INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Tritium DCFC Limited (the “Company”) is furnishing this Report on Form 6-K to provide the unaudited consolidated financial statements for the six months ended December 31, 2022. Therefore, attached as Exhibit 99.1 to this Report on Form 6-K, is Management’s Discussion and Analysis of Financial Condition and financial statements as of and for the six months ended December 31, 2022.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Some of the statements contained in this Report on Form 6-K constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Forward-looking statements reflect our current views, as applicable, with respect to, among other things, our respective capital resources, portfolio performance and results of operations. Likewise, all statements regarding anticipated growth in our operations, anticipated market conditions, demographics and results of operations are forward-looking statements. In some cases, you can identify these forward-looking statements by the use of terminology such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases.
The forward-looking statements contained in this Report on Form 6-K reflect our current views, as applicable, about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. We do not guarantee that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:
• | our ability to realize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition and our ability to manage growth profitability following the Business Combination; |
• | risks related to the rollout of our business and expansion strategy; |
• | consumer failure to accept and adopt EVs; |
• | overall demand for EV charging and the potential for reduced demand if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated; |
• | the possibility that our technology and products could have undetected defects or errors; |
• | our ability to continue to develop market-leading EV charging technology; |
• | our ability to manage growth; |
• | our ability to obtain and maintain financing arrangements on attractive terms; |
• | our estimates of expenses, ongoing losses, future revenue, capital requirements and needs for or ability to obtain additional financing. |
• | the effects of the COVID-19 pandemic or other adverse public health developments on our business; |
• | the effects of competition on our future business; |
• | the volatility of currency exchange rates; |
• | the impact of and changes in governmental regulations or the enforcement thereof, tax laws and rates, accounting guidance and similar matters in regions in which we operate or will operate in the future; |
• | potential litigation, governmental or regulatory proceedings, investigations or inquiries involving us, including in relation to the Business Combination; |
• | inability to remediate material weaknesses in internal control over financial reporting and failure to maintain an effective system of internal controls, and the inability to accurately or timely report our financial condition or results of operations; |
• | failure to maintain an effective system of internal control over financial reporting, and loss of securityholder confidence in our financial and other public reporting from the inability to accurately report our financial results or prevent fraud; |
• | changes in personnel and availability of qualified personnel; |
• | environmental uncertainties and risks related to adverse weather conditions and natural disasters; |
• | potential write-downs, write-offs, restructuring and impairment or other charges required to be taken by us subsequent to the Business Combination; |
• | higher costs as a result of being a public company; |
• | general economic uncertainty; |
• | the ability to maintain the listing of our securities on Nasdaq; |
• | the ability to manage and operate as a public company in the United States; and |
• | the volatility of the market price and liquidity of our securities. |
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this Report on Form 6-K, except as required by applicable law. For a further discussion of these and other factors that could cause our future results, performance or transactions to differ significantly from those expressed in any forward-looking statement, please see the section entitled “Risk Factors” in our Annual Report of Form 20-F filed with the SEC on September 22, 2022. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to us (or to third parties making the forward-looking statements).
EXHIBIT INDEX
Exhibit No. |
Description | |
99.1 | Management’s Discussion and Analysis of Financial Condition and Results of Operations and Financial Statements as of and for the six months ended December 31, 2022. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Tritium DCFC Limited | ||||||
Date: March 9, 2023 | By: | /s/ Jane Hunter | ||||
Jane Hunter | ||||||
Chief Executive Officer |
• | 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 |
• | do not have the ability to direct the product to a different customer. |
Plant and equipment |
12.5% to 33.34% | |||
Furniture, fixtures and fittings |
10.00% | |||
Motor vehicles |
33.34% | |||
Office equipment |
20.00% | |||
Computer equipment |
33.34% |
Six Months Ended December 31, |
Period-over-Period Change Six Months Ended December 31, 2022 to 2021 |
|||||||||||||||
2022 |
2021 |
|||||||||||||||
(in thousands, except percentages) |
Change ($) |
Change (%) |
||||||||||||||
Revenue |
||||||||||||||||
Service and maintenance revenue, external parties |
$ | 4,376 | $ | 2,405 | 1,971 | 82 | % | |||||||||
Software revenue |
101 | 5 | 96 | 1920 | % | |||||||||||
Hardware revenue, external parties |
66,579 | 41,952 | 24,627 | 59 | % | |||||||||||
Hardware revenue, related parties |
1,588 | 12,629 | (11,041 | ) | (87 | %) | ||||||||||
Total revenue |
72,644 | 56,991 | 15,653 | 27 | % | |||||||||||
Cost of goods sold |
||||||||||||||||
Service and maintenance—cost of goods sold |
(1,770 | ) | (1,962 | ) | 192 | (10 | %) |
Hardware—cost of goods sold |
(77,919 | ) | (51,495 | ) | (26,424 | ) | 51 | % | ||||||||
Total cost of goods sold |
(79,689 | ) | (53,457 | ) | (26,232 | ) | 49 | % | ||||||||
Operating costs and expenses |
||||||||||||||||
Selling, general and administrative expense |
(36,437 | ) | (46,851 | ) | 10,414 | (22 | %) | |||||||||
Product development expense |
(7,114 | ) | (6,521 | ) | (593 | ) | 9 | % | ||||||||
Foreign exchange gain/ (loss) |
102 | 152 | (50 | ) | (33 | %) | ||||||||||
Total operating costs and expenses |
(43,449 | ) | (53,220 | ) | 9,771 | (18 | %) | |||||||||
Loss from operations |
(50,494 | ) | (49,686 | ) | (808 | ) | 2 | % | ||||||||
Finance costs |
(15,471 | ) | (11,581 | ) | (3,890 | ) | 34 | % | ||||||||
Transaction and offering related fees |
— | (640 | ) | 640 | (100 | %) | ||||||||||
Fair value movements—derivatives and warrants |
9,607 | (6,282 | ) | 15,889 | (253 | %) | ||||||||||
Other income |
87 | 51 | 36 | 71 | % | |||||||||||
Total other expense |
(5,777 | ) | (18,452 | ) | 12675 | (69 | %) | |||||||||
Loss before income tax |
(56,271 | ) | (68,138 | ) | 11,867 | (17 | %) | |||||||||
Income tax expense |
0 | 0 | 0 | 0 | ||||||||||||
Net (loss) |
(56,271 | ) | (68,138 | ) | 11,867 | (17 | %) | |||||||||
Net (loss) per common share |
||||||||||||||||
Net (loss) per common share attributable to common shareholders |
(56,271 | ) | (68,138 | ) | 11,867 | (17 | %) | |||||||||
Basic and diluted-common shares |
(0.37 | ) | (0.63 | ) | 0.26 | (41 | %) | |||||||||
Basic and diluted-class C shares |
— | (0.63 | ) | 0.63 | (100 | %) | ||||||||||
Other comprehensive income (loss) (net of tax) |
||||||||||||||||
Change in foreign currency translation adjustment |
(435 | ) | 2,550 | (2,985 | ) | (117 | %) | |||||||||
Total other comprehensive income (loss)(net of tax) |
(435 | ) | 2,550 | (2,985 | ) | (117 | %) | |||||||||
Total comprehensive |
$ | (56,706 | ) | $ | (65,588 | ) | 8,882 | (14 | %) | |||||||
Six Months Ended December 31, |
||||||||
2022 $’000 |
2021 $’000 |
|||||||
Net cash (used in) provided by: |
||||||||
Operating activities |
(78,711 | ) | (23,984 | ) | ||||
Investing activities |
(4,944 | ) | (2,576 | ) | ||||
Financing activities |
78,909 | 28,708 | ||||||
Net increase (decrease) in cash and cash equivalents |
(4,746 | ) | 2,148 |
• | Consideration of changes in economic conditions including possible issues related to the COVID-19 pandemic; |
• | Consideration of significant adverse changes in the operations of customers that would indicate increased risk; |
• | Consideration of any significant changes in the regulatory, economic, or technological environment of customers that may result in an increase to the underlying default risk; |
• | Consideration of any change in payment patterns by major customers; and |
• | Consideration of credit risk of new customers. |
Assumption |
Change |
Increase/Decrease (in millions) |
||||||
Probability of default (lifetime) |
+/-10 |
% | $ | +/-0.08 |
Assumption |
Change |
Increase/Decrease (in millions) |
||||||
Number of months of warranty remaining (based on chargers sold and warranty lapsing) |
+/-10 |
% | $ | +/-0.6 |
||||
12 month average cost of warranty repair |
+/-5 |
% | $ | +/-0.3 |
• | Nature, frequency, and severity of current and cumulative financial reporting losses. pre-tax losses in the three-year period ending with the current quarter to be significant negative evidence regarding future profitability. We also consider the strength and trend of earnings, as well as other relevant factors. In certain circumstances, historical information may not be as relevant due to changes in our business operations; |
• | Sources of future taxable income. |
• | Tax planning strategies. |
Assumption |
Change |
Increase/Decrease - LTIP expense in millions |
Increase/Decrease - STIP expense in millions |
|||||||||
Share price |
+/-10 |
% | +/-0.04 |
+/-0.04 |
Assumption |
Change |
