# EDGAR Filing Document

**Accession Number:** 0001681348
**File Stem:** 0001493152-25-021108
**Filing Date:** 2025-11
**Character Count:** 211849
**Document Hash:** 56c4da0e834ca2c78dd0f97a45d39b23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-021108.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001493152-25-021108

**CONFORMED SUBMISSION TYPE**: 20-F/A

**PUBLIC DOCUMENT COUNT**: 156

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VivoPower International PLC
- **CENTRAL INDEX KEY:** 0001681348
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC & OTHER SERVICES COMBINED [4931]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 20-F/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37974
- **FILM NUMBER:** 251459682

**BUSINESS ADDRESS:**
- **STREET 1:** BLACKWELL HOUSE, GUILDHALL YARD
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2V 5AE
- **BUSINESS PHONE:** 442036675158

**MAIL ADDRESS:**
- **STREET 1:** BLACKWELL HOUSE, GUILDHALL YARD
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** EC2V 5AE

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F/A**

(Amendment No.1)

☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒ ANNUAL
 REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

**For the fiscal year ended June 30, 2025**

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

**For the fiscal year ended June 30, 2025**

Commission file number 1-37974

**VIVOPOWER INTERNATIONAL PLC**

(Exact name of Registrant as specified in its charter)

**England and Wales**

(Jurisdiction of incorporation or organization)

**Blackwell House, Guildhall Yard**

**London** **, England EC2V 5AE**

**United Kingdom**

(Address of principal executive offices)

**Kevin Chin, Chief Executive Officer**

**Tel: +44-203-667-5158**

**Blackwell House, Guildhall Yard, London, England EC2V 5AE United Kingdom**

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| **Ordinary Shares, nominal value $0.12 per share** | **VVPR** | **The Nasdaq Capital Market** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

**None**

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

**None**

(Title of Class)

Indicate the number of outstanding shares of each of the issuer's classes of capital or Ordinary Shares as of the close of the period covered by the annual report.

---

| | |
|:---|:---|
| Ordinary Shares, nominal value $0.12 per share | 12527212 |

---

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes ☐ No ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☒ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP ☐ International Financial Reporting Standards as issued by the International Accounting Standards Board ☒ Other ☐

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

**EXPLANATORY NOTE**

VivoPower International PLC (the "Company" or "we") is filing this Amendment No. 1 on Form 20-F/A (this "Amendment") to its Annual Report on Form 20-F for the year ended June 30, 2025, which was filed with the Securities and Exchange Commission on October 30, 2025 (the "Original Filing"). This Amendment is being filed solely to (i) amend and supplement the disclosure in the Original Filing in response to Item 16F of Form 20-F, "Change in Registrant's Certifying Accountant," (ii) amend Item 18 of the Original Filing to include the Report of Independent Registered Public Accounting Firm of PKF Littlejohn LLP ("PKF"), which includes an audit report that reflects PKF's audit of and opinion on the Company's financial statements as of and for the years ended June 30, 2024 and 2023, as set forth on page F-5 of this Amendment, and (iii) to include: a copy of the letter from PKF, as required by Item 16F(a)(3) of Form 20-F, as Exhibit 15.1 to this Amendment; an auditor consent of PKF as Exhibit 16.1 to this Amendment; and an auditor consent of WithumSmith+Brown, PC, the Company's independent registered public accounting firm as Exhibit 16.2 to this Amendment.

As required by Rule 12b-15 of the Securities and Exchange Act of 1934, as amended, the Company is also filing or furnishing the certifications required under Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002 as exhibits to this Amendment.

Except for the matters described above, this Amendment does not modify or update any other disclosures in, or exhibits to, the Original Filing, and does not reflect any events occurring after the date of the Original Filing.

**ITEM 16F. CHANGE IN REGISTRANT**'**S CERTIFYING ACCOUNTANT**

Effective August 26, 2025, the Audit Committee of the Board of Directors approved the dismissal of PKF Littlejohn LLP ("PKF") as the Company's independent registered public accounting firm and the engagement of WithumSmith+Brown, PC ("Withum") as the Company's new independent registered public accounting firm for the fiscal year ending June 30, 2025. The decision was not made due to any disagreements with PKF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Dismissal of Independent Registered Public Accounting Firm**

PKF, located in the United Kingdom, served as the Company's independent registered public accounting firm since 2017.

The audit reports of PKF on the Company's consolidated financial statements for the fiscal years ended June 30, 2024, and 2023 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended June 30, 2024, and 2023 and through August 26, 2025, there were (i) no disagreements with PKF on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to PKF's satisfaction, would have caused PKF to make reference to the matter in its audit report, and (ii) no reportable events of the type described in Item 16F(a)(1)(v) of Form 20-F.

On November 6, 2025, the Company provided PKF with a copy of the disclosures contained in this Item 16F and requested that PKF furnish a letter addressed to the SEC stating whether it agrees with the statements made herein. A copy of PKF's letter, dated November 6, 2025, is filed as Exhibit 15.1 to this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Engagement of New Independent Registered Public Accounting Firm**

On August 26, 2025, the Audit Committee approved the engagement of WithumSmith+Brown, PC, located in the United States, as the Company's independent registered public accounting firm for the audit of the Company's consolidated financial statements for the fiscal year ending June 30, 2025, and the Company subsequently entered into an engagement letter with Withum.

During the fiscal years ended June 30, 2024, and 2023 and through August 26, 2025, neither the Company nor anyone acting on its behalf consulted with Withum on (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of opinion that might be rendered on the Company's financial statements, or (ii) any matter that was the subject of a disagreement or a reportable event as defined in Item 16F of Form 20-F.

**ITEM 18. FINANCIAL STATEMENTS**

Financial statements are filed as part of this Annual Report, starting on page F-1.

**ITEM 19. EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 1.1\*\* | [Articles of Association (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form F-4 (File No. 333-213297), filed with the SEC on August 24, 2016).](https://www.sec.gov/Archives/edgar/data/1681348/000143774916038035/ex3-1.htm) |
| 4.1\*\* | [Omnibus Incentive Plan, adopted September 5, 2017 and amended July 28, 2023 (incorporated by reference to Exhibit 99.1 to the registration Statement on Form S-8 (File No. 333-273520), filed with the SEC on July 28, 2023).](https://www.sec.gov/Archives/edgar/data/1681348/000143774923021055/ex_549795.htm) |
| 4.2\*\* | [Equity Distribution Agreement, dated November 12, 2021, between VivoPower International PLC and A.G.P./Alliance Global Partners (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K (File No. 001-37974), filed with the SEC on November 21, 2021).](https://www.sec.gov/Archives/edgar/data/1681348/000143774921026513/ex_307086.htm) |
| 4.3\*\* | [Amendment No. 1 to Equity Distribution Agreement, dated July 29, 2022, between VivoPower International PLC and A.G.P./Alliance Global Partners (incorporated by reference to Exhibit 10.1 to the Current Report Form 6-K (File No. 001-37974), filed with the SEC on July 29, 2022).](https://www.sec.gov/Archives/edgar/data/1681348/000143774922018069/ex_391919.htm) |
| 4.4\*\* | [Strategic Direct Investment in Tembo dated June 28, 2023 (incorporated by reference to Exhibit 99.1 on Form 6-K - Report of foreign issuer \[Rules 31a-16 and 15d-16\], filed with the SEC on June 28, 2023.](https://www.sec.gov/Archives/edgar/data/1681348/000143774923018676/ex_539123.htm) |
| 4.5\*\* | [Placement Agency Agreement, dated July 29, 2022, between VivoPower International PLC and A.G.P./Alliance Global Partners (incorporated by reference to Exhibit 1.1 to the Current Report on Form 6-K (File No. 001-37974), filed with the SEC on August 2, 2022).](https://www.sec.gov/Archives/edgar/data/1681348/000143774922018470/ex_405010.htm) |
| 4.6\*\* | [Form of Series A Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 6-K (File No. 001-37974), filed with the SEC on August 2, 2022).](https://www.sec.gov/Archives/edgar/data/1681348/000143774922018470/ex_405011.htm) |
| 4.7\*\* | [Form of Pre-Funded Warrant (incorporated by reference to Exhibit 4.2 to the Current Report on Form 6-K (File No. 001-37974), filed with the SEC on August 2, 2022).](https://www.sec.gov/Archives/edgar/data/1681348/000143774922018470/ex_405012.htm) |
| 4.8\*\* | [Form of Securities Purchase Agreement, dated July 29, 2022, between VivoPower International PLC and the purchaser identified therein (incorporated by reference to Exhibit 10.1 to the Current Report on Form 6-K (File No. 001-37974), filed with the SEC on August 2, 2022).](https://www.sec.gov/Archives/edgar/data/1681348/000143774922018470/ex_405013.htm) |
| 8\*\* | [List of Subsidiaries.](https://www.sec.gov/Archives/edgar/data/1681348/000149315225020269/ex8.htm) |
| 11.1\*\* | [Code of Business Conduct and Ethics (incorporated by reference to Exhibit 11 to the Annual Report on Form 20-F (File No. 001-37974), filed with the SEC on August 1, 2017.](https://www.sec.gov/Archives/edgar/data/1681348/000143774917013393/ex11.htm) |
| 11.2\*\* | [Insert Insider Trading policy](https://www.sec.gov/Archives/edgar/data/1681348/000149315225020269/ex11-2.htm) |
| 12.1+ | [Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex12-1.htm) |

