VivoPower PLC (VIVO) Q4 2026 earnings summary

Executive summary

• FY26 marked a strategic pivot toward Nordic AI data center infrastructure, following the May 2026 acquisition of the 41.5 MW hydro-powered Mo i Rana facility.

• Revenue increased to $2.545M from $0.061M, while total net loss widened to $49.732M from $15.658M restated.

• AI conversion is the primary growth plan, but no tenant lease was signed by the report date; Tembo and Caret were designated non-core for separation consistent with that priority.

Financial highlights

• FY26 revenue was $2.545M versus $0.061M in FY25; Data Center contributed $2.451M and Electric Vehicles $0.094M.

• Gross profit rose to $0.611M from $0.011M; gross margin was 24.0% versus 18.0%, while operating loss increased to $25.340M from $11.589M.

• Total net loss was $49.732M versus $15.658M restated; continuing-operations loss was $50.353M versus $17.306M restated.

• Adjusted EBITDA was a loss of $24.412M versus $11.080M; excluding non-cash share-based payments, Adjusted EBITDA loss was $11.313M versus $9.180M.

• G&A rose to $26.513M from $11.099M, including $13.099M non-cash share-based payments; a $14.753M fair-value loss on warrants and derivatives also weighed on results.

Outlook and guidance

• The 40 MW first-phase Mo i Rana AI conversion began mobilization on October 12, 2026; completion timing, cost and tenant readiness remain uncertain.

• Discussions with a prospective AI tenant were ongoing, but no binding lease had been signed; FY27 results depend materially on lease timing, conversion capex and transition from hosting revenue.

• Tembo revenue could grow and reach breakeven or profitability in FY27 if purchase orders convert to sales and cost discipline continues; this outcome is not assured.

• Conversion capex is to be phased against tenant commitments and financing; management expects project finance to fund much of the work, while its going-concern assessment does not rely on conversion funding.