VivoPower Reports Unaudited First Quarter Fiscal Year 2027 Results with Revenue of US$6.8 Million, Net Profit of US$0.6 Million and Positive Operating Cash Flow of US$2.1 Million

Operating cash flow turned positive, while convertible preference financing combined cash funding with an exchange of shareholder debt.

Rhea-AI Summary

VivoPower (Nasdaq: VIVO) reported unaudited first-quarter fiscal 2027 revenue of US$6.8 million, returning to profit from a year-earlier loss. For the three months ended September 30, 2026, net profit was US$577,000 versus a US$7.375 million loss. Operating cash inflow was US$2.1 million versus a US$2.8 million outflow. Mo i Rana generated 95.5% of revenue; Tembo completed its first vehicle fleet deliveries.

The company secured US$50.0 million in convertible preference financing, partly received in cash and partly exchanged for debt, with the balance pending bank approvals. It retired US$28.8 million of shareholder loan principal, while approximately US$16 million of accrued interest remains outstanding. The board approved a separate company for its 2.2GW non-Nordic portfolio and pipeline. After quarter-end, VivoPower abandoned its preferred-tenant lease pursuit and began finalizing terms with another prospective Mo i Rana tenant.

10 points · 2 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

2 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointUS$50.0 million financing secured, with US$17.5 million received in cash. 98% of market cap
• Major pointUS$28.8 million shareholder loan principal retired through US$12.3 million cash repayment and US$16.5 million preference-share exchange. 56% of market cap
• Moderate pointRevenue of US$6.767 million in Q1 FY2027 compared with no revenue in Q1 FY2026.
• Moderate pointNet profit of US$577,000 reversed a US$7.375 million loss in Q1 FY2026.
• Moderate pointOperating cash inflow of US$2.1 million compared with a US$2.8 million outflow in Q1 FY2026.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Board-approved separate AI infrastructure company would hold the 2.2GW non-Nordic portfolio and pipeline, with planned funding and listing.

4 minor points

• Minor pointGross profit reached US$2.531 million, with a 37.4% gross margin in Q1 FY2027.
• Minor pointGeneral and administrative expenses fell 69% to US$1.737 million from US$5.525 million in Q1 FY2026.
• Minor pointNon-IFRS EBITDA of US$812,000 reversed a US$5.471 million loss in Q1 FY2026, before interest, tax, depreciation and amortization.
• Minor pointTembo completed its first vehicle fleet deliveries during the quarter.

Negative

• Major point. Forward-looking: it has not happened yet and may not happen.Convertible preference shares in the US$50.0 million financing introduce potential dilution for existing shareholders. 98% of market cap
• Major pointApproximately US$16 million accrued interest remains outstanding as a non-interest-bearing unsecured trade creditor allocated to consolidated Tembo. 31% of market cap
• Moderate pointMo i Rana accounted for 95.5% of revenue, concentrating quarterly revenue in one data center.
• Moderate pointAlternative Mo i Rana tenant terms remain unfinished; project-level financing discussions are also ongoing.
• Minor pointRemaining financing proceeds are subject to completion of customary bank customer-verification approvals.

2 minor points

• Minor pointOther income fell 65% to US$19,000 from US$54,000 in Q1 FY2026.
• Minor pointQuarterly financial information is unaudited and unreviewed by independent auditors and may change.

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Market Reaction – VIVO

$1.51 – $1.68 Day Range

$49.48M Mkt Cap at Last Price

On Nov 4, the day this news came out, the latest delayed price for VIVO is 3.34% below the previous close. Our momentum scanner has recorded 10 alerts for this stock so far that day. The latest delayed price is $1.55. Relative volume is elevated at 2.5x what this stock usually trades by this time of day.

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Key Figures

Revenue: US$6.8 million Mo i Rana data center revenue: US$6.5 million; 95.5% Net profit: US$0.6 million +5 more

Revenue

US$6.8 million

Q1 FY2027; no revenue in Q1 FY2026

Mo i Rana data center revenue

US$6.5 million; 95.5%

Share of total revenue in Q1 FY2027

Net profit

US$0.6 million

Compared with a US$7.4 million net loss in Q1 FY2026

EBITDA

US$0.8 million

Compared with an EBITDA loss of US$5.5 million in Q1 FY2026

Operating cash flow

US$2.1 million

Compared with a US$2.8 million outflow in Q1 FY2026

Gross margin

37.4%

Q1 FY2027; gross profit was US$2.5 million

PIPE financing

US$50.0 million

US$17.5 million received in cash; US$16.5 million exchanged for AWN loan principal; balance subject to bank KYC approvals

AWN shareholder-loan principal retired

US$28.8 million

US$12.3 million repaid in cash and US$16.5 million exchanged for convertible preference shares

Historical Context

2 past events · Latest: Jul 29

2 events

1. Jul 29

   PIPE financing

   24h Move

   -18.3%

   Announced a US$50 million PIPE with convertible preference shares and a US$7.50 conversion price.