---

**ITEM 19. EXHIBITS CONTINUED**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 12.2+ | [Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ex12-2.htm) |
| 13.1+ | [Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex13-1.htm) |
| 13.2+ | [Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](ex13-2.htm) |
| 15.1+ | [Consent of PKF Littlejohn LLP, Independent Registered Public Accounting Firm.](ex15-1.htm) |
| 15.2+ | [Consent of WithumSmith+Brown, PC, Independent Registered Public Accounting Firm](ex15-2.htm) |
| 16.1+ | [Letter from PKF Littlejohn LLP to the Securities and Exchange Commission regarding a change in certifying accountant, dated November 6, 2025.](ex16-1.htm) |
| 97.1\*\* | [Clawback Policy](https://www.sec.gov/Archives/edgar/data/1681348/000149315225020269/ex97-1.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Confidential treatment has been requested or granted for certain portions omitted from this Exhibit pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended.

\*\* Previously filed with the Original Filing.

+ Filed or furnished, as applicable, herewith.

**SIGNATURE**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

---

| | |
|:---|:---|
| **VIVOPOWER INTERNATIONAL PLC** | **VIVOPOWER INTERNATIONAL PLC** |
| By: | */s/ Kevin Chin* |
| Name: | Kevin Chin |
| Title: | Chief Executive Officer |

---

Date: November 6, 2025

**VIVOPO WER INTERNATIONAL PLC**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Report of Independent Registered Public Accounting Firm](#sq_001) (PCAOB ID 100) | F-2 |
| [Report of Independent Registered Public Accounting Firm](#kee_001) (PCAOB ID 2814) | F-5 |
| [Consolidated Statements of Comprehensive Loss for the Years Ended June 30, 2025, June 30, 2024 and June 30, 2023](#sq_002) | F-7 |
| [Consolidated Statements of Financial Position as of June 30, 2025, June 30, 2024 and June 30, 2023](#sq_003) | F-8 |
| [Consolidated Statements of Cash Flows for the Years Ended June 30, 2025, June 30, 2024 and June 30, 2023](#sq_004) | F-9 |
| [Consolidated Statements of Changes in Equity (Deficit) for the Years Ended June 30, 2025, June 30, 2024 and June 30, 2023](#sq_005) | F-10 |
| [Notes to Consolidated Financial Statements](#sq_006) | F-11 |

---

[**Table of Contents**](#a_001)

Independent Auditor's Report to the Members of VivoPower International PLC

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF VIVOPOWER INTERNATIONAL PLC**

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated statement of financial position of VivoPower International PLC and Subsidiaries (the "Company") as of June 30, 2025, and the related consolidated statements of comprehensive loss, changes in equity, and cash flows for the year ended June 30, 2025, and the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025, and the results of its operations and its cash flows for the year ended June 30, 2025, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

**Basis for Opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

**Valuation of Intangible Assets and Goodwill - Refer to Note 13 to the Consolidated Financial Statements**

*Critical Audit Matter Description*

 

As reflected in the Company's consolidated financial statements at and as of June 30, 2025, the carrying value of goodwill and intangible assets was $16.7 million. Details of these assets and the related critical judgements and estimates are disclosed in notes 2.9 and 13. The carrying value of goodwill and other intangible assets is significant and at risk of non-recoverability. The estimated recoverable amount of these balances is subjective due to the inherent uncertainty involved in forecasting and discounting cash flows.

In an impairment test the recoverable amount of the cash-generating unit or asset is estimated in order to determine the existence or extent of any impairment loss. The recoverable amount is the higher of fair value less costs to sell and the value in use to the Company. An impairment loss is recognized to the extent that the carrying value exceeds the recoverable amount. In determining a cash-generating unit's or asset's value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time-value of money and risks specific to the cash-generating unit or asset that have not already been included in the estimate of future cash flows.

An impairment loss in respect of goodwill is not reversed. In the case of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. These impairment losses are reversed if there has been any change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent so that the asset's carrying amount does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

[**Table of Contents**](#a_001)

We identified the evaluation of the Company's impairment test of goodwill and intangible assets as a critical audit matter due to significant management estimates and judgments inherently required in determining the fair value estimates. This in turn led to a high degree of auditor judgment, subjectivity, and effort in performing procedures to evaluate the reasonableness of management's significant estimates and assumptions, several of which extend many years into the future. Additionally, the audit effort involved the use of professionals with specialized skill and knowledge.

*How the Critical Audit Matter Was Addressed in the Audit*

 

We read and evaluated the impairment analysis summary report, prepared by the Company specialists that assessed the fair value of the Company's intangible assets and goodwill as of June 30, 2025. We performed a walk-through of the design effectiveness and implementation of internal controls related to financial reporting of the intangible assets and goodwill. Additional procedures included testing management's process for developing their impairment estimate, which included evaluating the appropriateness of the method used by the Company to develop cash flow projections for intangible assets and goodwill, as well as testing the completeness and accuracy of the underlying data used in the estimates. In addition, we evaluated the reasonableness of significant assumptions including future sales, long-term growth rates, and future economic conditions and performed sensitivity testing on some assumptions. We evaluated these assumptions for their reasonableness considering (i) historical performance; (ii) industry and economic forecast and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit.

Along with the procedures previously described, we performed the following procedures:

● We utilized the knowledge, experience, and expertise of our internal valuation specialists to execute the planned audit procedures related to the valuation by assessing the reasonableness of the methodologies employed to value the intangible assets and goodwill.

● We tested the underlying assumptions presented in the impairment assessment as it relates to projections.

● We assessed the appropriateness of the Company's disclosure in respect of the judgements and estimates on whether an impairment exists.

**Related Party Transactions - Refer to Note 29 to the Consolidated Financial Statements**

*Critical Audit Matter Description*

 

As reflected in the Company's consolidated financial statements at and as of June 30, 2025, the Company has entered into various transactions with related parties. These transactions include intercompany loans, service arrangements, and other financial dealings with entities under common control or significant influence. The nature and volume of these related party transactions are material to the consolidated financial statements and require careful evaluation to ensure appropriate disclosure, recognition, and compliance with applicable accounting standards.

The assessment of related party transactions involves significant management judgment, particularly in identifying related parties, determining the commercial substance of transactions, and evaluating whether such transactions were conducted at arm's length. In some cases, the terms and conditions of these transactions may not be readily observable in the market, increasing the risk of misstatement or omission.

We identified the evaluation of the nature and volume of related party transactions as a critical audit matter due to the complexity and subjectivity involved in assessing the completeness and accuracy of disclosures, as well as the potential for management override or bias. Auditing this matter required a high degree of auditor judgment and effort, including understanding the Company's governance and control environment, reviewing board minutes and legal agreements, and performing detailed transaction testing.

[**Table of Contents**](#a_001)

*How the Critical Audit Matter Was Addressed in the Audit*

 

Our audit procedures included evaluating the Company's process for identifying related parties, inspecting underlying documentation supporting the transactions, and assessing whether the disclosures in the consolidated financial statements were complete and transparent. We also considered the consistency of these transactions with the Company's business purpose and strategic objectives. Given the significance of these transactions and the potential implications for financial reporting and stakeholder perception, we involved professionals with expertise in forensic accounting and regulatory compliance to assist in our evaluation.

Along with the procedures previously described, we performed the following procedures:

● **Obtained and reviewed management's related party register** to identify all entities and individuals considered related parties under applicable accounting standards.

● **Inspected board minutes, shareholder agreements, and other governance documents** to identify any undisclosed related party relationships or transactions.

● **Reviewed legal agreements and contracts** supporting material related party transactions to assess their commercial substance and terms.

● **Performed detailed testing of related party transactions**, including loans, service arrangements, and asset transfers, to verify accuracy, completeness, and appropriate classification.

