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VivoPower International (VVPR) investor relations material
VivoPower International H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
VivoPower reported a net loss of $46.7 million for FY24, widening from $24.4 million in FY23, with total revenue declining to $11.8 million from $15.1 million year-over-year.
The company completed the sale of Kenshaw Electrical, focusing on scaling its Electric Vehicles (Tembo) and Sustainable Energy Solutions (SES) businesses.
Tembo executed a definitive business combination agreement with Cactus Acquisition Corp. 1 Limited, targeting a Nasdaq listing and a pre-money equity value of $838 million.
The auditor's report included a going concern warning due to significant net current liabilities and the need for additional capital.
Financial highlights
FY24 revenue: $11.8 million (down from $15.1 million in FY23); continuing operations revenue: $0.02 million.
Net loss: $46.7 million in FY24 vs. $24.4 million in FY23; adjusted EBITDA loss: $7.0 million vs. $9.9 million.
Gross profit: $1.6 million in FY24, up from a gross loss of $2.3 million in FY23; gross margin from continuing operations rose to 264%.
Cash reserves at year-end: $0.2 million; debt: $29.1 million; net debt: $28.9 million.
Current asset-to-liability ratio: 0.33:1; net liabilities: $40.5 million.
Outlook and guidance
Management expects revenue growth in the next 12 months, driven by Tembo's product launches and SES expansion.
Liquidity plans include capital raises, cost reductions, and leveraging a new $12 million facility.
Going concern is dependent on successful capital raising, cost management, and execution of the Tembo spin-off or alternative strategies.
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