investors in the Company’s private financings in addition to independent external valuations obtained. The Group historically has been a private company and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected share volatility based on the historical volatility of its publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The expected term of the share options has been determined based on an assessment of the estimated timing that employees would either exercise or an entitlement event would occur. The risk-free interest rate is determined by reference to the appropriate reserve bank yield in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Group has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingent Liabilities | |
Commitments and Contingent Liabilities | Note 26 – Commitments and Contingent Liabilities Legal Proceedings Any material legal proceedings have been provided for as at June 30, 2023, and June 30, 2022. Legal proceedings were related to product matters and have since been settled within the amounts provided for. Any differences are immaterial. Contingent liabilities The Group did not have any contingent liabilities as of June 30, 2023 and 2022. Contractual Commitments The Group did not have any commitments as of June 30, 2023 or June 30, 2022. |
Share Capital
Share Capital | 12 Months Ended |
Jun. 30, 2023 | |
Share Capital | |
Share Capital | Note 27 – Share Capital On September 2, 2022, the Company entered into an Ordinary Share Purchase Agreement (the “Purchase Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with B. Riley Principal Capital II, LLC (“B. Riley Principal Capital II” or “B. Riley”). Pursuant to the Purchase Agreement, the Company has the right to sell to B. Riley Principal Capital II up to $75 million of its Ordinary Shares, from time to time during the term of the Purchase Agreement However, the Purchase Agreement prohibits the Company from issuing or selling any Ordinary Shares to B. Riley if such a sale, when aggregated with all Ordinary Shares then beneficially owned by B. Riley and its affiliates, would result in B. Riley beneficially owning more than 4.99% of the outstanding Ordinary Shares. Sales of the Ordinary Shares pursuant to the Purchase Agreement, and the timing of any sales, are solely at the option of the Company over the 24-month period from the date of initial satisfaction of the conditions to B. Riley set forth in the Purchase Agreement. This includes an effective registration statement and a final prospectus are filed with the Securities and Exchange Commission (the "SEC") registering the resale by B. Riley of the Common Stock under the Securities Act that may be sold to B. Riley by the Company under the Purchase Agreement. Actual sales of Ordinary Shares to B. Riley under the Purchase Agreement will depend on a variety of factors to be determined by the Company including, among other things: market conditions, the trading price of the Ordinary Shares, and determinations by the Company as to the appropriate sources of funding for the Company and its operations. The purchase price of the Ordinary Shares that the Company may sell to B. Riley pursuant to the Purchase Agreement will be 97% of the average of the volume weighted average price of the Company’s Ordinary Shares as calculated per the terms set forth in the Purchase Agreement. The net proceeds from sales, if any, under the Purchase Agreement, will depend on the frequency and prices at which the Company sells the Common Stock. To the extent the Company sells the Ordinary Shares under the Purchase Agreement, the Company currently plans to use any proceeds for working capital and general corporate purposes. The Company incurred costs of $0.8 million, including the issuance of shares, as a consideration to B. Riley for its irrevocable commitment to purchase Ordinary Shares under the Purchase Agreement. These costs were included in other finance costs, net in the consolidated statements of operations and comprehensive loss for the year ended June 30, 2023. The Ordinary Shares issued as consideration have been recorded within share capital. During the year ended June 30, 2023, the Group exercised its right under the Purchase Agreement and issued 1.6 million of its Ordinary Shares for a total of $1.6 million. The right to sell ordinary shares under the Purchase Agreement was considered to be a derivative asset with an insignificant fair value at June 30, 2023. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Disclosures | |
Related Party Disclosures | Note 28 – Related Party Disclosures Unless otherwise disclosed, transactions with other related parties are made on normal commercial terms and at market rates. All related parties are companies that are associated stockholders. Service and Hardware maintenance Accounts Accounts Interest Loan revenue revenue receivable Purchases payable Expense payable US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Year ended June 30, 2021 Gilbarco 19,122 — 2,471 335 142 — — Fast Cities Australia 2,141 1 520 — — — — St Baker Energy — — — 256 23 — 6,392 Total 21,263 1 2,991 591 165 — 6,392 Year ended June 30, 2022 Gilbarco 8,135 — — 338 — — — Fast Cities Australia 3,454 — 16 — — — — St Baker Energy — — — 345 93 — — Total 11,589 — 16 683 93 — — Year ended June 30, 2023 Fast Cities Australia 7,203 — 237 — — — — Lordstown Motors — — — — — — — St Baker Energy — — — 275 85 6,059 58,873 Riverstone — — — — — 1,122 8,728 Total 7,203 — 237 275 85 7,181 67,601 Transactions with Gilbarco The purchase transactions entered into with Gilbarco during the year ended June 30, 2022 were in respect of certain service agent fees charged by Gilbarco to the Group. Gilbarco ceased to be the Group’s related party since November 29, 2021 which is the date Gilbarco resigned from the Board of Directors of Tritium. As such, all transactions between the Group and Gilbarco that occurred prior to November 29, 2021 are disclosed above as related party transactions. The Group has sold products to Gilbarco during the period at normal trading terms. Transactions with Fast Cities The Group has sold products to Fast Cities during the period at normal trading terms. The receivables due at the end of the period are payable within 30 days. Transactions with Lordstown Motors The Group has sold product amounting to $0.03 million to Lordstown Motors during the period at normal trading terms. Loans payable to St Baker Energy The purchase transactions entered into with St Baker Energy during the period ended June 30, 2022 were in respect of payment towards provision of contract staff to the Group, by St Baker Energy. The terms of the loan arrangements have been disclosed in Note 15. Loans payable to Riverstone Energy Limited The terms of the loan arrangements have been disclosed in Note 15. |
Tritium DCFC Limited and Contro
Tritium DCFC Limited and Controlled Entities | 12 Months Ended |
Jun. 30, 2023 | |
Tritium DCFC Limited and Controlled Entities | |
Tritium DCFC Limited and Controlled Entities | Note 29 – Tritium DCFC Limited and Controlled Entities Controlled entities Ownership interest Ownership interest Ownership interest Place of Name of entity 2023 2022 2021 incorporation Tritium Holdings Pty Ltd 100 % 100 % 100 % Australia Decarbonization Plus Acquisition Corporation II 100 % 100 % 0 % United States of America Tritium America Corporation 100 % 100 % 100 % United States of America Tritium Technologies LLC 100 % 100 % 100 % United States of America Tritium Europe B.V 100 % 100 % 100 % The Netherlands Tritium Technologies B.V 100 % 100 % 100 % The Netherlands Tritium Pty Ltd 100 % 100 % 100 % Australia Tritium Nominee Pty Ltd 100 % 100 % 100 % Australia Tritium Technologies Limited 100 % 100 % 100 % The United Kingdom Tritium America Corporation is the parent company to Tritium Technologies LLC, a foreign trading entity. Similarly, Tritium Europe BV is the parent company of the trading entity Tritium Technologies BV. |
Reverse Capitalization and Busi
Reverse Capitalization and Business Combination | 12 Months Ended |
Jun. 30, 2023 | |
Reverse Capitalization and Business Combination | |
Reverse Capitalization and Business Combination | Note 30 – Reverse Capitalization and Business Combination On January 13, 2022, Tritium DCFC merged with both DCRN and Tritium Holdings, with Tritium Holdings surviving as a wholly-owned subsidiary of Tritium DCFC. At the Merger, eligible Tritium Holdings equity holders received or had the right to receive shares of Common Stock at a deemed value of $10.00 per share after giving effect to the exchange ratio of 1.4716625 as defined in the Merger Agreement (“Exchange Ratio”). Accordingly, immediately following the consummation of the Merger, Legacy Tritium common stock exchanged into 120,000,000 shares of Common Stock of Tritium DCFC. Additionally, upon the consummation of the Merger, the Company gave effect to the issuance of 15,380,694 shares of Common Stock for the previously issued DCRN common stock that were outstanding at the Closing Date. The Merger was accounted for as a reverse recapitalization under U.S. GAAP for the period ended June 30, 2022. This determination was primarily based on Legacy Tritium stockholders comprising a relative majority of the voting power of Tritium DCFC and having the ability to nominate the members of the Board of Directors, Legacy Tritium’s operations prior to the acquisition comprising the only ongoing operations of Tritium DCFC, and Legacy Tritium’s senior management comprising a majority of the senior management of Tritium. Under this method of accounting, DCRN and Tritium DCFC were treated as the “acquired” companies for financial reporting purposes. Accordingly, for accounting purposes, the financial statements of Tritium DCFC represented a continuation of the financial statements of Legacy Tritium with the Merger being treated as the equivalent of Tritium Holdings issuing stock for the net assets of DCRN and Tritium DCFC, accompanied by a recapitalization. Operations prior to the Merger are presented as those of Tritium Holdings. The number of shares for all periods prior to the Merger have been retrospectively adjusted using the Exchange Ratio for the equivalent number of shares outstanding immediately after the Merger to effect the reverse recapitalization. This has resulted in the following impact on the historical share capital: Legacy Tritium Tritium DCFC Holdings at at June 30, June 30, 2021 2021 Common stock 73,254,797 107,806,361 Treasury shares (5,361,826) (7,890,800) Class C shares 5,468,249 8,052,499 The associated impact on Loss per Share has been disclosed in Note 23. In connection with the Merger, the Company raised $68.2 million of proceeds including the contribution of $53.2 million of cash held in DCRN’s trust account from its initial public offering, net of redemptions of DCRN public stockholders of $349.3 million, and $15.0 million of cash in connection with the PIPE financing. The Company incurred transaction costs, consisting of banking, legal, and other professional fees, of which $16.7 million was recorded as a reduction to additional paid-in capital of proceeds and the remaining was expensed in the consolidated statements of operations and comprehensive loss. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events | |
Subsequent Events | Note 31 – Subsequent Events On June 21, 2023, the Company submitted a notification of change of financial year end with the Australian Securities & Investment Commission (ASIC) for Tritium DCFC Limited, Tritium Holdings Pty Ltd, Tritium Nominee Pty Ltd and Tritium Pty Ltd, with effect from the end of the current financial year. The notification was accepted by ASIC on July 7, 2023. Tritium DCFC’s next financial year will start on July 1, 2023 and end on December 31, 2023 (being a period of six months). Accordingly, the Company’s next annual audited consolidated financial statements to be filed on Form 20-F will be for the six months ended December 31, 2023. Pursuant to the Common Stock Purchase Agreement with B. Riley dated September 2, 2022, the company and investor mutually agreed to terminate the agreement on September 11, 2023. Pursuant to the working capital facility entered into on December 23, 2022, where Sunset Power provided $20.0 million which was drawn down in full on December 30, 2022, the Company obtained a waiver from St Baker in respect of the St Baker Term Loan and consent to the waiver from the Senior Creditors under the intercreditor deed and amendment letter dated September 12, 2023 which included unconditional waivers of any breach of associated representations and warranties under the intercreditor deed in relation to late interest payments, repayments and collections account that occurred prior to the amendment date and removing the requirement to deposit funds into the Collections Account going forward and also other associated loan conditions. The final repayment date for any amounts outstanding is now extended to April 30, 2024. Additionally, purusant to the Financing arrangements with Sunset Power Pty Ltd as trustee of St Baker Family Trust (“Sunset Power”) and O-CORP EV LLC (“O-Corp”), the Company obtained a written acknowledgement from St Baker and O-Corp on September 12, 2023 to extend the Qualifying Fundraising Long Stop Date from September 12, 2023, to December 3, 2023. The Company obtained consent from the Senior Creditors under the Senior Loan Note Subscription Agreement to allow St Baker and O-Corp to extend the Qualifying Fundraising Long Stop Date from September 12, 2023 to December 3, 2023. For further information, refer to Note 15 — Current Borrowings. On September 12, 2023, the Company entered into the Preference Shares SPA for a $75.0 million facility, which will be funded in multiple closings. The Preference Shares Offering provides for the purchase of up to $75 million in Preference Shares of the Company. Other details include: ● The initial funding of $25 million was provided in escrow on September 12, 2023, and will be released from escrow (net of transaction costs) on filing of the Company’s financial statements on Form 20-F and the related prospectus supplement and issuance of the Preference Shares. ● The subsequent fundings are up to $21 million and may occur at the 4-calendar month anniversary of the prior closing. ● The preference shares all have a term that ends on the 19-month anniversary of their issuance at 100% of the face value and are convertible at the lower of 120% of the traded ordinary share price at issuance or 94% of the dollar volume-weighted average price (VWAP) at conversion dates. ● The Company shall make redemption payments that cause the redemption of the commensurate number of then-issued Preference Shares based on the Redemption Value with the first installment occurring on the 10 -day anniversary of the Initial Closing date, or subsequent Closing date as applicable, and each subsequent Installment occurring every 20 trading days thereafter. Each installment payment shall be $5.3 million. ● The Company can choose to redeem by way of payment of the Installment in cash or, subject to equity conditions, substitute a cash Installment by converting the Preference Shares to ordinary shares of the Company, or a combination thereof. ● The ordinary shares resulting from a conversion in lieu of a cash Installment would be valued at the Installment Amount (and would offset the applicable cash Installment), calculated as the lesser of i. the Fixed Conversion Price (being 120% of the issuance date price) ii. 94% of the arithmetic average of the three lowest daily VWAPs of the 10 trading days prior to the payment date or iii. 94% of the VWAP of the trading day prior to payment date. iv. in the event of the share price falling below $0.75 or at least $0.9 million in average daily trading volume from the last 20 trading days not being achieved, conversion would be at 85% of the trading VWAP. ● The Company may early terminate the financing facility within 20 days ’ notice, provided the notice is given prior to October 20, 2023. On September 12, 2023, the holders of the Financing Warrants delivered the required notice pursuant to the Financing Warrant Agreement Amendment of their intent to exchange all outstanding Financing Warrants for Ordinary Shares. Pursuant to the notice, we issued 8,254,527 Ordinary Shares in consideration of the 1,173,372 issued and outstanding Pursuant to the Amendment Deed dated September 2, 2022, the Liquidity Reserve requirement for the existing $150 million senior debt facility from Cigna & Barings is $25 million. On July 3, 2023, the Group’s liquidity fell below the minimum required amount and the Group was able to restore it by September 12, 2023 through the receipt of the Preference Shares Offering. As a result of the Group’s ability to restore the minimum liquidity balance and to present expected future inflow of funds and expected timing, the lenders confirmed on September 13, 2023 that the event was remediated and accordingly no Review Event Notice will be issued. On September 12, 2023, an additional waiver was granted to unconditionally waive the liquidity reserve requirement for the senior debt facility from $25 million to nil effective from the date of this report until December 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Summary of Significant Accounting Policies | |
Basis of preparation | Basis of preparation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For the purpose of these consolidated financial statements, intercompany accounts, transactions, and profits are eliminated on consolidation. |
Description of Business and General information | Description of Business and General information Tritium DCFC Limited (“Tritium DCFC” or “Group”) is in the business of development, design, testing and manufacturing of innovative power electronic systems and renewable energy solutions. On May 25, 2021, Tritium DCFC entered into a Business Combination agreement (the “Business Combination Agreement” or “BCA”) with Tritium Holdings Pty Ltd (“Legacy Tritium” or “Tritium Holdings”) and Decarbonization Plus Acquisition Corporation II (“DCRN”). On January 13, 2022 (the “Closing Date”), the BCA was consummated and Tritium Holdings and DCRN became wholly owned subsidiaries of Tritium DCFC (the “Business Combination”). |