● **Assessed whether transactions were conducted at arm's length**, including benchmarking against market terms where applicable.

● **Evaluated the adequacy and transparency of disclosures** in the consolidated financial statements, ensuring compliance with relevant accounting and regulatory requirements.

● **Performed inquiries with management and those charged with governance** to understand the nature, purpose, and business rationale of significant related party transactions.

● **Reviewed journal entries and general ledger activity** for indicators of undisclosed related party transactions or management override.

**Other matter**

The consolidated financial statements of the Company as of and for the years ended June 30, 2024 and 2023, were audited by another auditor, PKF Littlejohn LLP, who expressed an unmodified opinion on those consolidated financial statements on December 19, 2024.

We have served as the Company's auditor since 2025.

---

| |
|:---|
| /s/ WithumSmith+Brown, PC |
| Philadelphia, Pennsylvania |
| October 30, 2025 |

---

PCAOB ID Number 100

[**Table of Contents**](#a_001)

Independent Auditor's Report to the Members of VivoPower International PLC

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF VIVOPOWER INTERNATIONAL PLC**

**Opinion on the Financial Statements**

We have audited the accompanying consolidated statements of financial position of VivoPower International PLC and its subsidiaries (the Company) as of 30 June 2024, and 2023, and the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for each of the years in the two-year period ended 30 June 2024, and 2023, and the related notes and schedules (collectively referred to as the consolidated financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of 30 June 2024, and 2023, and the results of its operations and its cash flows for each of the years in the two-year period ended 30 June 2024, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.

**Basis for opinion**

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Substantial doubt about the Company's ability to continue as a Going Concern**

We draw attention to note 2.1 in the financial statements, which indicates that the group and company are reliant on raising finance and capital within the 12 months, further reduce its cash burn rate, negotiate payment plans with its key creditors and lenders and generate sufficient revenues and cashflows from its expanded range of products and solutions, following the date of approval of these financial statements in order to meet its working capital requirements and continue to fund operations over this period. As stated in note 2.1, these events or conditions, indicate that substantial doubt exists about the group's ability to continue as a going concern. Our opinion is not modified in respect of this matter*.***

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the directors' assessment of the group's ability to continue to adopt the going concern basis of accounting included a review of the group and budgets and cash flow forecasts for the period of at least twelve months from the date of approval of the financial statements, including checking the mathematical accuracy of the budgets and discussion of significant assumptions used by the management.

We reviewed the net current liabilities outstanding and payable in the next 12 months as of 30 September 2024 and reviewed the plans of the group regarding settling these liabilities post 30 September, including payment plans with certain creditors and lenders. We have also reviewed the latest available bank statements, regulatory announcements and board minutes and assessed subsequent events impacting going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

**Critical audit matters**

The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

[**Table of Contents**](#a_001)

---

| | |
|:---|:---|
| **Critical Audit Matter** | **How we addressed the matter in our audit** |
| **Going concern basis of preparation** |  |
| **The financial statements have been prepared on a going concern basis which assumes that the Company and Group will be able to discharge its liabilities as they fall due, despite the net current liability position of $36 million as at June 30, 2024.** | Our work in this area included:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Obtaining the Groups cash flow forecast for a period of twelve months from the date of the financial statements;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Obtaining the latest current net liability position, evidence of certain third party and related party's agreement to defer current liabilities over a period of one year;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Verifying, the post year end receipt of cash in respect of share issues subsequent to the year end and the proceeds on the disposal of Vivo PTY Limited, along with the settlement of liabilities post year end;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Obtaining the signed loan facility providing for the future draw down of $12m, which the Directors consider to be satisfactory to enable them to meet the net liability position and to provide further working capital for the business;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assessing the appropriateness of the disclosure of the going concern basis of preparation, including the substantial doubt about the Company's ability to continue as a going concern. |
| **Recoverability of intangible assets and testing for impairment** |  |
| **As at June 30, 2024 the carrying value of goodwill and intangible assets was $2 million. Details of these assets and the related critical judgements and estimates are disclosed in notes 3.2 and 13.**<br>**The carrying value of goodwill and other intangible assets is significant and at risk of non-recoverability. The estimated recoverable amount of these balances is subjective due to the inherent uncertainty involved in forecasting and discounting cash flows.** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our work in this area included:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Reviewing and challenging management's value in use calculations and/or their fair value less costs to sell calculations, including the rationale behind the key assumptions and cash flow forecasts;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Checking the mathematical accuracy of the value in use calculations;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Performing sensitivity analysis on reasonably possible changes in key assumptions and the impact on the headroom;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assessing the accuracy of budgets and forecasts used in prior periods to actual results;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Performing an independent assessment to identify any indicators of impairment; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Assessing the appropriateness of the group's disclosure in respect of the judgements and estimates on whether an impairment exists, the sensitivity analysis on the headroom and the disclosure of the impairment charges amounting to $29.5m (refer to Note 13). |
| **Capitalisation of development costs in accordance with IAS 38** |  |
| **As at June 30, 2024 the carrying value of capitalised intangible assets was $11.6 million. There is a risk that the capitalised costs are ineligible in accordance with the requirements of IAS 38. Details of these assets and the related critical judgements and estimates are disclosed in notes 3.5 and 13.**<br>**Given the significance of the development costs on the Group's statement of financial position and the significant management judgement involved in the determination and the assessment of the carrying values of these assets, there is a risk these costs are not fully recoverable and should be impaired.** | Our work in this area included:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Testing an appropriate sample of additions during the year to supporting documentation;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Testing and evaluating that all the eligibility criteria for capitalisation within IAS 38 have been met;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Considering whether there are indicators of impairment, in conjunction with revenues achieved and contracted; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Checking the presentation and disclosure requirements are appropriate. |

---

We have served as the Company's auditors since 2017. In August 2025 we became the predecessor auditors.

---

| | |
|:---|:---|
| /s/ PKF Littlejohn LLP |  |
| **PKF Littlejohn LLP** | 15 Westferry Circus |
|  | Canary Wharf |
| December 19, 2024 | London E14 4HD |

---

[**Table of Contents**](#a_001)

Consolidated Statements of Comprehensive Loss

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands, except per share amounts)** | <br>**Note** | **2025** | **2024** | **2023** |
| **Revenue from contracts with customers** | 4 | 61 | 16 | 4055 |
| Cost of sales | 4 | (50) | 27 | (4294) |
| Cost of sales - non-recurring events | 4 | - | - | (3850) |
| **Gross profit/(loss)** |  | **11** | **43** | **(4089)** |
| General and administrative expenses | 9 | (8233) | (7521) | (6425) |
| Other gains | 5 | 16 | 89 | 31 |
| Other income | 6 |  |  | 82 |
| Depreciation of property, plant and equipment | 12 | (157) | (746) | (508) |
| Amortization of intangible assets | 13 | (360) | (384) | (831) |
| **Operating loss** | 7 | **(8723)** | **(8519)** | **(11740)** |
| Restructuring and other non-recurring costs | 8 | (412) | (1392) | (1662) |
| Impairment losses | 13 | (2531) | (29686) | (421) |
| Finance income | 10 | 3568 | 1396 | 1156 |
| Finance expense | 10 | (7033) | (6015) | (6839) |
| **Loss before income tax** | **7** | **(15131)** | **(44216)** | **(19506)** |
| Income tax | 11 | 691 | (1603) | (559) |
| **Loss from continuing operations** | **7** | **(14440)** | **(45819)** | **(20065)** |
| (Loss)/profit from discontinued operations | 20 | 1648 | (881) | (4290) |
| **Loss for the period** |  | **(12792)** | **(46700)** | **(24355)** |
| ***Losses attributable to:*** |  |  |  |  |
| Equity owners of VivoPower International PLC |  | (12792) | (46700) | (24355) |
|  |  | **(12792)** | **(46700)** | **(24355)** |
| **Other comprehensive loss** |  |  |  |  |
| *Items that may be reclassified subsequently to profit or loss:* |  |  |  |  |
| Currency translation differences recognized directly in other comprehensive loss |  | (2034) | (1194) | 1236 |
| **Total comprehensive loss for the period attributable to owners of the company** |  | **(14826)** | **(47894)** | **(23119)** |
| **Losses per share attributable to owners of the company, net of related tax effects (dollars)** |  |  |  |  |
| **Continuing Operations** |  |  |  |  |
| Basic | 26 | (2.17) | (14.88) | (8.13) |
| Diluted | 26 | (2.17) | (14.88) | (8.13) |
| **Discontinued Operations** |  |  |  |  |
| Basic | 26 | 0.25 | (0.29) | (1.74) |
| Diluted | 26 | 0.25 | (0.29) | (1.74) |

