Rectifier Technologies (ASX: RFT) has added another US$3.4 million (A$4.7m) of product orders to its books after existing customer Tritium upped its demand for the company’s 35kW modular power supply units for fast-charging of DC electric vehicles.
The new orders complement the US$5m (A$6.9m) worth of power supply unit orders placed by Tritium in June and take the Brisbane-based technology customer’s total purchases to date from Rectifier to approximately $8.4m.
Tritium was established in 2001 to provide power-electronic systems and battery energy-storage applications for installations in 26 countries.
The company currently holds around 50% of the Norwegian market and 15% of the wider European market for 50kW fast chargers.
Rectifier has committed to fulfilling the latest purchase orders by March 2019.
News of the latest purchase orders was released at the same time as Rectifier’s annual results, which showed a 13% increase in total revenues to $7.8m, from $6.9m in the previous reporting period.
Rectifier said the increase was due to “a significant improvement in sales” of key products used in industrial power supplies, particularly in the electric vehicles market.
“The EV market has contributed $1.5m to sales in the current reporting period compared to $167,000 in the previous reporting period,” the company said in its report.
“[We] expect sales from these products to continue improving in the 2019 financial year.”
Also showing a positive increase was Rectifier’s net profit before tax of $463,000 compared to $258,000 in the previous period.
Gross margins remained similar to the previous year, despite a significant capital investment to upgrade the company’s manufacturing facilities in Malaysia and an expansion in research and development capability.
The company reported a net profit of $62,000, compared to a previous net loss of $35,000, as a result of the adjustment for tax expense of $463,000 from the previous financial reporting period being restated.
Rectifier said the coming year will see a continuation of its “fast and flexible approach” to research and development
“We will continue to focus on developing technology platforms for the evolving energy market, particularly the electric vehicle space,” the company said.
“We are currently developing technology platforms which will provide solutions to support the growth of EV products in Europe and the United States which is expected to increase rapidly in the next five years.”
At midday, shares in Rectifier were trading 24.14% higher at $0.036.