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1. Company Snapshot

1.a. Company Description

VivoPower International PLC, together with its subsidiaries, operates as a sustainable energy solutions company in the United Kingdom, Australia, South East Asia, and the United States.It operates through Critical Power Services, Electric Vehicles, Sustainable Energy Solutions, and Solar Development segments.The Critical Power Services segment offers energy infrastructure generation and distribution solutions, including the design, supply, installation, and maintenance of power and control systems to a range of government, commercial, and industrial customers.


The Electric Vehicles segment designs and builds ruggedized light electric vehicle solutions for customers in the mining, infrastructure, utilities, and government services sectors.The Sustainable Energy Solutions segment engages in the design, evaluation, sale, and implementation of renewable energy infrastructure; and evaluates solar, battery, and microgrid solutions.The Solar Development segment engages in the origination, development, construction, financing, operation, optimization, and sale of photovoltaic solar projects.


Its operation includes 12 solar projects.The company was founded in 2014 and is headquartered in London, the United Kingdom.

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1.b. Last Insights on VVPR

VivoPower International PLC's recent performance was driven by several positive developments. The company strengthened its balance sheet by reducing debt by $7.5 million, further progressing ahead of schedule on its commitment to reduce and retire its debts. Additionally, VivoPower commenced a $29 million shareholder loan financing retirement plan, demonstrating institutional and sovereign wealth funding support for the company's growth objectives. The company also received NASDAQ notification regarding the commencement of options trading, effective July 25, 2025. Furthermore, VivoPower believes it meets Nasdaq equity requirement following Reg S investment, regaining compliance with pro forma net equity of approximately $20 million as of May 31, 2025.

1.c. Company Highlights

2. Vivo Power Delivers Mixed Results Amid Strategic Transformation

Vivo Power reported a mixed financial performance in FY'24, with revenue declining due to the exit of its critical power business. However, the company achieved a gross profit turnaround, with adjusted EBITDA improving from -$9.9 million to -$7 million year-over-year. Underlying EPS also saw a modest improvement, moving from -5.7 to -4.8, though it still fell short of analyst estimates of -1.1. Net debt was reduced to $28.9 million, supported by a $6.9 million capital raise. Despite these positives, the company's valuation metrics remain challenged, with a P/E ratio of -0.57 and a P/B ratio of -0.66, reflecting ongoing profitability concerns.

Publication Date: May -04

📋 Highlights
  • Strategic Exits and Restructuring: Vivo exited Aevitas Critical Power Solutions due to climate change, labor shortages, and inflation, with restructuring underway to finalize post-exit structure.
  • Tembo Supply Chain Transformation: Reduced costs and de-risked supply chain across Pan-Asia, adding Jeepney kits and Tembo Tusker, with 13,000+ km testing and homologation approval.
  • SPAC Deal and Capital Raise: $838 million SPAC deal with Cactus Acquisition progressing, alongside $6.9 million capital raise reducing net debt to $28.9 million.
  • FY'24 Financial Performance: Revenue decline due to reduced critical power business, but gross profit turned positive, with adjusted EBITDA improving from -$9.9 million to -$7 million.
  • Caret’s Expansion and Strategy: Focused on Doge mining and renewable power projects, targeting 1,000 rigs in six months, potentially generating $25 million in revenue and $10 million in cash EBITDA.

Strategic Exits and Restructuring

Vivo Power completed the exit of Aevitas Critical Power Solutions in Australia, a move impacted by climate change, labor shortages, and inflation. The company is now restructuring to finalize its post-exit structure. Management highlighted the transformative nature of the year, with a focus on de-risking the business and positioning for future growth. As noted by Vivo's representative, "This year has been transformative with strategic exits and corporate transactions."

Tembo's Supply Chain and Product Launches

Tembo, a key subsidiary, has made significant strides in optimizing its supply chain across Pan-Asia, reducing costs and diversifying supplier reliance. The launch of two new product lines—the Jeepney kits for the Philippines and the electric Tembo Tusker for Australia and New Zealand—signals Vivo's push into emerging electric vehicle (EV) markets. The Tembo Tusker has undergone extensive testing, with homologation approval secured in November 2024, and new four-wheel drive models expected in early 2025. Driver training remains a priority to enhance safety and adoption.

Caret Digital's Expansion and Growth Potential

Caret Digital is pursuing an aggressive growth strategy, shifting from solar development to digital asset mining. Bitcoin mining remains profitable despite increased competition, and the company is now expanding into Doge mining with a hosted, lower-risk approach. With secured non-diluted financing for [Technical Difficulty] L9 rigs, Caret aims to scale to 1,000 rigs over six months, potentially generating $25 million in revenue and $10 million in cash EBITDA by mid-2025. Longer-term, the company plans to develop vertically integrated renewable power data centers, including a 55-megawatt facility.

Valuation and Future Outlook

Despite the progress, Vivo's valuation metrics remain under pressure, with an EV/EBITDA ratio of -1.3 and a P/S ratio of -2.76, reflecting the market's skepticism about its ability to turn profitable. However, the company's strategic initiatives, including the SPAC deal with Cactus Acquisition Corporation and potential spin-off or special dividends for Caret, could unlock value for shareholders. Analysts remain cautious, with next year's revenue growth estimates at nan%, but the company's focus on sustainability and EV adoption positions it well for long-term growth.