---

See notes to financial statements

[**Table of Contents**](#a_001)

Consolidated Statements of Financial Position

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | <br>**Note** | **2025** | **2024** | **2023** |
| **ASSETS** |  |  |  |  |
| **Non-current assets** |  |  |  |  |
| Property, plant and equipment, net | 12 | 1460 | 439 | 3742 |
| Intangible assets, net | 13 | 16694 | 15235 | 42175 |
| Deferred tax assets | 11 | 4405 | 4099 | 5136 |
| **Total non-current assets** |  | **22559** | **19773** | **51053** |
| **Current assets** |  |  |  |  |
| Cash and cash equivalents | 15 | 60 | 199 | 553 |
| Restricted cash | 16 | 191 | 292 | 608 |
| Trade and other receivables | 17 | 73162 | 10044 | 7087 |
| Inventory | 18 | 1151 | 1646 | 2115 |
| Digital assets |  | 5 | - | - |
| Assets classified as held for sale | 19/20 | - | 5479 | - |
| **Total current assets** |  | **74569** | **17660** | **10363** |
| **TOTAL ASSETS** |  | **97128** | **37433** | **61416** |
| **LIABILITIES AND EQUITY** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Trade and other payables | 21 | 39806 | 37929 | 14597 |
| Income tax liability | 11 | 168 | 280 | 156 |
| Provisions | 22 | 3047 | 2230 | 1778 |
| Loans and borrowings | 23 | 12249 | 8171 | 2384 |
| Liabilities classified as held for sale | 20 | - | 5515 | - |
| **Total current liabilities** |  | **55270** | **54125** | **18915** |
| **Non-current liabilities** |  |  |  |  |
| Other payables | 21 | 2225 |  | 6443 |
| Provisions | 22 | 17 | 57 | 76 |
| Loans and borrowings | 23 | 16940 | 20915 | 30004 |
| Deferred tax liabilities | 11 | 2572 | 2873 | 2232 |
| **Total non-current liabilities** |  | **21754** | **23845** | **38755** |
| **Total liabilities** |  | **77024** | **77970** | **57670** |
| **Equity** |  |  |  |  |
| Share capital | 24 | 2704 | 533 | 308 |
| Share premium | 24 | 181668 | 108220 | 105018 |
| Cumulative translation reserve |  | (1966) | 2 | 1203 |
| Other reserves | 25 | (6519) | (6301) | (6492) |
| Accumulated deficit |  | (155783) | (142991) | (96291) |
| **Equity and reserves attributable to owners** |  | **20104** | **(40537)** | **3746** |
| **Total equity** |  | **20104** | **(40537** | **3746** |
| **TOTAL EQUITY AND LIABILITIES** |  | **97128** | **37433** | **61416** |

---

These financial statements were approved by the Board of Directors on October 30, 2025, and were signed on its behalf by Kevin Chin.

See notes to financial statements

[**Table of Contents**](#a_001)

Consolidated Statements of Cash Flow

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | <br>**Note** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |  |
| Loss from continuing operations |  | (14440) | (45819) | (20065) |
| (Loss)/profit from discontinued operations | 20 | 1648 | (881) | (4290) |
| Income tax | 11 | (719) | 1771 | 561 |
| Finance expense | 10 | 7033 | 6015 | 4973 |
| Finance income | 10 | (3568) | (1396) |  |
| Depreciation of property, plant and equipment | 12 | 157 | 749 | 750 |
| Amortization of intangible assets | 13 | 360 | 823 | 831 |
| Loss on disposal of property, plant and equipment |  |  | 471 |  |
| Other gains | 6 | (16) | (89) | (30) |
| Impairment of goodwill and intangible assets | 13 | 1606 | 29844 |  |
| Share-based payments |  | 4047 | 750 | 147 |
| Decrease in trade and other receivables | 17 | (1608) | 1340 | 6355 |
| (Increase)/decrease in inventory | 18 | 495 | (188) | (680) |
| Increase in digital assets |  | (5) |  |  |
| Increase in trade and other payables | 21 | (1556) | 7651 | 5332 |
| Increase/(decrease) in provisions | 22 | 817 | 452 | 674 |
| **Net cash from/(used in) operating activities** |  | **(5749)** | **1493** | **(5442)** |
| **Cash flows from investing activities** |  |  |  |  |
| Proceeds on sale of property, plant and equipment | 12 |  | 22 | 110 |
| Purchase of property, plant and equipment | 12 | (985) | (609) | (1029) |
| Investment in capital projects | 13 | (2249) | (3979) | (3857) |
| Proceeds on disposal of J.A Martin ex-solar business | 20 |  |  | 2874 |
| Proceeds on sale of capital projects | 13 |  |  | 47 |
| Acquisitions - consideration |  | - | - | (66) |
| **Net cash used in investing activities** |  | **(3234)** | **(4566)** | **(1921)** |
| **Cash flows from financing activities** |  |  |  |  |
| Other borrowings | 23 |  |  | (108) |
| Lease repayments | 23 | (43) | (201) | (43) |
| Proceeds from investor | 21 |  | 1000 | 300 |
| Capital raise proceeds | 24 | 8878 | 2524 | 5500 |
| Equity instruments and capital raise costs | 25 |  |  | (397) |
| Debtor finance borrowings/(repayments) | 23 |  | (1262) | 1297 |
| Loans from related parties | 23 | (92) | 781 | 3572 |
| Repayment of loans from related parties | 23 |  | (370) | (370) |
| Bank loan borrowings | 23 |  | (7) | (138) |
| Chattel mortgage borrowings | 23 | - | (62) | (267) |
| Finance expense | 10 |  |  | (3239) |
| Transfer from/(to) restricted cash | 16 | 101 | 316 | 587 |
| **Net cash from financing activities** |  | **8844** | **2719** | **6694** |
| Net (decrease) in cash and cash equivalents |  | (139) | (354) | (669) |
| Cash and cash equivalents at the beginning of the year | 15 | 199 | 553 | 1285 |
| Effect of exchange rate movements on cash held |  | - | - | (63) |
| **Cash and cash equivalents at the end of the year** | 15 | **60** | **199** | **553** |

---

See notes to financial statements

[**Table of Contents**](#a_001)

Consolidated Statements of Changes in Equity

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(US dollars in thousands)** | **Share capital** | **Share premium** | **Cumulative translation reserve** | **Other reserves** | **Accumulated deficit** | **Non-<br> controlling interest** | **Total** |
| **At June 30, 2022** | **256** | **99418** | **(139)** | **(5984)** | **(71936)** |  | **21615** |
| Loss for the year |  |  |  |  | (24355) |  | **(24355)** |
| Other comprehensive income/(expense) | - | - | 1342 | (106) | - |  | **1236** |
|  | **256** | **99418** | **1203** | **(6090)** | **(96291)** |  | **(1504)** |
| **Transactions with owners in their capacity as owners** |  |  |  |  |  |  |  |
| Equity instruments |  |  |  | 49 |  |  | 49 |
| Capital raises | 51 | 5449 |  | (446) |  |  | 5054 |
| Employee share awards | 1 | 151 |  | (5) |  |  | 147 |
|  | **52** | **5600** | **-** | **(402)** | **-** |  | **5250** |
| **At June 30, 2023** | **308** | **105018** | **1203** | **(6492)** | **(96291)** |  | **3746** |
| Loss for the year | - | - | - | - | (46700) |  | (46700) |
| Other comprehensive income/(expense) | - | - | (1201) | 7 | - |  | (1194) |
|  | **308** | **105018** | **2** | **(6485)** | **(142991)** |  | **(44148)** |
| **Transactions with owners in their capacity as owners** |  |  |  |  |  |  |  |
| Equity instruments |  |  | - | 150 | - |  | **150** |
| Capital raises | 206 | 2862 | - | (207) | - |  | **2861** |
| Employee share awards | 19 | 340 | - | 241 | - |  | **600** |
| Increase in equity before transaction with owners in their capacity of owners | **225** | **3202** | **-** | **184** | **-** |  | **3611** |
| **At June 30, 2024** | **533** | **108220** | **2** | **(6301)** | **(142991)** |  | **(40537)** |
| Loss for the year |  |  |  |  | (12792) |  | (12792) |
| Other comprehensive income/(expense) | - | - | (1968) | (66) | - |  | (2034) |
| Increase (decrease) through transactions with owners, equity | **553** | **108220** | **(1966)** | **(6367)** | **(155783)** |  | **(55363)** |
| **Transactions with owners in their capacity as owners** |  |  |  |  |  |  |  |
| Equity instruments |  | 413 |  | 302 |  |  | 715 |
| Other issuances | 346 | 4572 |  | 315 |  |  | 5233 |
| Capital raises | 1825 | 68463 |  | (777) |  |  | 69511 |
| Employee share awards | - | - | - | 8 | - |  | 8 |
| Increase in equity before transaction with owners in their capacity of owners | **2171** | **73448** | **-** | **(152)** | **-** |  | **75467** |
| **At June 30, 2025** | **2704** | **181668** | **(1966)** | **(6519)** | **(155783)** |  | **20104** |

---

For further information on "Other Reserves" please see Note 25.