2. Aug 03

   Debt retirement

   24h Move

   +4.5%

   Retired US$28.8 million of AWN shareholder-loan principal through cash repayment and preference-share exchange.

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

Key Terms

ebitda, ifrs, pipe, convertible preference shares, +1 more

5 terms

ebitda financial

"The Company recorded positive EBITDA of US$0.8 million during the quarter"

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

ifrs financial

"EBITDA, which is not a measure defined under International Financial Reporting Standards"

International Financial Reporting Standards (IFRS) are a set of common accounting rules used by many companies worldwide to prepare financial statements, so numbers like revenue, profit and assets are measured in the same way across borders. For investors, IFRS matters because it makes it easier to compare the financial health and performance of different companies—like using the same ruler to measure different objects—reducing surprises and helping informed investment decisions.

pipe financial

"Secured a US$50.0 million PIPE convertible preference share financing"

A PIPE (private investment in public equity) is a deal in which institutional or accredited investors buy shares or convertible securities directly from a publicly traded company, usually at a discount to the market price. Companies use PIPEs to raise money faster than through a traditional public offering; for existing shareholders they matter because the newly issued shares add to the share count and can dilute ownership.

convertible preference shares financial

"US$16.5 million was exchanged for convertible preference shares"

Convertible preference shares are a type of share that pays regular, prioritized payments like a safer income investment but includes an option to convert into ordinary shares at a predetermined rate; think of it like a savings account that can be turned into an ownership stake. They matter to investors because they offer downside protection and steady income while preserving the potential for stock-market upside, but conversion can dilute existing shareholders and change voting power.

kyc financial

"subject to completion of customary bank KYC approvals"

KYC (Know Your Customer) is the routine of checks and questions that financial firms use to confirm who a client is, understand their financial profile, and spot risky or illegal activity. It matters to investors because it helps prevent fraud and money laundering, ensures companies follow the law, and protects the integrity of markets—think of it like an identity and background check a bank or airport runs before allowing access.

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

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Revenue of US$6.5 million, or 95.5% generated from the data center in Mo i Rana, Norway

Net profit of US$0.6 million, compared with a net loss of US$7.4 million in Q1 FY2026

EBITDA of US$0.8 million versus EBITDA loss of US$5.5 million in Q1 FY2026

Positive operating cash flow of US$2.1 million

LONDON, UK, Nov. 04, 2026 (GLOBE NEWSWIRE) -- VivoPower PLC (Nasdaq: VIVO) (“VivoPower” or the “Company”), a leading B Corp-certified global developer and owner of powered land and data center infrastructure today announced its unaudited financial results for the first quarter of fiscal year 2027, being the three months ended September 30, 2026 (“Q1 FY2027”).

Q1 FY2027 Financial Highlights

Revenue for the quarter was US$6.8 million, compared with no revenue in Q1 FY2026. The data center business at Mo i Rana, Norway, accounted for US$6.5 million, or 95.5% of total revenue. The electric vehicles business (Tembo) represented the balance with revenues of US$0.3 million as a result of the first batch of vehicle fleet deliveries completed during the quarter.

Gross profit for the quarter was US$2.5 million, representing a gross margin of 37.4%. This was primarily contributed from the Mo i Rana data center, with a combination of bitcoin mining hosting revenues as well as demand response revenues.

The Company recorded a net profit of US$0.6 million for the quarter, compared with a net loss of US$7.4 million in Q1 FY2026.

VivoPower generated positive EBITDA of US$0.8 million during the quarter, compared with negative EBITDA of US$5.5 million in Q1 FY2026.

General and administrative expenses for the quarter decreased by 69% to US$1.7 million, compared with US$5.5 million in Q1 FY2026, notwithstanding a significant scale-up in activities with the data center business. This reflects the Company executing on an AI-native strategy across various support functions, in order to be able to scale productively.

Net cash generated from operating activities was US$2.1 million for the quarter, compared with a net cash outflow of US$2.8 million in Q1 FY2026.

Q1 FY2027 Corporate and Recent Highlights

• Secured a US$50.0 million PIPE convertible preference share financing of which US$17.5 million has been received in cash, US$16.5 million was satisfied by the exchange of AWN shareholder loan principal, with the balance subject to completion of customary bank KYC approvals (July 2026).
• Appointed a Group Finance Director with experience in every market that the Group Operates globally in order to strength the Company’s finance function (July 2026).
• Retired US$28.8 million of AWN shareholder loan principal, of which US$12.3 million was repaid in cash and US$16.5 million was exchanged for convertible preference shares. Approximately US$16 million of outstanding accrued interest is non-interest bearing, classified as an unsecured trade creditor and is allocated to the balance sheet of Tembo (but at this stage still consolidated under VivoPower).
• Board approved the establishment of a separate Singapore-headquartered AI infrastructure company to hold 2.2GW non-Nordic portfolio and pipeline, with a planned pre-IPO funding round and independent listing, while retaining de facto control (August 2026).
• Decided (post quarter end) not to pursue a lease with the tenant announced as preferred on June 29, 2026, given better offers presented in a rising rent market for Nordic powered land. The Group is working to finalize definitive terms with another prospective AI tenant for Mo i Rana and is concurrently progressing project-level financing discussions. (October 2026).
  

