VivoPower Worldwide PLC Studies Preliminary Unaudited Monetary Outcomes for the Fiscal 12 months Ended June 30, 2022

Tembo distribution associate community and geographic attain significantly expanded; extra commitments for 3,350 e-LV conversion kits. Toyota partnership cemented with a Design Providers Settlement

Divestiture of non-core companies in Aevitas to refocus on progress in Photo voltaic and key contract awarded on Edenvale Photo voltaic Farm

Money stability at June 30, 2022 of $1.3m however elevated to $8.9m publish stability date following completion of divestitures and NASDAQ shelf issuance in July 2022

Annual group revenues (together with discontinued operations in Aevitas) of $37.6 million down 3% on a continuing AUD/USD FX foundation

Underlying group EBITDA (together with discontinued operations) declined to ($10.4) million from ($1.4) million in FY21, attributable to impacts of COVID lockdowns in key markets, particularly Australia

Memorandum of Understanding (MOU) signed with state owned enterprise (SOE) in Jordan for 1,00Zero Tembo EV kits

LONDON, Aug. 29, 2022 (GLOBE NEWSWIRE) — VivoPower Worldwide PLC (NASDAQ: VVPR) (“VivoPower,” the “Firm”) at present introduced its preliminary outcomes for the fiscal yr ended June 30, 2022.

Highlights for the fiscal yr ended June 30, 2022:

• Annual group revenues together with discontinued operations of $37.6 million, have been down 7% year-on-year, primarily attributable to COVID-19 associated lockdowns leading to mission deferrals and operational disruptions, notably within the Australian market. Group revenues have been down 3% year-on-year on a continuing AUD/USD FX foundation

• Gross revenue margin together with discontinued operations decreased from 16% to 4% attributable to one-off Bluegrass mission overruns of $1.9m and different elevated COVID-19 associated compliance prices and provide chain/logistics associated value will increase. Gross revenue margin together with discontinued operations adjusted for Bluegrass value overruns was 9% for FY22 and for persevering with operations was 10%

• Underlying EBITDA loss together with discontinued operations of ($10.4) million (versus EBITDA lack of ($1.4) million in FY21) displays a discount in revenues, gross revenue and a rise in headcount and advertising prices to help progress

• Statutory web after-tax lack of ($21.6) million for FY22 and earnings per share (“EPS”) of ($1.04) per share, as in comparison with a ($8.0) million loss and ($0.49) per share in FY21

• Adjusted web after-tax lack of ($21.1) million and adjusted EPS of ($1.02) per share for FY22 as in comparison with a ($5.1) million loss and ($0.31) per share respectively for FY21

• Raised $5.Zero million in web fairness proceeds publish June 30, 2022 from shelf issuance introduced on July 29, 2022

• Improve in group web debt to $27.Three million from $14.5 million, offset by web proceeds from shelf issuance and preliminary proceeds on J.A. Martin ex-Photo voltaic sale in July 2022, leading to pro-forma web debt of $19.7m

• Expanded distribution associate community for Tembo to six continents and over 50 international locations, with extra 3,350 EV kits in commitments and orders, and established VivoPower and Tembo subsidiaries and working models in key markets globally (UAE, Australia, SouthEast Asia)

• Secured Design Providers Settlement (DSA) with Toyota Australia, with improvement of recent technology 72kWh & V2 battery conversion package

• Gained largest ever photo voltaic contract for electrical works on the 204MWdc Edenvale Photo voltaic Farm in Queensland, Australia, bringing complete of accomplished and contracted photo voltaic farms to over 650MWdc throughout seven initiatives at Aevitas

• Divested non-core companies inside Aevitas (accomplished publish stability date) to permit for proceeds to be re-invested in excessive progress enterprise models

• Obtained B Corp recertification following obligatory re-assessment overview and was named among the finest B Corps globally for Governance

Story continues

A reconciliation of IFRS (“Worldwide Monetary Reporting Requirements”) to non-IFRS monetary measures has been offered within the monetary assertion desk included on this press launch. A proof of those measures can also be included beneath, below the heading “About Non-IFRS Monetary Measures.”