[**Table of Contents**](#a_001)

Notes to Consolidated Financial Statements

As of and for the Years Ended June 30, 2025, 2024 and 2023

**1. Reporting entity**

VivoPower International PLC ("VivoPower" or the "Company") is a public company limited by shares and incorporated under the laws of England and Wales and domiciled in the United Kingdom. The address of the Company's registered office is Blackwell House, Guildhall Yard, London England EC2V 5AE United Kingdom

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries (together referred to as the "Group" and individually as "Group entities"). Since June 30, 2021, the Company no longer has an ultimate controlling party, as AWN Holdings Limited (collectively with its affiliates and subsidiaries, "AWN") holds less than 50% equity interest in the Company, being 7.1% as at June 30, 2025. In prior periods, the ultimate controlling party and the results into which these financials were consolidated was AWN, a company registered in Australia.

**2. Material accounting policies**

The principal accounting policies applied in the preparation of consolidated financial statements (the "financial statements") are set out below. These policies have been consistently applied to all periods presented, unless otherwise stated. In October 2023, the company implemented a 10-to-1 reverse stock split, which was applied retrospectively to shares.

**2.1 Basis of preparation**

VivoPower International PLC's consolidated financial statements were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board and IFRIC interpretations applicable to companies reporting under IFRS. The consolidated financial statements have been prepared under the historical cost convention, except for certain financial assets and financial liabilities and when accounting for acquisitions, whereby fair values have been applied.

The preparation of financial statements with adopted IFRS requires the use of critical accounting estimates. It also requires the management to exercise judgement in the process of applying the Company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where the assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3.

Management has, in the preparation of the audited financial statements of the Group for the year ended June 2025, fully considered and evaluated the going concern. Following a comprehensive assessment of the Group's financial position and projections over the going concern assessment period of 12 months from the expected date of signing the audited financial statements, the assessment of management is that the Group remains a going concern.

Accordingly, management recommends to the Board of Directors that, based on the above assessment, the Group remains a going concern as at the date of this report.

The financial statements have been prepared on a going concern basis, as the directors believe the Company will be able to meet its liabilities as they fall due.

The going concern assessment has been considered with reference to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the scenario that the Tembo spin off reverse merger IPO is consummated (currently expected by mid-February 2026, given the Following the completion of this Tembo spin-off reverse merger the following probable outcomes arise for VivoPower:

● VivoPower will continue to retain meaningful shareholding of the separately listed Tembo Group and consolidate Tembo in its accounts;

● VivoPower's cash burn rate will further reduce to a gross amount of budgeted $197 k per month (assuming a worst case scenario of no offsetting revenue inflows);

● Subject to the funds raised by Tembo as part of its reverse merger IPO, VivoPower will be paid back up to the full amount of what is owed to it by Tembo within 6 months of Tembo becoming a separately listed company;

● Subject to the Tembo reverse merger IPO proceeding, Energi Holdings has agreed to a strategic PIPE investment of $100 million in Tembo, valuing the business at $200 million enterprise value. VivoPower will however, retain a meaningful shareholding post-transaction, and a dedicated board is being recruited in preparation for Tembo's public listing;

● VivoPower will itself be able to raise additional capital via equity capital markets, as it has done over the past 12 months, despite very challenging market conditions and several unexpected obstacles, including the fact that the ATM facility was not available to the company. Since FY24, VivoPower has been able to receive gross cash from capital raisings of approximately $9.8 million despite volatile market conditions. In addition, it has contractual commitments to receive another $60.5 million in cash and subject to shareholder approval to increase its authorized capital, another $60.5 million. Furthermore, the Company has raised additional gross proceeds of $14.1 million, including pursuant to an F-1 offering post balance date (noting that an additional $5 million was issued as a debt to equity swap with Arowana group entities in particular).

&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 scenario where the Tembo spin off reverse merger IPO does not materialize. In this probable scenario, the following outcomes would
 arise for VivoPower:

● VivoPower would continue to retain 100 % ownership of the Tembo Group;

● The combined cash burn rate of VivoPower, including Tembo's operations, would be expected to be a gross amount of approximately $413 k per month (assuming a hypothetical worst case of no revenue receipts);

● Despite the increased cash burn rate, the combined entity (VivoPower and Tembo) is projected to generate net cash inflows from operating activities due to increasing revenues. This positive cash generation is expected to provide significant support for the Group's liquidity and overall financial health: and

● VivoPower would have sufficient capital from the $121 million Regulation S private placement mentioned above, of which the Group has already closed the first tranche, amounting to $60.5 million on June 20, 2025 with the balance to be received in subsequent phases, as well as the ability to raise additional capital post 1 November off its F-3 registration statement.

[**Table of Contents**](#a_001)

As of 30 June 2025, the Group reported outstanding net current assets of $19.3 million. The key driver of this position is the $60.5 million private placement booked as a current asset. The improvement in the Group's balance sheet and liquidity compared to the prior year is the contractually closed $60.5 million Regulation S private placement booked in as a current receivable.

The Group has already closed the first tranche of the $121 million placement, amounting to $60.5 million, on 20 June 2025, with the balance to be received in subsequent phases. This strategic investment, led by HRH Prince Abdulaziz bin Turki bin Talal Al Saud, was priced at $6.05 per share (above the last market closing price and fully compliant with Nasdaq rules). It is closely tied to VivoPower's XRP-focused digital assets strategy and is intended to strengthen liquidity, reduce reliance on higher-cost financing, and provide the Group with additional flexibility to pursue strategic initiatives.

Our analysis further indicates that the budgeted combined average monthly cash burn for VivoPower and Tembo over the next 12 months is approximately $413k per month, or $5.0 million per annum. This assumes no revenues received. Importantly, the Group has already commenced the scale-up of Tembo deliveries which will translate into revenue receipts. In addition, it will be seeking further increase revenues from its digital asset reserve strategy, including from crypto mining and yield generation, which will further supplement available liquidity alongside the existing cash resources.

As at June 30, 2025, the Company had unrestricted cash totaling $0.1 million compared to $0.2 million as at June 30, 2024 and $0.6 million as at June 30, 2023. However, post balance date, the Company raised and received net proceeds of $13.0 million from the issuance of ordinary shares pursuant to an F1 registration statement and Regulation S equity raise.

As at June 30, 2025, the Company had outstanding debt and borrowing totaling $29.2 million, compared to $29.1 million as at June 30, 2024 and $32.4 million as at June 30, 2023. The outstanding debt and borrowings are to related parties who are also the major shareholders.

Over the next twelve months, with the strategic rationalization of the Company's business units and the expansion of the Electric Vehicles and ancillary SES products and solutions range, together with the strategic pivot to a cost-effective Asian supply chain, the Company expects to grow revenues profitably. Furthermore, with the Asian supply chain in place, the Company no longer needs to invest in assembly and production facilities, reducing capital expenditure requirements.

To ensure the going concern status of the business, the directors have prepared and reviewed additional plans to mitigate any liquidity risk that may arise during the next twelve months. These include:

● Delaying any capital expenditures;

● Reduce or delay operational expenditure scale-up plans;

● Reduce research and development expenditure;

● Consider the management of supplier and lender payments;

● Continuous improvement in efficiency and cost management through the use of artificial intelligence tools; and

● Ensuring the Company is always able to raise debt or equity capital.

Given the significant improvement in the adjusted net current asset position of $19.3 million as of 30 June 2025, the Directors are confident in the Company's ability to remain a going concern in the foreseeable future. The Directors therefore have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus, they have continued to adopt the going concern basis in preparing the financial statements. Additionally, in the event of any unforeseen challenges, management and Directors retain the flexibility to; (a) raise additional capital, (b) further reduce the cash burn rate, and/or (c) negotiate extensions of payment plans with creditors to ensure continued financial stability.