Increase/Decrease - Derivative Fair value movement (in millions) |
||||||
Change in warrant fair value |
+/-10 |
% | $ | +/-($1.01 |
) |
Assumption |
Basis point change |
Increase/Decrease in finance cost |
||||||
Change in discount rate |
+/-100 bps |
$ | +/-0.0 |
• | Lack of appropriately designed, implemented and documented procedures and controls at both entity level and process level to allow for Tritium to achieve complete, accurate and timely financial reporting. This is pervasive across the entity-level and each of the key business processes, including controls over the preparation and review of account reconciliations and journal entries, revenue recognition processes, inventory existence processes and controls over information technology to ensure access to financial data is adequately restricted to appropriate personnel. |
• | Segregation of duties has not been sufficiently established across the key business and financial processes. Given the size, nature of the organization and the current structure of the finance function, a lack of segregation of duties applied to the key business and financial processes across the organization has been identified. A consequence of the lack of segregation of duties is the heightened risk of fraud or material misstatement when no appropriate mitigating controls are in place. |
• | Lack of personnel with appropriate knowledge and experience relating to U.S. GAAP and SEC reporting requirements to enable the entity to design and maintain an effective financial reporting process. A lack of knowledge and experience in these areas may lead to the Company being in breach of SEC financial reporting and other related requirements, especially given that the current finance function has not been designed to include sufficient accounting and financial reporting personnel with (i) the requisite knowledge and experience in the application of SEC financial reporting rules and regulations; and (ii) the appropriate expertise in the relevant U.S. accounting standards. |
Page | ||||
Condensed Consolidated Statements of Operations and Comprehensive Loss |
1 | |||
Condensed Consolidated Statements of Financial Position |
2 | |||
Condensed Consolidated Statements of Shareholders’ Deficit |
3 | |||
Condensed Consolidated Statements of Cash Flows |
5 | |||
Notes to the Condensed Consolidated Interim Financial Statements |
6 | |||
1. Summary of significant accounting policies |
6 | |||
2. Revenue |
9 | |||
3. Selling, general and administration expense |
9 | |||
4. Finance costs |
9 | |||
5. Income tax expense |
9 | |||
6. Accounts receivable, net of allowance for expected credit losses |
11 | |||
7. Inventory |
11 | |||
8. Deposits |
12 | |||
9. Accounts payable |
12 | |||
10. Borrowings |
12 | |||
11. Warrants |
14 | |||
12. Contract liabilities |
15 | |||
13. Segment reporting |
15 | |||
14. Loss per share |
17 | |||
15. Share options outstanding |
18 | |||
16. Fair valuation of share-based compensation |
19 | |||
17. Commitments and contingent liabilities |
20 | |||
18. Share capital |
20 | |||
19. Related party disclosures |
21 | |||
20. Subsequent events |
22 |
Note | Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
||||||||
Revenue |
||||||||||
Service and maintenance revenue – external parties |
2 | |||||||||
Hardware revenue – external parties |
2 | |||||||||
Hardware revenue – related parties |
2 | |||||||||
Software revenue |
2 | |||||||||
Total revenue |
||||||||||
Cost of goods sold |
||||||||||
Service and maintenance - costs of goods sold |
( |
) | ( |
) | ||||||
Hardware – cost of goods sold |
( |
) | ( |
) | ||||||
Total cost of goods sold |
( |
) | ( |
) | ||||||
Selling, general and administration expense |
3 | ( |
) | ( |
) | |||||
Product development expense |
( |
) | ( |
) | ||||||
Foreign exchange gain/(loss) |
||||||||||
Total operating costs and expenses |
( |
) | ( |
) | ||||||
Loss from operations |
( |
) | ( |
) | ||||||
Other income (expense), net: |
||||||||||
Finance costs |
4 | ( |
) | ( |
) | |||||
Transaction and offering related fees |
( |
) | ||||||||
Fair value movements – warrants and derivative |
11 | ( |
) | |||||||
Other income |
||||||||||
Total other expense |
( |
) | ( |
) | ||||||
(Loss) before income taxes |
( |
) | ( |
) | ||||||
Income tax expense |
5 | |||||||||
Net (loss) |
( |
) | ( |
) | ||||||
Net (loss) per common share |
||||||||||
Net (loss) attributable to common shareholders |
14 | ( |
) | ( |
) | |||||
Basic and diluted – common shares |
14 | ( |
) | ( |
) | |||||
Basic and diluted – class C shares |
14 | ( |
) | |||||||
Weighted average shares outstanding |
||||||||||
Basic and diluted – common shares |
||||||||||
Basic and diluted – class C shares |
||||||||||
Comprehensive Loss |
||||||||||
Net (loss) |
( |
) | ( |
) | ||||||
Other income (loss) (net of tax) |
||||||||||
Change in foreign currency translation adjustment |
( |
) | ||||||||
Total other comprehensive income (loss) (net of tax) |
( |
) | ||||||||
Total comprehensive (loss) |
( |
) | ( |
) | ||||||
Note | As of December 31, 2022 $’000 |
As of June 30, 2022 $’000 |
||||||||||
Assets |
||||||||||||
Cash and cash equivalents |
||||||||||||
Accounts receivable - related parties |
6 | |||||||||||
Accounts receivable - external parties |
6 | |||||||||||
Accounts receivable - allowance for expected credit losses |
6 | ( |
) | ( |
) | |||||||
Inventory |
7 | |||||||||||
Prepaid expenses |
||||||||||||
Deposits |
8 | |||||||||||
Total current assets |
||||||||||||
Property, plant and equipment, net |
||||||||||||
Operating lease right of use assets |
||||||||||||
Total non-current assets |
||||||||||||
Total Assets |
||||||||||||
Liabilities and Shareholders’ Deficit |
||||||||||||
Accounts Payable |
9 | |||||||||||
Borrowings |
10 | |||||||||||
Related party borrowings |
10/19 | |||||||||||
Contract liabilities |
12 | |||||||||||
Employee benefits |
||||||||||||
Other provisions |
||||||||||||
Obligations under operating leases |
||||||||||||
Warrants |
11 | |||||||||||
Other current liabilities |
||||||||||||
Total current liabilities |
||||||||||||
Obligations under operating leases |
||||||||||||
Contract liabilities |
12 | |||||||||||
Employee benefits |
||||||||||||
Borrowings net of unamortized issuance costs |
10 | |||||||||||
Related party borrowings |
10/19 | |||||||||||
Other provisions |
||||||||||||
Total non-current liabilities |
||||||||||||
Total Liabilities |
||||||||||||
Commitments and Contingent liabilities |
||||||||||||
Shareholders’ Deficit |
||||||||||||
Common shares, shares authorized at December 2022 and June 2022, |
||||||||||||
Treasury shares, |
||||||||||||
Additional paid in capital |
||||||||||||
Accumulated other comprehensive income |
||||||||||||
Accumulated deficit |
( |
) | ( |
) | ||||||||
Total Shareholders’ deficit |
( |
) | ( |
) | ||||||||
Total Liabilities, and Shareholders’ Deficit |
||||||||||||
Common Shares | Class C Shares | Treasury Shares | Additional paid-in capital |
Accumulated other comprehensive income |
Accumulated deficit | Total Shareholders’ Deficit |
||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 |
— | — | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Other comprehensive loss for the period, net of tax |
— | — | — | — | — | — | — | ( |
) | — | ( |
) | ||||||||||||||||||||||||||||
Issuance of Tritium DCFC Common Stock related to the Shadow Equity Plan |
— | — | — | — | ( |
) | — | — | — | |||||||||||||||||||||||||||||||
Issuance of Tritium DCFC ordinary shares related to related to the |
— | — | — | — | ( |
) | — | — | — | |||||||||||||||||||||||||||||||
Issuance of Tritium DCFC ordinary shares related to related to the LTIP |
— | — | — | — | ( |
) | — | — | — | |||||||||||||||||||||||||||||||
Issuance of Tritium DCFC ordinary shares related to related to B. Riley purchase agreement |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Exercise of warrants |
— | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Stock-based compensation ( |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation (LFSP Share repayments ) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation (STIP) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation (LTIP) |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Loan forgiveness related to the Loan Funded Share Plan |
— | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at December 31, 2022 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||||
Common Shares | Class C Shares | Treasury Shares | Additional paid-in capital |
Accumulated other comprehensive loss |
Accumulated deficit | Total Shareholders’ Deficit |
||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | $’000 | $’000 | $’000 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||
Other comprehensive income for the year, net of tax |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Share-based payment compensation |
( |
) | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Distribution reserve |
— | — | — | — | — | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||||||||
Balance at December 31, 2021 |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
|||||||
Cash flows from operating activities |
||||||||
Net loss |
( |
) | ( |
) | ||||
Reconciliation of net loss to net cash used in operating activities |
||||||||
Adjustments for non-cash items |
||||||||
Share-based employee benefits expense |
||||||||
Foreign exchange gains or losses |
( |
) | ( |
) | ||||
Depreciation expense |
||||||||
Fair value movements – warrants and derivative |
( |
) | ||||||
Capitalized interest |
||||||||
Non-cash transaction costs on financing facility |
— | |||||||
Changes in operating assets and liabilities |
||||||||
Accounts receivable |
( |
) | ( |
) | ||||
Inventory |
( |
) | ||||||
Accounts payable |
||||||||
Employee benefits |
( |
) | ||||||
Other liabilities |
||||||||
Other assets |
( |
) | ( |
) | ||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
Cash flows from investing activities |
