- VivoPower International ( NASDAQ: VVPR ) reported Monday a decline of 7% year-over-year in its preliminary annual revenue to $37.6M for the year ended June 30, 2022.
- The company said revenue dropped primarily due to COVID-19 related lockdowns resulting in project deferrals and operational disruptions, particularly in the Australian market. On a constant AUD/USD FX basis, revenue was down 3% Y/Y.
- Gross profit margin including discontinued operations decreased from 16% to 4% due to one-off Bluegrass project overruns of $1.9M and other COVID-19 related compliance costs and supply chain/logistics related cost increases.
- Underlying EBITDA loss including discontinued operations of ($10.4)M, compared to EBITDA loss of ($1.4)M in FY21.
- GAAP EPS was -$1.04; Non-GAAP EPS stood at -$1.02.
- Cash balance was $1.3M at year-end. The company, however, has raised $5M in net equity proceeds post June 30, 2022 from shelf issuance announced on July 29, 2022.
- "The financial year ended June 30, 2022, was particularly challenging with numerous headwinds including strict COVID lockdowns in our key markets during the first half of the year, followed by supply chain shortages, extended logistics delays and COVID-19 related costs in the second half of the year which affected our ability to operate and deliver efficiently," said Chairman and CEO Kevin Chin.
- "Furthermore, the tailwinds for our various business units have strengthened in the past few months, with developments such as the ratification of the Inflation Reduction Act in the United States and the added government impetus in Australia that is fuelling a record level of solar power development," Chin added.
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VivoPower International's revenue declines 7% due to COVID lockdowns led headwinds