VivoPower PLC (Nasdaq: VIVO) (“VivoPower” or the “Company”), a leading B Corp-certified global developer and owner of powered land and data center infrastructure for AI compute applications, today announced that its previously scheduled results conference call and webcast has been rescheduled from November 10, 2026, to Monday, November 16, 2026, at 8:00 a.m. Eastern Time.
The call, now titled “Strategic Update and Results Presentation,” will provide investors and analysts with a review of the Company’s financial results and strategic developments.
Webcast access and telephone dial-in details are available on VivoPower’s investor relations website at https://www.vivopower.com/investors.
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. 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,” “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 in this communication include, for example, statements about the expected date, time and format of the Company’s FY2026 results conference call and webcast and the matters expected to be covered on the call.
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 risks, uncertainties and contingencies including: (i) changes to the date, time or format of the conference call and webcast, including as a result of scheduling, technical or logistical factors; (ii) changes in economic, business, competitive and/or regulatory factors, geopolitical events and general market volatility; and (iii) other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. 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.
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
Figures may not sum due to rounding. n.m. = not meaningful.
Revenue by Business Unit: three months ended September 30, 2026
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
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.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
FY2026 Operating Results. VivoPower reported fiscal 2026 revenue of $2.6 million, primarily reflecting $2.5 million from Mo i Rana following its May 12 acquisition. The adjusted EBITDA loss from continuing operations widened to $24.4 million from $11.1 million in FY 2025. Excluding $13.1 million in non-cash share-based expenses, the loss was $11.3 million.
Mo i Rana Drives Fourth Quarter Revenue. The data center contributed $2.5 million in revenue and approximately $0.04 million in operating profit during the final 50 days of fiscal 2026. Revenue came from existing Bitcoin mining hosting rather than AI leases, while one-time acquisition costs, downtime for site improvements and maintenance, and lower Bitcoin prices weighed on profitability.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Financial results for FY2026 are not reflective of full-year contribution from the Mo i Rana Data Center business
Mo i Rana data center results consolidated from 12 May 2026, being the date of effective completion
FY2026 revenue was US$2.6 million, primarily reflecting consolidation of the Mo i Rana Data Center
IFRS loss from continuing operations of US$50.4 million (FY2025: US$17.3 million, restated)
IFRS basic and diluted loss per share from continuing operations was US$(2.59) (FY2025: US$(2.60))
Adjusted EBITDA from continuing operations (non-IFRS) of US$(24.4) million (FY2025: US$(11.1) million, restated), or US$(11.3) million (FY2025: US$(9.2) million) before non-cash share-based payment expense of US$13.1 million
Post balance date, both the Data Center business unit and the Electric Vehicle business unit (Tembo) have respectively booked revenues in excess of FY2026 totals with both targeting EBITDA profitability
LONDON, UK, Nov. 03, 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 for AI compute applications, today announced results for the fiscal year ended 30 June 2026 (FY2026).
Its Annual Report on Form 20-F was filed with the SEC on 2 November 2026, and the FY2026 results presentation is available on the Company’s website under investor relations.
Results Call
VivoPower will host a results call and webcast for investors and analysts on Tuesday, 10 November 2026 at 8:00 a.m. ET / 1:00 p.m. GMT / 2:00 p.m. CET / 9:00 p.m. SGT. Participants can join the call using the link on the investor relations page of the Company’s website.
Management will review the FY2026 results presentation and discuss the outlook for the group.
Group Level Overview
Profit and Loss: FY2026 revenues of US$2.6 million, reflecting part-period consolidation of Mo i Rana data center related revenues (from hosting of bitcoin mining). Consolidated group IFRS losses include US$13.1 million of non-cash share-based payment expense and US$14.8 million of non-cash fair-value losses on derivatives, warrants and other investments.
Balance Sheet: net assets increased to US$37.0 million (30 June 2025: US$17.2 million, restated), mainly from share issuances.
