VivoPower Reports Preliminary FY21 Results

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Completed strategic transformation to sustainable energy solutions (“SES”) 

Acquired Tembo e-LV; distribution partner potential commitments for nearly 5,000 electric vehicle conversion kits 

Raised $32 million in net proceeds from equity offerings; balance sheet fortified 

Annual revenues of $40.4 million, impacted by COVID lockdowns 

Underlying EBITDA decline to ($1.4) million loss from $3.9 million profit in FY20

VivoPower today announced its preliminary results for the fiscal year ended June 30, 2021.

Highlights for the fiscal year ended June 30, 2021: 

  • Annual group revenues of $40.4 million, down 16% year-on-year, primarily due to COVID-19 related lockdowns resulting in project deferrals and operational disruptions, particularly in the Australian market 
  • Gross profit margin increased from 15% to 16% despite revenue drop, due to operational efficiencies  
  • Underlying EBITDA loss of ($1.4) million (versus EBITDA profit of $3.9m in FY20) due to increase in group overheads to support hyperscaling of Tembo and SES (including $1.9m for Tembo, $0.8m for SES, and $1.5m group corporate costs) 
  • Statutory net after-tax loss of ($8.0) million for FY21 and earnings per share (“EPS”) of ($0.49) per share, as compared to a ($5.1) million loss and ($0.38) per share in FY20  
  • Adjusted net after-tax loss of ($5.1) million and adjusted EPS of ($0.31) per share as compared to a ($1.7) million loss and ($0.12) per share respectively for FY20 
  • Raised $32 million in net equity proceeds on Nasdaq (including via an ATM facility) 
  • Reduced group net debt to $14.5 million from $23.1 million 
  • Completed acquisition of 100% of Tembo e-LV for an aggregate price of $7.1 million cash plus $0.2 million equity 
  • Secured nearly 5,000 potential commitments for Tembo electric light vehicle (“e-LV”) conversion kits; continuing to build out global Tembo distribution network  
  • Electric vehicle (“EV”) conversion program with Toyota Australia for LandCruiser using Tembo kits  
  • Completed feasibility study for first full-suite, turnkey SES project for Tottenham Hotspur Football Club to pursue net zero carbon status 
  • Secured full ownership of U.S. solar development portfolio (formerly a JV) representing 682 MW-DC of total renewable generating capacity  
  • Recognised as a Real Leaders Impact company for the first time, ranking in the top 50 globally

VivoPower’s Full Year Results Presentation can be found here. A recording of the results teleconference will be available on our Investor Relations page under ‘Events and Presentations.’

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