Principles of consolidation | Principles of consolidation The Business Combination was accounted for as a reverse recapitalization, with no goodwill or other intangible assets recorded, in accordance with accounting principles generally accepted in the United States. Under this method of accounting, Tritium DCFC and DCRN have been treated as the “acquired” companies for financial reporting purposes. For accounting purposes, Tritium Holdings has been deemed to be the accounting acquirer in the transaction and, consequently, the transaction has been treated as a recapitalization of Tritium Holdings (i.e., a capital transaction involving the issuance of shares by Tritium Holdings for the net assets of DCRN, accompanied by a recapitalization of Tritium Holdings). Consequently, Tritium Holdings has been deemed the accounting predecessor, meaning that Tritium Holdings’ consolidated assets, liabilities and results of operations have become the historical financial statements of the Group. Additional details related to the accounting for the BCA have been disclosed in the consolidated financial statements of Tritium DCFC Limited for the year ended June 30, 2022. Further information is included in Note 30. Subsidiaries Subsidiaries are all entities (including structured entities) over which the Company 8 Presentation The financial statements are presented in United States dollars which is the consolidated Group’s elected reporting currency. All amounts disclosed in the financial statements relate to the Group unless otherwise stated. The financial statements have been prepared on the historical cost basis, except for derivative financial instruments and warrant liabilities that have been measured at fair value and share-based compensation. Amounts in the consolidated financial statements have been rounded off to the nearest thousand dollars, unless otherwise stated. 8 Being the parent entity of the Tritium DCFC Group. Going concern The Group incurred an operating loss after income tax of $121.4 million (June 30, 2022: $128.9 million) and operating cash outflows of $162.4 million (June 30, 2022: $86.8 million) for the year ended June 30, 2023. At June 30, 2023 the Group had net current liabilities of $20.5 million, and a total shareholders’ deficit of $143.7 million (June 30, 2022: $41.9 million). In addition, the Group has sought and received a number of waivers from its lenders for failing to meet obligations under their debt agreements during the financial year ended June 30, 2023 (refer to Note 15 and Note 31 for details) and has been required to enter into arrangements with key creditors to support working capital management initiatives. This financial position has arisen as the Group has primarily funded its operating cash outflows in the period to June 30, 2023 through raising debt from various external sources. These external borrowing facilities require the Group to maintain minimum liquidity reserve levels throughout the term of the arrangements, as well as to be in compliance with debt covenants commencing in March 2024. The Board approved cashflow forecasts for the Group indicate that the Group will continue to incur operating cash outflows for at least 12 months from the date of this report to fund its operations. Subsequent to June 30, 2023, the Group entered into a securities purchase agreement (as amended on September 18, 2023, the “Preference Shares SPA”) for Series A redeemable convertible preference shares, (“Preference Shares”), with an institutional investor (the “Preference Shares Offering”) (refer to Note 31), raising an initial $25 million, with an option for subsequent tranches (total facility is $75 million), subject to conditions. An amount of $22.6m (net of transaction costs) was provided in escrow on September 13, 2023, and will be released from escrow upon the satisfaction of conditions which the Group expects to meet. Successful conversion to ordinary shares is subject to equity market and default conditions in the agreement, and in some circumstances, cash redemption may be required (refer to Note 31). The Group expects that the Preference Shares will be fully converted into the Group’s ordinary shares over the next 120 days. Although the additional funding from the Preference Shares SPA has been secured (subject to escrow conditions), the Board approved cashflow forecasts indicate that the Group will need additional capital in the short term to fund its financing obligations, settle current liability obligations as they fall due, strengthen the Group's balance sheet, and meet bank covenants. As a result of the above factors, the ability of the Group to continue as a going concern is dependent on a number of factors including its ability to: ● meet the Board approved cashflow forecasts, including timely receipt of payments from customers, and the ability to effectively manage working capital; ● raise sufficient funding in the short term to meet its current obligations, and settle current liability obligations as they fall due; ● receive the ongoing support of its lenders and shareholders; ● meet, renegotiate or defer the obligations in its debt agreements, including in relation to the minimum liquidity reserve levels and bank covenants (commencing in March 2024) as outlined in Note 15; ● meet the conditions for release of the institutional investor funds from escrow; and ● fund any cash redemption requirements that may arise under the institutional investor convertible preference share facility. The Group is currently assessing funding options from various external sources and management and the Board of Directors consider it has reasonable grounds to believe that they can raise additional capital in the timeframes and quantum required. However, there is no guarantee that additional capital raisings will be completed, will provide sufficient funding, or that funding will be obtained on terms acceptable to the Group, if at all. The above events and conditions raise substantial doubt about the Group’s ability to continue as a going concern and therefore the Group may be unable to realize its assets and discharge its liabilities in the normal course of business. In determining the Group’s ability to continue as a going concern, the Board of Directors has considered the following: ● Demand for goods: The demand for products provided by the Group has increased significantly over the past year and is forecasted to continue. The Group had a sales backlog of $99 million as of June 30, 2023, which is the basis for continued revenue growth into fiscal year 2024. The Group has invested heavily in its inventory balance to fulfill these sales orders, supporting an accelerated production ramp. ● Path to profitability: The Group’s scale in the first half of calendar year 2023 is driving positive gross margin for its products and the ability for it to fund its own working capital requirements in future periods. ● Support from lenders and shareholders: The Group has demonstrated an ability to raise capital over a long period of time, stretching back to 2012, to fund R&D and operational expansion through loss-making periods. St Baker Group, Tritium’s largest shareholder, has injected debt and equity on more than 11 separate occasions since 2013. This has included $70 million in the 12 months to June 30, 2023. During the twelve months to June 30, 2023, the Group was successful in raising $130 million through three debt facilities, as well as the additional $25 million through the Preference Shares SPA executed post-June 30, 2023. The Preference Shares SPA also provides for a potential further $50 million of Preference Shares to be issued, for a total of $75 million of Preference Shares, subject to conditions. This has demonstrated the Group’s continued relationships with debt lenders to provide the necessary funding to support the Group’s increased production and cash flow requirements over the next twelve months. ● Customer wins: The Group continues to solidify its position as the #1 supplier of DC fast chargers in the US (#2 position globally across ANZ, US and Europe), and is expecting a strong increase in revenue this year. With the investment in the Tennessee factory already made, the Group is well-positioned to benefit from demand for Buy America-compliant EV fast chargers, driven by funding from the National Electric Vehicle Infrastructure (“NEVI”) Formula Program and the Inflation Reduction Act. ● Regulatory or operational framework: The Group has made significant progress improving the operational structure, controls and processes, as well as hiring key talent in critical business functions. There are no major changes to the Group’s operational framework, including supplier management, customer mix, and the Group’s workforce, that are expected for the foreseeable future. In considering the circumstances above, management and the Directors believe the Group will be successful in the above matters as the Group and its ultimate parent have a strong history of being able to raise capital from debt and equity sources and accordingly, that the going concern basis of preparation is appropriate. Should the Group be unable to continue as a going concern, it may be required to realize its assets and extinguish its liabilities other than in the ordinary course of business, and at amounts that differ from those stated in the financial statements. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts or classification of liabilities and appropriate disclosures that may be necessary should the Group be unable to continue as a going concern. New and Amended Standards Adopted by the Group In November 2021, the FASB issued ASU No. 2021-10, “Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance,” which requires entities to disclose annually its transactions with a government accounted for by applying a grant or contribution accounting model by analogy. The disclosure requirement includes information about the nature of the transactions and the related accounting policy used to account for the transactions, the line items on the balance sheet and income statement that are affected by the transactions, and the amounts applicable to each financial statement line, and significant terms and conditions of the transactions, including commitments and contingencies. The guidance became effective for the Company on July 1, 2022 and was adopted prospectively, but did not have any impact on the Group’s disclosures as it has not received government assistance during the year ended June 30, 2023. In May 2021, the FASB issued Accounting Standards Update (“ASU 2021-04”) “Earnings Per Share (Topic 260)”and is effective for fiscal years beginning after December 15, 2021. This amendment provides that for an entity that presents earnings per share (EPS) in accordance with Topic 260, the effects of a modification or an exchange of a freestanding equity-classified written call option that is recognized as a dividend should be an adjustment to net income (or net loss) in the basic EPS calculation. The adoption of this standard did not have any impact on the Group’s consolidated financial statements. In August, 2020, the FASB issued Accounting Standards Update (“ASU 2020-06”) “Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40)”. The amendments are effective for fiscal years beginning after December 15, 2021. The amendments in this update affect entities that issue convertible instruments and/or contracts indexed to and potentially settled in an entity’s own equity. The new ASU eliminates the beneficial conversion and cash conversion accounting models for convertible instruments. It also amends the accounting for certain contracts in an entity’s own equity that are currently accounted for as derivatives because of specific settlement provisions. In addition, the new guidance modifies how particular convertible instruments and certain contracts that may be settled in cash or shares, impact the diluted EPS computation. The Group expects to apply the exemption available under Section 7(a)(2)(B) of the Securities Act and adopt ASU 2020-06 for fiscal years beginning after December 15, 2023. Recently issued accounting standards In October 2021, the FASB issued Accounting Standards Update (“ASU 2021-08”) “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” and is effective for fiscal years beginning after December 15, 2022. This amendment requires that an entity (acquirer) recognize, and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Group does not expect that the adoption of this standard will have a material impact on their financial statements. On March 29, 2023, the FASB issued Accounting Standards Update (ASU) 2023-02, “Investments – Equity Method and Joint Ventures (Topic 323)” and is effective for reporting periods beginning after December 15, 2023, for public business entities. This amendment allows entities to elect the proportional amortization method, on a tax-credit-program-by-tax-credit-program basis, for all equity investments in tax credit programs meeting the eligibility criteria. While the ASU does not significantly alter the existing eligibility criteria, it does provide clarifications to address existing interpretive issues. It also prescribes specific information reporting entities must disclose about tax credit investments each period. Entities will have the option of applying the ASU using either a modified retrospective or retrospective adoption approach. For some changes related to existing low-income-housing tax credit (LIHTC) investments, prospective application is permitted. The Group does not currently have any equity method investments or joint venture arrangements. On March 27, 2023, the FASB issued ASU 2023-01, which amends certain provisions of ASC 842, “Leases (Topic 842) - Common Control Arrangements” and is effective for fiscal years beginning after December 15, 2023. The amendment in this update applies to arrangements between related parties under common control. Specifically, the ASU offers private companies, as well as not-for-profit entities that are not conduit bond obligors, a practical expedient that gives such entities the option of using the written terms and conditions of a common-control arrangement when determining (1) whether a lease exists and (2) the subsequent accounting for the lease, including the lease’s classification. In addition, the ASU amends the accounting for leasehold improvements in common-control arrangements for all entities. The Group does not have any lease arrangements with entities under common control. The FASB has issued Accounting Standards Update (ASU) No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions”, and is effective for reporting periods beginning after December 15, 2023, for public business entities, to increase comparability of financial information for entities that hold equity securities with contractual restrictions prohibiting the sale of the securities. Currently, there is diversity in practice on the application of a discount to measure fair value when securities have such contractual restrictions. The ASU provides clarity related to this matter. The ASU also adds disclosure requirements related to contractual sale restrictions. The group does not have Equity Securities subject to contractual sale restrictions. |
Use of estimates | a) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include but are not limited to: determining the lease term of contracts with renewal and termination options, discount rates, share-based compensation, estimation of the fair value of derivatives and warrants, estimation of useful lives of assets, impairment of assets, taxes, employee benefits provisions and warranty provision. Management bases its estimates on historical experience and on various other assumptions believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results could differ from those estimates due to risks and uncertainties and may be material. |
Revenue recognition | b) Revenue recognition Revenue from contracts with customers Revenue is recognized when or as the control of the goods or services are transferred to the customer. Depending on the terms of the contract, control of the goods or services may be transferred over time or at a point in time. If control of the goods or services transfers over time, revenue is recognized over the period of the contract by reference to the progress towards satisfying the performance obligation, otherwise, revenue is recognized at a point in time when the customer obtains control of the goods and services. Contracts with customers may include more than one performance obligation. For such arrangements, the Group allocates the contract price to each distinct performance obligation based on relative standalone selling price. All revenue is stated net of the amount of taxes. The specific recognition criteria described below must also be met before revenue is recognized. Where applicable, the Group has elected to apply the practical expedient available under ASC 606 Revenue from Contracts with Customers on all sales of goods and has not adjusted the promised amount of consideration for the effects of a significant financing component. Sale of hardware revenue The Group generates revenue from the sale of electric vehicle chargers. The contracts with customers include distinct performance obligations relating to the sale of goods and other related services. The overall contract price is allocated to the distinct performance obligations based on the relative standalone selling price. Revenue from the sale of electric vehicle chargers is recognized at a point in time when the Group transfers control of the assets to the customer. The Group also provides for standard warranty rights as required by the local jurisdictions for general repairs for either two or three years on all electric vehicle chargers sold. This standard warranty is not considered to be a separate performance obligation. The estimated warranty costs are recognized as a liability when the Group transfers control of the goods to a customer. The Group has elected the accounting policy choice available under ASC 606 Revenue from Contracts with Customers to account for shipping and handling activities as activities to fulfil the promise to transfer the good. Where the policy choice is applied, related costs of those shipping and handling activities are accrued upon revenue recognition. Rendering of services revenue The Group generates revenue from services in relation to installation, maintenance, and training. Generally, revenue in relation to rendering of services is recognized when the service has been provided, either over time or at a point in time. The Group recognizes the material portion of their revenue from services at a point of time when the service is delivered (i.e., For installation and repairs). However, if the service is performed over a period of time and if the outcome can be estimated reliably, then the stage of completion of the services based on an input method (i.e., costs incurred) is used to determine the appropriate level of revenue to be recognized in the period. The Group provides an extended warranty to its customers for an additional fee. Extended warranty revenue is recognized as a contract liability on receipt and recognized over the period in which the service is provided based on the time elapsed (this commences after the standard warranty expires). Bill-and-hold transactions In certain circumstances, the Group’s customers may request the Group to store products on the customer’s behalf until the customer is ready to collect or have the goods delivered to their specified location. This may arise if customers are not ready to take delivery as a result, generally, of delays in their site construction and rollout or obtaining necessary customs clearances. In these situations, the transfer of control of these products to the customer occurs when the finished products are ready for delivery to the customer. In assessing the transfer of control in these “bill-and-hold” arrangements, we assess whether the Group ● billed the customers in full; ● made the products available for the customer, end of line testing of the product is completed and notification made of the completion of manufacture; ● identified the product physically and systematically as belonging to a specific customer and segregated in our warehouse; and ● does not have the ability to direct the product to a different customer. In assessing bill-and-hold arrangements, the Group is required to make a judgement on whether there is commercial substance to the customer’s request and that the customer agrees that control has passed and the Group has the right to bill the customer. Costs to obtain a contract Costs to obtain a contract mainly relate to commissions paid to the Group’s sales personnel. As contract costs related to sales are typically fulfilled within one year, the costs to obtain a contract are expensed as incurred. Amounts billed to customers related to shipping and handling are classified as revenue. The cost for freight and shipping are recognized as an expense in cost of goods sold when control over the chargers, parts or accessories have transferred to the customer. Contract liabilities A contract liability balance typically arises due to allocation of a part of the consideration received to unsatisfied performance obligations, including extended warranty obligations under revenue contracts. Contract liabilities also arise due to receipt of advances from the customer, prior to satisfaction of performance obligations. The Group’s balance sheet includes customer advances and unearned revenue as contract liabilities. Grant income The Group received government incentives during the previous reporting periods in the form of the Job Keeper program which was a program aimed to support companies as a result of the COVID 19 pandemic. Grant income is recognized in the Consolidated Statements of Operations and Comprehensive Loss when the Group is entitled to the grant, it can be measured reliably, and it is probable that the economic benefits gained from the grant will be received. It is recognized as a liability until these conditions have been met. Government grants received by the Group are typically for the reimbursement of expenses incurred. |