||||||||
Payments for property, plant and equipment |
( |
) | ( |
) | ||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
Cash flows from financing activities |
||||||||
Proceeds from borrowings – external parties |
||||||||
Proceeds from borrowings – related parties |
— | |||||||
Proceeds from convertible notes including derivative |
— | |||||||
Repayment of borrowings – external parties |
( |
) | ( |
) | ||||
Repayment of borrowings – related parties |
( |
) | — | |||||
Transaction costs for borrowings |
( |
) | — | |||||
Net cash provided by financing activities |
||||||||
Effects of exchange rate changes on cash and cash equivalents |
( |
) | ||||||
Net increase (decrease) in cash and cash equivalents |
( |
) | ||||||
Cash and cash equivalents at the beginning of the period |
||||||||
Cash and cash equivalents at the end of the period |
||||||||
Classification |
Description |
Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
|||||||
Operating |
Cash paid for interest, net of amounts capitalised | |||||||||
Investing |
Non-cash movements in relation to property, plant and equipment |
— | ||||||||
Investing |
Non-cash movement in relation to Right of Use Assets |
( |
) | |||||||
Investing |
Cash paid in relation to lease liabilities | |||||||||
Financing |
Cashless conversion of warrants into common shares | — |
1. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
1. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED |
• | Demand for goods: The demand for products provided by the Group has increased significantly over the past 24 months and is forecast to continue. The Group had a sales backlog of $ |
• | Path to profitability: The Group’s scale in 2023 through the investments already made is expected to enable improved gross margins for its products and the ability for it to fund its own working capital requirements in future periods. The group is expecting to turn EBITDA positive during the first half of calendar year 2024. |
• | 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 10 separate occasions since 2013. During the current period, the Group was successful in raising $ |
• | Customer wins: The Group continues to solidify its position as the #2 supplier of DC fast chargers in ANZ, US and Europe, and is expecting a significant increase in revenue this year based on strong sales backlog. With the investment in the Tennessee factory already made, Tritium 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: No major changes to the Group’s operational framework, including supplier management, customer mix, the Group’s workforce, are expected for the foreseeable future. |
1. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED |
• | 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 |
• | the Group does not have the ability to direct the product to a different customer. |
2. |
REVENUE |
Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
|||||||
(a) Revenue from contracts with customers |
||||||||
Sale of hardware – external parties |
||||||||
Sale of hardware – related parties |
||||||||
Sale of service and maintenance – external parties |
||||||||
Sale of software – external parties |
||||||||
Total revenue |
||||||||
3. |
SELLING, GENERAL AND ADMINISTRATION EXPENSE |
Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
|||||||
Equity settled share-based employees benefits expense |
( |
) | ( |
) | ||||
Cash settled share-based compensation expense |
— | ( |
) | |||||
Wages, salaries and employee benefits |
( |
) | ( |
) | ||||
Depreciation |
( |
) | ( |
) | ||||
IT and communications |
( |
) | ( |
) | ||||
Occupancy |
( |
) | ( |
) | ||||
Sales and marketing |
( |
) | ( |
) | ||||
Insurance |
( |
) | ( |
) | ||||
Professional fees |
( |
) | ( |
) | ||||
Expected credit losses on trade receivables |
( |
) | ||||||
Bad debt expenses |
— | ( |
) | |||||
Travel, meals, and accommodation expenses |
( |
) | ( |
) | ||||
Other administration expenses |
( |
) | ( |
) | ||||
Other operating expenses |
— | ( |
) | |||||
Total selling, general and administration expense |
( |
) | ( |
) | ||||
4. |
FINANCE COSTS |
Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
|||||||
Interest on debt and borrowings (Note 10) |
( |
) | ( |
) | ||||
Other finance costs |
( |
) | ( |
) | ||||
Total finance costs |
( |
) | ( |
) | ||||
5. |
INCOME TAX EXPENSE |
5. |
INCOME TAX EXPENSE CONTINUED |
Six months to December 31, 2022 $’000 |
Six months to December 31, 2021 $’000 |
|||||||
Tax at the statutory tax rate of |
( |
) | ( |
) | ||||
Tax effect amounts which are not deductible/(taxable) in calculating taxable income: |
||||||||
Foreign tax rate differential |
||||||||
Non-deductible items |
||||||||
Impact of foreign exchange rates |
( |
) | ||||||
Current year tax losses and changes in valuation allowance 1 |
||||||||
Effective income tax |
||||||||
1 |
Net operating losses and temporary differences for which a valuation allowance has been recorded. |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
|||||||
Deferred tax assets |
||||||||
Unused tax losses |
||||||||
Employee entitlements |
||||||||
Warranties |
||||||||
Lease liabilities |
||||||||
Other |
||||||||
Total deferred tax assets |
||||||||
Deferred tax liabilities |
||||||||
Right of use assets |
( |
) | ( |
) | ||||
Total deferred tax liabilities |
( |
) | ( |
) | ||||
Valuation allowance applied |
( |
) | ( |
) | ||||
Net deferred tax assets |
||||||||
Changes in deferred taxation allowance |
||||||||
Opening balance – July 1 |
( |
) | ( |
) | ||||
(Increase) in deferred tax assets (excluding losses) |
( |
) | ( |
) | ||||
(Increase) recorded to income tax provision |
||||||||
Other movements including foreign currency and rate differential |
( |
) | ||||||
Valuation allowance on tax losses – December 31, 2022, and June 30, 2022 |
( |
) |
( |
) | ||||
6. |
ACCOUNTS RECEIVABLE, NET OF ALLOWANCE FOR EXPECTED CREDIT LOSSES |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
|||||||
Trade receivables – external parties |
||||||||
Trade receivables – related parties |
||||||||
Total trade receivables |
||||||||
Less: Allowance for expected credit losses |
( |
) | ( |
) | ||||
Sales tax receivable |
||||||||
Other receivables |
||||||||
Accounts receivable, net of allowance for expected credit losses |
||||||||
Consolidated |
Expected credit loss rate | Carrying amount | Allowance for expected credit losses |
|||||||||||||||||||||
December 31, 2022 |
June 30, 2022 |
December 31, 2022 |
June 30, 2022 |
December 31, 2022 |
June 30, 2022 |
|||||||||||||||||||
% | % | $’000 | $’000 | $’000 | $’000 | |||||||||||||||||||
Less than 30 days past due |
— | — | ||||||||||||||||||||||
30 to 60 days past due |
— | — | ||||||||||||||||||||||
61 to 90 days past due |
— | — | ||||||||||||||||||||||
Greater than 90 days past due |
( |
) | ( |
) | ||||||||||||||||||||
( |
) | ( |
) | |||||||||||||||||||||
Provision |
December 31, 2022 | June 30, 2022 | ||||||
Opening balance of provision – July 1 |
( |
) | ( |
) | ||||
Provision created during the year |
( |
) | ( |
) | ||||
Recoveries during the year |
||||||||
Foreign currency translation movements |
( |
) | ||||||
Closing balance of provision – December 31 and June 30 |
( |
) | ( |
) | ||||
7. |
INVENTORY |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
|||||||
Raw materials and consumables |
||||||||
Work in progress |
||||||||
Finished goods |
||||||||
Stock in transit |
||||||||
Inventory obsolescence provision |
( |
) | ( |
) | ||||
Total inventory |
||||||||
8. |
DEPOSITS |
Current assets |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
||||||
Term deposits held against bank guarantees |
||||||||
Supplier deposits |
||||||||
Total current deposits |
||||||||
9. |
ACCOUNTS PAYABLE |
Current liabilities |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
||||||
Trade and other payables |
||||||||
Tax payables |
||||||||
Related party payables |
||||||||
Total accounts payable |
||||||||
10. |
BORROWINGS |
Current liabilities |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
||||||
Interest-bearing borrowings – external parties |
||||||||
Interest-bearing borrowings – related parties |
||||||||
Credit card liability |
||||||||
Current liabilities |
||||||||
Interest-bearing borrowings – external parties |
||||||||
Interest-bearing borrowings – related parties |
||||||||
Total borrowings |
||||||||
10. |
BORROWINGS CONTINUED |
Borrowings Rollforward |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
||||||
Opening Balance – July 1 |
||||||||
Drawdowns of facilities |
||||||||
Transaction costs paid |
( |
) | ( |
) | ||||
Repayment of borrowings |
( |
) | ( |
) | ||||
Accrued Interest |
||||||||
Conversion of convertible notes |
( |
) | ||||||
Credit card borrowings |
( |
) | ||||||
Foreign currency translations movements |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Closing Balance – December 31 and June 30 |
||||||||
|
|
|
|
• | TLR of |
• | TLR of |
• | TLR of |
• | TLR of |
• | TLR of |
• | TIR of |
• | TIR of |
• | TIR of |
• | TIR of |
• | TIR of |
• | the remediation of this event to their satisfaction, and accordingly no Review Event Notice will be issued; |
• | to 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. |
10. |
BORROWINGS CONTINUED |
11. |
WARRANTS |
Fair Value Measured as at December 31, 2022 |
||||||||||||||||
level 1 |
level 2 |
level 3 |
Total |
|||||||||||||
$’000 |
$’000 |
$’000 |
$’000 |
|||||||||||||
Public warrant liabilities |
— | — | ||||||||||||||
Private warrant liabilities |
— | — | ||||||||||||||
Other warrant liabilities |
— | — | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
— | |||||||||||||||
|
|
|
|
|
|
|
|
11. |
WARRANTS CONTINUED |
Public warrants | Private warrants | Other warrants | Total | |||||||||||||||||||||||||||||
Number of warrants |
Amounts | Number of warrants |
Amounts | Number of warrants |
Amounts | Number of warrants |
Amounts | |||||||||||||||||||||||||
