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VivoPower PLC Q2 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

VivoPower International PLC FY2023 Half Year Earnings Summary (Period Ended 31 Dec 2022)

Financial Highlights (H1 FY2023 vs Prior Year H1)

  • Revenue: $8.7 million, down 23% year-on-year (17% decline on constant AUD/USD FX basis) due to timing of solar project execution (1 major project vs 2 prior) and adverse FX movements; skill shortages also limited new projects.
  • Gross Profit: -$3.6 million (decline of $3.1 million YoY), with margin at -42% (vs -4% prior year); adjusted for one-offs, margin was -1%.
  • Adjusted EBITDA (excluding Edenvale one-offs): -$3.9 million loss, improved from -$4.5 million loss in prior corresponding period.
  • Operating Loss: -$8.2 million (vs -$7.7 million prior), impacted by FX headwinds and lower Australian revenues.
  • Cash Position: $3.2 million at 31 Dec 2022, up from $1.3 million at 30 June 2022; primarily deployed for Tembo scale-up and product development.

Key One-Off Impacts

  • Edenvale solar project: $3.6 million in weather-driven cost overruns from climate change-related heavy rainfall causing damage and delays (project in a normally dry Australian region); project expected to conclude end of February 2023.
  • Loan extension: Major shareholder AWN extended repayment terms by 18 months to 1 April 2025, partially de-risking the balance sheet.

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Operator: Good day, and thank you for standing by. Welcome to the VivoPower International PLC Fiscal Year 2023 Half Year Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kevin Chin. Tser Chin: Good morning, ladies and gentlemen. Welcome to the VivoPower Half Year Results Presentation for the period ended 31st of December 2022. I'll take you firstly to Page 3 of our presentation, the executive summary. So at a headline level, we made very good strategic progress during the half year. However, our results were affected by unseasonal weather and foreign exchange. Our revenue declined due to project timing and a decline in the Australian dollar versus the U.S. dollar foreign exchange rate. So our half year revenue decreased 23% year-on-year to $8.7 million. This is primarily attributable to timing of project execution with 1 major solar project, Edenvale undertaken in Australia versus 2 in the prior period. Skill shortages have had an impact on our ability to take on new projects. However, on a constant Australian dollar, U.S. dollar exchange rate basis, our revenue decrease was reduced at 17%. Our gross profit and GP margin also declined. This was due to the decrease in revenue as well as one-off Edenvale project losses. So half year gross profit decreased by $3.1 million year-on-year to negative $3.6 million. This does include $3.6 million of specifi

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