Monitor progress on the AI tenant lease and project financing for the Mo i Rana conversion; the company's ability to secure a tenant and ~$411M in funding is critical to its strategic pivot. Also watch for updates on the Tembo SPAC merger and collection of the $53.3M subscription receivable.
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Executive Summary
VivoPower reported FY2026 revenue of $2.6M, primarily from a partial-period consolidation of its Mo i Rana data center (bitcoin mining hosting), and an IFRS loss from continuing operations of $50.4M, widening from a restated $17.3M loss in FY2025. The company is pivoting to AI data center infrastructure, has terminated a preferred AI tenant lease, and is seeking ~$411M in project financing for a 40MW phase, while its Tembo EV unit is being divested via a SPAC merger.
Key Financial Metrics
Key Facts
- FY2026 revenue was $2.6M, reflecting only 50 days of Mo i Rana data center consolidation from bitcoin mining hosting, not AI leases.
- IFRS loss from continuing operations widened to $50.4M from a restated $17.3M in FY2025.
- Adjusted EBITDA from continuing operations (non-IFRS) was negative $24.4M, compared to negative $11.1M (restated) in FY2025.
- The company terminated a preferred AI tenant lease announced on 29 June 2026 and is now working on definitive terms with another prospective tenant.
- Estimated capital expenditure for the first 40MW AI conversion phase is approximately $411M, with no financing secured.
- Net current liabilities were $11.95M at 30 June 2026; a $53.3M subscription receivable and $16.0M of PIPE 2 proceeds remained outstanding.
- Post-year-end, $28.8M of related-party debt (AWN) was partially settled: $12.3M cash and $16.5M exchanged for convertible preference shares; ~$16M accrued interest remains outstanding.
- The Tembo EV unit is being divested via a proposed business combination with Cactus Acquisition Corp. 1 Limited, with VivoPower retaining a minority stake.
- Material weaknesses in internal control over financial reporting remained outstanding at 30 June 2026.
- FY2025 comparatives were restated.
Financial Impact
FY2026 revenue $2.6M; IFRS loss from continuing ops $50.4M; Adjusted EBITDA (non-IFRS) negative $24.4M; net current liabilities $11.95M; estimated $411M capex for 40MW AI phase with no financing secured.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Data Center | $2.5M | Not reported |
| Electric Vehicles (Tembo) | $90.0K | +80.0% |
Risk Factors
- No definitive AI tenant lease signed; tenant discussions may fail to close.
- Estimated $411M capex for 40MW phase is unfunded; project financing and co-development partnerships are not assured.
- Net current liabilities of $11.95M and outstanding subscription/PIPE receivables create liquidity risk.
- Material weaknesses in internal controls remain unremediated.
- Dilution risk from convertible preference shares and equity-settled expenses.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3394206 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Nov 4, 2026 today | Press Release | $1.66 | awaiting T+20 | awaiting T+20 | $1.52 (−8.43%) |
Nov 3, 2026 1d ago | Press Release | $2.38 | awaiting T+20 | awaiting T+20 | $1.52 (+36.13%) |
Nov 2, 2026 1d ago | 20-F | $2.20 | awaiting T+20 | awaiting T+20 | $1.52 (+31.06%) |
Aug 28, 2026 9w ago | 6-K | $4.07 | awaiting T+20 | awaiting T+20 | $1.52 (−62.65%) |
Aug 3, 2026 13w ago | 6-K | $3.73 $4.07 | ▲ +9.12% | ▲ +7.88% | $1.52 (−59.25%) |
Jul 6, 2026 17w ago | 6-K | $4.81 $3.57 | ▼ −25.78% | ▼ −25.21% | $1.52 (−68.40%) |
Jul 2, 2026 17w ago | Press Release | $4.68 $3.54 | ▼ −24.36% | ▼ −23.94% | $1.52 (−67.52%) |
Jun 29, 2026 18w ago | 6-K | $5.34 $4.27 | ▼ −20.04% | ▼ −19.76% | $1.52 (−71.54%) |
Jun 24, 2026 19w ago | 6-K | $5.61 $3.91 | ▼ −30.30% | ▼ −30.83% | $1.52 (−72.91%) |
Jun 10, 2026 21w ago | 6-K | $4.75 $4.61 | ▼ −2.95% | ▼ −4.84% | $1.52 (−68.00%) |
US Market Status
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