$’000 | $’000 | $’000 | $’000 | |||||||||||||||||||||||||||||
Balance as at July 1, 2022 |
||||||||||||||||||||||||||||||||
Warrants issued |
— | — | — | — | ||||||||||||||||||||||||||||
Warrants exercised and equity issued |
( |
) | ( |
) | — | — | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
Change in fair value |
— | ( |
) | — | ( |
) | — | — | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance as at December 31, 2022 |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12. |
CONTRACT LIABILITIES |
Current liabilities |
December 31, 2022 $’000 |
June 30, 2022 $’000 |
||||||
Customer advance deposits |
||||||||
Unearned revenue |
||||||||
|
|
|
|
|||||
Non-current liabilities |
||||||||
Customer advance deposits |
||||||||
Unearned revenue |
||||||||
|
|
|
|
|||||
Total contract liabilities |
||||||||
|
|
|
|
13. |
SEGMENT REPORTING |
Hardware Revenue | ||||||||||||||||||||||||||||
Stand Alone $’000 |
Distributed Chargers $’000 |
Other $’000 |
Total Hardware Revenue $’000 |
Service and Maintenance Revenue $’000 |
Software Revenue $’000 |
Total Revenue $’000 |
||||||||||||||||||||||
6 months ended December 31, 2021 |
||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||
Cost of goods sold |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Segment gross profit/(loss) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
6 months ended December 31, 2022 |
||||||||||||||||||||||||||||
Revenue |
||||||||||||||||||||||||||||
Cost of goods sold |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Segment gross profit/(loss) |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13. |
SEGMENT REPORTING CONTINUED |
Group |
||||||||
6 months ended December 31, 2022 $’000 |
6 months ended December 31, 2021 $’000 |
|||||||
Revenue |
||||||||
Cost of goods sold |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Segment gross profit/(loss) |
( |
) | ||||||
Selling, general and administration expense |
( |
) | ( |
) | ||||
Product development expense |
( |
) | ( |
) | ||||
Foreign currency (gain)/loss |
||||||||
|
|
|
|
|||||
Loss from operations |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Segment gross profit/(loss) |
( |
) | ||||||
Revenue |
||||||||
|
|
|
|
|||||
Segment gross margin |
( |
%) | % | |||||
|
|
|
|
13. |
SEGMENT REPORTING CONTINUED |
Group |
||||||||
6 months ended December 31, 2022 $’000 |
6 months ended December 31, 2021 $’000 |
|||||||
Australia |
||||||||
United States |
||||||||
The Netherlands |
||||||||
|
|
|
|
|||||
Total revenue |
||||||||
|
|
|
|
Group | ||||||||
December 31, 2022 $’000 |
June 30, 2022 $’000 |
|||||||
Australia |
||||||||
United States |
||||||||
The Netherlands |
||||||||
|
|
|
|
|||||
Total long-lived assets |
||||||||
|
|
|
|
14. |
LOSS PER SHARE |
Group | ||||||||
Basic EPS |
December 31, 2022 | December 31, 2021 | ||||||
Net loss attributable to common shareholders |
( |
) | ( |
) | ||||
Weighted average number of common shares |
||||||||
EPS – common shareholders |
( |
) | ( |
) | ||||
Weighted average number of class C shares |
— | |||||||
EPS – class C shareholders |
— | ( |
) |
Group | ||||||
Basic EPS |
December 31, 2021 | |||||
Net loss attributable to common shareholders |
( |
) | ||||
Weighted average number of common shares |
||||||
EPS – common shareholders |
( |
) | ||||
Net loss attributable to class C shareholders |
( |
) | ||||
Weighted average number of class C shares |
||||||
EPS – class C shareholders |
( |
) |
15. |
SHARE OPTIONS OUTSTANDING |
Average Weighted Life Contractually Remaining (Years) |
Average Weighted Fair Value USD $ |
Average Weighted Exercise Price USD $ |
No. of shares |
|||||||||||||
Balance at July 1, 2022 |
||||||||||||||||
Options granted |
||||||||||||||||
Options exercised |
||||||||||||||||
Options cancelled |
— | — | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2022 (vested and exercisable) |
||||||||||||||||
|
|
|
|
|
|
|
|
Average Weighted Life Contractually Remaining (Years) |
Average Weighted Fair Value USD $ |
Average Weighted Exercise Price USD $ |
No. of shares |
|||||||||||||
Balance at July 1, 2022 |
$ | |||||||||||||||
Options granted |
||||||||||||||||
Options exercised |
$ | $ | ||||||||||||||
Options cancelled |
$ | |||||||||||||||
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2022 (vested and exercisable) |
$ | |||||||||||||||
|
|
|
|
|
|
15. |
SHARE OPTIONS OUTSTANDING CONTINUED |
Average Weighted Life Contractually Remaining (Years) |
Average Weighted Fair Value USD $ |
Average Weighted Exercise Price USD $ |
No. of shares |
|||||||||||||
Balance at July 1, 2022 |
||||||||||||||||
Options granted |
$ | |||||||||||||||
Options exercised |
||||||||||||||||
Options cancelled |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Balance at December 31, 2022 (vested and exercisable) |
$ | |||||||||||||||
|
|
|
|
|
|
16. |
FAIR VALUATION OF SHARE BASED COMPENSATION |
Risk free interest rate |
% | |||
Expected term |
||||
Expected volatility |
% | |||
Dividend yield |
||||
Grant value fair value per share |
$ | |||
Share price |
$ | |||
Aggregate intrinsic value of shares vested and not yet exercised |
$ |
16. |
FAIR VALUATION OF SHARE BASED COMPENSATION CONTINUED |
Risk free interest rate |
% | |||
Expected term |
||||
Grant date fair value per share |
$ | |||
Share price |
$ | |||
Aggregate intrinsic value of shares vested and not yet exercised |
$ |
Risk free interest rate |
% | |||
Expected term |
||||
Grant date fair value per share |
$ | |||
Share price |
$ | |||
Aggregate intrinsic value of shares vested and not yet exercised |
$ |
Risk free interest rate |
% | |||
Expected term |
||||
Grant date fair value per share |
$ | |||
Share price |
$ | |||
Aggregate intrinsic value of shares vested and not yet exercised |
$ |
17. |
COMMITMENTS AND CONTINGENT LIABILITIES |
18. |
SHARE CAPITAL |
18. |
SHARE CAPITAL CONTINUED |
19. |
RELATED PARTY DISCLOSURES |
Accounts receivable US$‘000 |
Accounts payable US$‘000 |
Loan payable US$‘000 |
||||||||||
June 30, 2022 |
||||||||||||
Fast Cities Australia |
||||||||||||
St Baker Energy |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
|||||||
December 31, 2022 |
||||||||||||
Fast Cities Australia |
||||||||||||
St Baker Energy |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
Hardware revenue US$‘000 |
Purchases US$‘000 |
Other income US$‘000 |
||||||||||
December 31, 2021 |
||||||||||||
Gilbarco |
||||||||||||
Fast Cities Australia |
||||||||||||
St Baker Energy |
||||||||||||
Palantir Technologies |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
|||||||
December 31, 2022 |
||||||||||||
Fast Cities Australia |
||||||||||||
Palantir Technologies |
||||||||||||
Nexport Pty Ltd |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
19. |
RELATED PARTY DISCLOSURES CONTINUED |
20. |
SUBSEQUENT EVENTS |
Cover Page |
6 Months Ended |
---|---|
Dec. 31, 2022 | |
Document Information [Line Items] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Central Index Key | 0001862490 |
Current Fiscal Year End Date | --06-30 |
Entity Registrant Name | Tritium DCFC Limited |
Condensed Consolidated Statements of Financial Position (Parenthetical) - $ / shares |
6 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Common stock par or stated value per share | $ 0 | $ 0 |
Common stock shares authorized | Unlimited | Unlimited |
Common stock shares issued | 156,310,918 | 153,094,269 |
Common stock shares outstanding | 156,310,918 | 148,893,898 |
Treasury stock shares | 3,015,188 | 4,200,371 |
Condensed Consolidated Statements of Shareholders' Deficit - USD ($) $ in Thousands |
Total |
B Riley Purchase Agreement [Member] |
Employee Share Scheme [Member] |
Long Term Incentive Plan [Member] |
Loan Funded Share Plan [Member] |
Short Term Incentive Plan [Member] |
Common Stock [Member] |
Common Stock [Member]
B Riley Purchase Agreement [Member]
|
Common Stock [Member]
Shadow Equity Plan [Member]
|
Common Stock [Member]
Employee Share Scheme [Member]
|
Common Stock [Member]
Long Term Incentive Plan [Member]
|
Legacy Tritium Class C Shares [Member] |
Treasury Stock [Member] |
Additional Paid-in Capital [Member] |
Additional Paid-in Capital [Member]
Shadow Equity Plan [Member]
|
Additional Paid-in Capital [Member]
Employee Share Scheme [Member]
|
Additional Paid-in Capital [Member]
Long Term Incentive Plan [Member]
|
Additional Paid-in Capital [Member]
Loan Funded Share Plan [Member]
|
Additional Paid-in Capital [Member]
Short Term Incentive Plan [Member]
|
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Jun. 30, 2021 | 73,254,797 | 5,468,249 | (5,361,826) | ||||||||||||||||||
Beginning balance at Jun. 30, 2021 | $ (64,008) | $ 92,809 | $ 4,383 | $ 0 | $ 5,601 | $ (3,696) | $ (163,105) | ||||||||||||||
Net loss | (68,138) | (68,138) | |||||||||||||||||||
Share-based payment compensation (in shares) | (100,000) | 100,000 | |||||||||||||||||||
Share-based payment compensation | 5,935 | 5,935 | |||||||||||||||||||
Other comprehensive loss for the period, net of tax | 2,550 | 2,550 | |||||||||||||||||||
Distribution reserve | (6,933) | (6,933) | |||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2021 | 73,154,797 | 5,468,249 | (5,261,826) | ||||||||||||||||||
Ending Balance at Dec. 31, 2021 | (130,594) | $ 92,809 | $ 4,383 | $ 0 | 4,603 | (1,146) | (231,243) | ||||||||||||||
Beginning balance (in shares) at Jun. 30, 2022 | 153,094,269 | (4,200,371) | |||||||||||||||||||
Beginning balance at Jun. 30, 2022 | (40,549) | $ 227,268 | 19,210 | 3,640 | (290,667) | ||||||||||||||||
Net loss | (56,271) | (56,271) | |||||||||||||||||||
Issuance of DCFC Common Stock related to the Shadow Equity Plan (in shares) | 326,211 | ||||||||||||||||||||
Issuance of DCFC Common Stock related to the Shadow Equity Plan | $ 3,262 | $ (3,262) | |||||||||||||||||||
Exercise of warrants (in shares) | 2,203,487 | ||||||||||||||||||||
Exercise of warrants | 3,027 | $ 3,022 | 5 | ||||||||||||||||||
Issuance of Tritium DCFC ordinary shares (in shares) | 112,236 | 552,347 | 22,368 | ||||||||||||||||||
