VivoPower Becomes EBITDA Profitable: $31 Million Revenue, $10 Million EBITDA From Completion of Norway Data Center Acquisition

Rhea-AI Summary

VivoPower (NASDAQ: VIVO) closed and fully funded a $41 million acquisition of a 41.5MW energized Norway data center, delivering immediate pro forma group-level EBITDA profitability.

The acquisition brings ~US$31 million annualized revenue and ~US$10 million annualized EBITDA, 100% hydro power below US$0.035/kWh, and a planned additional 40MW expansion subject to regulatory approval.

Positive

• Pro forma revenue of US$31 million per annum
• Pro forma EBITDA of US$10 million per annum
• Acquisition fully funded at US$41 million with no equity raise
• Facility runs on 100% hydro power below US$0.035/kWh
• Site energized capacity 41.5MW with >80MW potential

Negative

• Planned additional 40MW expansion is subject to regulatory approval
• Pro forma EBITDA excludes potential upside from AI compute optimization
• Pre-acquisition pro forma EBITDA was a US$8.2 million loss

News Market Reaction – VIVO

-12.54%

14 alerts

-12.54% Session close to close

+14.9% Peak Tracked

-19.2% Trough Tracked

$52.22M Market Cap

0.6x Rel. Volume

In the Apr 21 session, VIVO declined 12.54%, reflecting a significant negative market reaction. Argus tracked a peak move of +14.9% during that session. Argus tracked a trough of -19.2% from its starting point during tracking. Our momentum scanner triggered 14 alerts that day, indicating notable trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

The stock dropped -12.5% in the session following this news. A negative reaction despite the acquisi...

Analysis

The stock dropped -12.5% in the session following this news. A negative reaction despite the acquisition’s EBITDA-positive profile would fit a pattern where constructive corporate actions at times coincided with selling pressure, as seen following the share conversion program. The market might focus on execution, capital allocation, or macro risk rather than the headline shift to $31M in added revenue and $10.0M EBITDA. Future price behavior could hinge on demonstrating stable cash flows from the 41.5MW energized capacity.

Key Figures

Acquisition consideration: $41 million Pro forma revenue: $31M Pro forma EBITDA: $10.0M +5 more

8 metrics

Acquisition consideration $41 million Total consideration for Norway data center acquisition

Pro forma revenue $31M Annualized revenue contribution from Norway acquisition

Pro forma EBITDA $10.0M Annualized EBITDA from acquired operations before AI optimization

Pre-acquisition revenue $0.1M Pro forma annual revenue from FY ended 30 June 2025

Pre-acquisition EBITDA $(8.2M) Pro forma annual EBITDA from FY ended 30 June 2025

Current capacity 41.5MW Fully energized data center capacity in Norway

Planned expansion 40MW Additional capacity subject to regulatory approval

Power cost below US$0.035/kWh Hydroelectric energy cost for the facility

Historical Context

5 past events · Latest: Apr 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Apr 07	Advisory AI hire	Positive	+12.7%	Appointed seasoned AI executive to Advisory Council to support infrastructure growth.
Mar 26	Tembo listing plans	Positive	-6.3%	Announced Nasdaq ticker reservation and targeted $838M Tembo valuation.
Mar 20	Share conversion program	Positive	-5.5%	Converted 2.96M Class A shares to restricted Class B, reducing public float.
Mar 18	F-3 termination	Positive	+18.4%	Terminated $180M Form F-3, emphasizing a non‑dilutive capital strategy.
Mar 16	Ticker and name change	Neutral	-94.8%	Implemented new ticker VIVO and name reflecting AI-focused infrastructure strategy.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent news often produced sizable moves, with both positive and negative reactions to seemingly constructive strategic updates.

Recent Company History

Over the past months, VivoPower announced a strategic pivot toward powered land and data center infrastructure, including a name and ticker change on Mar 16, 2026. It terminated a $180M Form F-3 to emphasize a non‑dilutive capital strategy and launched a share conversion program reducing public float. The company also advanced the Tembo listing plan at a targeted valuation of $838M and added an ex-Microsoft AI leader to its Advisory Council. Today’s acquisition news continues that pivot toward income-generating digital infrastructure assets.

Key Terms

EBITDA, pro forma, data center infrastructure, hydroelectric energy, +4 more

8 terms

EBITDA financial

"VivoPower Becomes EBITDA Profitable: $31 Million Revenue, $10 Million EBITDA..."

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

pro forma financial

"Company expects to achieve immediate group-level EBITDA profitability on a pro forma basis..."

Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.

data center infrastructure technical

"developer and owner of powered land and data center infrastructure for AI compute applications"

Data center infrastructure includes the physical equipment and systems—such as servers, storage devices, power supplies, cooling systems, and networking hardware—that support the storage, management, and transmission of digital information. It forms the foundation for cloud services, online platforms, and digital operations, making it essential for the functioning of many modern businesses. For investors, understanding data center infrastructure helps gauge a company's technological capabilities and its ability to handle increasing digital demand.

hydroelectric energy technical

"facility... powered by 100% renewable hydroelectric energy"

Electricity produced by using the movement of water—usually from rivers, reservoirs, or tides—to spin turbines that generate power, similar to how a water wheel turns to run a mill. It matters to investors because hydro projects are long-lived, capital-intensive assets that can provide steady, low-cost, and predictable electricity and revenue, while being sensitive to regulatory rules, environmental approvals, and changes in water supply from drought or flooding.

regulatory approval regulatory

"An additional 40MW of expansion capacity is subject to regulatory approval"

Regulatory approval is the official permission given by government agencies or authorities that allows a product, service, or business activity to be legally operated or sold. It is important to investors because receiving approval often indicates that a product has been reviewed for safety and compliance, which can influence its success and the company’s prospects in the market. Without this approval, launching or selling certain products may be restricted or prohibited.

AI compute technical

"powered land and data center infrastructure for AI compute applications"

AI compute is the total processing power, memory and energy needed to train and run artificial intelligence models, delivered by specialized chips and large data‑center servers. It matters to investors because compute determines how fast and cheaply a company can develop and scale AI products — like the engine and fuel for those products — so its availability and cost directly affect margins, capital needs and competitive edge.

B Corp-certified regulatory

"VivoPower PLC... a B Corp-certified global developer and owner..."

B Corp-certified describes a company that has passed an independent assessment of its social and environmental performance, accountability, and transparency, awarded by the nonprofit B Lab. It’s like a report card showing the company balances profit with positive impact on workers, communities and the environment. For investors, the certification signals a public commitment to long-term, stakeholder-focused practices that can reduce reputational and sustainability risks and appeal to values-driven customers and capital.

EBITDA multiple financial

"securing a strategic and income-producing data center asset at a disciplined 4x EBITDA multiple"

An EBITDA multiple is a simple valuation ratio that compares a company's price or enterprise value to its earnings before interest, taxes, depreciation and amortization, a measure of operating cash earnings. Investors use it like a price tag relative to cash profit—lower multiples suggest a cheaper buy for each dollar of operating earnings, while higher multiples imply investors expect faster growth or lower risk.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Transaction closed and fully funded for the $41 million acquisition, with no additional public equity raising required for the transaction

Company expects to achieve immediate group-level EBITDA profitability on a pro forma basis — a step change transformation from pre-acquisition levels

Facility capacity confirmed at 41.5MW with an additional 40MW expansion subject to regulatory approval, providing a pathway to over 80MW

LONDON, UK / OSLO, NORWAY, April 21, 2026 (GLOBE NEWSWIRE) -- VivoPower PLC (NASDAQ: VIVO) (“VivoPower” or the “Company”), a B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, today announced the closing of the transaction to acquire certain operating subsidiaries of Cowa, which collectively own and operate an energized and operational 41.5MW data center infrastructure facility in the Moi i Rana industrial precinct in Norway, powered by 100% renewable hydroelectric energy.

The transaction, first announced on December 30, 2025, has now closed following receipt of all necessary approvals. The acquisition is now fully completed.

Financial Impact

The table below summarizes the key financial metrics of VivoPower pre-acquisition as well as the contribution from the acquisition:

Metric	Pre-Acquisition (1)	Acquisition (2)
Pro forma revenue (per annum)	$0.1M	$31M
Pro forma EBITDA (per annum)	$(8.2M)*	$10.0M*
EBITDA-positive run rate	No	Yes

(1) Represents figures from the 20-F Annual Report for the financial year ended 30 June 2025

(2) Represents annualized contribution from Norway acquisition

(3) The table above is to be interpreted with reference to Note 3 below (which provides details in relation to the overhead allocation attributable to Tembo)

Annualized revenues from the acquired operations are approximately US$31 million, derived from contracted infrastructure and hosting arrangements, based on the data center’s historical financial records. The pro forma EBITDA contribution of approximately US$10 million per annum reflects stabilized infrastructure operations prior to any AI compute optimization. VivoPower is in discussions on AI computing use cases with potential tenants.

Asset Overview

The facility currently operates at 41.5MW of fully energized capacity, powered by 100% renewable hydroelectric energy at a cost below US$0.035/kWh. An additional 40MW of expansion capacity is subject to regulatory approval, which would bring the total site capacity to over 80MW.

The site’s low-cost hydropower, cold-climate Nordic location in the Mo i Rana industrial precinct and high-density power availability position it for efficient repurposing into higher-value AI compute applications.

Progress Report

Since the announcement of the exclusive heads of agreement on December 30, 2025, VivoPower has:

• Completed full technical, financial, and legal due diligence on the facility
• Secured all necessary regulatory and corporate approvals
• Confirmed annualized revenues of US$31 million and $10 million of annualized EBITDA
• Finalized and funded the total acquisition consideration at $41 million; and
• Activated discussions in relation to potential AI tenants
  
  

Kevin Chin, Executive Chairman and CEO of VivoPower, said: “We are pleased to have completed this transformational transaction, securing a strategic and income-producing data center asset at a disciplined 4x EBITDA multiple. Our focus has already shifted from deal execution to asset optimization and continuing to build on the broader opportunities across our powered land portfolio.”