Cost of sales | c) Cost of sales Hardware Cost of hardware revenue includes raw materials, associated freight, production related depreciation, extended and assurance warranty costs, labor costs and overheads directly attributable to the manufacture of products. Service and maintenance Cost of service and maintenance revenue includes spare part materials and labor costs, including the cost of subcontractors. |
Product development | d) Product development All costs associated with new product development are expensed as incurred, including software development costs. External use software development costs are expensed as incurred on the basis that the threshold of technical feasibility as defined in ASC 985, Software, has not been achieved. Product development costs primarily consist of employee compensation for those employees engaged in product development activities, including the development, design and testing of new products. For the year ended June 30, 2023, product development expenses are $15.5 million (2022: $14.0 million, 2021: $10.5 million). |
Finance costs | e) Finance costs Finance costs are recognized as expenses in the period in which they are incurred. Interest on borrowings are recognized using the effective interest method. |
Income tax | f) Income tax Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Group recognizes the effect of income tax positions or benefit from uncertain tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Group records interest related to unrecognized tax benefits in interest expense and penalties in selling, general, and administrative expenses. The Group has not incurred any material interest and penalties in the June 30, 2023, 2022 or 2021 periods. The Group does not have any material uncertain tax positions during the period recognized. |
Loans and debt securities | g) Loans and debt securities Loans and debt securities issued are recognized on the date when they are originated at fair value. All other financial liabilities are initially recognized on the trade date. The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. Where there is an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, the loans or borrowings are classified as non-current. Finance cost includes all interest-related expenses. |
Cash and cash equivalents | h) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments that are readily convertible to known amounts of cash with an original maturity date of less than 90 days and which are subject to an insignificant risk of changes in value. |
Derivative Instruments | i) Derivative Instruments The Group recognizes all derivative instruments as either assets or liabilities in the balance sheet at their respective fair values. The Group evaluates its debt and equity issuances to determine if those contracts or embedded components of those contracts qualify as derivatives requiring separate recognition in the Group’s financial statements. The result of this accounting treatment is that the fair value of the embedded derivative is revalued at each balance sheet date and recorded as a liability or an asset, and the change in fair value during the reporting period is recorded in other income (expense) in the Consolidated Statements of Operations and Comprehensive Loss. The current or non-current classification of derivative instruments is reassessed at the end of each reporting period. Derivative instrument liabilities or assets are classified in the balance sheet as current or non-current liabilities or assets based on whether or not net-cash settlement of the derivative instrument is expected within twelve months of the balance sheet date. |
Trade and other receivables | j) Trade and other receivables Trade accounts receivable are recorded at the invoiced amount and do not bear interest. The Group records an allowance for estimated credit losses for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, the Group considers historical losses adjusted to take into account current market conditions and the Group’s customers’ financial condition, the amount of receivables in dispute, and the current receivables aging and current payment patterns. The Group reviews its allowance for credit losses monthly. The Group does not have any off-balance-sheet credit exposure related to its customers. Trade accounts are generally written off as bad debts when they are both in dispute and significantly aged where the recoverability is considered unlikely. Balances are not considered past due until they are 30 days after the original due date of the payment. |
Inventory | k) Inventory Inventories are measured at the lower of cost or net realizable value. The cost of inventory is determined using a weighted average approach basis and is net of any rebates and discounts received. The costs of inventory included in the Consolidated Statements of Operations and Comprehensive Loss includes directly attributable overhead costs to manufacture, raw materials purchases, associated freight and labor costs. The provision for impairment of inventories assessment requires a degree of estimation and judgement. The level of the provision is assessed by taking into account the recent sales experience, the aging of inventories and other factors that affect inventory obsolescence. The inventory obsolescence provision recognized as of June 30, 2023 is $0.7 million (June 30, 2022: $0.5 million). |
Property, plant and equipment | l) Property, plant and equipment Recognition and measurement The Group’s fixed assets are stated at cost. Fixed assets, excluding freehold land, are depreciated on a straight-line and declining balance basis over the assets useful life to the Group, commencing when the asset is ready for use. Depreciation Leasehold improvements are amortized over the shorter of either the unexpired period of the lease or their estimated useful life. The depreciation rates generally used for each class of depreciable asset are shown below: ● Plant and equipment 12.5% - 33.34% ● Furniture, Fixtures and Fittings 10.00% ● Motor Vehicles 33.34% ● Office Equipment 20.00% ● Computer Equipment 33.34% An item of fixed asset and any material part initially recognized is derecognized upon disposal. Any gain or loss arising on de-recognition of the fixed asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Consolidated Statements of Operations and Comprehensive Loss when the asset is derecognized. At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in estimate. The costs of maintenance and repairs are expensed as incurred. Software as a service (“SaaS”) usage costs are also expensed as incurred. |
Impairment of long-lived assets | m) Impairment of long-lived assets Long-lived assets such as fixed assets subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Group first compares the undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its recoverable amount. Recoverable amount is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. As of June 30, 2023 and 2022 the Group determined that there were no indicators of impairment and did not recognize any impairment of its long-lived assets. |
Leases | n) Leases The Group leases a number of office and warehouse facilities for its operations. These leases predominately relate to operating leases. The Group did not have any material finance lease arrangements in the year and as of June 30, 2023 and 2022. The Group as Lessee The Group assesses whether a contract is or contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time and obtain all the output, in exchange for consideration. In such instances, the Group recognizes a right-of-use asset and a corresponding lease liability with respect to all lease agreements, except for short term leases. For these leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased assets are consumed. Measurement and presentation of lease liability For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The Group has elected the practical expedient to account for lease and non-lease components as a single lease component. Therefore, the lease payments used to measure the lease liability includes the fixed consideration in the contract. Key estimates and judgments include how the Group determines the lease term of contracts with renewal and termination options. Where this exists, management has included renewal and termination options where there is a reasonable certainty that it will be exercised. Generally, the Group’s non-cancellable leases include renewal options to extend the lease term from one to five years. An additional key estimate and judgment is the determination of the discount rate. Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Group cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Group generally uses its incremental borrowing rate as the discount rate for the lease. The incremental borrowing rate is the rate of interest that the Group would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The lease liability is separately disclosed on the Consolidated Statement of Financial Position. The liabilities which will be repaid within twelve months are recognized as current and the liabilities which will be repaid in excess of twelve months are recognized as non-current. The lease liability is subsequently measured by reducing the balance to reflect the principal lease repayments made and increasing the carrying amount by the interest on the lease liability. The Group is required to remeasure the lease liability and make an adjustment in the following instances: ● The term of the lease has been modified or there has been a change in the Group’s assessment of a purchase option being exercised, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. ● A lease contract is modified, and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; and ● The lease payments are adjusted due to changes in the index or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate. However, if a change in lease payments is due to a change in a floating interest rate, a revised discount rate is used. Extension options The lease term for the Group’s leases includes the non-cancelable period of the lease plus any additional periods covered by either the Group’s option to extend (or not to terminate) the lease that the Group is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. |
Trade and other payables | o) Trade and other payables Trade and other payables are recognized as liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature, they are measured at amortized cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition. |
Transaction and offer related fees | p) Transaction and offer related fees Transaction and offering related fees relates to advisory fees outstanding in relation to the special purpose acquisition company listing and are expected to be settled in cash. Amounts recognized as at June 30, 2023 include balances previously recognized as provisions, which have now been re-classified out of provisions where the amounts are known. The Group and the related suppliers have mutually agreed to extend the due date of the payable balances to July 1, 2024, and should the Group raise sufficient capital, the amounts may be paid prior to that date. |
Warranties | q) Warranties The Group provides a manufacturer’s standard warranty as required by local laws in the relevant jurisdiction on all electric vehicle chargers sold. The Group recognizes a warranty provision for the products sold based on the present value of future cash flows estimated to be required to settle the warranty obligation. The future cash flows have been estimated by reference to the Group’s history of warranty claims. The Group considers the standard warranty does not provide an incremental service to customers but is rather an assurance on the quality of the electric vehicle charger, and therefore is not a separate performance obligation. The Group also provides extended warranty services separately to the standard warranty. The extended warranty is an incremental service provided to the customers and as such the extended warranty is a separate performance obligation distinct from other promises and should be accounted for in accordance with ASC 606. The portion of the warranty provision expected to be incurred within the next 12 months is included within current provisions, while the remaining balance is included within non-current provisions in the Consolidated Statement of Financial Position. Warranty expense is recorded as a component of cost of goods sold in the Consolidated Statements of Operations and Comprehensive Loss. |
Employee benefits | r) Employee benefits Liabilities in respect of employee benefits which are not due to be settled within twelve months are discounted at period end using rates which most closely match the terms of maturity of the related liabilities. Employee benefits expected to be settled more than one year after the end of the reporting period have been measured at the present value of the estimated future cash outflows to be made for those benefits. In determining the liability, consideration is given to employee wage increases and the probability that the employee may satisfy vesting requirements. Wages, salaries, annual and long service leave The provision for employee entitlements to wages, salaries and annual and long service leave represents the amount which the Group has a present obligation to pay resulting from employees’ services provided up to the reporting date. Provisions have been calculated based on expected wage and salary rates and include related on-costs. In determining the liability for these employee entitlements, consideration is given to estimated future increases in wage rates, and the Group’s experience with staff departures. Pension contribution Defined contribution pension plans exist to provide benefits for eligible employees or their dependents. Contributions by the Group are expensed to the Consolidated Statements of Operations and Comprehensive Loss as incurred. Annual bonus The Group recognizes a liability for bonuses based on a formula that takes into consideration the specific performance indicators outlined in employee contracts. The Group recognizes a liability where it is contractually obliged to pay an amount under the bonus plan or where there is a past practice that has created a constructive obligation. Termination Termination benefits are recognized as an expense when the Group is demonstrably committed, without realistic possibility of withdrawal, to a formal detailed plan to terminate employment before the normal retirement date. Termination benefits for voluntary redundancies are recognized if the Group has made an offer encouraging voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be estimated reliably. Share-based compensation Employees of the Group received remuneration in the form of share-based arrangements, whereby employees render services as consideration for equity instruments under the Groups Loan Funded Share Plan (“LFSP”), Employee Share Scheme (“ESS”), Long-Term Incentive Plan (“LTIP”), Short-Term Incentive Plan (“STIP”) or Employee Share Purchase Plan (“ESPP”) or cash settlement under the Group’s Shadow Equity Plan (SEP). Awards issued under the Group’s SEP were originally cash-settled arrangements. However, subsequent to the Business Combination, Tritium DCFC’s board of directors made a determination that the benefit owed to participants under the SEP could be paid to participants in the form of cash or shares and settle awards through the issuance of Ordinary Shares. The SEP fully vested at June 30, 2022 and no further issuances were made during the year ended June 30, 2023. Awards issued under the other plans are equity settled arrangements and are measured at the fair value of these awards at the grant date. A Black-Scholes model is utilized to estimate the fair value of the awards. For share-based compensation, the expense is measured at the grant date, based on the fair value of the award considering the market conditions, and then recorded over the requisite service period if the performance condition is probable. Where the service period has commenced prior to the grant date, an estimate of the fair value of the award has been determined to record the requisite expense. The Group recognizes share-based compensation over the period during which an employee is required to provide a service in exchange for the award. In respect of the LFSP, because there was no public market for common stock when this plan was introduced, the fair value of the common stock at the time of grant is considered the price per share paid by investors in the company’s private financings in addition to independent external valuations obtained. Additionally, in applying the Black-Scholes model, the Group has assessed the implied volatility utilized by estimating based on similar publicly traded peer companies (as it has no company-specific performance measures). The Group recognizes the share-based compensation expense for LFSP at the grant date as there are no service conditions attached to LFSP equity awards. Further details as to the inputs into the fair value of the respective grants is outlined in Note 25. |
Net loss per share | s) Net loss per share The net loss per share information is determined using the legal share capital structure of Tritium DCFC. Net loss per share for the prior reporting periods has been revised using the exchange ratio established in the BCA. Refer to Note 23 for additional details. Diluted loss per share is computed by dividing loss available to common stockholders by the weighted-average number of share of common stock outstanding during the period increased to include the number of additional common stock that would have been outstanding if the potentially dilutive securities had been issued, using the treasury-share method. As the Group incurred losses for all periods presented, potentially dilutive securities have been excluded from fully diluted loss per share as their impact is anti-dilutive and would reduce the loss per share. |
Fair value measurements | t) Fair value measurements The Group uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Group determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: ● Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. ● Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is material to the fair value measurement. |
Foreign currency translation | u) Foreign currency translation Transactions and balances Tritium DCFC Limited, the legal parent entity’s functional currency is United States Dollars (USD), and its subsidiaries have Australian Dollars (AUD), United States Dollars (USD), Euro (EUR) and British Pound (GBP) as their functional currency. Foreign currency transactions Foreign currency transactions are translated into the subsidiaries’ functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at financial year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the Consolidated Statements of Operations and Comprehensive Loss. Foreign operations The assets and liabilities of the subsidiaries are translated into USD using the exchange rates at the reporting date. The revenues and expenses of such group entities are translated into USD using the average exchange rates, which approximate the rates at the dates of the transactions, for the period. All resulting foreign exchange differences are recognized in accumulated other comprehensive loss in stockholder’s deficit. The cumulative translation adjustment is recognized in the Consolidated Statements of Operations and Comprehensive Loss when the foreign operation or net investment is disposed of. For each entity, the Group determines the functional currency. Items included in the financial statements of each entity are measured using that functional currency. |
