Shares of EV chargers provider Tritium DCFC (NASDAQ:DCFC) are soaring today on bagging its biggest order ever from a single customer. The order is from BP for deployment across the U.S., U.K., Australia, and Europe. Additionally, the company also delivered its largest monthly production numbers ever during December, clocking a 50% sequential increase.
Despite today’s price gains, shares of the company are still down about 80% over the past year.
But there’s more, Tritium also announced preliminary numbers for the calendar year 2022. During this period, the company bagged new orders worth $195 million, clocking a 38% increase. Revenue for the period is expected to hover between $95 million and $102 million.
Further, the company is set to begin 2023 with a record order backlog of $159 million. During the year, Tritium anticipates its top line to be more than $200 million. This will mean more than 100% growth during 2023. Additionally, the gross margin is anticipated to range between 10% and 12% during this period.
On top of this superior performance, the Street’s average price target of $5.67 points to a massive 280.54% potential upside in the stock. The consensus rating for the stock remains a Moderate Buy at present.
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