Interest-bearing debt: At 30 June 2026, loans and borrowings were US$28.8 million and lease liabilities (under IFRS standards) were US$10.3 million (relating to Mo i Rana). The US$28.8 million was principal owed to AWN, a related party. After year end it was settled with US$12.3 million in cash and US$16.5 million exchanged for convertible preference shares. Accrued interest of approximately US$16 million remains outstanding.
Data Center Segment
Financial results: revenues for the Data Center segment were US$2.5 million whilst operating profit was US$0.04 million for the 50 days to 30 June 2026. These result from existing hosting of bitcoin mining activities, not AI leases. This short-period result is not indicative of full-year performance and reflects one-off post-acquisition costs and some downtime for site works and maintenance undertaken to optimize for future performance as well as reduced bitcoin prices during this period. Post balance date, improved bitcoin prices and better-than-expected demand response revenues have translated into year-to-date results materially in excess of the FY2026 full-year results.
AI tenant selection: the Company launched a competitive process to select one or more AI compute tenants and announced a shortlist on 21 May 2026. The Company has decided not to pursue a lease with the tenant announced as preferred on 29 June 2026, given better offers presented to it in a rising rent market for powered land in the Nordics. It is now working to finalize definitive terms with another prospective AI tenant and concurrently working on financing options (refer below).
Conversion financing: alongside the tenant process, the Company is progressing discussions with prospective financiers to fund the first 40MW phase. Based on the Company’s current internal plans, the estimated capital expenditure for this phase is approximately US$411 million (a preliminary management estimate that may change materially). The Company expects to fund the conversion largely through project-finance debt and is also evaluating potential project-level co-development investment partnerships. In such an arrangement, VivoPower would contribute the operational powered land site whilst the co-development partner would provide the equity finance. In evaluating such partnerships, the Company would seek to retain a majority equity interest. In this regard, it is targeting project-level funding of approximately 70-75% debt and 25-30% equity. If the Company secures a suitable co-development partner for the equity and project finance for the debt, this could reduce the amount of its own funds required for the project. However, this is not assured, and the Company may require additional financing. In addition, tenants may provide prepayments or deposits, if agreed, which could help to fund the project capital expenditure.
Electric Vehicles Segment (Tembo)
FY2026 results: revenues for the Electric Vehicles segment were US$0.09 million (FY2025: US$0.05 million), reflecting conversion kit and vehicle sales by Tembo. This segment generated an operating loss of US$3.01 million, reflecting continued investment in product homologation and go-to-market programs. Post balance date, Tembo has booked revenues and received purchase orders in excess of the FY2026 result, with sharply higher diesel prices in its key markets fueling demand, and is targeting EBITDA profitability in FY2027.
Strategic status: on 2 July 2026, the Board resolved that the development and scale-up of the Company’s AI data center business is the principal strategic priority of the Group, and that its Tembo electric vehicle business and its Caret business are non-core businesses to be separated in a manner consistent with that priority. In respect of Tembo, previously contemplated special dividend arrangements have been discontinued and superseded by the proposed business combination with Cactus Acquisition Corp. 1 Limited (“Cactus”) described below, on completion of which the Company would retain a minority shareholding in the combined company.
Proposed Tembo business combination: on 29 August 2024, the Company entered into a business combination agreement with Cactus and Tembo, under which Tembo would become a subsidiary of a new holding company, Tembo Group B.V., which is proposed to be converted into a Dutch public limited liability company named Tembo Group N.V. and which would apply to list its shares on Nasdaq and in which the Company would retain a minority shareholding. A draft registration statement on Form F-4 for the transaction has been confidentially submitted to the SEC. Completion is subject to, among other things, the registration statement being declared effective, approval by Cactus’s shareholders, approval of the combined company’s initial listing application by Nasdaq under its current initial listing requirements, and other closing conditions. On 27 October 2026, Cactus’s shareholders approved an extension of the date by which Cactus must complete a business combination to 2 November 2027. Tembo’s results will continue to be consolidated in the Company’s results while the Company retains control of Tembo.