Current and non-current classification | v) Current and non-current classification The Group presents assets and liabilities in the balance sheet based on current/non-current classification. An asset is current when it is: ● Expected to be realized or intended to be sold or consumed in the normal operating cycle; or ● Held primarily for the purpose of trading; or ● Expected to be realized within twelve months after the reporting period; or ● Cash or cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: ● It is expected to be settled in the normal operating cycle; or ● It is held primarily for the purpose of trading; or ● It is due to be settled within twelve months after the reporting period; or ● Short-term loans are classified as long term if the entity intends to refinance the loan on a long-term basis and, prior to issuing the financial statements, the entity can demonstrate an ability to refinance the loan by meeting specific criteria. |
Concentrations of credit risk | w) Concentrations of credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit risk arises from cash and cash equivalents, and deposits with banks and financial institutions, as well as credit exposure to wholesale and retail customers, including outstanding receivables and committed transactions. Customer terms range from 7 to 60 days. Trade receivables consist of customers, spread across a diverse geographical area. Ongoing credit evaluation is performed on the financial condition of accounts receivable. Management considers that all of the financial assets that are not impaired for each of the reporting dates under review are of good credit quality, including those that are past due. Refer to Note 9 for the associated expected credit loss calculations. The credit risk for liquid funds and other short-term financial assets is considered negligible since the counterparties are reputable banks with high quality external credit ratings. The Group has no material concentration of credit risk with respect to any single counterparty or group of counterparties. On a geographical basis, the Group’s credit risk exposure is spread across multiple regions, not just Australia. |
Risks and uncertainties | x) Risks and uncertainties The Group operates in an industry that is subject to intense competition, government regulation and rapid technological change. The Group’s operations are subject to material risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure. The effects of the COVID-19 pandemic have impacted our business and customers. Government responses to the COVID-19 pandemic have resulted in international travel and other restrictions, which has limited our access to key personnel, impacted our ability to expand and increased the risk that new manufacturing facilities may take longer to come online, may be more expensive than expected and may not deliver the expected benefits on schedule or at all. Such impacts may negatively affect our revenue and ability to generate profits in the future. The COVID-19 pandemic has also prompted a trend towards expanded contractual liability, including penalties for delivery delays for suppliers under force majeure clauses, which could have a material adverse effect on our business and results of operations. The impact of the COVID-19 pandemic on international shipping and air freight, including fewer available shipping and air providers and routes and significantly increased costs, has increased our cost of goods sold and may continue to increase cost of goods sold in the future. Additionally, any future shipping or air freight delays as a result of the COVID-19 pandemic, or any future pandemic or resurgence, could have a material adverse effect on our business and results of operations. Further, the COVID-19 pandemic has affected the manner in which our inventory is managed, resulting in downward pressure on inventory turnover, which, in turn, has negatively impacted our working capital. As of June 30, 2023, the Group’s inventory increased to $140.3 million, compared to $54.3 million as of June 30, 2022. |
Warrant Liabilities | y) The Group assumed 13,416,592 publicly-traded warrants (“Public Warrants”) and 8,366,667 private placement warrants issued to Decarbonization Plus Acquisition Sponsor II LLC, the sponsor of DCRN (“Private Placement Warrants” and, together with the Public Warrants, the “Common Stock Warrants”) upon the Business Combination, all of which were issued in connection with DCRN’s initial public offering and subsequent overallotment and entitle the holder to purchase one share of the Company’s Common Stock, par value $0.0001 (“Common Stock”), at an exercise price of $10.00 per share. During the fiscal year ended June 30, 2023, 10,146 (2022: 4,379,462) Public Warrants and zero (2022: 8,125,520) Private Placement Warrants were exercised. The remaining 9,026,984 Public Warrants and 241,147 Private Warrants remain outstanding. The Public Warrants, prior to their redemption, were publicly traded and were exercisable for cash unless certain conditions occurred, the Company has redemption rights under certain conditions, at which time the warrants could be cashlessly exercised, or the Company’s failure to have an effective registration statement related to the shares issuable upon exercise. The Private Placement Warrants are not redeemable for cash so long as they are held by the initial purchasers or their permitted transferees but may be redeemable for Common Stock if certain other conditions are met. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The Company evaluated the Common Stock Warrants and concluded that they do not meet the criteria to be classified within stockholders’ equity. The agreement governing the Common Stock Warrants includes a provision (“Replacement of Securities Upon Reorganization”), the application of which could result in a different settlement value for the Common Stock Warrants depending on their holder. Because the holder of an instrument is not an input into the pricing of a fixed-for-fixed option on the Company’s ordinary shares, the Private Placement Warrants are not considered to be “indexed to the Company’s own stock.” In addition, the provision provides that in the event of a tender or exchange offer accepted by holders of more than 50% of the outstanding shares of the Company’s ordinary shares, all holders of the Common Stock Warrants (both the Public Warrants and the Private Placement Warrants) would be entitled to receive cash for all of their Common Stock Warrants. Specifically, in the event of a qualifying cash tender offer (which could be outside of the Company’s control), all Common Stock Warrant holders would be entitled to cash, while only certain of the holders of the Company’s ordinary shares may be entitled to cash. These provisions preclude the Company from classifying the Common Stock Warrants in stockholders’ equity. As the Common Stock Warrants meet the definition of financial liability, the Company has recorded these warrants as liabilities in the consolidated statement of financial position at fair value, with subsequent changes in their respective fair values recognized in the consolidated statements of operations and comprehensive loss at each reporting date. During the year ended June 30, 2023, the Group issued 2,166,229 warrants in conjunction with refinancing of the senior debt facility and the Accordion facility (the “Financing Warrants”). The warrants vest in three equal tranches over a period of eighteen months and entitle the holder to purchase one share of the Group’s common stock, at an exercise price of $0.0001 per share. During the fiscal year ended June 30, 2023, 992,856 warrants were exercised. At June 30, 2023, 1,173,373 warrants remain outstanding. The terms of the warrants also allow a ‘cashless exercise’ by the holder, at their discretion, wherein, the Group will deliver a net number of shares to the holder, without any cash receipts. The terms of the warrant also provide for a minimum guaranteed value that will be delivered by the Group to the holder of the warrants, varying with the date on which the warrants are exercised. Any shortfall in the guaranteed value may be delivered by the Group in the form of additional ordinary shares or cash, at its discretion, except where the delivery of additional ordinary shares will result in the holder acquiring an equity interest in the group exceeding 10% (or 20% with its affiliates), in such situations the additional guaranteed value must be delivered in cash. The Group evaluated the warrants and concluded that they do not meet the criteria to be classified within stockholders’ equity. This is primarily based on the fact that the Group may be obligated to deliver cash to the warrant holders, to deliver the minimum guaranteed value. As such, the warrants have been classified as a financial liability measured at fair value with subsequent changes in fair value recorded in the Consolidated Statements of Operations and Comprehensive Loss. |
Contributed Equity | z) Contributed Equity As of June 30, 2023, there were 160,036,639 shares of Common Stock issued (2022: 153,094,269). As of June 30, 2021, there were 5,468,249 legacy Tritium class C shares outstanding which were fully converted into the Company’s Common Stock during the year ended June 30, 2022. The terms, rights, preferences, and privileges of the Common Stock are as follows: Voting Rights Each holder of Common Stock are entitled to one vote for each common share held on all matters submitted to a vote of the stockholders, including the election of directors. Dividends The holders of the Company’s outstanding Common Stock are entitled to receive dividends, if any, as may be declared by the Group’s board of directors out of legally available funds. Liquidation In the event of the Group’s liquidation, dissolution or winding up, holders of Common Stock will be entitled to shares ratably in the net assets legally available for distribution to stockholders after the payment of all the Group’s debts and other liabilities. |
Revision of Previously Issued_2
Revision of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Revision of Previously Issued Financial Statements. | |
Schedule of consolidated statements of operations, comprehensive loss and financial position | Consolidated Statement of Operations and Comprehensive Loss As previously reported As revised Year Ended Year Ended June 30, 2022 Revision June 30, 2022 $’000 $’000 $’000 Hardware - cost of goods sold (82,383) (1,357) (83,740) Total cost of goods sold (86,161) (1,357) (87,518) Loss from operations (92,902) (1,357) (94,259) (Loss) before income taxes (127,542) (1,357) (128,899) Net loss (127,562) (1,357) (128,919) Net (loss) (127,562) (1,357) (128,919) Total comprehensive (loss) (120,226) (1,357) (121,583) Consolidated Statement of Financial Position As previously reported As revised Year Ended Year Ended June 30, 2022 Revision June 30, 2022 $’000 $’000 $’000 Inventory 55,706 (1,357) 54,349 Total current assets 177,564 (1,357) 176,207 Total assets 213,355 (1,357) 211,998 Accumulated deficit (290,667) (1,357) (292,024) Total Shareholders’ deficit (40,549) (1,357) (41,906) Total Liabilities, and Shareholders’ deficit 213,355 (1,357) 211,998 |
Revenue and Other Income (Table
Revenue and Other Income (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Revenue and Other Income | |
Schedule of disaggregation of revenue and other income | Year Ended Year Ended Year Ended June 30,2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 (a) Revenue from contracts with customers Sale of hardware – external parties 167,965 69,243 32,299 Sale of hardware – related parties 7,203 11,589 21,263 Sale of service and maintenance – external parties 9,267 4,979 2,590 Software Revenue 109 10 5 Total revenue 184,544 85,821 56,157 (b) Other income Interest received 147 7 12 Government grants — 18 1,757 Other income 18 36 171 Total other income 165 61 1,940 |
Selling, General and Administ_2
Selling, General and Administration Expenses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Selling, General and Administration Expenses | |
Schedule of selling general and administration expense | Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Equity settled share-based compensation expense (8,981) (12,339) (3,122) Cash settled share-based compensation expense — (15,849) (5,249) Wages, salaries, and other employee benefits (32,919) (22,582) (14,543) Depreciation expense (1,222) (1,582) (2,312) IT and communications (7,074) (6,247) (1,660) Occupancy (2,423) (4,198) (1,464) Sales and marketing (1,129) (449) (188) Insurance (5,719) (3,370) (627) Professional fees (10,970) (5,625) (1,470) Expected credit losses on trade receivables (5,182) (61) (148) Bad debt expenses — (73) (21) Travel, meals, and accommodation expenses (1,827) (1,400) (178) Other administration expenses (887) (490) (290) Other operating expenses (1,238) (58) (352) Total selling, general and administration expenses (79,571) (74,323) (31,624) |
Finance Costs and Fair Value _2
Finance Costs and Fair Value Movement (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Finance Costs and Fair Value Movement | |
Schedule of finance costs and fair value movement | Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 (a) Finance costs Interest on debt and borrowings (25,548) (17,142) (8,588) Interest on debt and borrowings Related Party (7,181) — — Other finance costs (2,319) (994) (207) Total finance costs (35,048) (18,136) (8,795) (b) Fair value movement Prepayment fee feature — (6,291) (5,947) Warrant liability 17,826 (3,491) — Embedded derivative (849) — — Total Fair value movement 16,977 (9,782) (5,947) |
Transaction and Offering Rela_2
Transaction and Offering Related Fees (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Transaction and Offering Related Fees | |
Schedule of transaction and offering related fees | Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Professional fees — (150) (4,794) Indirect tax expense — (5,683) — Other transaction and offering related fees — (950) — Total transaction and offering related fees — (6,783) (4,794) |
Income Tax Expense (Tables)
Income Tax Expense (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Income Tax Expense | |
Schedule of statutory income tax rate to effective income tax rate | Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Tax at the statutory tax rate of 30% (36,411) (38,263) (18,928) Tax effect amounts which are not deductible/(taxable) in calculating taxable income: State tax (2,133) — — Foreign tax rate differential 2,610 563 321 Non-deductible items (370) 6,778 3,389 Current year tax losses and temporary difference not recognized 36,304 30,902 15,207 Effective income tax — (20) (11) |
Schedule of net deferred tax assets | As of As of June 30, 2023 June 30, 2022 $’000 $’000 Deferred tax assets Unused tax losses 93,777 62,717 Employee entitlements 4,356 1,294 Warranties 1,896 1,571 Lease liabilities 8,833 8,871 Other 4,788 3,987 Total deferred tax assets 113,650 78,440 Deferred tax liabilities Right of use assets (6,847) (7,392) Total deferred tax liabilities (6,847) (7,392) Valuation allowance applied (106,803) (71,048) Net deferred tax assets — — |
Schedule of changes in valuation allowance on tax losses | As of As of June 30, 2023 June 30, 2022 $’000 $’000 Changes in deferred taxation allowance Opening balance – July 1 (71,048) (44,584) (Increase) in deferred tax assets (excluding losses) (35,755) (25,901) Other movements including foreign currency and rate differential — (563) Valuation allowance on tax losses (106,803) (71,048) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | June 30, 2023 June 30, 2022 $’000 $’000 Cash and cash equivalents 29,421 70,753 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance for Expected Credit Losses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Receivable, Net of Allowance for Expected Credit Losses | |
Schedule of accounts receivable | June 30, 2023 June 30, 2022 $’000 $’000 Accounts receivable – related parties 237 16 Trade receivables 45,574 28,559 45,811 28,575 Less: Allowance for expected credit losses (5,473) (275) Sales tax receivable 893 1,150 Other receivables 2,395 1,107 Total accounts receivables 43,626 30,557 |
schedule of accounts receivable noncurrent past due | Expected credit loss rate Carrying amount Allowance for expected credit losses 2023 2022 2023 2022 2023 2022 Consolidated % % $’000 $’000 $’000 $’000 Less than 30 days past due — — 31,935 16,337 — — 30 to 60 days past due — — 2,820 1,674 — — 61 to 90 days past due — — 3,713 710 — — Greater than 90 days past due 74.5 2.8 7,343 9,854 (5,473) (275) 45,811 28,575 (5,473) (275) |
Schedule of changes in allowance for credit loss on accounts receivables | June 30,2023 June 30, 2022 Provision $’000 $’000 Opening balance of provision – July 1 (275) (227) Provision created during the year (5,195) (255) Recoveries during the year 5 171 Foreign currency translation movements (8) 36 Closing balance of provision – June 30 (5,473) (275) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Inventory | |
Schedule of inventory | June 30, 2023 June 30, 2022 * $’000 $’000 Raw materials and consumables 103,102 43,486 Work in progress 6,809 4,561 Finished goods 29,275 3,457 Stock in transit 1,105 2,845 Total inventory 140,291 54,349 * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. |
Prepaid Expenses (Tables)
Prepaid Expenses (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Prepaid Expenses | |
Schedule of prepaid expenses | June 30, 2023 June 30, 2022 $’000 $’000 Prepaid expenses 3,745 4,873 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Deposits | |
Schedule of deposits by classification | June 30, 2023 June 30, 2022 $’000 $’000 Current assets Term deposits held against bank guarantees 3,601 3,796 Supplier deposits 13,836 11,879 Total current deposits 17,437 15,675 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment | |
Schedule of property, plant and equipment | Total Furniture, property, fixtures plant Plant and and Motor Computer Leasehold Construction and equipment fittings vehicles equipment improvements in progress equipment $’000 $’000 $’000 $’000 $’000 $’000 $’000 Year ended June 30, 2022 Opening net book amount 3,489 155 244 18 1,783 — 5,689 Additions 1,350 60 23 423 236 5,929 8,021 Disposals — — — — — — — Depreciation (988) (102) (55) (444) (609) — (2,198) Exchange rate variation (223) (9) (33) 17 (113) — (361) Closing net book amount 3,628 104 179 14 1,297 5,929 11,151 Year ended June 30, 2022 Cost 6,515 616 430 1,707 3,464 5,929 18,661 Accumulated depreciation (2,887) (512) (251) (1,693) (2,167) — (7,510) Net book amount 3,628 104 179 14 1,297 5,929 11,151 Year ended June 30, 2023 Opening net book amount 3,628 104 179 14 1,297 5,929 11,151 Additions 2,878 1,243 9 621 2,168 2,708 9,627 Transfers 4,326 1,217 1 16 2,230 (7,790) — Disposals (13) — (90) — — — (103) Depreciation (1,158) (270) (18) (214) (773) — (2,433) Exchange rate variation (323) (23) (8) — (55) — (409) Closing net book amount 9,338 2,271 73 437 4,867 847 17,833 Year ended June 30, 2023 Cost 13,309 3,043 330 2,300 7,773 847 27,602 Accumulated depreciation (3,971) (772) (257) (1,863) (2,906) — (9,769) Net book amount 9,338 2,271 73 437 4,867 847 17,833 |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accounts Payable | |