This assessment excludes the $8.7 million residual investment commitment for Tembo from TAG Capital, a family office associated with the ruling family of Dubai (noting an additional $0.9 million tranche from this was received post balance date) to, any potential additional funds from Tembo's de-SPAC IPO, anticipated additional Tembo sales revenues, revenues and yield earned on digital assets or the potential spin-off of our Caret operations.

All financial information presented in US dollars has been rounded to the nearest thousand.

**2.2 Basis of consolidation**

The consolidated financial statements include those of VivoPower International PLC and all of its subsidiary undertakings.

Subsidiary undertakings are those entities controlled directly or indirectly by the Company. The Company controls an investee when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of the subsidiaries acquired are included in the Consolidated Statements of Comprehensive Loss from the date of acquisition using the same accounting policies of those of the Group. All business combinations are accounted for using the purchase method. The consideration transferred in a business combination is the fair value at the acquisition date of the assets transferred and the liabilities incurred by the Group and includes the fair value of any contingent consideration arrangement. Acquisition-related costs are recognized in the income statement as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those used by other members of the Group.

All intra-group balances and transactions, including any unrealized income and expense arising from intra-group transactions, are eliminated in full in preparing the consolidated financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment to the extent of the Group's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

**2.3 Business combination**

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

● fair values of the assets transferred

● liabilities incurred to the former owners of the acquired businesses

● equity interests issued by the Company

● fair value of any asset or liability resulting from a contingent consideration arrangement, and

● fair value of any pre-existing equity interest in the subsidiary.

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Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest's proportionate share of the acquired entity's net identifiable assets. Acquisition-related costs are expenses as incurred.

The excess of the:

● consideration transferred

● amount of any non-controlling interest in the acquired entity, and

● acquisition-date fair value of any previous equity interest in the acquired entity

over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognized directly in profit or loss as a bargain purchase.

Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity's incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions.

Contingent consideration is classified either as equity or a financial liability. Amounts classified as a financial liability are subsequently remeasured to fair value, with changes in fair value recognized in profit or loss.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer's previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss.

**2.4 Intangible assets**

All intangible assets, except goodwill, are stated at fair value less accumulated amortization and any accumulated impairment losses. Goodwill is not amortized and is stated at cost less any accumulated impairment losses. Any gain on a bargain purchase is recognized in profit or loss immediately.

*Goodwill*

Goodwill arose on the effective acquisition of VivoPower Pty Ltd, Aevitas O Holdings Limited ("Aevitas") and Tembo e-LV B.V. Goodwill is reviewed annually to test for impairment.

*Other intangible assets*

Intangible assets acquired through a business combination are initially measured at fair value and then amortized over their useful economic lives. Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which it relates.

Development expenditure includes the product development project for ruggedized electric vehicles in Tembo, pre-series-production expenditure on developing vehicle specifications and production processes. Capitalized costs include primarily internal payroll costs, external consultants and computer software.

Development expenditure on U.S. solar projects includes securing land rights, completing feasibility studies, negotiating power purchase agreements, and other costs incurred to prepare project sales for Notice to Proceed with construction and hence sale to a partner as a shovel ready project.

For the electric vehicles product development project, it is the Company's intention to complete the projects. It expects to obtain adequate technical, financial and other resources to complete the projects, and management consider that it is probable for the future economic benefits attributable to the development expenditure to flow to the entity; and that the cost of the asset can be measured reliably. Accordingly, the development expenditure is recognized under IAS 38 – Intangible Assets as an intangible asset.

All other expenditure, including expenditure on internally generated goodwill and brands, and research costs, are recognized in profit or loss as incurred.

Amortization is calculated on a straight-line basis to write down the assets over their useful economic lives at the following rates:

● Development expenditure - 5 to 10 years

● Customer relationships – 5 to 10 years

● Trade names – 15 to 25 years

● Favorable supply contracts – 15 years

● Other – 5 years

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**2.5 Property, plant and equipment**

Property, plant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. The cost of an item of property, plant and equipment comprises its purchase price and the costs directly attributable to bringing the asset into use.

When parts of an item of property, plant and equipment have different useful lives, they are accounted as separate items (major components) of property, plant and equipment.

Depreciation is calculated on a straight-line basis so as to write down the assets to their estimated residual value over their useful economic lives at the following rates:

● Computer equipment - 3 years

● Fixtures and fittings - 3 to 20 years

● Motor vehicles - 5 years

● Plant and equipment – 3.5 to 10 years

● Right-of-use assets – remaining term of lease

**2.6 Assets classified as held for sale and discontinued operations**

Assets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying value and fair value less costs to sell. An impairment loss is recognized for any subsequent write-down of the asset to fair value less costs to sell.

A discontinued operation is a component of the Company that has been disposed of or is classified as held for sale and represents a separate major line of business or geographical area of operations. The results of discontinued operations are presented separately in the Statements of Comprehensive Loss

**2.7 Inventory** 

Inventories are stated at the lower of cost and net realizable value, in accordance with IAS 2 – Inventories. The cost includes all direct and indirect variable production expenses, plus fixed expenses based on the normal capacity of each production facility. The net realizable value of inventories intended to be sold corresponds to their selling price, as estimated based on market conditions and any relevant external information sources, less the estimated costs necessary to complete the sale.

**2.8 Leases**

The Group leased offices, workshops, motor vehicles, and equipment for fixed periods of 2 months to 8 years but may have extension options. Extension options were not recognized by the Group in the determination of lease liabilities unless renewals are reasonably certain.

Contracts could contain both lease and non-lease components. The Group allocated the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of real estate for which the Group is a lessee, it elected not to separate lease and non-lease components and instead accounts for these as a single lease component.

Lease terms were negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets were not be used as security for borrowing purposes.

Leases were recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group.

Assets and liabilities arising from a lease were initially measured on a present value basis, with lease payments discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the Group's incremental borrowing rate is used. The Group presents lease liabilities in loans and borrowings in the Statement of Financial Position.

Lease payments were allocated between principal and finance cost. The finance cost is charged to the Statements of Comprehensive Loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.

Right-of-use assets are presented in property, plant and equipment and depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.

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**2.9 Impairment of non-financial assets**

Goodwill is allocated to cash-generating units for the purposes of impairment testing. The recoverable amount of the cash-generating unit (CGU') to which the goodwill relates is tested annually for impairment or when events or changes to circumstances indicate that it might be impaired.

The carrying values of property, plant and equipment, investments and intangible assets other than goodwill are reviewed for impairment only when events indicate the carrying value may be impaired.

In an impairment test the recoverable amount of the cash-generating unit or asset is estimated in order to determine the existence or extent of any impairment loss. The recoverable amount is the higher of fair value less costs to sell and the value in use to the Group. An impairment loss is recognized to the extent that the carrying value exceeds the recoverable amount. In determining a cash-generating unit's or asset's value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time-value of money and risks specific to the cash-generating unit or asset that have not already been included in the estimate of future cash flows. All impairment losses are recognized in the Statements of Comprehensive Loss.

An impairment loss in respect of goodwill is not reversed. In the case of other assets, impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. These impairment losses are reversed if there has been any change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

**2.10 Financial instruments**

Financial assets and liabilities are recognized in the Group's Statements of Financial Position when the Group becomes a party to the contracted provision of the instrument. The following policies for financial instruments have been applied in the preparation of the financial statements.

The Company classifies its financial assets in the following measurement categories:

● those to be measured subsequently at fair value through profit or loss; and,

● those to be measured at amortized cost.

The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. Financial assets are classified as an amortized cost only if both of the following criteria are met:

● the asset is held within a business model whose objective is to collect contractual cash flows; and,

● the contractual terms give rise to cash flows that are solely payments of principal and interest.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

● in the principal market for the asset or liability; or,

● in the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 - quoted (unadjusted) market prices in active markets for identical assets or liabilities;

Level 2 - valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and

Level 3 - valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

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*Cash and cash equivalents*

For the purpose of preparation of the Statement of Cash Flow, cash and cash equivalents includes cash at bank and in hand.

*Restricted cash*

Restricted cash are cash and cash equivalents whose availability for use within the Group is subject to certain restrictions by third parties.

*Trade and other receivables*

Trade and other receivables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method, less any allowance for the expected future issue of credit notes and for non-recoverability due to credit risk. The Group applies the IFRS 9 – Financial Instruments simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure expected credit losses, trade receivables and contract assets have been grouped based on shared risk characteristics.

*Trade and other payables*

Trade and other payables are non-interest bearing and are stated at amortized cost using the effective interest method.

