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.