Schedule of accounts payable | June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Trade and other payables 58,688 16,872 Accrued Expenses 8,409 1,461 Sales tax payable 3,868 8,623 Related party payables 85 93 Total accounts payable 71,050 27,049 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Borrowings | |
Schedule of borrowings by classification | June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Interest-bearing borrowings 11,191 — Related party borrowings 51,136 — Other borrowings 103 74 Total current borrowings 62,430 74 Non-current liabilities Interest-bearing borrowings 115,744 88,269 Related party borrowings 16,465 — Total non-current borrowings 132,209 88,269 Total borrowings 194,639 88,343 |
Schedule of changes in borrowings | June 30, 2023 June 30, 2022 $’000 $’000 Borrowings Rollforward Opening Balance – July 1 88,343 80,332 Drawdowns of facilities 129,848 117,527 Transaction costs paid (8,178) (3,888) Repayment of borrowings (inclusive of prepayment fee) — (72,407) Accrued Interest 12,130 12,761 Conversion of convertible notes — (42,570) Derivative and warrant allocation (29,518) — Prepayment fee 2,250 — Credit card borrowings 30 49 Foreign currency translations movements (266) (3,461) Closing Balance – June 30 194,639 88,343 |
Fair Value measurements (Tables
Fair Value measurements (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Fair value measurements | |
Summary of assets and liabilities that were measured at fair value on a recurring basis | Fair Value Measured as of June 30, 2023 Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 Common stock public warrant liabilities 3,690 — — 3,690 Common stock private warrant liabilities — 98 — 98 Other warrant liabilities — 7,839 — 7,839 Embedded derivatives (Note 15) — 8,399 — 8,399 Total financial liability 3,690 16,336 — 20,026 |
Summary of changes in the fair value of the Group's warrant liability | Public warrants Private warrants Other warrants Total Number of Number of Number of Number of warrants Amounts warrants Amounts warrants Amounts warrants Amounts $’000 $’000 $’000 $’000 Balance as at June 30, 2022 9,037,130 12,019 241,147 321 — — 9,278,277 12,340 Warrants issued — — — — 2,166,229 21,879 2,166,229 21,879 Warrants exercised and equity issued (10,146) (18) — — (992,856) (4,748) (1,003,002) (4,766) Change in fair value — (8,311) — (223) — (9,292) — (17,826) Balance as at June 30, 2023 9,026,984 3,690 241,147 98 1,173,373 7,839 10,441,504 11,627 |
Other warrant liabilities | |
Fair value measurements | |
Summary of fair value into the binomial tree valuation monte carlo simulation model for other warrants and embedded derivatives | Tranche 1 Tranche 2 Tranche 3 Valuation date June 30, 2023 June 30, 2023 June 30, 2023 Vesting date September 2, 2022 June 2, 2023 March 2, 2024 Expiry date September 2, 2025 September 2, 2025 September 2, 2025 Share price at the valuation date $ 1.09 $ 1.09 $ 1.09 Exercise price $ 0.0001 $ 0.0001 $ 0.0001 Volatility 90 % 90 % 90 % Risk free interest rate 5.03 % 5.03 % 5.03 % Dividend yield 0 % 0 % 0 % |
Embedded derivatives | |
Fair value measurements | |
Summary of fair value into the binomial tree valuation monte carlo simulation model for other warrants and embedded derivatives | Tranche 1 Tranche 2 Tranche 3 Valuation date June 30, 2023 June 30, 2023 June 30, 2023 Share price $ 1.09 $ 1.09 $ 1.09 Exercise price $ 1.25 $ 2.50 $ 5.00 Expected option terms 5 years 5 years 5 years Expected volatility 90 % 90 % 90 % Risk-free rate of return 4.16 % 4.16 % 4.16 % Expected annual dividend yield 0 % 0 % 0 % |
Employee Benefits (Tables)
Employee Benefits (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Employee Benefits | |
Schedule of employee benefits by classification | June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Annual leave 2,780 2,345 Long service leave 217 308 Total current employee benefits 2,997 2,653 Non-current liabilities Long service leave 317 217 Total employee benefits 3,314 2,870 |
Other Liabilities (Table)
Other Liabilities (Table) | 12 Months Ended |
Jun. 30, 2023 | |
Other Liabilities | |
Schedule of other liabilities | June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Insurance and other liabilities 1,477 1,769 Cash settled employee liabilities 146 152 Deferred fulfillment liabilities — 432 Commissions 71 586 Total current other liabilities 1,694 2,939 |
Other Provisions (Tables)
Other Provisions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Other Provisions | |
Schedule of other provisions by classification | June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Warranties 1,392 1,326 Legal and other provisions 1,231 126 Bonus Provision 720 1,028 Transaction and offering related fees — 25,143 Total other provisions - current 3,343 27,623 Non-current liabilities Warranties 2,889 2,652 Total other provisions 6,232 30,275 |
Summary of changes in provision for warranties | June 30, 2023 June 30, 2022 Provision for warranties $’000 $’000 Opening balance of warranties – July 1 3,978 3,925 Warranty utilized during the year (4,262) (3,295) Provision created during the year 4,730 3,656 Foreign currency translation adjustment (165) (308) Closing balance of provision for warranties – June 30 4,281 3,978 |
Right of Use Assets and Lease_2
Right of Use Assets and Lease Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Right of Use Assets and Lease Liabilities | |
Schedule of operating lease assets and liabilities | June 30, 2023 June 30, 2022 $’000 $’000 Total right of use assets 22,823 24,640 Lease liabilities Current lease liabilities 3,770 4,020 Non-current lease liabilities 22,588 25,556 Total lease liabilities 26,358 29,576 |
Schedule of maturity of lease payments | For the current period ending June 30, 2023, the maturity of the lease payments is as follows: Amount Operating leases $’000 June 30, 2024 4,070 June 30, 2025 4,125 June 30, 2026 4,340 June 30, 2027 4,474 June 30, 2028 4,583 Thereafter 9,573 Total minimum lease payments 31,165 Less amount representing interest 4,807 Present value of lease liabilities 26,358 Less: current portion 3,770 Long term portion of lease liabilities 22,588 |
Contract Liabilities (Tables)
Contract Liabilities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Contract Liabilities | |
Schedule of contract liabilities by classification | June 30, 2023 June 30, 2022 $’000 $’000 Current liabilities Customer advance deposits 45,482 33,508 Unearned revenue 1,645 4,217 Total current contract liabilities 47,127 37,727 Non-current liabilities Customer advance deposits — 847 Unearned revenue 5,798 1,384 Total non-current contract liabilities 5,798 2,231 Total contract liabilities 52,925 39,958 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Segment Reporting | |
Summary of revenue by Group's reportable segments | The following table presents revenue by the Group’s reportable segments: Hardware Distributed Total Service and Stand Alone * Chargers Other Hardware * Maintenance Software Total $’000 $’000 $’000 $’000 $’000 $’000 $’000 Year Ended June 30, 2021 Revenue 20,084 32,974 504 53,562 2,590 5 56,157 Cost of goods sold (21,099) (33,718) (371) (55,188) (2,873) — (58,061) Segment gross profit/(loss) (1,015) (744) 133 (1,626) (283) 5 (1,904) Year Ended June 30, 2022 Revenue 52,072 26,603 2,157 80,832 4,979 10 85,821 Cost of goods sold (53,264) (28,597) (1,879) (83,740) (3,778) — (87,518) Segment gross profit/(loss) (1,192) (1,994) 278 (2,908) 1,201 10 (1,697) Year Ended June 30, 2023 Revenue 108,927 61,406 4,835 175,168 9,267 109 184,544 Cost of goods sold (116,320) (61,782) (4,884) (182,986) (5,641) — (188,627) Segment gross profit/(loss) (7,393) 376 (49) (7,818) 3,626 109 (4,083) * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. |
Summary of reconciliation of loss from operations and segment gross margin | Group Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 * June 30, 2021 $’000 $’000 $’000 Revenue 184,544 85,821 56,157 Cost of goods sold (188,627) (87,518) (58,061) Segment gross profit (4,083) (1,697) (1,904) Selling, general and administration expense (79,571) (74,323) (31,624) Product development expense (15,466) (14,031) (10,521) Foreign exchange gain/(loss) (4,344) (4,208) (1,436) Total operating costs and expenses (99,381) (92,562) (43,581) Segment gross profit (4,083) (1,697) (1,904) Revenue 184,544 85,821 56,157 Segment gross margin (2.2) % (2.0) % (3.4) % * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. |
Summary of revenue and long-lived assets by geographic area | The following table presents the Group’s revenue by geographic area based on the entity that has entered the external contract to supply the product and services. The entity’s geographical area is based on the place of incorporation. Group Year Ended Year Ended Year Ended June 30, 2023 June 30, 2022 June 30, 2021 $’000 $’000 $’000 Australia 31,280 12,735 5,044 United States 63,074 33,174 12,730 The Netherlands 90,190 39,912 38,383 Total revenue 184,544 85,821 56,157 The following table presents long-lived assets by geographic area on the same basis as detailed above: Group Year Ended Year Ended June 30, 2023 June 30, 2022 $’000 $’000 Australia 18,499 18,709 United States 21,634 16,290 The Netherlands 523 792 Total Long-lived assets 40,656 35,791 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Loss Per Share | |
Schedule of net loss per share and related information | Group Basic and diluted loss per share June 30, 2023 June 30, 2022 * June 30, 2021 Net (loss) attributable to common stockholders ($’000) (121,370) (128,919) (63,092) Weighted average number of shares Basic and diluted – common Stock 155,401,121 126,814,171 99,915,563 Basic and diluted net loss per share (0.78) (1.02) (0.58) Basic and diluted – C shares 8,047,417 Basic and diluted net loss per share (0.58) * Amounts have been revised, see Note 2 of the Financial Statements for the year ended June 30, 2023 included elsewhere in this document for further information. Group Basic and diluted loss per share June 30, 2021 Net (loss) attributable to common stockholders (58,389,069) Weighted average number of shares – Basic and diluted 67,892,971 Basic and diluted net loss per share – common stockholders (0.86) Net loss attributable to class C stockholders (4,702,784) Weighted average number of class C shares 5,468,249 Basic and diluted net loss per share – class C stockholders (0.86) |
Share Options Outstanding (Tabl
Share Options Outstanding (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Loan Funded Share Plan | |
Share Options Outstanding | |
Schedule of changes in options | Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price Remaining (Years) USD $ USD $ No. of shares Balance at July 1, 2022 4.18 0.56 1.75 4,200,371 Options granted — — — — Options exercised 2.34 0.66 1.41 (484,683) Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) 3.44 0.86 1.74 3,715,688 |
ESS | |
Share Options Outstanding | |
Schedule of changes in options | Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price No. Remaining (Years) USD $ USD $ of shares Balance at July 1, 2022 0.25 6.19 — 1,328,758 Options granted — — — — Options exercised — 6.18 — (725,199) Options cancelled — 6.41 — (7,332) Balance at June 30, 2023 (vested and exercisable) — 6.15 — 596,227 |
LTIP | |
Share Options Outstanding | |
Schedule of changes in options | Average Weighted Life Average Average Contractually Weighted Weighted Remaining Fair Value Exercise Price (Years) USD $ USD $ No. of shares Balance at July 1, 2022 — — — — Options granted 2.51 2.06 — 979,468 Options exercised — 5.22 1.71 (148,760) Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) 1.62 1.54 — 780,708 |
STIP | |
Share Options Outstanding | |
Schedule of changes in options | Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price No. Remaining (Years) USD $ USD $ of shares Balance at July 1, 2022 — — — — Options granted — 1.18 — 738,139 Options exercised — 1.27 1.38 (559,970) Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) — 1.08 — 178,169 |
ESPP | |
Share Options Outstanding | |
Schedule of changes in options | Average Average Weighted Average Weighted Weighted Life Contractually Fair Value Exercise Price No. Remaining (Years) USD $ USD $ of shares Balance at July 1, 2022 — — — — Options granted 0.74 0.326 1.00 570,866 Options exercised — — — — Options cancelled — — — — Balance at June 30, 2023 (vested and exercisable) 0.50 0.33 1.00 570,866 |
Fair Valuation of Share-Based_2
Fair Valuation of Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
LFSP | |
Fair Valuation of Share-Based Compensation | |
Summary of assumptions used to in valuation of share-based awards | Group June 30, 2023 June 30, 2022 June 30, 2021 Risk free interest rate 1.56 % 1.56 % 1.59 % Expected term 3.44 years 0.5 years 1.5 years Expected volatility 60 % 60 % 60 % Dividend yield 0 % 0 % 0 % Grant value fair value per share 0.86 0.82 0.94 Share price 1.09 2.6 2.57 Aggregate intrinsic value of shares vested and not yet exercised (USD) 862,705 524,983 2,835,795 |
ESS | |
Fair Valuation of Share-Based Compensation | |
Summary of assumptions used to in valuation of share-based awards | June 30, 2023 Risk free interest rate 2.5 % Expected term 0 Dividend yield 0 Grant value fair value per share 6.15 Share price 1.09 Aggregate intrinsic value of shares vested and not yet exercised (USD) — |
LTIP | |
Fair Valuation of Share-Based Compensation | |
Summary of assumptions used to in valuation of share-based awards | June 30, 2023 June 30, 2022 Risk free interest rate 4.27 % 2.68 % Expected term 1.62 3 Expected volatility 80 % 80 % Dividend yield 0 0 Grant value fair value per share $ 2.08 $ 6.17 Share price $ 1.09 $ 6.17 Aggregate intrinsic value of shares vested and not yet exercised (USD) 0 0 |
STIP | |
Fair Valuation of Share-Based Compensation | |
Summary of assumptions used to in valuation of share-based awards | June 30, 2023 Risk free interest rate 3.93 % Expected term 0 Expected volatility 80 % Dividend yield 0 Grant value fair value per share 1.08 Share price 1.09 Aggregate intrinsic value of shares vested and not yet exercised (USD) 1,860 |
ESPP | |
Fair Valuation of Share-Based Compensation | |
Schedule of assumptions used to in valuation of ESPP | June 30, 2023 Risk free interest rate 4.83 % Expected term 0.5 Expected volatility 40 % Dividend yield 0 % Grant value fair value per share 0.33 Share price 1.09 Aggregate intrinsic value of shares vested and not yet exercised (USD) 435,959 |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Related Party Disclosures | |
Schedule of related party transactions | Unless otherwise disclosed, transactions with other related parties are made on normal commercial terms and at market rates. All related parties are companies that are associated stockholders. Service and Hardware maintenance Accounts Accounts Interest Loan revenue revenue receivable Purchases payable Expense payable US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 US$‘000 Year ended June 30, 2021 Gilbarco 19,122 — 2,471 335 142 — — Fast Cities Australia 2,141 1 520 — — — — St Baker Energy — — — 256 23 — 6,392 Total 21,263 1 2,991 591 165 — 6,392 Year ended June 30, 2022 Gilbarco 8,135 — — 338 — — — Fast Cities Australia 3,454 — 16 — — — — St Baker Energy — — — 345 93 — — Total 11,589 — 16 683 93 — — Year ended June 30, 2023 Fast Cities Australia 7,203 — 237 — — — — Lordstown Motors — — — — — — — St Baker Energy — — — 275 85 6,059 58,873 Riverstone — — — — — 1,122 8,728 Total 7,203 — 237 275 85 7,181 67,601 |
Tritium DCFC Limited and Cont_2
Tritium DCFC Limited and Controlled Entities (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Tritium DCFC Limited and Controlled Entities | |
Schedule of controlled entities | Ownership interest Ownership interest Ownership interest Place of Name of entity 2023 2022 2021 incorporation Tritium Holdings Pty Ltd 100 % 100 % 100 % Australia Decarbonization Plus Acquisition Corporation II 100 % 100 % 0 % United States of America Tritium America Corporation 100 % 100 % 100 % United States of America Tritium Technologies LLC 100 % 100 % 100 % United States of America Tritium Europe B.V 100 % 100 % 100 % The Netherlands Tritium Technologies B.V 100 % 100 % 100 % The Netherlands Tritium Pty Ltd 100 % 100 % 100 % Australia Tritium Nominee Pty Ltd 100 % 100 % 100 % Australia Tritium Technologies Limited 100 % 100 % 100 % The United Kingdom |
Reverse Capitalization and Bu_2
Reverse Capitalization and Business Combination (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Reverse Capitalization and Business Combination | |
Schedule of impact of merger on the historical share capital | Legacy Tritium Tritium DCFC Holdings at at June 30, June 30, 2021 2021 Common stock 73,254,797 107,806,361 Treasury shares (5,361,826) (7,890,800) Class C shares 5,468,249 8,052,499 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Going concern basis (Details) $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2023 USD ($) | Jun. 30, 2023 USD ($) facility | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2020 USD ($) | |
Summary of Significant Accounting Policies | |||||
Shareholders' deficit | $ (143,655) | $ (41,906) | $ (64,008) | $ (3,902) | |
Net loss | (121,370) | (128,919) | (63,092) | ||
Amount of cash inflow (outflow) from operating activities | (162,400) | (86,800) | |||
Net current liabilities | 20,500 | ||||
Operating cash outflows | 162,430 | $ 86,840 | $ 32,460 | ||
St Baker Group | |||||
Summary of Significant Accounting Policies | |||||
Proceeds from long term debt | 70,000 | ||||
Redeemable convertible preference shares | |||||
Summary of Significant Accounting Policies | |||||
Total facility | 75,000 | ||||
Redeemable convertible preference shares | Subsequent Event | |||||
Summary of Significant Accounting Policies | |||||
Transaction costs | $ 22,600 | ||||
Amount raised initially | 25,000 | ||||
Total facility | $ 75,000 | ||||
Expected term to convert preference shares into ordinary | 120 days | ||||
Proceeds from issuance of redeemable convertible preference shares | $ 25,000 | ||||
Potential remaining amount of preference shares to be issued | $ 50,000 | ||||
Additional debt facility | |||||
Summary of Significant Accounting Policies | |||||
Sales backlog | 99,000 | ||||
Debt facility | |||||
Summary of Significant Accounting Policies | |||||
Proceeds from long term debt | $ 130,000 | ||||
Number of debt facilities | facility | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Sep. 12, 2023 | |
Summary of Significant Accounting Policies | ||||
Research and development expense | $ 15,466,000 | $ 14,031,000 | $ 10,521,000 | |
Unrecognized tax benefits that would impact effective tax rate | 50 | |||
Unrecognized tax benefits income tax penalties and interest expense | 0 | 0 | 0 | |
Unrecognized tax benefits | 0 | 0 | $ 0 | |
Inventory obsolescence provision | 700,000 | 500,000 | ||
Impairment long-lived asset held-for-use | 0 | 0 | ||
Inventory | 140,291,000 | 54,349,000 | ||
Inventory | 700,000 | 500,000 | ||
Finance lease liability | $ 0 | $ 0 | ||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Finance lease liability | Finance lease liability | ||
Common stock, shares issued | 160,036,639 | 153,094,269 | 107,806,361 | 8,254,527 |
Common stock, shares outstanding | 142,007,286 | 148,893,898 | ||
COVID 19 | ||||
Summary of Significant Accounting Policies | ||||
Inventory | $ 140,300,000 | $ 54,300,000 | ||
Class C shares | ||||
Summary of Significant Accounting Policies | ||||
Number of shares to be converted | 5,468,249 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Depreciation rates on property, plant and equipment (Details) | 12 Months Ended |
Jun. 30, 2023 | |
Plant and equipment | Minimum | |
Summary of Significant Accounting Policies | |
Depreciation rate on property plant and equipment | 12.50% |
Plant and equipment | Maximum | |
Summary of Significant Accounting Policies | |
Depreciation rate on property plant and equipment | 33.34% |
Furniture, fixtures and fittings | |
Summary of Significant Accounting Policies | |
Depreciation rate on property plant and equipment | 10% |
Motor vehicles | |
