VivoPower(VVPR) - 2023 Q4 - Annual Report

Financial Performance - Annual group revenue from continuing operations declined 33% year-on-year to $15.1 million, primarily due to fewer solar projects and adverse weather conditions in Australia [2]. - Underlying group adjusted EBITDA loss improved to ($5.7) million from ($9.1) million in FY22, reflecting a lean management approach [2]. - Annual net after-tax loss from continuing operations was ($20.1) million, with adjusted EPS of ($0.58) per share, an improvement from ($1.03) per share in FY22 [2]. - A one-off gross profit loss of $3.9 million was recognized for the Edenvale solar project due to extreme weather conditions [4]. - Cash balance at June 30, 2023, was $0.6 million, but pro-forma cash balance including earnout proceeds was $2.8 million [2]. Business Development - Tembo's order and commitment book increased by 160% to over 13,000 EV drivetrain kits, indicating strong demand for fleet electrification solutions [6]. - Post balance date, VivoPower signed a landmark joint venture agreement with Francisco Motors to electrify jeepneys in the Philippines, accessing a $10 billion+ market [1]. - The company expanded its Tembo distribution partner network, signing agreements for over 8,000 EV kits, representing a 160% year-on-year increase [1]. - Since July 2022, VivoPower has hired 15 new engineers, doubling its cumulative EV engineering experience to over 100 years [7]. Recognition and Awards - VivoPower was recognized as one of the Best for the World for Governance in 2022 and as a top global impact company in 2023 [5].