Non-IFRS Measures (from Continuing Operations)
Adjusted EBITDA from continuing operations is a non-IFRS performance measure calculated by adjusting IFRS loss from continuing operations for income tax, finance expense less finance income, the fair-value loss on financial instruments, depreciation and amortization, impairment losses, and the restructuring-related and other adjustments itemized in the reconciliation. This measure retains non-cash share-based payment expense.
Adjusted EBITDA from continuing operations before non-cash share-based payments is a further non-IFRS performance measure calculated by adding back to Adjusted EBITDA from continuing operations the expense recognized in continuing operations for professional fees settled in shares or other equity instruments and employee equity incentive awards. It excludes that expense, rather than treating it as having no economic cost.
Management believes that presenting both measures alongside IFRS loss helps investors distinguish changes in other operating costs from changes in equity-settled professional-fee and employee-award expense across periods. Neither measure should be considered in isolation or as a substitute for IFRS loss or other IFRS financial measures.
The reconciliation includes both the costs and the gains within the restructuring-related adjustments. Adjusted EBITDA from continuing operations includes non-cash share-based payment expense of US$13.1 million in FY2026 and US$1.9 million in FY2025. These costs can recur, and settling them in shares or other equity instruments can dilute shareholders. In this reconciliation, those amounts are added back only for the separately labelled measure before non-cash share-based payments. Neither non-IFRS measure is a measure of cash flow or liquidity, and similarly titled measures used by other companies may be calculated differently.
Source: VivoPower Annual Report on Form 20-F for FY2026, filed with the SEC on 2 November 2026 (Item 5 and Note 8).
Additional Information
Full details are in the Form 20-F, available at www.sec.gov and on the investor relations page of the Company’s website. Shareholders may request a free hard copy of the Annual Report by sending an email to [email protected]. Please read the results presentation with its disclaimer.
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 announcement contains forward-looking statements, including statements about the Company’s strategy, future financial and operating performance, the proposed AI conversion and expansion of Mo i Rana, the AI-tenant selection and contracting process, estimated capital expenditure, construction and commissioning, project financing and funding mix, potential co-development arrangements, prospective tenant prepayments, future ownership interests, additional capital requirements and the expected effects of market conditions. Words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “target” and “would” may identify forward-looking statements, but their absence does not mean a statement is not forward-looking.
These statements reflect management’s current expectations, estimates and assumptions, not guarantees of performance or completed transactions. Estimates of conversion cost, financing proportions, ownership, timing and tenant contributions may change materially as design, due diligence, negotiations, approvals and financing progress; a target or conditional scenario is not an approved or fully financed outcome, and the separate prerequisites for each scenario may not be achieved together.
The Company intends to rely on the forward-looking-statement 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. These protections do not apply to every statement, speaker or transaction, do not turn historical or current trading information into forward-looking information, and do not displace applicable disclosure or anti-fraud obligations.
Forward-looking statements speak only as of the date made, unless another date is expressly stated. Readers should not place undue reliance on them; except as required by applicable law, the Company undertakes no obligation to update them, and nothing in this statement limits any applicable duty to correct materially inaccurate or misleading information or to make a required disclosure.
Risk factors
Actual results could differ materially from those expressed or implied because of the following risks, among others. These risks should be read with the Company’s Annual Report on Form 20-F for FY2026, including Items 3.D, 5 and 15 and the financial-statement notes, and any subsequent SEC disclosures; this summary is not exhaustive.
AI tenant and conversion execution: The Company has not entered into a definitive AI-compute lease for Mo i Rana; discussions with a prospective tenant are not a lease, and there is no assurance that an agreement will be concluded on acceptable terms or at all. Tenant requirements, credit support, design, engineering, equipment supply, permits, power and grid arrangements, construction, commissioning and operating requirements may change, increase cost or delay or prevent the proposed conversion; existing energised capacity does not establish completed AI-ready capacity, contracted AI revenue or approval for additional capacity.