Summary of Significant Accounting Policies | |
Depreciation rate on property plant and equipment | 33.34% |
Office Equipment | |
Summary of Significant Accounting Policies | |
Depreciation rate on property plant and equipment | 20% |
Computer equipment | |
Summary of Significant Accounting Policies | |
Depreciation rate on property plant and equipment | 33.34% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Warrant Liabilities (Details) - $ / shares | 12 Months Ended | ||
Jan. 13, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |||
Warrants issued (in shares) | 2,166,229 | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 | |
Exercise price of warrants or rights | $ 0.0001 | ||
Number of warrants exercised | 992,856 | ||
Number of warrants outstanding | 10,441,504 | 9,278,277 | |
Affiliates [Member] | Minimum | |||
Summary of Significant Accounting Policies | |||
Equity method investment, ownership percentage | 10% | ||
Affiliates [Member] | Maximum | |||
Summary of Significant Accounting Policies | |||
Equity method investment, ownership percentage | 20% | ||
Other warrant liabilities | |||
Summary of Significant Accounting Policies | |||
Warrants issued (in shares) | 2,166,229 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | ||
Number of warrants outstanding | 1,173,373 | ||
Public Warrants And Private Placement Warrants | |||
Summary of Significant Accounting Policies | |||
Percentage of shares accepted by holders of more than outstanding shares of the Company's ordinary shares | 50% | ||
Sponsor of DCRN | Public Warrants | |||
Summary of Significant Accounting Policies | |||
Number of warrants exercised | 10,146 | 4,379,462 | |
Number of warrants outstanding | 9,026,984 | ||
Sponsor of DCRN | Public Warrants | IPO And Over-Allotment | |||
Summary of Significant Accounting Policies | |||
Sale of Stock, Number of Shares Issued in Transaction | 13,416,592 | ||
Sponsor of DCRN | Private Placement Warrants | |||
Summary of Significant Accounting Policies | |||
Number of warrants exercised | 0 | 8,125,520 | |
Number of warrants outstanding | 241,147 | ||
Sponsor of DCRN | Private Placement Warrants | IPO And Over-Allotment | |||
Summary of Significant Accounting Policies | |||
Sale of Stock, Number of Shares Issued in Transaction | 8,366,667 | ||
Sponsor of DCRN | Public Warrants And Private Placement Warrants | IPO And Over-Allotment | |||
Summary of Significant Accounting Policies | |||
Common stock, par value (in dollars per share) | $ 0.0001 | ||
Exercise price of warrants or rights | $ 10 |
Revision of Previously Issued_3
Revision of Previously Issued Financial Statements - Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revision of Previously Issued Financial Statements | |||
Total cost of goods sold | $ (188,627) | $ (87,518) | $ (58,061) |
Loss from operations | (103,464) | (94,259) | (45,485) |
(Loss) before income taxes | (121,370) | (128,899) | (63,081) |
Income tax benefit expense | 0 | (20) | (11) |
Net (loss) | (121,370) | (128,919) | (63,092) |
Total comprehensive (loss) | (118,590) | (121,583) | (63,228) |
Hardware revenue | |||
Revision of Previously Issued Financial Statements | |||
Total cost of goods sold | $ (182,986) | (83,740) | $ (55,188) |
Previously Reported | |||
Revision of Previously Issued Financial Statements | |||
Total cost of goods sold | (86,161) | ||
Loss from operations | (92,902) | ||
(Loss) before income taxes | (127,542) | ||
Net (loss) | (127,562) | ||
Total comprehensive (loss) | (120,226) | ||
Previously Reported | Hardware revenue | |||
Revision of Previously Issued Financial Statements | |||
Total cost of goods sold | (82,383) | ||
Revision of Prior Period, Adjustment | |||
Revision of Previously Issued Financial Statements | |||
Total cost of goods sold | (1,357) | ||
Loss from operations | (1,357) | ||
(Loss) before income taxes | (1,357) | ||
Net (loss) | (1,357) | ||
Total comprehensive (loss) | (1,357) | ||
Revision of Prior Period, Adjustment | Hardware revenue | |||
Revision of Previously Issued Financial Statements | |||
Total cost of goods sold | $ (1,357) |
Revision of Previously Issued_4
Revision of Previously Issued Financial Statements - Consolidated Statement of Financial Position (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 |
Revision of Previously Issued Financial Statements | ||||
Inventory | $ 140,291 | $ 54,349 | ||
Total current assets | 234,520 | 176,207 | ||
Total assets | 275,176 | 211,998 | ||
Accumulated deficit | (413,394) | (292,024) | ||
Total Shareholders' deficit | (143,655) | (41,906) | $ (64,008) | $ (3,902) |
Total Liabilities, and Shareholders' deficit | $ 275,176 | 211,998 | ||
Previously Reported | ||||
Revision of Previously Issued Financial Statements | ||||
Inventory | 55,706 | |||
Total current assets | 177,564 | |||
Total assets | 213,355 | |||
Accumulated deficit | (290,667) | |||
Total Shareholders' deficit | (40,549) | |||
Total Liabilities, and Shareholders' deficit | 213,355 | |||
Revision of Prior Period, Adjustment | ||||
Revision of Previously Issued Financial Statements | ||||
Inventory | (1,357) | |||
Total current assets | (1,357) | |||
Total assets | (1,357) | |||
Accumulated deficit | (1,357) | |||
Total Shareholders' deficit | (1,357) | |||
Total Liabilities, and Shareholders' deficit | $ (1,357) |
Revenue and Other Income - Disa
Revenue and Other Income - Disaggregation of Revenue and Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue and Other Income | ||||
Revenue | $ 184,544 | $ 85,821 | $ 56,157 | |
Other income | ||||
Interest received | 147 | 7 | 12 | |
Government grants | $ 18 | $ 1,757 | ||
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total other income | Total other income | Total other income | |
Other income | 18 | $ 36 | $ 171 | |
Total other income | 165 | 61 | 1,940 | |
Sale of hardware | ||||
Revenue and Other Income | ||||
Revenue | 175,168 | 80,832 | 53,562 | |
Service and maintenance revenue | ||||
Revenue and Other Income | ||||
Revenue | 9,267 | 4,979 | 2,590 | |
Software Revenue | ||||
Revenue and Other Income | ||||
Revenue | $ 109 | $ 10 | $ 5 |
Revenue and Other Income - Addi
Revenue and Other Income - Additional Information (Details) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Customer Concentration Risk | Revenue Benchmark | Customers with bill and hold arrangements | |||
Revenue and Other Income | |||
Concentration risk percentage | 23% | 16% | 4% |
Selling, General and Administ_3
Selling, General and Administration Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Selling, General and Administration Expenses | |||
Equity settled share-based compensation expense | $ (8,981) | $ (12,339) | $ (3,122) |
Cash settled share-based compensation expense | (15,849) | (5,249) | |
Wages, salaries, and other employee benefits | (32,919) | (22,582) | (14,543) |
Depreciation expense | (1,222) | (1,582) | (2,312) |
IT and communications | (7,074) | (6,247) | (1,660) |
Occupancy | (2,423) | (4,198) | (1,464) |
Sales and marketing | (1,129) | (449) | (188) |
Insurance | (5,719) | (3,370) | (627) |
Professional fees | (10,970) | (5,625) | (1,470) |
Expected credit losses on trade receivables | (5,182) | (61) | (148) |
Bad debt expenses | (73) | (21) | |
Travel, meals, and accommodation expenses | (1,827) | (1,400) | (178) |
Other administration expenses | (887) | (490) | (290) |
Other operating expenses | (1,238) | (58) | (352) |
Total selling, general and administration expenses | $ (79,571) | (74,323) | $ (31,624) |
Loan Funded Share Plan | |||
Selling, General and Administration Expenses | |||
Equity settled share-based compensation expense resulting from modification to executive awards | $ 6,400 |
Finance Costs and Fair Value _3
Finance Costs and Fair Value Movement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finance costs | |||
Interest on debt and borrowings | $ (25,548) | $ (17,142) | $ (8,588) |
Interest on debt and borrowings Related Party | (7,181) | ||
Other finance costs | (2,319) | (994) | (207) |
Total finance costs | (35,048) | (18,136) | (8,795) |
Fair value movement | |||
Prepayment fee feature | (6,291) | (5,947) | |
Warrant liability | 17,826 | (3,491) | |
Embedded derivative | (849) | ||
Total Fair value movement | 16,977 | $ (9,782) | (5,947) |
Related parties | |||
Finance costs | |||
Total finance costs | $ (7,181) | $ 0 |
Transaction and Offering Rela_3
Transaction and Offering Related Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Transaction and Offering Related Fees | |||
Professional fees | $ (150) | $ (4,794) | |
Indirect tax expense | 5,683 | ||
Other transaction and offering related fees | (950) | ||
Total transaction and offering related fees | $ 0 | $ (6,783) | $ (4,794) |
Income Tax Expense - Tax rate r
Income Tax Expense - Tax rate reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Reconciliation of the statutory income tax rate to the Group's effective income tax rate | |||
Tax at the statutory tax rate of 30% | $ (36,411) | $ (38,263) | $ (18,928) |
Effective income tax rate reconciliation, statutory tax rate | 30% | ||
Tax effect amounts which are not deductible/(taxable) in calculating taxable income: | |||
State tax | $ (2,133) | ||
Foreign tax rate differential | 2,610 | 563 | 321 |
Non-deductible items | (370) | 6,778 | 3,389 |
Current year tax losses and temporary difference not recognized | 36,304 | 30,902 | 15,207 |
Effective income tax | $ 0 | $ (20) | $ (11) |
Income Tax Expense - Net deferr
Income Tax Expense - Net deferred tax assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Deferred tax assets | |||
Unused tax losses | $ 93,777 | $ 62,717 | |
Employee entitlements | 4,356 | 1,294 | |
Warranties | 1,896 | 1,571 | |
Lease liabilities | 8,833 | 8,871 | |
Other | 4,788 | 3,987 | |
Total deferred tax assets | 113,650 | 78,440 | |
Deferred tax liabilities | |||
Right of use assets | (6,847) | (7,392) | |
Total deferred tax liabilities | (6,847) | (7,392) | |
Valuation allowance applied | (106,803) | (71,048) | $ (44,584) |
Net deferred tax assets | $ 0 | $ 0 |
Income Tax Expense - Changes in
Income Tax Expense - Changes in valuation allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Valuation Allowance [Abstract] | ||
Opening balance - July 1 | $ (71,048) | $ (44,584) |
(Increase) in deferred tax assets (excluding losses) | (35,755) | (25,901) |
Other movements including foreign currency and rate differential | (563) | |
Valuation allowance on tax losses | $ (106,803) | $ (71,048) |
Income Tax Expense - Additional
Income Tax Expense - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Australia | |||
Income Tax Expense | |||
Operating loss carryforwards | $ 283.7 | $ 197.8 | $ 107.9 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Cash and Cash Equivalents | ||
Cash and cash equivalents | $ 29,421 | $ 70,753 |
Secured debt | Cigna And Barings | ||
Cash and Cash Equivalents | ||
Cash held with financial institutions | 150,000 | |
Liquidity reserve requirement | $ 25,000 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance for Expected Credit Losses - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Trade receivables | $ 45,574 | $ 28,559 |
Total accounts receivables | 45,811 | 28,575 |
Less: Allowance for expected credit losses | (5,473) | (275) |
Sales tax receivable | 893 | 1,150 |
Other receivables | 2,395 | 1,107 |
Total accounts receivables | 43,626 | 30,557 |
Related parties | ||
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Accounts receivable | $ 237 | $ 16 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance for Expected Credit Losses - Aging (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 45,811 | $ 28,575 |
Accounts receivable - allowance for expected credit losses | (5,473) | (275) |
Less than 30 days past due | ||
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 31,935 | 16,337 |
Accounts receivable - allowance for expected credit losses | 0 | |
30 to 60 days past due | ||
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Accounts Receivable, after Allowance for Credit Loss, Current | 2,820 | 1,674 |
Accounts receivable - allowance for expected credit losses | 0 | |
61 to 90 days past due | ||
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Accounts Receivable, after Allowance for Credit Loss, Current | $ 3,713 | 710 |
Accounts receivable - allowance for expected credit losses | $ 0 | |
Greater than 90 days past due | ||
Accounts Receivable, Net of Allowance for Expected Credit Losses | ||
Expected credit loss rate | 74.50% | 2.80% |
Accounts Receivable, after Allowance for Credit Loss, Current | $ 7,343 | $ 9,854 |
Accounts receivable - allowance for expected credit losses | $ (5,473) | $ (275) |
Accounts Receivable, Net of A_5
Accounts Receivable, Net of Allowance for Expected Credit Losses - Changes in allowance for expected credit losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Changes in allowance for expected credit losses | ||
Opening balance of provision - July 1 | $ (275) | $ (227) |
Provision created during the year | (5,195) | (255) |
Recoveries during the year | 5 | 171 |
Foreign currency translation movements | (8) | 36 |
Closing balance of provision - June 30 | $ (5,473) | $ (275) |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Inventory | ||
Raw materials and consumables | $ 103,102 | $ 43,486 |
Work in progress | 6,809 | 4,561 |
Finished goods | 29,275 | 3,457 |
Stock in transit | 1,105 | 2,845 |
Total inventory | 140,291 | 54,349 |
Inventory written down | $ 700 | $ 500 |
Prepaid Expenses (Details)
Prepaid Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Prepaid Expenses | ||
Prepaid expenses | $ 3,745 | $ 4,873 |
Prepaid insurance related to director and officer | $ 3,700 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets | ||
Total current deposits | $ 17,437 | $ 15,675 |
Term deposits held against bank guarantees | ||
Current assets | ||
Total current deposits | 3,601 | 3,796 |
Supplier deposits | ||
Current assets | ||
Total current deposits | $ 13,836 | $ 11,879 |
Property, Plant and Equipment -
Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Summary of Significant Accounting Policies | |||
Opening net book amount | $ 11,151 | $ 5,689 | |
Additions | 9,627 | 8,021 | |
Disposals | (103) | ||
Depreciation | (2,433) | (2,198) | $ (2,312) |
Exchange rate variation | (409) | (361) | |
Closing net book amount | 17,833 | 11,151 | 5,689 |
Cost | 27,602 | 18,661 | |
Accumulated depreciation | (9,769) | (7,510) | |
Net book amount | 17,833 | 11,151 | 5,689 |
Plant and equipment | |||
Summary of Significant Accounting Policies | |||
Opening net book amount | 3,628 | 3,489 | |
Additions | 2,878 | 1,350 | |
Transfers | 4,326 | ||
Disposals | (13) | ||
Depreciation | (1,158) | (988) | |
Exchange rate variation | (323) | (223) | |
Closing net book amount | 9,338 | 3,628 | 3,489 |
Cost | 13,309 | 6,515 | |
Accumulated depreciation | (3,971) | (2,887) | |
Net book amount | 9,338 | 3,628 | 3,489 |
Furniture, fixtures and fittings | |||
Summary of Significant Accounting Policies | |||
Opening net book amount | 104 | 155 | |
Additions | 1,243 | 60 | |
Transfers | 1,217 | ||
Depreciation | (270) | (102) | |
Exchange rate variation | (23) | (9) | |
Closing net book amount | 2,271 | 104 | 155 |
Cost | 3,043 | 616 | |
Accumulated depreciation | (772) | (512) | |
Net book amount | 2,271 | 104 | 155 |
Motor vehicles | |||
Summary of Significant Accounting Policies | |||
Opening net book amount | 179 | 244 | |
Additions | 9 | 23 | |
Transfers | 1 | ||
Disposals | (90) | ||
Depreciation | (18) | (55) | |
Exchange rate variation | (8) | (33) | |
Closing net book amount | 73 | 179 | 244 |
Cost | 330 | 430 | |
Accumulated depreciation | (257) | (251) | |
Net book amount | 73 | 179 | 244 |
Computer equipment | |||
Summary of Significant Accounting Policies | |||
Opening net book amount | 14 | 18 | |
Additions | 621 | 423 | |
Transfers | 16 | ||
Depreciation | (214) | (444) | |
Exchange rate variation | 17 | ||
Closing net book amount | 437 | 14 | 18 |
Cost | 2,300 | 1,707 | |
Accumulated depreciation | (1,863) | (1,693) | |
Net book amount | 437 | 14 | 18 |
Leasehold improvement | |||
Summary of Significant Accounting Policies | |||
Opening net book amount | 1,297 | 1,783 | |
Additions | 2,168 | 236 | |
Transfers | 2,230 | ||
Depreciation | (773) | (609) | |
Exchange rate variation | (55) | (113) | |
Closing net book amount | 4,867 | 1,297 | 1,783 |
Cost | 7,773 | 3,464 | |
Accumulated depreciation | (2,906) | (2,167) | |
Net book amount | 4,867 | 1,297 | $ 1,783 |
Construction in progress | |||
Summary of Significant Accounting Policies | |||
Opening net book amount | 5,929 | ||
Additions | 2,708 | 5,929 | |
Transfers | (7,790) | ||
Closing net book amount | 847 | 5,929 | |
Cost | 847 | 5,929 | |
Net book amount | $ 847 | $ 5,929 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment | |||
Depreciation expense | $ 2,433 | $ 2,198 | $ 2,312 |
Accounts Payable (Details)
Accounts Payable (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities | ||
Trade and other payables | $ 58,688 | $ 16,872 |
Accrued Expenses | 8,409 | 1,461 |
Sales tax payable | 3,868 | 8,623 |
Related party payables | 85 | 93 |
Total accounts payable | $ 71,050 | $ 27,049 |
Borrowings - Borrowings by clas
Borrowings - Borrowings by classification (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Current liabilities | |||
Interest-bearing borrowings | $ 11,191 | ||
Related party borrowings | 51,136 | ||
Other borrowings | 103 | $ 74 | |
Total current borrowings | 62,430 | 74 | |
Non-current liabilities | |||
Interest-bearing borrowings | 115,744 | $ 88,269 | |
Related party borrowings | $ 16,465 | ||
Notes Payable, Related Party, Type [Extensible Enumeration] | Related Party [Member] | Related Party [Member] | |
Total non-current borrowings | $ 132,209 | $ 88,269 | |
Total borrowings | $ 194,639 | $ 88,343 | $ 80,332 |
Borrowings - Changes in borrowi
Borrowings - Changes in borrowings (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Borrowings | ||
Opening Balance | $ 88,343 | $ 80,332 |
Drawdowns of facilities | 129,848 | 117,527 |
Transaction costs paid | (8,178) | (3,888) |
Repayment of borrowings (inclusive of prepayment fee) | (72,407) | |
Accrued Interest | 12,130 | 12,761 |
Conversion of convertible notes | (42,570) | |
Derivative and warrant allocation | (29,518) | |
Prepayment fee | 2,250 | |
Credit card borrowings | 30 | 49 |
Foreign currency translations movements | (266) | (3,461) |
Closing Balance | $ 194,639 | $ 88,343 |
Borrowings - Financing arrangem
Borrowings - Financing arrangements with Sunset Power and O-CORP (Details) $ in Millions | 12 Months Ended | ||
May 05, 2023 USD ($) agreement tranche shares | Jun. 30, 2023 USD ($) | May 31, 2021 USD ($) | |
Borrowings | |||
Percentage of total warrants exercised | 75% | ||
Financing arrangements with Sunset Power and O-Corp | |||
Borrowings | |||
Number of financing agreements entered | agreement | 2 | ||
Coupon rate | 12% | ||
Threshold period to undertake fundraising from | 120 days | ||
Minimum fundraising amount | $ 25 | ||
Upfront Fee | 3.50% | ||
Financing arrangements with Sunset Power and O-Corp | If Qualifying Fundraising does not occur within the specified timeframe, or where either of Sunset Power or O-Corp do not participate in the Qualifying Fundraising | |||
Borrowings | |||
Period considered for calculating VWAP | 10 days | ||
Number of tranches | tranche | 3 | ||
Number of securities called by each warrant or right | shares | 1 | ||
Financing arrangements with Sunset Power and O-Corp | Redeemable Preference Shares ("RPS") | If Qualifying Fundraising does not occur within the specified timeframe, or where either of Sunset Power or O-Corp do not participate in the Qualifying Fundraising | |||
Borrowings | |||
Redemption term | 5 years | ||
Coupon rate on preferred stock | 12% | ||
Guarantee return | 1.8 | ||
Sunset Power Financing agreement | |||
Borrowings | |||
Debt instrument face value | $ 35 | $ 35 | |
Minimum fundraising amount | $ 25 | ||