*Share capital*

Ordinary Shares, nominal value $0.12 per share (the "Ordinary Shares") are classified as equity. Incremental costs directly attributable to the issue of Ordinary Shares are recognized as a deduction from equity, net of any tax effects.

*Repurchase of share capital (treasury shares)*

When share capital recognized as equity is repurchased as equity by the Company the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity, and excluded from the number of shares in issue when calculating loss per share.

**2.11 Taxation**

Income tax expense comprises current and deferred tax.

Current tax is recognized based on the amounts expected to be paid or recovered under the tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is provided on temporary timing differences that arise between the carrying amounts of assets and liabilities for financial reporting purposes and their corresponding tax values. Liabilities are recorded on all temporary differences except in respect of initial recognition of goodwill and in respect of investments in subsidiaries where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that it will not reverse in the foreseeable future. Deferred tax assets are recognized to the extent that it is probable that future taxable profits will be available against which the asset can be offset. Deferred tax is measured on an undiscounted basis using the tax rates and laws that have been enacted or substantively enacted by the end of the accounting period.

Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax assets and liabilities, they relate to income taxes levied by the same tax authority and the Group intends to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously.

Current and deferred tax are recognized in the Statements of Comprehensive Loss, except when the tax relates to items charged or credited directly to equity, in which case it is dealt with directly in equity.

**2.12** **Provisions**

Provisions are recognized when the Group has a present obligation because of a past event, it is probable that the Group will be required to settle that obligation, and it can be measured reliably.

Provisions are measured at the directors' best estimate of the expenditure required to settle the obligation at the date of Statement of Financial Position.

Where the time value of money is material, provisions are measured at the present value of expenditures expected to be paid in settlement.

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**2.13 Loss per share**

The Group presents basic and diluted loss per share ("EPS") data for Ordinary Shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of Ordinary Shares, excluding the shares held as treasury shares. Currently there are no diluting effects on EPS for Ordinary Shares, therefore, diluted EPS is the same as basic EPS.

**2.14 Foreign currencies**

The Company's functional and presentational currency is the US dollar. Items included in the separate financial statements of each Group entity are measured in the functional currency of that entity. Transactions denominated in foreign currencies are translated into the functional currency of the entity at the rates of exchange prevailing at the dates of the individual transactions. Foreign currency monetary assets and liabilities are translated at the rates of exchange prevailing at the end of the reporting period.

Exchange gains and losses arising are charged to the Statements of Comprehensive Loss within finance income or expenses. The Statements of Comprehensive Loss and Statement of Financial Position of foreign entities are translated into US dollars on consolidation at the average rates for the period and the rates prevailing at the end of the reporting period respectively. Exchange gains and losses arising on the translation of the Group's net investment foreign entities are recognized as a separate component of shareholders' equity.

Foreign currency denominated share capital and related share premium and reserve accounts are recorded at the historical exchange rate at the time the shares were issued, or the equity created.

**2.15 Revenue from contracts with customers**

Revenue comprises the fair value of the consideration received or receivable for the sale of services in the ordinary course of the Group's activities. Revenue is shown net of discounts, value-added tax, other sales related taxes, and after the elimination of sales within the Group.

Revenue comprises development revenues, electrical installations, electrical servicing and maintenance, generator sales, vehicle spec conversion and conversion kits. Revenue is recognized upon satisfaction of contractual performance obligations.

The Group has a number of different revenue streams and the key components in determining the correct recognition are as follows:

Development revenue, which is revenue generated from development services relating to the building and construction of solar projects, is recognized on a percentage completion basis as the value is accrued by the end user over the life of the contract. The periodic recognition is calculated through weekly project progress reports.

On longer-term power services projects such as large-scale equipment provision and installation, the performance obligation of completing the installation is satisfied over time, and revenue is recognized on a percentage completion basis using an input method. Revenue for stand-alone equipment sales is recognized at the point of passing control of the asset to the customer. Other revenue for small jobs and those completed in a limited timeframe are recognized when the job is complete and accepted by the customer.

Revenue for sale of electric vehicles, kits for electric vehicles and related products is recognized upon delivery to the customer. Where distribution agreements are agreed with external parties to participate in the assembly of vehicles, revenue recognition will be assessed under IFRS 15 - Revenue from Contracts with Customers, to establish the principal and agent in the relationship between the parties and with the end customer.

Warranties are of short duration and only cover defective workmanship and defective materials. No additional services are committed to which generate a performance obligation.

No adjustment is made for the effects of financing, as the Company expects, at contract inception, that the period between when the goods and services are transferred to the customer and when the customer pays, will be one year or less.

If the revenue recognized for goods and services rendered by the Company exceeds amounts that the Company is entitled to bill the customer, a contract asset is recognized. If amounts billed exceed the revenue recognized for goods and services rendered, a contract liability is recognized.

Incremental costs of obtaining a contract are expensed as incurred.

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**2.16 Other income**

Other income in relation to government grants is recognized in the period that the related costs, for which the grants are intended to compensate, are expensed.

**2.17 Employee benefits**

*Pension*

The employer pension contributions are associated with defined contribution schemes. The costs are therefore recognized in the month in which the contribution is incurred, which is consistent with recognition of payroll expenses.

*Short-term benefits*

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount because of past service provided by the employee and the obligation can be reliably measured.

*Short-term compensated absences*

A liability for short-term compensated absences, such as holidays, is recognized for the amount the Group may be required to pay because of the unused entitlement that has accumulated at the end of the reporting period.

*Share-based payments*

Shares issued to employees and other participants under the Omnibus Incentive Plan 2017 are recognized over the expected vesting period, using the grant date share price, in accordance with IFRS 2 Share-based Payments.

**2.18 Restructuring and other non-recurring costs**

Restructuring and other non-recurring costs are by nature one-time incurrences and do not represent the normal trading activities of the business and accordingly are disclosed separately on the Consolidated Statements of Comprehensive Loss in accordance with IAS 1 – Presentation of Financial Statements in order to draw them to the attention of the reader of the financial statements. Restructuring costs are defined in accordance with IAS 37 – Provisions, Contingent Liabilities and Contingent Assets as being related to sale or termination of a line of business, closure of business locations, changes in management structure, or fundamental reorganizations.

Other non-recurring costs include litigation expenses for former employees, including fees for legal services and provisions under IAS 37 for legal fee dispute resolutions that are probable to result in a quantifiable financial outflow by the Company.

Other non-recurring costs also include provisions created for the recoverability of UK input taxes claimed in prior years.

**2.19 New standards, amendments and interpretations**

At the date of authorization of these financial statements the following Standards and Interpretations which have not been applied in these financial statements were in issue but not yet effective:

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| | |
|:---|:---|
| *International Accounting Standards (amendments)* | *Effective date\** |
| Amendment to IAS 1 - Non-current liabilities with covenants | 1 January 2024 |
| IFRS 16 - Amendments regarding lease liability in a sale and leaseback | 1 January 2024 |
| Amendment to IAS 7 and IFRS 7 - Supplier finance | 1 January 2024 |
| Amendments to IAS 21 - Lack of Exchangeability | 1 January 2025 |
| Amendment to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments | 1 January 2026 |
| IFRS 18 Presentation and Disclosure in Financial Statements | 1 January 2027 |
| IFRS 19 Subsidiaries without Public Accountability: Disclosures | 1 January 2024 |
| IFRS S1, 'General requirements for disclosure of sustainability-related financial information | 1 January 2024 |
| IFRS S2, 'Climate-related disclosures' |  |
| &nbsp;&nbsp;&nbsp;\*Years beginning on or after |  |

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The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group or Company in future periods.

**3. Significant accounting judgements and estimates**

In preparing the consolidated financial statements, the directors are required to make judgements in applying the Group's accounting policies and in making estimates and making assumptions about the future. These estimates could have a significant risk of causing a material adjustment to the carrying value of assets and liabilities in the future financial periods. The critical judgements that have been made in arriving at the amounts recognized in the consolidated financial statements are discussed below.

**3.1** **Revenue from contracts with customers** – **determining the timing of satisfaction of services** 

As disclosed in Note 2.15 to the Financial Statements the Group concluded that Solar Development revenue and revenue from other long-term projects is recognized over time as the customer simultaneously receives and consumes the benefits provided. The Group determined that the percentage completion basis is the best method in measuring progress because there is a direct relationship between the Group's effort and the transfer of services to the customer. The judgement used in applying the percentage completion basis affects the amount and timing of revenue from contracts.

**3.2** **Impairment of non-financial assets** 

The carrying values of property, plant and equipment, investments and intangible assets other than goodwill are reviewed for impairment only when events indicate the carrying value may be impaired. Goodwill is tested annually for impairment or when events or changes to circumstances indicate that it might be impaired.

