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VivoPower PLC Q4 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

VivoPower International PLC FY2022 Earnings Summary

Executive Overview

VivoPower reported significant strategic progress in EV (Tembo) expansion and global partnerships despite COVID-related headwinds in Australia, supply chain disruptions, and FX volatility. Revenue and profitability declined year-over-year primarily due to extended lockdowns and one-off project overruns.

Key Financial Highlights (FY2022 vs FY2021)

  • Revenue: $37.6 million (down; -3% on constant FX basis YoY). Decline driven by COVID lockdowns delaying works and sharp drop in AUD exchange rate since Jan 2022.
  • Gross Profit (incl. discontinued ops): $1.6 million (down $4.7 million YoY). Includes $1.9 million Bluegrass solar project cost overrun from interstate border closures. GP margin: 4% (vs 16% YoY). Adjusted for overruns: 9%; excluding discontinued ops: 10%.
  • EBITDA (incl. discontinued ops): $10.4 million loss (vs $1.4 million loss prior year).
  • Operating Loss: $14.6 million (widened from $4.8 million prior year). Driven by FX, reduced revenues, Bluegrass overruns, and growth OpEx for Tembo scaling.
  • Cash Balance: $1.3 million at year-end (vs $8.6 million prior year). Post-balance sheet replenished to $8.9 million via non-core divestitures and shelf raise.

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Operator: Good day, and thank you for standing by. Welcome to the VivoPower International PLC Fiscal Year 2022 Full 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: Thank you, Victor, and welcome, everyone, to the FY '22 earnings call for VivoPower International PLC. we'll jump straight into Slide 2, which is the executive summary. So in a nutshell, we've made significant strategic progress over the last 12 months, but we had certain with quite a few headwinds, including lingering COVID effects from our businesses in Australia as well as foreign exchange. So going through key points. Firstly, revenue declines to $37.6 million, primarily attributable to the COVID lockdowns, which we previously [indiscernible] in the half year results, which unfortunately did expand through the majority of the periods over the last 6 months as well. And that caused delays in works for our business [indiscernible] today. In addition, there's been a sharp drop in the exchange rate since January 2022. On a constant FX rate basis revenue decline by 3% year-on-year. In terms of gross profit, this includes the discontinued operations. They decreased by $4.7 million to $1.6 million for the same reasons I mentioned before. And that, in particular, we had a $1.9 million cost overrun on the Bluegrass solar project due interstate border closures in A

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