Conversion financing and ownership: Financing for the proposed AI conversion is not assured, and the Form 20-F states that the Company expects to fund the conversion largely through project-finance debt and may also require additional equity financing. A targeted debt ratio does not establish lender willingness, debt capacity, acceptable covenants or availability of funds; a prospective co-development partner’s contribution or a prospective tenant’s prepayment is not available cash unless agreed, funded and usable for the relevant expenditure. The Company may have to contribute additional cash, provide security or guarantees, issue further securities, accept less favourable economics or control rights, reduce its ownership interest, or defer or abandon the project; neither retention of majority ownership nor avoidance of further Company-level fundraising or dilution is assured.
Existing hosting, power and demand-response activities: Mo i Rana’s reported FY2026 revenue arose from existing bitcoin-mining hosting rather than an AI lease. Bitcoin prices, mining economics and customer credit or activity, Norwegian power prices, tariffs, hedging, grid availability and restrictions, regulatory changes, equipment downtime and maintenance, and the eligibility, availability, pricing and dispatch of demand-response services can affect revenue, margins and cash receipts; any favourable price movements or demand-response receipts may not recur, and prequalification does not guarantee dispatch or revenue.
Liquidity and subscription collections: At 30 June 2026 the Group had net current liabilities of US$11.95 million, and the Form 20-F reports an unsecured outstanding Ceres-led Regulation S subscription receivable of US$53.3 million at that date. It also reports that US$16.0 million of PIPE 2 proceeds remained outstanding at the date of the report, subject to completion of KYC approvals; neither a subscription commitment nor completion of an administrative process guarantees collection or its timing. Liquidity depends on actual cash receipts and payments, creditor arrangements and meeting obligations as they fall due, including acquisition instalments and other liabilities; failure or delay in collecting subscriptions or obtaining other necessary funds could adversely affect operations and the ability to continue as a going concern.
AWN, related parties and capital structure: The post-year-end settlement of US$28.8 million of AWN shareholder-loan principal comprised US$12.3 million paid in cash and US$16.5 million exchanged for convertible preference shares, rather than an equivalent cash repayment of all debt; the Form 20-F reports approximately US$16 million of accrued AWN interest still outstanding after those transactions. AWN is a related party, and the exchange did not eliminate the rights and economic claims represented by the preference shares or the remaining interest; settlement, conversion, dividends, warrants, reset terms, equity-settled fees and further fundraising can dilute ordinary shareholders, create competing economic priorities and materially affect reported results.
Operating, regulatory and geopolitical exposure: Power-market and grid regulation, environmental and planning requirements, counterparties, physical and cybersecurity incidents, supply-chain constraints, exchange rates and interest rates may adversely affect the Company’s operations and projects. Arctic Norge Data I AS is subject to the pre-acquisition Norwegian VAT and corporate-income-tax audit disclosed in the Form 20-F; resulting liabilities may not be recoverable from the seller, and disputes over recovery or withholding deferred acquisition payments could affect cash requirements. The Middle East conflict and other geopolitical developments may disrupt funding transfers, customer or investor payments, energy markets, logistics and business conditions; effects may be adverse.
Financial reporting and controls: The Company has restated FY2025 comparative financial information and reported that its disclosure controls and procedures and internal control over financial reporting were ineffective at 30 June 2026 because of material weaknesses, which remained outstanding at that date. Remediation may take time and may not be effective; errors, complex-transaction accounting, estimates, valuations or further adjustments could affect reported results, timeliness, access to capital and investor confidence.
Listing, status and trading: Maintaining Nasdaq listing and foreign-private-issuer status depends on continuing satisfaction of applicable requirements; loss of either status, further securities issuance, low liquidity or share-price volatility could adversely affect shareholders and financing access, and loss of foreign-private-issuer status could increase reporting and compliance obligations and costs. This risk statement is not a statement that a current Nasdaq deficiency exists.
Non-IFRS financial measures
Adjusted EBITDA from continuing operations and Adjusted EBITDA from continuing operations before non-cash share-based payments, where presented, are non-IFRS performance measures, not substitutes for IFRS loss, and not measures of cash generation, cash available for investment or debt service, or liquidity. Their definitions and reconciliations must be read with the IFRS results; similarly titled measures used by other companies may differ.