Issuance of Tritium DCFC ordinary shares | $ 741 | $ 741 | $ 3,389 | $ 97 | $ (3,389) | $ (97) | |||||||||||||||
Stock-based compensation | $ 3,521 | $ 1,423 | $ 806 | $ 491 | $ 3,521 | $ 1,423 | $ 806 | $ 491 | |||||||||||||
Other comprehensive loss for the period, net of tax | (435) | (435) | |||||||||||||||||||
Loan forgiveness related to the Loan Funded Share Plan | 1,185,183 | ||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2022 | 156,310,918 | 0 | (3,015,188) | ||||||||||||||||||
Ending Balance at Dec. 31, 2022 | $ (87,246) | $ 237,779 | $ 0 | $ 0 | $ 18,708 | $ 3,205 | $ (346,938) |
Condensed Consolidated Statements of Shareholders' Deficit (Parenthetical) |
6 Months Ended |
---|---|
Dec. 31, 2022 | |
Statement of Stockholders' Equity [Abstract] | |
Percentage of share allocation | 1.00% |
Summary of Significant Accounting Policies |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||
Significant Accounting Policies |
The principal accounting policies adopted in the preparation of the condensed consolidated interim Basis of preparation The accompanying condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). For the purpose of these condensed consolidated interim financial statements, intercompany accounts, transactions, and profits are eliminated in consolidation. The interim financial data as of December 31, 2022 and for the six months ended December 31, 2021 is unaudited. In the opinion of management, the interim financial data includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement and presentation of the results for the interim periods. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Reference should be made to the financial statements contained in our Annual Report on Form 20-F for the year ended June 30, 2022. We present our condensed consolidated interim year-end condensed balance sheet data was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. Description of Business and General information On May 25, 2021, Tritium DCFC Limited (“Tritium DCFC”) entered into a Business Combination agreement (the “Business Combination Agreement” or “BCA”) with Tritium Holdings Pty Ltd (“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 has been 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. Subsidiaries Subsidiaries are all entities (including structured entities) over which the Company (being the parent entity of the Tritium DCFC Group) has control. All subsidiaries except for DCRN have a reporting year end of June 30. DCRN has a reporting year end of December 31. We present our consolidated financial statements on the basis of our fiscal year ending June 30. All references to years in these consolidated financial statements refer to the fiscal year ending or ended on June 30 of that year. Presentation The condensed consolidated financial statements are presented in United States dollars which is the Group’s reporting currency. All amounts disclosed in the condensed consolidated financial statements relate to the Group unless otherwise stated. The condensed consolidated financial statements have been prepared on the historical cost basis, except for derivative financial instruments, warrants and share-based compensation that have been measured at fair value. Going concern basis In the opinion of management, these unaudited condensed consolidated interim financial statements reflect a fair statement of our results of operations and financial condition for the periods, and at the dates, presented. The results for interim periods are not necessarily indicative of results that may be expected for any other interim period or for the full year. Reference should be made to the financial statements for the year ended June 30, 2022. The Group incurred an operating loss after income tax of $56.3 million (December 31, 2021: $68.1m) and operating cash outflows of $78.7 million (December 31, 2021 : $23.9m) for the half year ended December 31, 2022. As at December 31, 2022 the Group had a total shareholders’ deficit of $87.2 million ( June 30, 2022 : $40.5m). 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 expansion strategy. In addition, as detailed in Note 10, the Group has external borrowing facilities that require the Group to maintain minimum liquidity reserve levels throughout the terms of arrangement. While management has been successful in securing a level of additional funding, it is likely that additional working capital will be required to fund operating cashflows. The Group is currently assessing funding options from various sources. The above events and conditions raise substantial doubt about the Group’s ability to continue as a going concern and therefore, that it 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, management has considered the following:
In considering the circumstances above, 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 realise 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 condensed consolidated interim 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. Recently adopted accounting standards The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group’s annual consolidated financial statements for the year ended June 30, 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 recognised 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 condensed consolidated financial statements. 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 adoption of this standard did not have any impact on the Group’s condensed consolidated financial statements. Recently issued accounting standards 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, including interim periods within those fiscal years. 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. 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 will be effective for annual reporting periods beginning after December 15, 2021. Early application is permitted. This guidance is not applicable to the Company as it has not received any government assistance during the six months ended December 31, 2022. 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 Bill and hold transactions In certain circumstances, the Group’s customers may request the Group 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, we have concluded that 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”
In assessing
bill-and-hold |
Revenue |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue |
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 overtime 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 overtime. Details on the reportable segments have been referenced in Note 13, Segment Reporting. |
Selling, General and Administration Expenses |
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Selling, General and Administrative Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, General and Administration Expenses |
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Finance Costs |
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Disclosure Of Finance Costs And Fair Value Movement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finance costs |
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Income Tax Expense |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 6 months ended December 31, 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:
Net deferred tax assets as of December 31, 2022, and June 30, 2022, consisted of the following:
The Group has not recorded any amounts for net operating losses and deferred tax assets as of December 31, 2022, and June 30, 2022. The material component represents net operating losses for which a full valuation allowance has been recorded. The Group’s historical tax losses predominantly arose in Australia. On December 31, 2022, and December 31, 2021, there are $238.5 million and $135.6 million respectively 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 lodgement and finalization of income tax returns. The actual losses available on lodgement 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 as of December 31, 2022 and June 30, 2022. |
Accounts Receivable, Net of Allowance for Expected Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net of Allowance for Expected Credit Losses |
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Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory |
Inventory has been recorded at the lower of cost or net realisable value. Inventories recognized as an expense during the six-months ended December 31, 2022, amounted to $47.8 million ($40 million as of December 31, 2021). A total of $0.7 million is recognized in inventory obsolescence provisions at December 31, 2022 ($0.5 million as of June 30, 2022). |
Deposits |
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Disclosure of Deposit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits |
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. |
Accounts Payable |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable |
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. Trade and other payables balances are comprised of third-party trade payables, accrued expenses, VAT and sales tax payable goods received but not yet invoiced and other payables. This includes transaction costs in relation to the business combination that were previously recognised as provisions, which have now been classified as trade and other payables where the amounts are known. Tax payables are sales taxes and indirect taxes (that have arisen from the loan forgiveness attributed as part of the transaction). |
Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings |
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 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:
Total Interest Cover Ratio (TIR) must not be less than the corresponding level specified below in respect of that Compliance Date:
It 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 has been 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:
