Electric vehicle fast-charging company Tritium has long been championed by politicians, but is facing a battle to keep its operations in Australia amid a major capital shortfall.
Brisbane fast-charging company Tritium may be forced to close its Australian factory and move its headquarters overseas after a dramatic fall from aon the Nasdaq two years ago to being issued a show-cause notice last week about its underperformance on the American bourse.
Last month Tritium said it had recorded revenue of $US185 million for the 2023 financial year, more than double the level of 2022, as its new factory in Tennessee boosted production. But its financial accounts also reveal high costs have delivered losses over the past three years. “The reality is that the foundations for this growth were built by Tritium’s founding family-office venture capital investors, who have worked hard to create high value-add employment opportunities in Brisbane with a world-leading technology that has been built on export to the rest of the world, and has the largest share of the ANZ market.
It was formally advised by Nasdaq earlier this month that its stock had fallen below the minimum average 30-day price of $US1 a share allowed under the exchange’s listing rules.The company has until April 9 to get back into compliance, requiring its shares to close at $US1 or more for at least 10 consecutive days.
Tritium investors have raised a number of concerns about the company’s performance, including keeping a significant workforce in Brisbane.“It’s an American-listed company, but they’re trying to run it out of Brisbane and therein lies the problem,” said one investor, who did not want to be named.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brisbane star fights ‘uncertain’ future to become first Paris 2024 OlympianThere was a period where she feared her days competing at the top were over. Now, this Brisbane product has been announced as the nation’s first Olympian in Paris next year.
Read more »
Brisbane star fights ‘uncertain’ future to become first Paris 2024 OlympianThere was a period where she feared her days competing at the top were over. Now, this Brisbane product has been announced as the nation’s first Olympian in Paris next year.
Read more »
Brisbane News Live: Brisbane unit prices at record high; Qld govt’s ‘shock’ at Queen’s Wharf crime links; How will the parties get your vote?Federal police swoop on suspected members of international crime gang. Queensland’s public service mired in a new and unusual controversy over a GIF in a group chat. Bushfires are continuing to tear through Western Downs.
Read more »
Queensland coroner examines mental health management of Anthony O'Donohue after Brisbane bus driver set alightTomorrow marks seven years since 29-year-old Brisbane bus driver Manmeet Sharma died, after he was set alight by one of his passengers.
Read more »
Change of screenery: Brisbane gets a permanent outdoor cinemaChoc tops under the stars will be a year-round thing with Brisbane’s first permanent outdoor cinema opening in New Farm.
Read more »