Wednesday, November 04, 2026
Jacob Mutchler, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
FY2026 Operating Results. VivoPower reported fiscal 2026 revenue of $2.6 million, primarily reflecting $2.5 million from Mo i Rana following its May 12 acquisition. The adjusted EBITDA loss from continuing operations widened to $24.4 million from $11.1 million in FY 2025. Excluding $13.1 million in non-cash share-based expenses, the loss was $11.3 million.
Mo i Rana Drives Fourth Quarter Revenue. The data center contributed $2.5 million in revenue and approximately $0.04 million in operating profit during the final 50 days of fiscal 2026. Revenue came from existing Bitcoin mining hosting rather than AI leases, while one-time acquisition costs, downtime for site improvements and maintenance, and lower Bitcoin prices weighed on profitability.
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