Ordinary Adjusted EBITDA from continuing operations retains non-cash share-based payment expense; the separately labelled before-share-based-payments measure adds back that expense. Excluded share-settled professional fees and equity awards have an economic cost, can recur, and can dilute shareholders; “non-cash” does not mean cost-free, exceptional or irrelevant to operating performance, and the timing or form of settlement does not itself establish the appropriate accounting or adjustment.
The measures should be considered only alongside the most directly comparable IFRS measures and the definitions, individual adjustments, explanations and reconciliations provided in this announcement. Presentation of an adjustment does not establish that its effects will not recur or that it represents cash saved; neither measure is an alternative statement of IFRS profitability.
Restatement of FY2025 comparatives
FY2025 comparative financial information is presented on the restated basis where indicated and should be read with Note 35 to the FY2026 Form 20-F, which describes the nature and financial effects of the restatement. Comparisons with previously published, unadjusted FY2025 amounts may therefore be misleading; the restatement does not eliminate the financial-control risks described above or provide assurance that future corrections will not be required.
Post-period and unaudited information
Post-30 June 2026 operating and trading information, where included, is unaudited unless expressly stated otherwise; the audit of the FY2026 financial statements is not an audit opinion on subsequent trading performance or a forecast. The applicable period, cut-off date, scope, accounting basis and comparison must be read with each such statement; periods of different lengths and a partial acquisition period are not automatically comparable.
Bookings, purchase orders, inquiries and indicative proposals are not necessarily IFRS revenue or collectible cash. Interim performance must not be annualised or treated as assurance of future profitability, and historical year-end cash does not represent cash available at the announcement date after subsequent receipts, payments and commitments.
Third-party and market information
Market, industry and third-party information is subject to the methodologies, assumptions, dates and limitations of the relevant provider. Market-wide trends, indicative rents, tenant interest, recent prices or general financing practices do not establish the terms available to the Company, the creditworthiness of a specific counterparty, a signed contract or an entitlement to tenant deposits.
Attribution to a third party does not relieve the Company of responsibility for its own statements or provide an independent audit of project assumptions, interim performance or forecasts. Nothing in this announcement should be read as an endorsement of those matters by the Company’s auditors.
No offer or solicitation
This announcement is for information and is not intended to constitute an offer to sell or a solicitation of an offer to buy securities, or an offering document. Any securities offering or sale must comply with applicable registration requirements or an available exemption and be made through the applicable offering documents; no offer or sale may be made in a jurisdiction where it would be unlawful.
Not investment advice / no reliance
This announcement does not provide personalised investment, legal or tax advice or an assessment of the suitability of any investment for a particular person. Investors should read the complete relevant SEC disclosures and offering documents, assess their own circumstances and, where appropriate, obtain independent professional advice; they should not rely on forward-looking statements or selected financial measures as a complete investment analysis.
Nothing in this announcement excludes or limits any liability or obligation under applicable securities laws or any non-waivable investor right. In particular, this section does not disclaim responsibility for accurate, non-misleading disclosure or ask investors to waive reliance on statements of historical or current fact.
Website and hyperlinks
Website addresses and hyperlinks are provided for convenience. Website contents are not incorporated into this announcement solely because an address or hyperlink is included; this statement does not alter any express incorporation by reference in an SEC filing, any applicable legal treatment of linked information or the Company’s disclosure obligations.
Investors should consult the dated announcement and the relevant SEC filings rather than assume that subsequent website changes update this announcement. The inclusion of a hyperlink does not itself verify the information or replace any required public disclosure.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Construction mobilized at Mo i Rana. On October 12, 2026, VivoPower announced the start of construction for the initial 40MW AI data center at its Mo i Rana facility in Norway. While a definitive lease agreement has not yet been announced, the company confirmed that it has selected a global AI industry leader as its preferred tenant, with the facility’s design and construction tailored to the prospective customer’s requirements.