Accordion Facility The Group entered into a loan agreement with Sunset Power Pty Ltd (“Sunset Power”) as trustee of the St Baker Family Trust 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 into the balance of the loan and is repayable in full with the principal at termination date. The borrowing is repayable via cash settlement on the termination date of November 18, 2025. This facility is secured against the present and after-acquired property of Tritium Holdings Pty Ltd and Tritium Pty Ltd. Working capital facility Sunset Power as trustee of the St Baker Family Trust has also provided a $20.0 million working capital facility (“Working Capital Facility”) on December 23, 2022 and 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. 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 $3.8 million and a total of $2.4 million is unused as at December 31, 2022. |
Warrants |
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Warrants and Rights Note Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants |
During the six months ended December 31, 2022, the Group issued 2,166,229 warrants in conjunction with refinancing of the senior debt facility and the Accordion facility. 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. 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 warrants 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 instrument, measured at fair value with subsequent changes in fair value recorded in the statement of profit or loss. The Group has previously issued Public and Private warrants, the accounting treatment for which has been discussed in detail in the Group’s financial statements for the year ended June 30, 2022. 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. The Group’s assets and liabilities that were measured at fair value on a recurring basis were as follows:
The following table presents a summary of the changes in the fair value of the Group’s warrant liability:
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Contract Liabilities |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Liability [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Liabilities |
It is expected that the performance obligations recognized as current contract liabilities which are yet to be satisfied as of December 31, 2022, 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 are recorded as revenue once the performance obligation is satisfied. |
Segment Reporting |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting |
The following table presents revenue by the Group’s reportable segments:
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, revenues from one customer in the distributed chargers segment represents approximately $11.2 million or 15% of the total amount (2021: $8.2 million or 14%). The decline in the gross profit/ (loss) for the Hardware segment during the period ended December 31, 2022, as compared to the six months period ended December 31, 2021 was mainly on account of product/ customer mix, increase in freight costs and a general increase in headcount, rent and setup costs due to commissioning of the Tennessee factory. The following table reconciles segment gross (loss) to loss from operations and a calculation of segment gross margin:
The Group has historically assessed segment performance on a measure of segment gross profit/(loss). 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.
The following table presents long-lived assets by geographic area on the same basis as detailed above:
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Loss Per Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss Per Share |
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 effect 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. 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:
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Share Options Outstanding |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share Options Outstanding |
Loan Funded Share Plan (“LFSP”) The Group’s consolidated financial statements for the year ended June 30, 2022 provide detailed information with respect to the LFSP. For the six months ended December 31, 2022, as the LFSP was fully vested no share-based payment expense was recognised The following table summarises the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the six months ended December 31, 2022, under the LFSP:
Employee Share Scheme The Group’s consolidated financial statements for the year ended June 30, 2022 provide detailed information with respect to the Employee Share Scheme. For the six months ended December 31, 2022, the Group has recognised $3,521,003 of share-based payment expense in the condensed consolidated statement of operations and comprehensive loss under the Employee Share Scheme (December 31, 2021: $nil). The following table summarises the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the six months ended December 31, 2022, under the Employee Share Scheme:
Long Term Incentive Plan (“LTIP”) The Group’s consolidated financial statements for the year ended June 30, 2022 provide detailed information with respect to the LTIP. Performance rights under the Long Term Incentive Plan (LTIP) were communicated to a group of employees, executive management and the non-executive directors during both the year ended June 30, 2022 and the period ending December 31, 2022. The vesting period has commenced and the service commencement date has been determined as the date the performance rights were communicated to the individuals. For some executives, the grant date has been estimated at December 31, 2022 as formal acceptance (as required under the LTIP Rules) has not yet been received from the individuals. The estimated weighted average fair value of the rights at grant date is $1.68. In addition during the six months period ending December 31, 2022, formal acceptance (as required under the LTIP Rules) was received from some employees, executive management and non-executive directors. The table below summarises the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the six months ended December 31, 2022, under the LTIP:
For the six months ended December 31, 2022, the Group has recognised $1,423,050 of share-based payment expense in the condensed consolidated statement of operations and comprehensive loss under the LTIP (December 31, 2021: $0). Short Term Incentive Plan (“STIP”) Performance rights under the STIP were communicated to a group of employees, executive management and the non-executive directors during the period ending December 31, 2022. 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 December 31, 2022 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 six months ended December 31, 2022, the Group has recognised $490,545 of share-based payment expense in the condensed consolidated statement of operations and comprehensive loss under the STIP (December 31, 2021: $0). |
Fair Valuation of Share Based Compensation |
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Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions and Methodology [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2022 are as follows:
Employee Share Scheme 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 December 31, 2022 are as follows:
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 December 31, 2022 are as follows:
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 December 31, 2022 are as follows:
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Commitments and Contingent Liabilities |
6 Months Ended | ||
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Dec. 31, 2022 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments and Contingent Liabilities |
Legal Proceedings Any material legal proceedings have been provided for as at December 31, 2022 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 December 31, 2022, or June 30, 2022. Contractual Commitments The Group did not have any commitments as of December 31, 2022, or June 30, 2022. |
Share Capital |
6 Months Ended | ||
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Dec. 31, 2022 | |||
Stockholders' Equity Note [Abstract] | |||
Share Capital |
On September 2, 2022, the Group entered into an Ordinary Shares 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 Group 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. Sales of Ordinary Shares pursuant to the Purchase Agreement, and the timing of any sales, are solely at the option of the Group, and the Group is under no obligation to sell any securities to B. Riley under the Purchase Agreement. The right to sell ordinary shares under the Purchase Agreement was considered to be a derivative asset with an insignificant fair value at December 31, 2022. The Group incurred costs of $0.8 million, including the issuance of shares, as a consideration to B. Riley for its irrevocable commitment to purchase shares under the Purchase Agreement. These costs were included in other finance costs, net in the condensed consolidated statements of operations and comprehensive income (loss) for the six months ended December 31, 2022. The shares issued as consideration have been recorded within share capital. |
Related Party Disclosures |
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Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Disclosures |
Unless otherwise disclosed, transactions with related parties are made on normal commercial terms and at market rates. All related parties are companies that are associated shareholders. The following presents the transactions that occurred with related parties along with balances receivable from/ payable to related parties:
Transactions with Gilbarco The purchase transactions entered into with Gilbarco during the six months ended December 31, 2021 were in respect of certain service agent fee 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 Palantir Technologies Inc. The Group has entered a contractual commitment with Palantir Technologies Inc. (“Palantir”) in the value of $21 million pertaining to Palantir Platform – Foundry Cloud Subscription. After December 31, 2021, Palantir became a related party. The Group has received an IT outsourcing service from Palantir Technologies Inc. during the period at normal trading terms. Transactions with Nexport Pty Ltd The Group entered into a license agreement with Nexport Pty Ltd to allow its employees to co-occupy the Group’s premises at 31 Archimedes Place, Murrarie. The contract has expired as at September 30, 2022 . Transactions with St Baker Energy The purchase transactions entered into with St Barker Energy during the six months ended December 31, 2021 were in respect of payment towards provision of contract staff to the Group, by St Baker Energy. The terms of the loan payable have been disclosed in Note 10. |
Subsequent Events |
6 Months Ended | ||
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Dec. 31, 2022 | |||
Subsequent Events [Abstract] | |||
Subsequent Events |
BP order Subsequent to the reporting period, BP has placed the largest ever order from a single customer in Tritium’s history. Tritium is supplying the chargers for BP pulse as part of a multi-year contract between the two companies, announced in April 2022, for chargers and related services to support BP’s growth in electrification. BP’s order includes a mix of Tritium’s 50kW RTM and 150kW PKM chargers. Evyve order Subsequent to the reporting period, Tritium has executed an agreement with evyve, an EV charging network in the UK, to become the network’s preferred fast charger technology provider. The agreement includes initial total orders for 350 Tritium fast chargers and evyve has received first deliveries of these chargers, 60 of which are now installed and operational. The evyve charging network is planned to consist of Tritium’s modular chargers, including the 75kW charger and 150kW fast charger. |
Summary of Significant Accounting Policies (Policies) |
6 Months Ended | ||||||||||||
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Dec. 31, 2022 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Use of estimates | 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. |
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Revenue recognition | Revenue recognition Bill and hold transactions In certain circumstances, the Group’s customers may request the Group 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, we have concluded that 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”
In assessing
bill-and-hold |
Revenue (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of disaggregation of revenue |
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Selling, General and Administration Expenses (Tables) |
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Selling, General and Administrative Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of selling general and administration expense |
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Finance Costs (Tables) |
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Disclosure Of Finance Costs And Fair Value Movement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of finance costs |
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Income Tax Expense (Tables) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory income tax rate to the Group’s effective income tax rate is as follows:
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Schedule of Net Deferred Tax Assets | Net deferred tax assets as of December 31, 2022, and June 30, 2022, consisted of the following:
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Accounts Receivable, Net of Allowance for Expected Credit Losses (Tables) |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable |
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Accounts Receivable, Noncurrent, Past Due |
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Accounts Receivable, Allowance for Credit Loss |
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Inventory (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory |
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Deposits (Tables) |
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Disclosure of Deposit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deposit Current and Non Current |
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Accounts Payable (Tables) |
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accounts Payable |
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Borrowings (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt |
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Disclosure In Tabular Form Of Movements In Long Term Debt |
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Warrants (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warrants and Rights Note Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of assets and liabilities that were measured at fair value on a recurring basis | The Group’s assets and liabilities that were measured at fair value on a recurring basis were as follows:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of changes in the fair value | The following table presents a summary of the changes in the fair value of the Group’s warrant liability:
|
Contract Liabilities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract with Customer, Liability [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contract With Customer Liability |
|
Segment Reporting (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of revenue by Group's reportable segments | The following table presents revenue by the Group’s reportable segments:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of reconciliation of loss from operations and segment gross margin | The following table reconciles segment gross (loss) to loss from operations and a calculation of segment gross margin:
|
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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.
The following table presents long-lived assets by geographic area on the same basis as detailed above:
|
Loss Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
The Loss per share as previously reported was calculated on the following basis:
|
Share Options Outstanding (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share Options Outstanding | The following table summarises the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the six months ended December 31, 2022, under the Employee Share Scheme:
|
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Loan Funded Share Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share Options Outstanding | The following table summarises the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the six months ended December 31, 2022, under the LFSP:
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Long Term Incentive Plan [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Share Options Outstanding | The table below summarises the average weighted life contractually remaining, average weighted fair value and average weighted exercise price of options granted, exercised, cancelled or modified during the six months ended December 31, 2022, under the LTIP:
|
Fair Valuation of Share Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Employee Stock Option | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The weighted average fair value for share options that were outstanding (including issuances in the year) as at December 31, 2022 are as follows:
|
||||||||||||||||||||||||||||||||||||||||
Loan Funded Share Plan | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The weighted average fair value for share options that were outstanding (including issuances in the year) as at December 31, 2022 are as follows:
|
||||||||||||||||||||||||||||||||||||||||
Long Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The weighted average fair value for share options that were outstanding (including issuances in the year) as at December 31, 2022 are as follows:
|
||||||||||||||||||||||||||||||||||||||||
Short Term Incentive Plan | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||||||||||||||||||||||||||||||||||||||||
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | The weighted average fair value for share options that were outstanding (including issuances in the year) as at December 31, 2022 are as follows:
|
Related Party Disclosures (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following presents the transactions that occurred with related parties along with balances receivable from/ payable to related parties:
|
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Stockholders' equity attributable to parent | $ (87,246) | $ (130,594) | $ (40,549) | $ (64,008) |
Net income (loss) attributable to parent | (56,271) | (68,138) | ||
Amount of cash inflow (outflow) from operating activities | 78,700 | $ 23,900 | ||
Sales backlog | 159,000 | |||
Government assistance amount | 0 | |||
Debt Facility [Member] | ||||
Debt instrument face value | $ 180,000 | |||
Sponsor [Member] | ||||
Stockholders' equity attributable to parent | $ (40,500) |
Revenue - Schedule of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 72,644 | $ 56,991 |
Hardware revenue – external parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 66,579 | 41,952 |
Hardware revenue – related parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 1,588 | 12,629 |
Service and maintenance revenue – external parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | 4,376 | 2,405 |
Sale of software – external parties [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contracts with customers | $ 101 | $ 5 |
Selling, General and Administration Expenses - Schedule of Selling General and Administration Expenses (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Selling, General and Administrative Expense [Abstract] | ||