Sunset Power Financing agreement | Redeemable Preference Shares ("RPS") | If Qualifying Fundraising does not occur within the specified timeframe, or where either of Sunset Power or O-Corp do not participate in the Qualifying Fundraising | |||
Borrowings | |||
Warrants to be issued | shares | 12,807,407 | ||
O-CORP Financing agreement | |||
Borrowings | |||
Debt instrument face value | $ 5 | ||
O-CORP Financing agreement | Redeemable Preference Shares ("RPS") | If Qualifying Fundraising does not occur within the specified timeframe, or where either of Sunset Power or O-Corp do not participate in the Qualifying Fundraising | |||
Borrowings | |||
Warrants to be issued | shares | 1,829,630 |
Borrowings - Working capital fa
Borrowings - Working capital facility (Details) - Working capital facility - Sunset Power - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Dec. 23, 2022 | |
Borrowings | ||
Maximum borrowing capacity | $ 20 | |
Commitment fee (percentage) | 2% | |
NAB facility | 9.50% | |
Term of loan | 360 days | |
Maximum repayment term | 14 months |
Borrowings - Senior Loan Note S
Borrowings - Senior Loan Note Subscription Agreement (Details) $ in Thousands | 12 Months Ended | |||
Sep. 02, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Borrowings | ||||
Proceeds from senior debt | $ 56,705 | $ 117,527 | $ 0 | |
Repayment of senior debt | 0 | $ 77,351 | $ 0 | |
Senior Loan | Senior Loan Note Subscription Agreement | Cigna And Barings | ||||
Borrowings | ||||
Debt instrument face value | $ 90,000 | |||
Senior Debt Facility | Cigna And Barings | ||||
Borrowings | ||||
Cash coupon capitalized percentage | 8.50% | |||
Term of loan | 3 years | |||
Liquidity reserve requirement | $ 25,000 | |||
Senior Debt Facility | Cigna And Barings | Minimum | ||||
Borrowings | ||||
Total Tangible Assets Ratio | 1.5 | |||
Minimum liquidity balance | $ 25,000 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on March 31, 2024 | Minimum | ||||
Borrowings | ||||
Total Interest Cover Ratio | 1 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on June 30, 2024 | Minimum | ||||
Borrowings | ||||
Total Interest Cover Ratio | 1.50 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on June 30, 2024 | Maximum | ||||
Borrowings | ||||
Total Leverage Ratio | 5 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on September 30, 2024 | Minimum | ||||
Borrowings | ||||
Total Interest Cover Ratio | 1.75 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on September 30, 2024 | Maximum | ||||
Borrowings | ||||
Total Leverage Ratio | 4 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on December 31, 2024 | Minimum | ||||
Borrowings | ||||
Total Interest Cover Ratio | 2 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on December 31, 2024 | Maximum | ||||
Borrowings | ||||
Total Leverage Ratio | 3.50 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on March 31, 2025 and Thereafter | Minimum | ||||
Borrowings | ||||
Total Interest Cover Ratio | 3 | |||
Senior Debt Facility | Cigna And Barings | Debt Covenant, on March 31, 2025 and Thereafter | Maximum | ||||
Borrowings | ||||
Total Leverage Ratio | 2.50 | |||
Senior Debt Facility | Senior Loan Note Subscription Agreement | Cigna And Barings | ||||
Borrowings | ||||
Debt instrument face value | $ 150,000 | |||
Increase in debt facility | $ 60,000 | |||
Senior Debt Facility | CIGNA Refinance Loan | Debt Covenant, on March 31, 2024 | Maximum | ||||
Borrowings | ||||
Total Leverage Ratio | 8 |
Borrowings - Accordion facility
Borrowings - Accordion facility (Details) - Accordion facility - Sunset Power $ in Millions | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Borrowings | |
Maximum borrowing capacity | $ 10 |
NAB facility | 8.50% |
Borrowings - NAB Facility (Deta
Borrowings - NAB Facility (Details) - NAB Facility - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Borrowings | ||
Percentage of a credit facility supported by term deposits | 100% | |
Maximum borrowing capacity | $ 3.7 | |
Unused borrowing capacity | $ 2.2 | $ 3.3 |
Fair value measurements - fair
Fair value measurements - fair value into binomial tree valuation and monte carlo simulation (Details) | Jun. 30, 2023 $ / shares Y | Jun. 30, 2022 $ / shares |
Fair value measurements | ||
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Other warrant liabilities | ||
Fair value measurements | ||
Common stock, par value (in dollars per share) | $ 0.0001 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 1 | Share price | ||
Fair value measurements | ||
Fair value measured | 1.09 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 1 | Exercise price | ||
Fair value measurements | ||
Fair value measured | 0.0001 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 1 | Volatility | ||
Fair value measurements | ||
Fair value measured | 90 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 1 | Risk free interest rate | ||
Fair value measurements | ||
Fair value measured | 5.03 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 1 | Dividend yield | ||
Fair value measurements | ||
Fair value measured | 0 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 2 | Share price | ||
Fair value measurements | ||
Fair value measured | 1.09 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 2 | Exercise price | ||
Fair value measurements | ||
Fair value measured | 0.0001 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 2 | Volatility | ||
Fair value measurements | ||
Fair value measured | 90 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 2 | Risk free interest rate | ||
Fair value measurements | ||
Fair value measured | 5.03 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 2 | Dividend yield | ||
Fair value measurements | ||
Fair value measured | 0 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 3 | Share price | ||
Fair value measurements | ||
Fair value measured | 1.09 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 3 | Exercise price | ||
Fair value measurements | ||
Fair value measured | 0.0001 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 3 | Volatility | ||
Fair value measurements | ||
Fair value measured | 90 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 3 | Risk free interest rate | ||
Fair value measurements | ||
Fair value measured | 5.03 | |
Recurring | Level 2 | Other warrant liabilities | Tranche 3 | Dividend yield | ||
Fair value measurements | ||
Fair value measured | 0 | |
Recurring | Level 2 | Embedded derivatives | Tranche 1 | Share price | ||
Fair value measurements | ||
Fair value measured | 1.09 | |
Recurring | Level 2 | Embedded derivatives | Tranche 1 | Exercise price | ||
Fair value measurements | ||
Fair value measured | 1.25 | |
Recurring | Level 2 | Embedded derivatives | Tranche 1 | Expected option terms | ||
Fair value measurements | ||
Fair value measured | Y | 5 | |
Recurring | Level 2 | Embedded derivatives | Tranche 1 | Volatility | ||
Fair value measurements | ||
Fair value measured | 0.90 | |
Recurring | Level 2 | Embedded derivatives | Tranche 1 | Risk free interest rate | ||
Fair value measurements | ||
Fair value measured | 4.16 | |
Recurring | Level 2 | Embedded derivatives | Tranche 1 | Dividend yield | ||
Fair value measurements | ||
Fair value measured | 0 | |
Recurring | Level 2 | Embedded derivatives | Tranche 2 | Share price | ||
Fair value measurements | ||
Fair value measured | 1.09 | |
Recurring | Level 2 | Embedded derivatives | Tranche 2 | Exercise price | ||
Fair value measurements | ||
Fair value measured | 2.50 | |
Recurring | Level 2 | Embedded derivatives | Tranche 2 | Expected option terms | ||
Fair value measurements | ||
Fair value measured | Y | 5 | |
Recurring | Level 2 | Embedded derivatives | Tranche 2 | Volatility | ||
Fair value measurements | ||
Fair value measured | 0.90 | |
Recurring | Level 2 | Embedded derivatives | Tranche 2 | Risk free interest rate | ||
Fair value measurements | ||
Fair value measured | 4.16 | |
Recurring | Level 2 | Embedded derivatives | Tranche 2 | Dividend yield | ||
Fair value measurements | ||
Fair value measured | 0 | |
Recurring | Level 2 | Embedded derivatives | Tranche 3 | Share price | ||
Fair value measurements | ||
Fair value measured | 1.09 | |
Recurring | Level 2 | Embedded derivatives | Tranche 3 | Exercise price | ||
Fair value measurements | ||
Fair value measured | 5 | |
Recurring | Level 2 | Embedded derivatives | Tranche 3 | Expected option terms | ||
Fair value measurements | ||
Fair value measured | Y | 5 | |
Recurring | Level 2 | Embedded derivatives | Tranche 3 | Volatility | ||
Fair value measurements | ||
Fair value measured | 0.90 | |
Recurring | Level 2 | Embedded derivatives | Tranche 3 | Risk free interest rate | ||
Fair value measurements | ||
Fair value measured | 4.16 | |
Recurring | Level 2 | Embedded derivatives | Tranche 3 | Dividend yield | ||
Fair value measurements | ||
Fair value measured | 0 |
Fair Value measurements - Asset
Fair Value measurements - Assets and liabilities that were measured at fair value on a recurring basis (Details) - Recurring $ in Thousands | Jun. 30, 2023 USD ($) |
Fair value measurements | |
Fair value measured | $ 20,026 |
Common stock public warrant liabilities | |
Fair value measurements | |
Fair value measured | 3,690 |
Common stock private warrant liabilities | |
Fair value measurements | |
Fair value measured | 98 |
Other warrant liabilities | |
Fair value measurements | |
Fair value measured | 7,839 |
Embedded derivatives | |
Fair value measurements | |
Fair value measured | 8,399 |
Level 1 | |
Fair value measurements | |
Fair value measured | 3,690 |
Level 1 | Common stock public warrant liabilities | |
Fair value measurements | |
Fair value measured | 3,690 |
Level 2 | |
Fair value measurements | |
Fair value measured | 16,336 |
Level 2 | Common stock private warrant liabilities | |
Fair value measurements | |
Fair value measured | 98 |
Level 2 | Other warrant liabilities | |
Fair value measurements | |
Fair value measured | 7,839 |
Level 2 | Embedded derivatives | |
Fair value measurements | |
Fair value measured | $ 8,399 |
Fair Value measurement - change
Fair Value measurement - changes in the fair value of the Group's warrant liability (Details) - 12 months ended Jun. 30, 2023 $ in Thousands | USD ($) shares | AUD ($) shares |
Fair value measurements | ||
Beginning balance Shares | shares | 9,278,277 | 9,278,277 |
Beginning balance | $ 12,340 | |
Warrants issued (in shares) | shares | 2,166,229 | 2,166,229 |
Warrants issued | $ 21,879 | |
Warrants exercised and equity issued (in shares) | shares | (1,003,002) | (1,003,002) |
Warrants exercised and equity issued | $ (4,766) | |
Change in fair value | (17,826) | |
Ending balance | $ 11,627 | |
Ending balance shares | shares | 10,441,504 | 10,441,504 |
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income | Other Nonoperating Income |
Movement in fair value in relation to the embedded derivative | $ 800 | |
Common stock public warrant liabilities | ||
Fair value measurements | ||
Beginning balance Shares | shares | 9,037,130 | 9,037,130 |
Beginning balance | $ 12,019 | |
Warrants exercised and equity issued (in shares) | shares | (10,146) | (10,146) |
Warrants exercised and equity issued | $ (18) | |
Change in fair value | (8,311) | |
Ending balance | $ 3,690 | |
Ending balance shares | shares | 9,026,984 | 9,026,984 |
Common stock private warrant liabilities | ||
Fair value measurements | ||
Beginning balance Shares | shares | 241,147 | 241,147 |
Beginning balance | $ 321 | |
Change in fair value | (223) | |
Ending balance | $ 98 | |
Ending balance shares | shares | 241,147 | 241,147 |
Other Warrant Liabilities [Member] | ||
Fair value measurements | ||
Warrants issued (in shares) | shares | 2,166,229 | 2,166,229 |
Warrants issued | $ 21,879 | |
Warrants exercised and equity issued (in shares) | shares | (992,856) | (992,856) |
Warrants exercised and equity issued | $ (4,748) | |
Change in fair value | (9,292) | |
Ending balance | $ 7,839 | $ 1,173,373 |
Ending balance shares | shares | 1,173,373 | 1,173,373 |
Employee Benefits (Details)
Employee Benefits (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities | ||
Annual leave | $ 2,780 | $ 2,345 |
Long service leave | 217 | 308 |
Total current employee benefits | 2,997 | 2,653 |
Non-current liabilities | ||
Long service leave | 317 | 217 |
Total employee benefits | $ 3,314 | $ 2,870 |
Other Liabilities (Details)
Other Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Other Liabilities | ||
Insurance and other liabilities | $ 1,477 | $ 1,769 |
Cash settled employee liabilities | 146 | 152 |
Deferred fulfillment liabilities | 432 | |
Commissions | 71 | 586 |
Total current other liabilities | $ 1,694 | $ 2,939 |
Other Provisions - Other provis
Other Provisions - Other provisions by classification (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities | ||
Warranties | $ 1,392 | $ 1,326 |
Legal and other provisions | 1,231 | 126 |
Bonus Provision | 720 | 1,028 |
Transaction and offering related fees | 25,143 | |
Total other provisions - current | 3,343 | 27,623 |
Non-current liabilities | ||
Warranties | 2,889 | 2,652 |
Total other provisions | $ 6,232 | $ 30,275 |
Other Provisions - Provision Fo
Other Provisions - Provision For Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Other Provisions | ||
Opening balance of warranties - July 1 | $ 3,978 | $ 3,925 |
Warranty utilized during the year | (4,262) | (3,295) |
Provision created during the year | 4,730 | 3,656 |
Foreign currency translation adjustment | (165) | (308) |
Closing balance of provision for warranties - June 30 | $ 4,281 | $ 3,978 |
Right of Use Assets and Lease_3
Right of Use Assets and Lease Liabilities - Operating Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Right of Use Assets and Lease Liabilities | ||
Total right of use assets, net | $ 22,823 | $ 24,640 |
Lease liabilities | ||
Current lease liabilities | 3,770 | 4,020 |
Non-current lease liabilities | 22,588 | 25,556 |
Total lease liabilities | $ 26,358 | $ 29,576 |
Right of Use Assets and Lease_4
Right of Use Assets and Lease Liabilities - Maturity of lease payments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Maturity of the lease payments | ||
June 30, 2024 | $ 4,070 | |
June 30, 2025 | 4,125 | |
June 30, 2026 | 4,340 | |
June 30, 2027 | 4,474 | |
June 30, 2028 | 4,583 | |
Thereafter | 9,573 | |
Total minimum lease payments | 31,165 | |
Less amount representing interest | 4,807 | |
Present value of lease liabilities | 26,358 | $ 29,576 |
Current lease liabilities | 3,770 | 4,020 |
Non-current lease liabilities | $ 22,588 | $ 25,556 |
Right of Use Assets and Lease_5
Right of Use Assets and Lease Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Right of Use Assets and Lease Liabilities | |||
Operating lease payments | $ 4,200 | $ 2,600 | $ 1,100 |
Short term lease cost | $ 100 | $ 10 | $ 10 |
Operating lease weighted average discount rate percent | 2.76% | 2.72% | 1.45% |
Operating lease weighted average remaining lease term | 5 years 9 months 18 days | 7 years 2 months 12 days | 7 years 4 months 24 days |
Contract Liabilities (Details)
Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current liabilities | ||
Customer advance deposits | $ 45,482 | $ 33,508 |
Unearned revenue | 1,645 | 4,217 |
Total current contract liabilities | 47,127 | 37,727 |
Non-current liabilities | ||
Customer advance deposits | 847 | |
Unearned revenue | 5,798 | 1,384 |
Total non-current contract liabilities | 5,798 | 2,231 |
Total contract liabilities | $ 52,925 | $ 39,958 |
Segment Reporting - Revenue by
Segment Reporting - Revenue by reportable segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting | |||
Revenue | $ 184,544 | $ 85,821 | $ 56,157 |
Cost of goods sold | (188,627) | (87,518) | (58,061) |
Segment gross profit/(loss) | (4,083) | (1,697) | (1,904) |
Hardware revenue | |||
Segment Reporting | |||
Revenue | 175,168 | 80,832 | 53,562 |
Cost of goods sold | (182,986) | (83,740) | (55,188) |
Segment gross profit/(loss) | (7,818) | (2,908) | (1,626) |
Service and maintenance | |||
Segment Reporting | |||
Revenue | 9,267 | 4,979 | 2,590 |
Cost of goods sold | (5,641) | (3,778) | (2,873) |
Segment gross profit/(loss) | 3,626 | 1,201 | (283) |
Software Revenue | |||
Segment Reporting | |||
Revenue | 109 | 10 | 5 |
Software | |||
Segment Reporting | |||
Revenue | 109 | 10 | 5 |
Segment gross profit/(loss) | 109 | 10 | 5 |
Stand Alone | Hardware revenue | |||
Segment Reporting | |||
Revenue | 108,927 | 52,072 | 20,084 |
Cost of goods sold | (116,320) | (53,264) | (21,099) |
Segment gross profit/(loss) | (7,393) | (1,192) | (1,015) |
Distributed Chargers | Hardware revenue | |||
Segment Reporting | |||
Revenue | 61,406 | 26,603 | 32,974 |
Cost of goods sold | (61,782) | (28,597) | (33,718) |
Segment gross profit/(loss) | 376 | (1,994) | (744) |
Other | Hardware revenue | |||
Segment Reporting | |||
Revenue | 4,835 | 2,157 | 504 |
Cost of goods sold | (4,884) | (1,879) | (371) |
Segment gross profit/(loss) | $ (49) | $ 278 | $ 133 |
Segment Reporting - Reconciliat
Segment Reporting - Reconciliation of loss from operations and segment gross margin (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting | |||
Revenue | $ 184,544 | $ 85,821 | $ 56,157 |
Cost of goods sold | (188,627) | (87,518) | (58,061) |
Segment gross profit | (4,083) | (1,697) | (1,904) |
Selling, general and administration expense | (79,571) | (74,323) | (31,624) |
Product development expense | (15,466) | (14,031) | (10,521) |
Foreign exchange gain/(loss) | (4,344) | (4,208) | (1,436) |
Total operating costs and expenses | $ (99,381) | $ (92,562) | $ (43,581) |
Segment Gross Margin | (2.20%) | (2.00%) | (3.40%) |
Segment Reporting - Revenue and
Segment Reporting - Revenue and Long-Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting | |||
Revenue | $ 184,544 | $ 85,821 | $ 56,157 |
Long-lived assets | 40,656 | 35,791 | |
Australia | |||
Segment Reporting | |||
Revenue | 31,280 | 12,735 | 5,044 |
Long-lived assets | 18,499 | 18,709 | |
United States of America | |||
Segment Reporting | |||
Revenue | 63,074 | 33,174 | 12,730 |
Long-lived assets | 21,634 | 16,290 | |
The Netherlands | |||
Segment Reporting | |||
Revenue | 90,190 | 39,912 | $ 38,383 |
Long-lived assets | $ 523 | $ 792 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 USD ($) customer segment | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Segment Reporting | |||
Number of operating segments | segment | 7 | ||
Revenue | $ 184,544 | $ 85,821 | $ 56,157 |
Intersegment Eliminations | |||
Segment Reporting | |||
Revenue | $ 0 | ||
Revenue from customer | Customer Concentration Risk | Customer | |||
Segment Reporting | |||
Number of major customers | customer | 2 | ||
Revenue | $ 47,500 | ||
Revenue from customer | Customer Concentration Risk | Customer | Intersegment Eliminations | |||
Segment Reporting | |||
Concentration risk percentage | (26.00%) | ||
Revenue from customer | Customer Concentration Risk | Customer One | Distributed Charges | |||
Segment Reporting | |||
Number of major customers | customer | 1 | ||
Revenue | $ 19,200 | 13,000 | 17,000 |
Revenue from customer | Customer Concentration Risk | Customer Two | |||
Segment Reporting | |||
Number of major customers | customer | 2 | ||
Revenue | $ 28,300 | ||
Revenue from customer | Customer Concentration Risk | Customer Two | Distributed Charges | |||
Segment Reporting | |||
Revenue | 9,500 | ||
Revenue from customer | Customer Concentration Risk | Customer Two | Intersegment Eliminations | Standalone Charges | |||
Segment Reporting | |||
Revenue | $ 18,800 | $ 0 | $ 0 |
Loss Per Share (Details)
Loss Per Share (Details) | 12 Months Ended | ||
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 USD ($) $ / shares shares | |
Basic and diluted loss per share | |||
Net (loss) attributable to common shareholders | $ | $ (121,370,000) | $ (128,919,000) | $ (63,092,000) |
Weighted average shares outstanding | |||
Weighted average number of shares - Basic | shares | 155,401,121 | 126,814,171 | 99,915,563 |
