Two articles from the AFR in the last few days about Brisbane based EV charger company Tritium shitting the financial bed. Their IPO on the NASDAQ saw them valued at A$2b just two years ago but today they're worth only A$59m. That's a huge drop in value considering the massive demand for their products. Things are so bad that that Tritium is asking the QLD government for a $90m "equity injection", which if it doesn't get, runs the risk of whoever does provide them with that $90m demanding they shut down their Brisbane HQ and factory to run the entire business out of the USA where most of their demand is. The articles don't go into much detail as to why Tritium is in such bad shape, only detailing that gross margin is -2%, "a clear sign that costs exceeded sales".
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