Equity settled share-based compensation expense | $ (5,435) | $ (12,019) |
Cash settled share-based compensation expense | (16,893) | |
Wages, salaries, and other employee benefits | (13,146) | (10,400) |
Depreciation expense | (658) | (669) |
IT and communications | (3,285) | (2,788) |
Occupancy | (1,721) | (1,599) |
Sales and marketing | (429) | (201) |
Insurance | (3,326) | (303) |
Professional fees | (6,731) | (1,583) |
Expected credit losses on trade receivables | (459) | 133 |
Bad debt expenses | (2) | |
Travel, meals, and accommodation expenses | (913) | (242) |
Other administration expenses | (334) | (227) |
Other operating expenses | (58) | |
Total selling, general and administration expenses | $ (36,437) | $ (46,851) |
Finance Costs - Schedule Of Finance Costs (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Finance costs | ||
Interest on debt and borrowings (Note 10) | $ (12,242) | $ (10,891) |
Other finance costs | (3,229) | (690) |
Total finance costs | $ (15,471) | $ (11,581) |
Income Tax Expense - Summary Of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Tax at the statutory tax rate of 30% | $ (16,881) | $ (20,654) |
Tax effect amounts which are not deductible/(taxable) in calculating taxable income: | ||
Foreign tax rate differential | 1,081 | 484 |
Non-deductible items | 1,968 | 6,625 |
Impact of foreign exchange rates | (129) | 0 |
Current year tax losses and changes in valuation allowance | 13,961 | 13,545 |
Effective income tax | $ 0 | $ 0 |
Income Tax Expense - Summary Of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) |
6 Months Ended |
---|---|
Dec. 31, 2022 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |
Effective income tax rate reconciliation, statutory tax rate | 30.00% |
Income Tax Expense - Summary Of Net Deferred Tax assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Deferred tax assets | |||
Unused tax losses | $ 78,073 | $ 62,717 | |
Employee entitlements | 1,362 | 1,294 | |
Warranties | 1,659 | 1,571 | |
Lease liabilities | 7,791 | 8,871 | |
Other | 1,810 | 3,987 | |
Total deferred tax assets | 90,695 | 78,440 | |
Deferred tax liabilities | |||
Right of use assets | (6,055) | (7,392) | |
Total deferred tax liabilities | (6,055) | (7,392) | |
Valuation allowance applied | (84,640) | (71,048) | $ (44,584) |
Net deferred tax assets | $ 0 | $ 0 |
Income Tax Expense - Summary Of Reconciliation Of Valuation Allowance (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Valuation Allowance [Abstract] | ||
Opening balance – July 1 | $ (71,048) | $ (44,584) |
(Increase) in deferred tax assets (excluding losses) | (13,592) | (25,901) |
(Increase) recorded to income tax provision | 0 | 0 |
Other movements including foreign currency and rate differential | 0 | (563) |
Valuation allowance on tax losses | $ (84,640) | $ (71,048) |
Income Tax Expense - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|---|
Income Tax Disclosure [Abstract] | |||
Deferred tax assets operating loss carry forwards, foreign | $ 238,500 | $ 135,600 | |
Deferred tax assets operating loss carry forwards | 0 | $ 0 | |
Deferred tax assets, net | $ 0 | $ 0 |
Accounts Receivable, Net of Allowance for Expected Credit Losses - Summary Of Accounts Receivable (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Receivables [Abstract] | |||
Trade receivables – external parties | $ 57,677 | $ 28,559 | |
Trade receivables – related parties | 183 | 16 | |
Total trade receivables | 57,860 | 28,575 | |
Less: Allowance for expected credit losses | (743) | (275) | $ (227) |
Sales tax receivable | 650 | 1,150 | |
Other receivables | 1,633 | 1,107 | |
Total accounts receivables – external parties | $ 59,400 | $ 30,557 |
Accounts Receivable, Net of Allowance for Expected Credit Losses - Summary Of Allowance For Doubtful Accounts Receivable Reconciliation (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Allowance for Credit Loss [Abstract] | ||
Opening balance of provision – July 1 | $ (275) | $ (227) |
Provision created during the year | (458) | (255) |
Recoveries during the year | 0 | 171 |
Foreign currency translation movements | (10) | 36 |
Closing balance of provision – December 31 and June 30 | $ (743) | $ (275) |
Inventory - Schedule Of Inventory (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials and consumables | $ 94,835 | $ 45,337 |
Work in progress | 5,769 | 4,561 |
Finished goods | 5,673 | 3,457 |
Stock in transit | 1,275 | 2,845 |
Inventory obsolescence provisions | (694) | (494) |
Total inventory | $ 106,858 | $ 55,706 |
Inventory - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2022 |
|
Inventory Disclosure [Abstract] | |||
Inventory written down | $ 47,800 | $ 40,000 | |
Inventory obsolescence provisions | $ 694 | $ 494 |
Deposits - Schedule of Deposit Current and Non Current (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|
Current assets | ||
Term deposits held against bank guarantees | $ 3,705 | $ 3,796 |
Supplier deposits | 21,881 | 11,879 |
Total current deposits | $ 25,586 | $ 15,675 |
Accounts Payable - Summary of Accounts Payable (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|
Current liabilities | ||
Trade and other payables | $ 97,242 | $ 38,887 |
Tax payables | 4,137 | 8,623 |
Related party payables | 0 | 93 |
Total accounts payable | $ 101,379 | $ 47,603 |
Borrowings - Schedule Of Debt (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|---|
Current liabilities | |||
Interest-bearing borrowings – external parties | $ 901 | $ 0 | |
Interest-bearing borrowings – related parties | 19,661 | 0 | |
Credit card liability | 3 | 74 | |
Current liabilities | 20,565 | 74 | |
Non-current liabilities | |||
Interest-bearing borrowings – external parties | 135,873 | 88,269 | |
Interest-bearing borrowings – related parties | 8,988 | 0 | |
Total borrowings | $ 165,426 | $ 88,343 | $ 80,332 |
Borrowings - Schedule of Tabular Form Of Movements In Long Term Debt (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Schedule Of Debt [Line Items] | ||
Opening Balance | $ 88,343 | $ 80,332 |
Drawdowns of facilities | 180,000 | 117,527 |
Transaction costs paid | (16,496) | (3,888) |
Repayment of borrowings (inclusive of prepayment fee) | (92,929) | (72,407) |
Accrued Interest | 6,942 | 12,761 |
Conversion of convertible notes | 0 | (42,570) |
Credit card borrowings | (70) | 49 |
Foreign currency translations movements | (364) | (3,461) |
Closing Balance | $ 165,426 | $ 88,343 |
Warrants - Additional information (Detail) |
6 Months Ended |
---|---|
Dec. 31, 2022
$ / shares
shares
| |
Class of Warrant or Right [Line Items] | |
Class Of Warrant Or Right Issued | shares | 2,166,229 |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.0001 |
Maximum [Member] | Afiliates [Member] | |
Class of Warrant or Right [Line Items] | |
Equity Method Investment, Ownership Percentage | 20.00% |
Minimum [Member] | Afiliates [Member] | |
Class of Warrant or Right [Line Items] | |
Equity Method Investment, Ownership Percentage | 10.00% |
Contract Liabilities - Summary of Contract With Customer Liability (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|
Current liabilities | ||
Contract with customer, liability, current | $ 70,017 | $ 37,727 |
Non-current liabilities | ||
Contract with customer, liability, noncurrent | 2,776 | 2,231 |
Total contract liabilities | 72,793 | 39,958 |
Customer advance deposits [Member] | ||
Current liabilities | ||
Contract with customer, liability, current | 65,217 | 33,508 |
Non-current liabilities | ||
Contract with customer, liability, noncurrent | 1,357 | 847 |
Unearned revenue [Member] | ||
Current liabilities | ||
Contract with customer, liability, current | 4,800 | 4,219 |
Non-current liabilities | ||
Contract with customer, liability, noncurrent | $ 1,419 | $ 1,384 |
Segment Reporting - Summary of Revenue and Long-Lived Assets by Geographic Area (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Jun. 30, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 72,644 | $ 56,991 | |
Long-lived assets | 35,214 | $ 35,791 | |
Australia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 9,876 | 5,745 | |
Long-lived assets | 17,721 | 18,709 | |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 26,521 | 25,134 | |
Long-lived assets | 16,900 | 16,290 | |
The Netherlands | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 36,247 | $ 26,112 | |
Long-lived assets | $ 593 | $ 792 |
Segment Reporting - Additional Information (Detail) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2022
Segments
|
|
Segment Reporting Information [Line Items] | |||
Revenues | $ 72,644 | $ 56,991 | |
Number of operating segments | Segments | 7 | ||
Revenue Benchmark | Customer Concentration Risk | One Customer | |||
Segment Reporting Information [Line Items] | |||
Revenues | $ 11,200 | $ 8,200 | |
Concentration risk percentage | 15.00% | 14.00% |
Loss Per Share - Additional Information (Detail) |
Jan. 13, 2022 |
---|---|
Earnings Per Share [Abstract] | |
Merger Agreement Share Conversion Ratio | 1.4716625 |
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Jun. 30, 2022 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Business combination, contingent consideration, liability | $ 0 | $ 0 |
Contractual obligation | $ 0 | $ 0 |
Share Capital - Additional information (Detail) - B. Riley Principal Capital II [Member] |
6 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Class of Stock [Line Items] | |
Aggregate offering | $ 75,000,000 |
Share issue costs | $ 800,000 |
Related Party Disclosures - Additional Information (Detail) $ in Millions |
6 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Fast Cities Australia | |
Related Party Transaction [Line Items] | |
Accounts receivable due, payable period | 30 days |
Palantir Technologies | |
Related Party Transaction [Line Items] | |
Long-term purchase commitment, amount | $ 21 |
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