Summary Income Statement: Three months ended September 30, 2026

US$’000 (unaudited)		Q1 FY2027				Q1 FY2026				Change
Revenue			6,767				-				n.m.
Cost of sales			(4,236	)			-				n.m.
Gross profit			2,531				-				n.m.
Gross margin			37.4	%			-				n.m.
General and administrative expenses			(1,737	)			(5,525	)			(69	%)
Other income, net			19				54				(65	%)
EBITDA (non-IFRS)			812				(5,471	)			n.m.
Profit/(Loss) for the period			577				(7,375	)			n.m.

Figures may not sum due to rounding. n.m. = not meaningful.

Revenue by Business Unit: three months ended September 30, 2026

US$’000 (unaudited)

Q1 FY2027

Q1 FY2026

Change

Data centers – Mo i Rana, Norway

6,461

-

n.m.

Electric vehicles (Tembo)

306

-

n.m.

Total revenue

6,767

-

n.m.

Figures may not sum due to rounding. n.m. = not meaningful.

Basis of Preparation

The financial information in this press release is unaudited and has been derived from the Company’s management accounts for the three months ended September 30, 2026, and the comparative three months ended September 30, 2025. It has not been reviewed or audited by the Company’s independent auditors and may be subject to change.

Non-IFRS Financial Measures

This press release includes EBITDA, which is not a measure defined under International Financial Reporting Standards (“IFRS”). VivoPower defines EBITDA as profit/loss for the period before net interest expense, income tax, depreciation and amortization. Management believes this measure helps investors compare operating performance before the effects of financing, taxation and depreciation and amortization. EBITDA is not a measure of cash flow or liquidity. EBITDA should not be considered in isolation or as a substitute for measures prepared under IFRS and may not be comparable to similarly titled measures used by other companies. A reconciliation of EBITDA to profit/loss for the period, the most directly comparable IFRS measure, is set out below.

Reconciliation of Profit/Loss for the period to EBITDA: three months ended September 30, 2026

US$’000 (unaudited)		Q1 FY2027				Q1 FY2026
Profit/(Loss) for the period			577				(7,375	)
Net interest expense			-				1,721
Income tax			-				-
Depreciation and amortization			235				183
EBITDA (non-IFRS)			812				(5,471	)

Figures may not sum due to rounding.

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 the Nordics and the GCC regions. 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 press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The Company intends to rely on the protections of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 only to the extent legally available. Historical and current factual statements are not forward-looking merely because the financial information is unaudited or may be revised. Forward-looking statements include all statements that are not historical facts, including statements about VivoPower’s strategy and how it will carry it out, the expected growth and contribution of its data center business at Mo i Rana, Norway, including its planned conversion to AI data center capacity, its future revenue, margins, EBITDA and cash flows. Words such as “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “should”, “will”, “would” and similar expressions are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

These statements are based on management’s current expectations and assumptions. They involve risks and uncertainties, many of which are outside the Company’s control, that could cause actual results to differ materially from those expressed or implied. These risks include, among others:

• changes to the unaudited financial information once the Company’s review and audit processes are complete;
• the Company’s ability to grow revenue from its data center business, secure and keep tenants, and manage power costs;
• the Company’s ability to keep operating cash flow positive, meet its working capital needs (including payments to suppliers), and get financing on acceptable terms;
• changes in market, economic and regulatory conditions; and
• the other risks described in the Company’s filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 20-F.
  

Forward-looking statements speak only as of the date of this press release. The Company undertakes no obligation to update them, whether as a result of new information, future events or otherwise, except as required by applicable law.

Contact
Media Inquiries
media@vivopower.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were VivoPower's Q1 FY2027 earnings and operating cash flow?

VivoPower reported US$577,000 net profit and US$2.1 million operating cash inflow for the three months ended September 30, 2026. Q1 FY2026 had a US$7.375 million net loss and US$2.8 million operating cash outflow. The results are unaudited.

Why did VivoPower stop pursuing its previously preferred Mo i Rana tenant?

VivoPower said it stopped pursuing the lease after receiving better offers in a rising Nordic powered-land rent market. The decision followed quarter-end, in October 2026. The company is working to finalize definitive terms with another prospective AI tenant and is progressing project-level financing discussions.

How does VivoPower plan to structure its separate AI infrastructure company?

The board approved a Singapore-headquartered company to hold the 2.2GW non-Nordic portfolio and pipeline. VivoPower plans a pre-IPO funding round and an independent listing while retaining de facto control. The board approved the establishment in August 2026.