VivoPower Revenue Jumps to $2.545 Million in FY2026 as Losses Widen
Key Facts
VivoPower filed its annual report on November 2, 2026, for the fiscal year ended June 30, reporting revenue of $2.545 million, compared with $61 thousand in the previous fiscal year. The company said in its filing with the U.S. Securities and Exchange Commission that the increase reflected the consolidation of results from the Mo i Rana data center starting May 12, 2026. Revenue growth coincided with a widening loss from continuing operations to $50.353 million, compared with a restated loss of $17.306 million in FY2025. The loss attributable to equity holders was $49.732 million, versus $15.658 million in the comparable period. The report reflects the center's initial contribution to revenue during the year, while the period in which its results were consolidated remained limited before the end of June.
The company acquired the Mo i Rana data center on May 12 for a total consideration of $37.7 million; the center has 41.5 megawatts of connected operating capacity. Segment data showed the data center business generated revenue of $2.451 million in FY2026. The electric vehicle segment recorded $94 thousand, up from $53 thousand in the previous fiscal year. This breakdown highlights that most of the revenue recorded during the year came from the data center after it was included in the group's results. But the period covered by those results after the acquisition ran only from May 12 to the end of the fiscal year on June 30.
General and administrative expenses rose to $26.51 million in FY2026 from $11.10 million in the previous year after restatement. The company said $13.10 million of the year's expenses were non-cash, share-based payments. Expenses increased in a year when the group recorded a jump in revenue, but higher costs also coincided with rising losses. The loss from continuing operations was $50.353 million, while the loss attributable to equity holders reached $49.732 million. These figures provide a picture of the burdens that accompanied the group's move into data center infrastructure, alongside its electric vehicle business.
Cash and cash equivalents stood at $2.02 million on June 30, 2026, according to the annual report. Meanwhile, the acquisition consideration includes a deferred cash payment of $5 million due on November 12, 2026. A further payment of $5.25 million is due on May 12, 2027. These dates put the deferred obligations among the company's near-term financial items to monitor after completing the Mo i Rana deal. VivoPower said data center leasing revenue will depend on the successful conversion of the facility, development of pipeline projects and their leasing. It added that the timing and terms of that work are uncertain.
On October 12, VivoPower announced the start of Phase 1 conversion work at Mo i Rana, with a capacity of 40 megawatts, into an artificial intelligence data center. It said site work precedes the installation of specialized mechanical and electrical equipment, but cautioned that completion of the conversion is not assured within the expected schedule or estimated budget, or even at all. The company also said local contractors would carry out the site work and that it had not entered into definitive agreements to reuse waste heat, as technical and commercial feasibility remained under assessment. On October 21, it signed a final heads of agreement with Open Innovation AI to explore developing sovereign AI data centers in Northern Europe, continental Europe, the Gulf and some Asian countries. The two companies estimated the initial opportunity in Europe at more than 40 gigawatts and targeted at least 1 gigawatt of capacity over the following three years.
VivoPower said its cooperation agreement with Open Innovation AI sets a framework for joint work, while advancing each project requires a separate agreement and subsequent definitive documents. The company had announced on July 29 that it had secured $50 million in private strategic financing, saying net proceeds would be allocated to converting the Mo i Rana center and reducing its debt. The disclosure form quoted CEO Kevin Chin as saying the financing “strengthens the balance sheet and provides growth capital to accelerate our transition toward powered land and AI data center infrastructure, starting with Mo i Rana in Norway.” VIVO shares closed at $2.21 on November 2, compared with a close of $2.36 on October 30. The November 2 close came on the day the annual report was filed.