Existing operations maintained during construction. VivoPower has engaged local contractors to complete site preparation and structural works ahead of the specialized mechanical and electrical fit-out. Under the original development plan, construction will proceed on adjacent land while existing Bitcoin mining and grid-balancing operations continue. After the mining lease expires in June 2027, the existing power capacity is earmarked for AI applications, with an additional 40MW development planned thereafter.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
VivoPower has selected a global AI industry leader as its preferred AI tenant for the Mo i Rana facility
Experienced Mo i Rana-based contractor Øijord & Aanes Entreprenørforretning AS engaged to deliver conversion site works in accordance with relevant permits and licenses
Enabling works and main building superstructure to be delivered by Mo i Rana-based contractors, ahead of full mechanical and electrical fit-out by a specialist data center EPC firm
VivoPower committed to engaging as many local suppliers and contractors as possible at Mo i Rana and plans to do the same at other future AI data center facilities globally
VivoPower is also working to reuse waste heat from the AI data center for productive purposes in line with its Power-to-X strategy
LONDON, UK / MO I RANA, NORWAY, Oct. 12, 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 for AI compute applications, today announced the mobilization of construction for the conversion of a 40MW first phase AI data center at its Mo i Rana facility in northern Norway. The Company also confirmed that the site works package will be delivered by experienced Mo i Rana-based contractors, Øijord & Aanes Entreprenørforretning AS, who have been operating in the region for more than 60 years.
Demolition, enabling works and the main building superstructure, amongst other elements, will be delivered by local Mo i Rana contractors, in accordance with applicable Norwegian planning and building regulations. These work packages will be completed in advance of the full mechanical and electrical fit-out of the facility, for which VivoPower has conducted a tender review process with leading international data center supply chain partners. The Company expects to award and announce this contract shortly and will update accordingly.
The design and delivery of the AI data center conversion will be in accordance with the AI tenant’s requirements. In addition, VivoPower is engaged with local industry on Power-to-X use cases, including the use of waste heat to support and promote local industry and community growth. Further details will be shared at the appropriate time.
Commitment to the Mo i Rana Supply Chain
VivoPower is committed to using as many local Mo i Rana suppliers and contractors as possible throughout the delivery of the project.
In addition to Øijord & Aanes Entreprenørforretning AS, the Company has already engaged with other local contractors, including:
IMTAS – a Mo i Rana-based provider of engineering, fabrication, installation and maintenance services across industry, construction and energy, operating from Mo Industripark; and
TH Blikk AS – a Mo i Rana-based building, façade and roofing contractor with more than 15 years of experience and a team of 64 employees.
By prioritizing local contractors, VivoPower aims to support employment, skills development and economic activity in the Rana region. It will also draw on the industrial expertise built up in the Mo i Rana industrial precinct over many decades.
VivoPower completed the acquisition of the operational Mo i Rana data center on April 21, 2026, and amongst other things has enrolled 30MW of the existing facility in grid balancing services, which provide support to the stability of the regional power grid.
Commitment to Power-to-X Use Cases
VivoPower’s Power-to-X strategy is focused on securing the highest and best use of every megawatt of its power infrastructure. At Mo i Rana, that extends beyond AI compute to the heat the facility generates and the flexibility it can offer the Norwegian power system.
The 40MW AI data center conversion is being designed with the aim of capturing waste heat from its cooling systems for productive reuse, subject to technical and commercial feasibility. VivoPower is working with a local district heating provider and European specialist firms to evaluate how that heat could be used. This includes supplying district heating to homes, businesses and community organizations in Mo i Rana and supporting the growth of heat-intensive local industries, including but not limited to land-based aquaculture and greenhouse food production.
Mo i Rana is well placed for this and reusing heat from the AI data center would build on that established model of industrial symbiosis. No definitive agreements have been entered into as yet in relation to heat reuse or other Power-to-X use cases, but VivoPower will provide further details as arrangements are finalized.