Weighted average number of shares - Diluted | shares | 155,401,121 | 126,814,171 | 99,915,563 |
Basic net loss per share | $ / shares | $ (0.78) | $ (1.02) | $ (0.58) |
Diluted net loss per share | $ / shares | $ (0.78) | (1.02) | $ (0.58) |
Share conversion ratio | 1.4716625 | ||
Class C shares | |||
Weighted average shares outstanding | |||
Weighted average number of shares - Basic | shares | 0 | 8,047,417 | |
Weighted average number of shares - Diluted | shares | 8,047,417 | ||
Basic net loss per share | $ / shares | $ 0 | $ (0.58) | |
Diluted net loss per share | $ / shares | $ 0 | $ 0 | $ (0.58) |
Previously Reported | |||
Basic and diluted loss per share | |||
Net (loss) attributable to common shareholders | $ | $ (58,389,069) | ||
Weighted average shares outstanding | |||
Weighted average number of shares - Basic | shares | 67,892,971 | ||
Basic net loss per share | $ / shares | $ (0.86) | ||
Previously Reported | Class C shares | |||
Basic and diluted loss per share | |||
Net (loss) attributable to common shareholders | $ | $ (4,702,784) | ||
Weighted average shares outstanding | |||
Weighted average number of shares - Basic | shares | 5,468,249 | ||
Basic net loss per share | $ / shares | $ (0.86) |
Share Options Outstanding - Sum
Share Options Outstanding - Summary of Plans (Details) | 12 Months Ended | ||
Jun. 23, 2022 $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | |
Share Options Outstanding | |||
Term of limited recourse loans | 7 years | ||
Share conversion ratio | 1.4716625 | ||
Options granted | shares | 1,400,000 | ||
Loan Funded Share Plan | |||
Share Options Outstanding | |||
Share-based compensation expense | $ | $ 0 | ||
Share-based compensation expense resulting from modification to executive awards | $ | $ 6,400,000 | ||
FBT tax expense relating to option modification | $ | 5,600,000 | ||
Share conversion ratio | 1.4716625 | ||
ESS | |||
Share Options Outstanding | |||
Share-based compensation expense | $ | $ 3,500,000 | ||
ESS | Stock Appreciation Rights (SARs) | |||
Share Options Outstanding | |||
Share-based compensation expense | $ | 0 | ||
ESS | Performance Rights | |||
Share Options Outstanding | |||
Number of fully paid ordinary share in Tritium DCFC, that each performance right entitles the holder | shares | 1 | ||
Exercise price of share rights | $ / shares | $ 0 | ||
LTIP | |||
Share Options Outstanding | |||
Share-based compensation expense | $ | 2,700,000 | 0 | |
LTIP | Performance Rights | |||
Share Options Outstanding | |||
Options granted | shares | 1,400,000 | ||
STIP | |||
Share Options Outstanding | |||
Share-based compensation expense | $ | $ 2,700,000 | 0 | |
Options granted | shares | 738,139 | ||
Estimated weighted average fair value of the rights | $ / shares | $ 1.18 | ||
STIP | Performance Rights | |||
Share Options Outstanding | |||
Estimated weighted average fair value of the rights | $ / shares | $ 1.68 | ||
ESPP | |||
Share Options Outstanding | |||
Share-based compensation expense | $ | $ 70,000 | $ 0 | |
Options granted | shares | 570,866 | ||
Estimated weighted average fair value of the rights | $ / shares | $ 0.326 | ||
ESPP | Performance Rights | |||
Share Options Outstanding | |||
Maximum number of shares that the eligible employees can purchase during the offering period | shares | 10,000 | ||
Term of the offering period | 12 months | ||
Maximum number of shares that the eligible employees can purchase in each purchase period | shares | 5,000 | ||
Term of the purchase period | 6 months | ||
Percentage of the lesser of the VWAP of an Ordinary Share on the grant date or the exercise date, considered for determination of share purchase price | 85% | ||
Maximum payroll deductions for participating employees in a calendar year | $ | $ 25,000 | ||
ESPP | Performance Rights | Minimum | |||
Share Options Outstanding | |||
Percentage of monthly payroll deductions for participating employees | 1% | ||
ESPP | Performance Rights | Maximum | |||
Share Options Outstanding | |||
Percentage of monthly payroll deductions for participating employees | 10% | ||
Tritium DCFC Share Options Plans - LTIP | |||
Share Options Outstanding | |||
Options granted | shares | 979,468 | ||
Estimated weighted average fair value of the rights | $ / shares | $ 2.06 | ||
Tritium DCFC Share Options Plans - LTIP | Performance Rights | |||
Share Options Outstanding | |||
Number of fully paid ordinary share in Tritium DCFC, that each performance right entitles the holder | shares | 1 | ||
Exercise price of share rights | $ / shares | $ 0 |
Share Options Outstanding - Act
Share Options Outstanding - Activity of options (Details) - $ / shares | 12 Months Ended | ||
Jun. 23, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
No. of shares | |||
Options granted | 1,400,000 | ||
Loan Funded Share Plan | After conversion to Tritium DCFC shares | |||
Average Weighted Life Contractually Remaining (Years) | |||
Average weighted life contractually remaining | 4 years 2 months 4 days | ||
Average weighted life contractually remaining, options exercised | 2 years 4 months 2 days | ||
Average weighted life contractually remaining, ending balance (vested and exercisable) | 3 years 5 months 8 days | ||
Average Weighted Fair Value | |||
Beginning balance | $ 0.56 | ||
Options exercised | 0.66 | ||
Ending balance | 0.86 | $ 0.56 | |
Average Weighted Exercise Price | |||
Beginning balance | 1.75 | ||
Options exercised | 1.41 | ||
Ending balance | $ 1.74 | $ 1.75 | |
No. of shares | |||
Beginning balance | 4,200,371 | ||
Options exercised | (484,683) | ||
Ending balance | 3,715,688 | 4,200,371 | |
Tritium DCFC Share Options Plans - LTIP | |||
Average Weighted Life Contractually Remaining (Years) | |||
Average weighted life contractually remaining | 2 years 6 months 3 days | ||
Average weighted life contractually remaining, options granted | 1 year 7 months 13 days | ||
Average Weighted Fair Value | |||
Options granted | $ 2.06 | ||
Options exercised | 5.22 | ||
Options cancelled | 0 | ||
Ending balance | 1.54 | ||
Average Weighted Exercise Price | |||
Options granted | 0 | ||
Options exercised | 1.71 | ||
Options cancelled | 0 | ||
Ending balance | $ 0 | ||
No. of shares | |||
Options granted | 979,468 | ||
Options exercised | (148,760) | ||
Options cancelled | 0 | ||
Ending balance | 780,708 | ||
STIP | |||
Average Weighted Fair Value | |||
Options granted | $ 1.18 | ||
Options exercised | 1.27 | ||
Ending balance | 1.08 | ||
Average Weighted Exercise Price | |||
Options exercised | $ 1.38 | ||
No. of shares | |||
Options granted | 738,139 | ||
Options exercised | (559,970) | ||
Ending balance | 178,169 | ||
ESPP | |||
Average Weighted Life Contractually Remaining (Years) | |||
Average weighted life contractually remaining, options granted | 8 months 26 days | ||
Average weighted life contractually remaining, ending balance (vested and exercisable) | 6 months | ||
Average Weighted Fair Value | |||
Beginning balance | $ 0 | ||
Options granted | 0.326 | ||
Ending balance | 0.33 | $ 0 | |
Average Weighted Exercise Price | |||
Options granted | 1 | ||
Ending balance | $ 1 | ||
No. of shares | |||
Options granted | 570,866 | ||
Ending balance | 570,866 | ||
ESS | |||
Average Weighted Life Contractually Remaining (Years) | |||
Average weighted life contractually remaining | 3 months | ||
Average Weighted Fair Value | |||
Beginning balance | $ 6.19 | ||
Options exercised | (6.18) | ||
Options cancelled | 6.41 | ||
Ending balance | $ 6.15 | $ 6.19 | |
No. of shares | |||
Beginning balance | 1,328,758 | ||
Options exercised | (725,199) | ||
Options cancelled | (7,332) | ||
Ending balance | 596,227 | 1,328,758 |
Fair Valuation of Share-Based_3
Fair Valuation of Share-Based Compensation (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
LFSP | Employee Stock Option | |||
Fair Valuation of Share-Based Compensation | |||
Risk free interest rate | 1.56% | 1.56% | 1.59% |
Expected term | 3 years 5 months 8 days | 6 months | 1 year 6 months |
Expected volatility | 60% | 60% | 60% |
Dividend yield | 0% | 0% | 0% |
Grant value fair value per share | $ 0.86 | $ 0.82 | $ 0.94 |
Share price | $ 1.09 | $ 2.6 | $ 2.57 |
Aggregate intrinsic value of shares vested and not yet exercised (USD) | $ 862,705 | $ 524,983 | $ 2,835,795 |
ESS | Stock Appreciation Rights (SARs) | |||
Fair Valuation of Share-Based Compensation | |||
Risk free interest rate | 2.50% | ||
Expected term | 0 years | ||
Dividend yield | 0% | ||
Grant value fair value per share | $ 6.15 | ||
Share price | $ 1.09 | ||
LTIP | Employee Stock Option | |||
Fair Valuation of Share-Based Compensation | |||
Risk free interest rate | 4.27% | 2.68% | |
Expected term | 1 year 7 months 13 days | 3 years | |
Expected volatility | 80% | 80% | |
Dividend yield | 0% | 0% | |
Grant value fair value per share | $ 2.08 | $ 6.17 | |
Share price | $ 1.09 | $ 6.17 | |
Aggregate intrinsic value of shares vested and not yet exercised (USD) | $ 0 | $ 0 | |
STIP | |||
Fair Valuation of Share-Based Compensation | |||
Risk free interest rate | 3.93% | ||
Expected term | 0 years | ||
Expected volatility | 80% | ||
Dividend yield | 0% | ||
Grant value fair value per share | $ 1.08 | ||
Share price | $ 1.09 | ||
Aggregate intrinsic value of shares vested and not yet exercised (USD) | $ 1,860 | ||
ESPP | Employee Stock Option | |||
Fair Valuation of Share-Based Compensation | |||
Risk free interest rate | 4.83% | ||
Expected term | 6 months | ||
Expected volatility | 40% | ||
Dividend yield | 0% | ||
Grant value fair value per share | $ 0.33 | ||
Share price | $ 1.09 | ||
Aggregate intrinsic value of shares vested and not yet exercised (USD) | $ 435,959 |
Share Capital (Details)
Share Capital (Details) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | |||
Sep. 02, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Capital | ||||
Percentage of common stock outstanding | 4.99% | |||
Percentage of purchase agreement average volume | 97% | |||
Costs incurred | $ 0 | $ 3,808 | $ 0 | |
Sale of Stock [Domain] | ||||
Share Capital | ||||
Maximum amount of ordinary shares, that the Group has the right to sell to B. Riley Principal Capital II | $ 75,000 | |||
Common stock purchase agreement | ||||
Share Capital | ||||
Costs incurred | $ 800 | |||
Number of shares acquired by B. Riley | 1.6 | |||
Value of shares acquired by B. Riley | $ 1,600 |
Related Party Disclosures (Deta
Related Party Disclosures (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Jun. 30, 2023 USD ($) | Jun. 30, 2023 AUD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Related Party Disclosures | ||||
Revenue | $ 184,544 | $ 85,821 | $ 56,157 | |
Accounts Payable | 71,050 | 27,049 | ||
Other current liabilities | $ 1,694 | 2,939 | ||
Fast Cities Australia | ||||
Related Party Disclosures | ||||
Accounts receivable due, payable period | 30 days | 30 days | ||
Lordstown Motors | ||||
Related Party Disclosures | ||||
Revenue | $ 30 | |||
Related parties | ||||
Related Party Disclosures | ||||
Accounts receivable | $ 237 | 16 | ||
Associated Shareholders | ||||
Related Party Disclosures | ||||
Accounts receivable | 237 | 16 | 2,991 | |
Purchase | 275 | 683 | 591 | |
Accounts Payable | 85 | 93 | 165 | |
Interest Expense | 7,181 | |||
Other current liabilities | 67,601 | 6,392 | ||
Associated Shareholders | Gilbarco | ||||
Related Party Disclosures | ||||
Accounts receivable | 2,471 | |||
Purchase | 338 | 335 | ||
Accounts Payable | 142 | |||
Associated Shareholders | Fast Cities Australia | ||||
Related Party Disclosures | ||||
Accounts receivable | 237 | 16 | 520 | |
Associated Shareholders | St Baker Energy | ||||
Related Party Disclosures | ||||
Purchase | 275 | 345 | 256 | |
Accounts Payable | 85 | 93 | 23 | |
Interest Expense | 6,059 | |||
Other current liabilities | 58,873 | 6,392 | ||
Associated Shareholders | Riverstone | ||||
Related Party Disclosures | ||||
Interest Expense | 1,122 | |||
Other current liabilities | 8,728 | |||
Hardware revenue | ||||
Related Party Disclosures | ||||
Revenue | 175,168 | 80,832 | 53,562 | |
Hardware revenue | Associated Shareholders | ||||
Related Party Disclosures | ||||
Revenue | 7,203 | 11,589 | 21,263 | |
Hardware revenue | Associated Shareholders | Gilbarco | ||||
Related Party Disclosures | ||||
Revenue | 8,135 | 19,122 | ||
Hardware revenue | Associated Shareholders | Fast Cities Australia | ||||
Related Party Disclosures | ||||
Revenue | 7,203 | 3,454 | 2,141 | |
Service and maintenance revenue | ||||
Related Party Disclosures | ||||
Revenue | $ 9,267 | $ 4,979 | 2,590 | |
Service and maintenance revenue | Associated Shareholders | ||||
Related Party Disclosures | ||||
Revenue | 1 | |||
Service and maintenance revenue | Associated Shareholders | Fast Cities Australia | ||||
Related Party Disclosures | ||||
Revenue | $ 1 |
Tritium DCFC Limited and Cont_3
Tritium DCFC Limited and Controlled Entities (Details) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Tritium Holdings Pty Ltd | Australia | Tritium Holdings Pty Ltd | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | Australia | ||
Decarbonization Plus Acquisition Corporation II | United States of America | Decarbonization Plus Acquisition Corporation II | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 0% |
Controlled entities, Place of incorporation | United States of America | ||
Tritium America Corporation | United States of America | Tritium America Corporation | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | United States of America | ||
Tritium Technologies LLC | United States of America | Tritium Technologies LLC | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | United States of America | ||
Tritium Europe BV | The Netherlands | Tritium Europe BV | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | The Netherlands | ||
Tritium Technologies BV | The Netherlands | Tritium Technologies BV | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | The Netherlands | ||
Tritium Pty Ltd | Australia | Tritium Pty Ltd | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | Australia | ||
Tritium Nominee Pty Ltd | Australia | Tritium Nominee Pty Ltd | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | Australia | ||
Tritium Technologies Limited | The United Kingdom | Tritium Technologies Limited | |||
Tritium DCFC Limited and Controlled Entities | |||
Ownership interest | 100% | 100% | 100% |
Controlled entities, Place of incorporation | The United Kingdom |
Reverse Capitalization and Bu_3
Reverse Capitalization and Business Combination - Total number of shares of Common Stock of Tritium DCFC Limited issued immediately following the consummation of the Merger (Details) - shares | Jan. 13, 2022 | Jun. 30, 2023 | Jun. 30, 2022 |
Reverse Capitalization and Business Combination | |||
Common stock, shares outstanding | 142,007,286 | 148,893,898 | |
Merger Agreement | DCRN | |||
Reverse Capitalization and Business Combination | |||
Shared issued to legacy, Shares | 15,380,694 | ||
Merger Agreement | Legacy Tritium | |||
Reverse Capitalization and Business Combination | |||
Shared issued to legacy, Shares | 120,000,000 |
Reverse Capitalization and Bu_4
Reverse Capitalization and Business Combination - Historical Capital on Merger (Details) - shares | Sep. 12, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Reverse Capitalization and Business Combination | ||||
Common shares | 8,254,527 | 160,036,639 | 153,094,269 | 107,806,361 |
Treasury shares | (3,715,688) | (4,200,371) | (7,890,800) | |
Class C shares | ||||
Reverse Capitalization and Business Combination | ||||
Common shares | 8,052,499 | |||
Legacy Tritium Holdings | ||||
Reverse Capitalization and Business Combination | ||||
Common shares | 73,254,797 | |||
Treasury shares | (5,361,826) | |||
Legacy Tritium Holdings | Class C shares | ||||
Reverse Capitalization and Business Combination | ||||
Common shares | 5,468,249 |
Reverse Capitalization and Bu_5
Reverse Capitalization and Business Combination - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Jan. 13, 2022 | Jun. 30, 2023 | |
Reverse Capitalization and Business Combination | ||
Proceeds from merger net of redemptions | $ 68.2 | |
Merger Agreement | ||
Reverse Capitalization and Business Combination | ||
Shares issued price per share | $ 10 | |
Share exchange ratio | 1.4716625 | |
Adjustment to additional paid in capital transaction costs incurred | $ 16.7 | |
Merger Agreement | Private Investment In Public Equity Subscription Agreement | ||
Reverse Capitalization and Business Combination | ||
Proceeds from private placement | $ 15 | |
Merger Agreement | DCRN | ||
Reverse Capitalization and Business Combination | ||
Proceeds from restricted investments | $ 53.2 | |
Stock issued (shares) | 15,380,694 | |
Payment to redeem common stock | $ 349.3 | |
Merger Agreement | Legacy Tritium | ||
Reverse Capitalization and Business Combination | ||
Stock issued (shares) | 120,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Sep. 12, 2023 USD ($) item Y $ / shares shares | Jun. 30, 2023 USD ($) shares | Sep. 02, 2023 USD ($) | Jul. 01, 2023 USD ($) | Dec. 23, 2022 USD ($) | Jun. 30, 2022 shares | Jun. 30, 2021 shares | |
Subsequent Events | |||||||
Common stock, shares issued | shares | 8,254,527 | 160,036,639 | 153,094,269 | 107,806,361 | |||
Common stock, shares outstanding | shares | 142,007,286 | 148,893,898 | |||||
Financing Warrants | |||||||
Subsequent Events | |||||||
Common stock, shares issued | shares | 1,173,372 | ||||||
Common stock, shares outstanding | shares | 1,173,372 | ||||||
Redeemable convertible preference shares | |||||||
Subsequent Events | |||||||
Total facility | $ 75 | ||||||
Preference Shares | |||||||
Subsequent Events | |||||||
Minimum average of daily trading | $ 0.9 | ||||||
Number of trading days to be achieved | 20 days | ||||||
Sunset Power | Working capital facility | |||||||
Subsequent Events | |||||||
Committed equity facility | $ 20 | ||||||
Secured debt | Cigna And Barings | |||||||
Subsequent Events | |||||||
Cash held with financial institutions | $ 150 | ||||||
Liquidity reserve requirement | $ 25 | ||||||
Subsequent Event | Redeemable convertible preference shares | |||||||
Subsequent Events | |||||||
Total facility | $ 75 | ||||||
Amount raised initially | $ 25 | ||||||
Subsequent Event | Preference Shares | |||||||
Subsequent Events | |||||||
Total facility | $ 75 | ||||||
Maximum amount of shares that the Group has the right to sell | 75 | ||||||
Amount raised initially | 25 | ||||||
Maximum subsequent funding | $ 21 | ||||||
Term of preference shares | 19 months | ||||||
Issuance of preferred shares at percentage of face value | 100% | ||||||
Conversion price as percentage of traded ordinary share price at issuance | 120% | ||||||
Conversion price as percentage of VWAP at conversion dates | 94% | ||||||
First redemption installment occurring from the Initial Closing date | Y | 10 | ||||||
Subsequent redemption installment occurring thereafter | Y | 20 | ||||||
Redemption installment amount | $ 5.3 | ||||||
Fixed conversion price as percentage of the issuance date price | 120% | ||||||
Percentage of arithmetic average of the three lowest daily VWAPs of the 10 trading days prior to the payment date | 94% | ||||||
Lowest daily VWAPS of 10 trading days | item | 3 | ||||||
Trading days for arithmetic average of three lowest daily VWAPs | Y | 10 | ||||||
Percentage of VWAP of trading day prior to payment date | 94% | ||||||
Maximum share price for conversion at 85% of trading VWAP | $ / shares | $ 0.75 | ||||||
Conversion as percentage of trading VWAP if share price fall below $1.00 | 85% | ||||||
Threshold notice period to terminate the financing facility | 20 days | ||||||
Subsequent Event | Senior Debt Obligations And Equity Facility | |||||||
Subsequent Events | |||||||
Liquidity reserve requirement | $ 25 | ||||||
Subsequent Event | Senior Debt Obligations | Cigna And Barings | |||||||
Subsequent Events | |||||||
Debt instrument face value | $ 150 | ||||||
Liquidity reserve requirement | $ 25 |