“The monetary yr ended June 30, 2022, was notably difficult with quite a few headwinds together with strict COVID lockdowns in our key markets in the course of the first half of the yr, adopted by provide chain shortages, prolonged logistics delays and COVID-19 associated prices within the second half of the yr which affected our potential to function and ship effectively. Our monetary outcomes have been as a consequence adversely affected, with revenues constrained and group working losses exacerbated by a US$1.9m one off COVID pushed loss in relation to the Bluegrass Photo voltaic mission in Australia and international alternate. Nonetheless, we did handle to execute on quite a lot of essential targets in step with our strategic targets. This included securing a business definitive settlement with Toyota Australia, increasing our EV package distribution community globally, including additional EV package commitments and orders, in addition to transitioning Tembo from a Netherlands centric operation to a enterprise with a world mindset and presence with subsidiaries in Australia, the United Arab Emirates and Southeast Asia. Put up stability date, we’ve been in a position to proceed our execution momentum, together with divesting of non-core enterprise models in Australia, completion of a capital elevating and signing our first EV package memorandum of understanding within the Center East. Moreover, the tailwinds for our numerous enterprise models have strengthened prior to now few months, with developments such because the ratification of the Inflation Discount Act in the US and the added authorities impetus in Australia that’s fuelling a report degree of solar energy improvement. Little doubt, there’ll proceed to be challenges to beat within the brief time period, however we stay resolute as a group focussed on attaining our medium to long run strategic, monetary and impression targets,” mentioned Kevin Chin, VivoPower’s Govt Chairman and Chief Govt Officer.

About Non-IFRS Monetary Measures

Our preliminary outcomes embrace sure non-IFRS monetary measures, together with adjusted EBITDA, adjusted web after-tax loss and adjusted EPS. Administration believes that using these non-IFRS monetary measures offers consistency and comparability with our previous monetary efficiency, facilitates period-to-period comparisons of our outcomes of operations, and in addition facilitates comparisons with peer corporations, lots of which use related non-IFRS or non-GAAP (“Usually Accepted Accounting Rules”) monetary measures to complement their IFRS or GAAP outcomes. Non-IFRS outcomes are introduced for supplemental informational functions solely to assist in understanding our outcomes of operations. The non-IFRS outcomes shouldn’t be thought-about an alternative choice to monetary data introduced in accordance with IFRS, and could also be completely different from non-IFRS or non-GAAP measures utilized by different corporations.

The desk included on this press launch titled “Reconciliation of Adjusted (Underlying) EBITDA to IFRS Monetary Measures” offers reconciliations of non-IFRS monetary measures to the latest immediately comparable monetary measures calculated and introduced in accordance with IFRS.

The desk included on this press launch titled “Reconciliation of Adjusted (Underlying) web after-tax loss and adjusted (underlying) EPS to IFRS Monetary Measures” offers reconciliations of non-IFRS monetary measures to the latest immediately comparable monetary measures calculated and introduced in accordance with IFRS.

The desk included on this press launch titled “Revenue and Loss Reconciliation from pre-divestiture foundation to persevering with operations” offers reconciliations of Whole Group (together with discontinued operations) monetary measures to persevering with operations monetary measures.

About VivoPower

VivoPower is a sustainable vitality options firm centered on battery storage, electrical options for custom-made and ruggedized fleet purposes, photo voltaic and important energy know-how and companies. The Firm’s core objective is to supply its clients with turnkey decarbonization options that allow them to maneuver towards web zero carbon standing. VivoPower is a licensed B Company with operations in Australia, Canada, the Netherlands, the UK, the US and the United Arab Emirates.

Ahead-Trying Statements

This communication consists of sure statements which will represent “forward-looking statements” for functions of the U.S. federal securities legal guidelines. Ahead-looking statements embrace, however will not be restricted to, statements that confer with projections, forecasts or different characterizations of future occasions or circumstances, together with any underlying assumptions. The phrases “anticipate,” “consider,” “proceed,” “may,” “estimate,” “count on,” “intends,” “might,” “would possibly,” “plan,” “doable,” “potential,” “predict,” “mission,” “ought to,” “would” and related expressions might establish forward-looking statements, however the absence of those phrases doesn’t imply {that a} assertion isn’t forward-looking. Ahead-looking statements might embrace, for instance, statements about potential revenues from e-LV distribution agreements, future market outlooks, the advantages of the occasions or transactions described on this communication and the anticipated returns therefrom. These statements are primarily based on VivoPower’s administration’s present expectations or beliefs and are topic to danger, uncertainty and adjustments in circumstances. Precise outcomes might differ materially from these expressed or implied by the statements herein attributable to adjustments in financial, enterprise, aggressive and/or regulatory components, and different dangers and uncertainties affecting the operation of VivoPower’s enterprise. These dangers, uncertainties and contingencies embrace adjustments in enterprise situations, fluctuations in buyer demand, adjustments in accounting interpretations, administration of fast progress, depth of competitors from different suppliers of services and products, adjustments on the whole financial situations, geopolitical occasions and regulatory adjustments and different components set forth in VivoPower’s filings with the US Securities and Change Fee. The data set forth herein must be learn in gentle of such dangers. VivoPower is below no obligation to, and expressly disclaims any obligation to, replace or alter its forward-looking statements whether or not on account of new data, future occasions, adjustments in assumptions or in any other case.

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