Fiorenzo Manganiello, Board Director of Cowa, said: “We are excited to collaborate with VivoPower as it builds a global footprint in sustainable energy-backed digital infrastructure. This partnership reflects a shared belief in the long-term convergence of energy and computing.”

About VivoPower

Originally founded in 2014 and listed on Nasdaq since 2016, VivoPower is an award-winning B Corporation with data center and powered land infrastructure across Norway, Finland, and the United Arab Emirates. The Company’s mission is to be the independent, trusted partner for sovereign nations that develop and operate sustainable data center infrastructure, ensuring sovereign control over power, data, and national intelligence. In doing so, VivoPower helps sovereign nations bridge the gap between their energy assets and their AI ambitions by providing the Power-to-X infrastructure necessary to build and control their own domestic intelligence hubs.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws.

This announcement contains forward-looking statements including, but not limited to, the Company’s ability to achieve US$10m in EBITDA, the potential for operational efficiencies, the successful repurposing of the site for AI compute applications, the potential expansion of site capacity, the Company’s ability to successfully integrate the acquired operations and realize anticipated efficiencies and financial results, the anticipated completion of the Tembo business combination and separate Nasdaq listing, and the expected removal of Tembo-related costs from VivoPower’s consolidated results upon completion of such transaction. These statements are “targets” and “projections” only. Actual results may differ materially due to risks including: (i) fluctuations in input prices; (ii) delays in AI hardware procurement; (iii) regulatory delays affecting capacity expansion; (iv) general market volatility; and (v) the Company’s ability to successfully integrate the acquired operations and realize anticipated efficiencies; and (vi) the risk that the proposed Tembo business combination may not be completed in a timely manner or at all, in which case Tembo-related costs would continue to be borne by VivoPower.

Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the achievement of performance hurdles, or the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes, and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.

Non-GAAP Financial Measures

This release contains "Pro Forma EBITDA" and "Adjusted EBITDA," both non-GAAP financial measures. The Company believes these measures provide useful information but they should not be considered in isolation. A reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure is provided in the "Financial Impact" section of this release. A reconciliation of Pro Forma EBITDA to the most directly comparable GAAP measure is not available without unreasonable effort due to the unaudited nature of the target's historical financial statements.

Note 3: Adjusted EBITDA for continuing operations for the fiscal year ended June 30, 2025 was a loss of $8.2 million. Adjusted EBITDA is a non-IFRS financial measure. We define Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, impairment of assets, impairment of goodwill, other finance income and expenses, one-off non-recurring costs including restructuring expenses and non-cash equity remuneration.

Additionally, the Company notes that on a standalone basis, Tembo accounted for approximately $1.8m in direct operating expenses and $6.2m in indirect overheads allocated on an activity-based costing approach from the Corporate segment. Should the proposed Tembo business combination and separate NASDAQ listing be consummated, the majority of these costs would no longer be borne by VivoPower. The Tembo business combination remains subject to the satisfaction of certain closing conditions, including the Registration Statement on Form F-4 being declared effective by the SEC and receipt of CCTS shareholder approval.

Group-level profitability is measured on a pro forma EBITDA basis and does not necessarily indicate profitability on a GAAP net income basis. Actual GAAP results for the periods including the acquisition will be reported in VivoPower’s periodic filings with the SEC. Note the above figures in the table do not represent forecasts but pro forma figures.

Media Contacts

VivoPower: media@vivopower.com

FAQ

What did VivoPower announce about the Norway data center acquisition (VIVO) on April 21, 2026?

VivoPower announced closing and full funding of a US$41 million acquisition of a 41.5MW Norway data center. According to the company, the deal provides approximately US$31 million annualized revenue and about US$10 million annualized EBITDA on a pro forma basis.

How does the Norway acquisition affect VivoPower's profitability and financials (VIVO)?

The acquisition makes VivoPower EBITDA profitable on a pro forma basis, adding roughly US$10 million annualized EBITDA. According to the company, this represents a step-change from pre-acquisition group results and is based on stabilized infrastructure operations.

What is the data center's power capacity and expansion potential in the VivoPower deal (VIVO)?

The acquired facility operates at 41.5MW energized capacity with an additional 40MW expansion subject to approval. According to the company, approved expansion would bring site capacity to over 80MW for AI compute conversion.

What are the energy costs and sustainability features of VivoPower's Norway data center (VIVO)?

The facility is powered by 100% renewable hydroelectric energy at a cost below US$0.035/kWh. According to the company, the low-cost, cold-climate Nordic location supports efficient AI compute repurposing and sustainability objectives.

Will VivoPower need to raise equity to fund the Norway acquisition (VIVO)?

No additional public equity raising was required; the transaction was completed and fully funded at US$41 million. According to the company, the acquisition was finalized after receiving all necessary approvals and funding.