3. NewsRoom

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VivoPower Enters Heads of Agreement with KOSDAQ Listed KWeather to Launch Initial US$5 Million XRP Focused Digital Asset Reserve & WeatherCoin Tokenization Project in South Korea

Nov -03

Source: globenewswire.com

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VivoPower's Tembo to Accelerate Africa Expansion in Definitive Agreement with AVA, East Africa's Largest Vehicle Assembler

Oct -31

Source: globenewswire.com

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VivoPower Shares Rally 14% After Announcing $19 Million Equity Raise To Boost XRP Treasury — Stock Sees Slight Pullback Pre-Market

Oct -02

Source: benzinga.com

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VivoPower Closes Additional $19 Million Equity Raise Priced at $6.05 Per Share, a Premium to Market

Oct -01

Source: globenewswire.com

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VivoPower Establishes South Korean Office and Appoints Local Representative Director

Sep -29

Source: globenewswire.com

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VivoPower Partners with Confirmo to Offer Stablecoin Payments to its Employees and Vendors

Sep -18

Source: globenewswire.com

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VivoPower's Tembo to Accept Ripple USD (RLUSD) Stablecoin for Payments

Sep -08

Source: globenewswire.com

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VivoPower Partners with Doppler Finance for Institutional XRP and RLUSD Yield Programs: Maximizing Returns on Crypto Treasury Strategy

Sep -02

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.87%)

6. Segments

Critical Power Services

Expected Growth: 9.9%

VivoPower's Critical Power Services segment growth is driven by increasing demand for reliable and efficient power solutions in data centers, telecommunications, and healthcare. The company's expertise in designing and installing customized power systems, combined with its strategic partnerships and expanding global presence, contribute to its 9.9% growth.

Electric Vehicles

Expected Growth: 24.38%

VivoPower International PLC's 24.38% growth in Electric Vehicles is driven by increasing adoption of sustainable energy solutions, government incentives for eco-friendly transportation, and rising demand for emission-free vehicles. Additionally, advancements in battery technology, decreasing production costs, and expanding charging infrastructure are contributing to the segment's rapid growth.

7. Detailed Products

Solar Power Generation

VivoPower International PLC provides solar power generation solutions for commercial, industrial, and utility-scale projects, offering clean and renewable energy.

Energy Storage Systems

VivoPower offers energy storage systems designed to optimize energy efficiency, reduce energy costs, and provide backup power during outages.

Microgrids

VivoPower's microgrid solutions provide reliable, efficient, and sustainable energy to remote or off-grid communities, military bases, and critical infrastructure.

Electrification of Transportation

VivoPower provides electric vehicle charging infrastructure and solutions for commercial and government fleets, supporting the transition to sustainable transportation.

Critical Power Services

VivoPower offers critical power services, including design, installation, and maintenance of backup power systems for data centers, hospitals, and other critical infrastructure.

8. VivoPower International PLC's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for VivoPower International PLC is moderate, as there are alternative energy solutions available in the market, but the company's focus on renewable energy and sustainable solutions provides a competitive edge.

Bargaining Power Of Customers

The bargaining power of customers is low, as VivoPower International PLC operates in a niche market with limited competition, and customers have limited alternatives.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as VivoPower International PLC relies on a few key suppliers for its renewable energy solutions, but the company's scale and reputation provide some negotiating power.

Threat Of New Entrants

The threat of new entrants is high, as the renewable energy market is attractive and has low barriers to entry, but VivoPower International PLC's established brand and expertise provide a competitive advantage.

Intensity Of Rivalry

The intensity of rivalry is moderate, as VivoPower International PLC operates in a competitive market, but the company's focus on sustainable solutions and its established customer base provide a competitive edge.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 89.64%
Debt Cost 13.14%
Equity Weight 10.36%
Equity Cost 19.22%
WACC 13.77%
Leverage 864.92%

11. Quality Control: VivoPower International PLC passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
VivoPower

A-Score: 5.1/10

Value: 10.0

Growth: 2.9

Quality: 7.5

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

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Soltec Power Holdings

A-Score: 4.0/10

Value: 9.8

Growth: 0.6

Quality: 4.1

Yield: 0.0

Momentum: 5.0

Volatility: 4.7

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SMA Solar Technology

A-Score: 3.8/10

Value: 7.8

Growth: 2.8

Quality: 2.5

Yield: 1.9

Momentum: 8.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
SolarEdge Technologies

A-Score: 3.3/10

Value: 7.2

Growth: 0.7

Quality: 2.6

Yield: 0.0

Momentum: 9.5

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
Meyer Burger Technology

A-Score: 2.7/10

Value: 9.2

Growth: 4.4

Quality: 2.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Stock-Card
EIDF

A-Score: 1.9/10

Value: 5.8

Growth: 3.2

Quality: 1.6

Yield: 0.0

Momentum: 0.0

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

2.5$

Current Price

2.5$

Potential

-0.00%

Expected Cash-Flows