Shane Whelan, Chief Real Estate Officer of VivoPower, said: “We have deliberately engaged with the local construction supply chain, and we are delighted to be working with Mo i Rana firms such as Øijord & Aanes, IMTAS and TH Blikk. Their skills and local knowledge will be invaluable as we move from site works towards the mechanical and electrical fit-out phase. We remain committed to delivering on a ready-for-service (RFS) date as expeditiously as possible but without compromising quality and safety given the long-duration nature of the infrastructure asset being built.”
Stein Rune Øijord, Chief Executive Officer of Øijord & Aanes, said: “Øijord & Aanes looks forward to a strong and close collaboration with VivoPower. We are proud to contribute to an exciting project that creates new opportunities for Mo i Rana.”
Tommy Høgås, Chief Executive Officer of TH Blikk AS, said: “Blikk looks forward to the opportunity for a strong and exciting collaboration with VivoPower in the years ahead. New development is positive for the local community, and we recognize the wider benefits it will bring to other local businesses. We are grateful for the opportunity to be involved in this project and strongly believe in its potential – both for the stakeholders involved and for the city as a whole. We look forward to contributing and achieving great results together.”
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. 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,” “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 in this communication include, for example, statements about the mobilization, timing, sequencing and completion of demolition, enabling and superstructure works; the expected timing of the award and announcement of the mechanical and electrical fit-out contract; the design, delivery, cost and ready-for-service date of the 40MW AI data center conversion; the engagement of local and international contractors and suppliers; the finalization of tenant agreements; the potential reuse of waste heat and other Power-to-X use cases; participation in grid-balancing services; and the anticipated economic benefits to the Mo i Rana region.
These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty, and changes in circumstances. There is no certainty that the 40MW AI data center conversion will be completed on the timeline currently anticipated, within the currently estimated budget, or at all. Actual results may vary materially from those expressed or implied by the statements herein due to risks, uncertainties and contingencies including: (i) delays in obtaining, or failure to obtain, the demolition license, the Rana kommune building permit, grid connection and energization approvals or other regulatory approvals, or the grant of such approvals on different terms or conditions; (ii) construction, contractor and supply chain risks, including contractor performance, labor availability, weather and site conditions; (iii) cost overruns and fluctuations in the prices of materials, equipment, labor and energy; (iv) the risk that the mechanical and electrical fit-out contract is not awarded on the expected timing or terms, or at all; (v) delays in AI hardware procurement; (vi) the risk that the tenant breaches or defaults on its definitive lease agreements; (vii) the risk that waste heat reuse and other Power-to-X use cases do not prove technically or commercially feasible, and that no definitive agreements are entered into in relation to them; (viii) changes in economic, business, competitive and/or regulatory factors, geopolitical events and general market volatility; and (ix) other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. 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.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
George Proost, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Shareholder debt fully retired, materially improving credit quality. On August 3, 2026, VivoPower eliminated 100% of its $28.8m shareholder debt principal owed to AWN Holdings. $16.5 million was converted under PIPE 2 and $12.3 million was repaid in cash. The move removes the associated interest expense and materially improves credit quality ahead of the Nordic AI buildout, leaving no principal obligation to AWN.
PIPE secured to fund the AI conversion. A $50 million PIPE priced at US$7.50 per share on July 29, 2026, was led by Blue Sky Capital, alongside Nordic, EU, and GCC institutional and family-office investors. Proceeds are directed at the Mo i Rana AI data center conversion in Norway and further debt reduction.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with an Outperform rating. We are initiating coverage on VivoPower International PLC (NASDAQ: VIVO) with an Outperform rating and $10 Price target. The company has recently pivoted toward acquiring and developing power-secured land and powered-shell data center infrastructure, targeting one of the most constrained inputs in the AI value chain: grid-connected power capacity.
Capital-Light Business Model. The company occupies an upstream position within the AI data center value chain. Rather than owning and operating IT infrastructure, it seeks to generate returns through land development, power procurement, and long-term leasing arrangements. In our view, this model provides exposure to AI infrastructure demand while reducing technology and operating risks.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