Impairment assessments require the use of estimates and assumptions. To assess impairment, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time-value of money and risks specific to the related cash-generating unit. Judgement was applied in making estimates and assumptions about the future cash flows, including the appropriateness of discounts rates applied and operating performance (which includes production and sales volumes), as further disclosed in Note 13. These estimates and assumptions are subject to risk and uncertainty. Therefore, there is a possibility that changes in circumstances will impact on these projections, which may impact on the recoverable amount of assets and/or CGUs.

Intangibles impaired during the year were for Caret leases abandoned or not renewed. Additionally, some of the tangible assets of Tembo EV Pty Ltd (Tembo EV) and Tembo 4x4 e-LV B.V. were assessed to be impaired by the end of the fiscal year.

During the year, the Company recognized total impairments of $1.6 million relating to intangibles and goodwill (2024: $29.8 million; 2023:0.4 million). This comprises $1.6 million for the impairment of Caret's remaining solar projects.

Following evidence of impairment, assessment was made of equipment of Tembo 4x4 e-LV B.V and FD 4x4 Centre B.V. and obsolescence of Tembo 4x4 e-LV B.V. inventory, the company recorded an impairment amounting to $0.1 million and $0.8 million, respectively for the current year.

**3.3** **Operating profit/(loss)** 

In preparing the consolidated financial statements of the Group, judgement was applied with respect to those items which are presented in the Consolidated Statements of Comprehensive Loss as included within operating profit/(loss). Those revenues and expenses which are determined to be specifically related to the on-going operating activities of the business are included within operating profit/(loss). Expenses or charges to earnings which are not related to operating activities are one-time costs determined to be not representative of the normal trading activities of the business, or that arise from revaluation of assets, are reported below operating profit/loss.

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**3.4** **Litigation provision** 

Currently, there is an ongoing dispute with a prior client Accès Industriel in Canada for the settlement of $596,000, which they initially paid as part of the sales contracts for Tembo EUV conversions for which a provision of the same amount has been set up as of June 30, 2025. Additionally, during the year, provisions were also made on disputes with Salesforce, Workato and ComplianceQuest amounting to $115,000, $40,000 and $60,000, respectively.

In FY24, a litigation provision of $0.2 million was made in the accounts as settlement of the lawsuit with the Estate of the Late W.Q. Richards over Caret leases TX144 and TX145. These leases granted Caret the rights to utilize the land for potential solar energy projects. The suit was settled with a payment of $0.05 million made in September 2024 to be followed by 12 equal monthly payments of $14,583.33. As of June 30, 2025, the said provision is fully utilized and settled.

**3.5** **Capitalization of product development costs** 

The Group capitalizes costs for product development projects in the EV segment. The capitalization of costs is based on management's judgement that technological and economic feasibility is confirmed, and all other recognition criteria within IAS 38 can be demonstrated. In determining the amounts to be capitalized, management makes assumptions regarding the expected future cash generation, discount rates to be applied and the expected period of benefits. As of June 30, 2025, the carrying amount of capitalized development costs were $14.9 million (2024: $11.6 million; 2023: $7.8 million).

**3.6** **Income taxes** 

In recognizing income tax assets and liabilities, management makes estimates of the likely outcome of decisions by tax authorities on transactions and events whose treatment for tax purposes is uncertain. Where the outcome of such matters is different, or expected to be different, from previous assessments made by management, a change to the carrying value of the income tax assets and liabilities will be recorded in the period in which such determination is made. The carrying values of income tax assets and liabilities are disclosed separately in the Consolidated Statements of Financial Position.

**3.7** **Deferred tax assets** 

Deferred tax assets for unused tax losses and other timing differences amounting to $4.4 million at June 30, 2025 (June 30, 2024: $4.1 million; June 30, 2023: $5.1 million) are recognized to the extent that it is probable that sufficient taxable profit will be available against which the losses can be utilized. Management judgement is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and level of future taxable profits. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the deferred tax assets recorded at the reporting date could be impacted.

**3.8** **Fair value measurement** 

The fair values of financial assets and liabilities recorded in the statement of financial position are measured using valuation techniques including discounted cash flow ("DCF") models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgement is required in establishing fair values. Changes in assumptions about these factors could affect the reported fair value. When the fair values of non-financial assets/Cash Generating Unit's (CGU's) need to be determined, for example in business combinations and for impairment testing purposes, they are measured using valuation techniques including the DCF model.

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|:---|:---|
| **4** | **Revenue and segmental information** |

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The Group determines and presents operating segments based on the information that is provided internally to the board of directors of the Company (the "Board"), which is the Group's chief operating decision maker.

Management analyzes our business in five reportable segments: Electric Vehicles, Sustainable Energy Solutions, Solar Development, Digital Assets and Corporate Office.

The Critical Power Services segment, previously represented by VivoPower's wholly owned subsidiary Aevitas and its subsidiaries KESW EL Pty Limited ("Kenshaw") and Kenshaw Solar Pty Ltd (previously J.A. Martin) ("Aevitas Solar"), has been discontinued following the sale of Kenshaw to ARA Group Limited in July 2024. Accordingly, Critical Power Services is no longer considered an operating segment.

The Electric Vehicles segment is represented by Tembo e-LV B.V. ("Tembo"), a Netherlands-based specialist battery-electric and off-road vehicle company delivering electric vehicles ("EVs") for mining and other rugged industrial customers globally. Tembo also includes Tembo EV Pty Ltd, which launched the Tembo Tusker electric pickup truck in Australia and New Zealand, and Tembo Technologies Pty Ltd, which is developing an all-electric Jeepney for the Philippines transport market. For the year ended June 30, 2025, no revenue was recognized from Tembo Technologies Pty Ltd.

The Sustainable Energy Solutions ("SES") segment involves the design, evaluation, sale, and implementation of renewable energy infrastructure to customers, both on a standalone basis and in support of Tembo EVs.

The Solar Development segment is represented by Caret LLC ("Caret") in the United States, which now also includes the separate segment of Digital Assets, being digital revenue streams from digital asset mining activities.

The Corporate Office segment represents the Company's corporate functions, including costs to maintain its Nasdaq public company listing, compliance with SEC reporting requirements, and investor relations activities, and is located in the United Kingdom.

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An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including any revenues and expenses that relate to the transactions with any of the Group's other components. Operating segments results are reviewed regularly by the Board to assess its performance and make decisions about resources to be allocated to the segment, and for which discrete financial information is available.

Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated to a segment on a reasonable basis.

**4.1** **Revenue** 

Revenue from continuing operations by geographic location is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Australia | 53 |  | 2591 |
| United States | 8 |  |  |
| Netherlands | - | 16 | 1464 |
| **Total revenues** | **61** | **16** | **4055** |

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Revenue by product and service is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Electrical products and related services |  |  | 2591 |
| Digital asset revenue | 8 |  |  |
| Vehicle spec conversion | 50 |  |  |
| Conversion kits | 3 | 16 | 1394 |
| Accessories |  | - | 70 |
| **Total revenues** | **61** | **16** | **4055** |

---

The Group had two customers representing more than 10% of revenue for the year ended June 30, 2025 (year ended June 30, 2024: 1; year ended June 30, 2023: 1).

[**Table of Contents**](#a_001)

**4.2** **Operating segments** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** Segment
 results of operations

Results of operations by reportable segment are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | | |
| <br>**Year Ended June **30, 2025**<br>** <br>**(US dollars in** thousands)** | **Critical Power**<br>**Services** | **Solar**<br>**Development** | **Electric**<br>**Vehicles** | **Sustainable Energy**<br>**Solutions** | **Corporate**<br>**Office** | **Digital**<br>**Assets** | **Total**<br>**Continuing** | **Discontinued operations**<br>**Critical Power**<br>**Services** |<br>**Total** |
| Revenue from contracts with customers |  |  | 53 |  |  | 8 | 61 |  | 61 |
| Costs of sales - other |  |  | (50) |  |  |  | (50) |  | (50) |
| Cost of sales - non-recurring events | - | - | - | - | - | - | - | - | - |
| **Gross profit** | **-** | **-** | **3** | **-** | **-** | **8** | **11** | **-** | **11** |
| General and administrative expenses | (8) | (7) | (1759) | 37 | (6496) |  | (8233) |  | (8233) |
| Other gains |  |  |  | 16 |  |  | 16 | 1648 | 1664 |
| Other income |  |  |  |  |  |  |  |  |  |
| Depreciation and amortization | - | - | (509) | (3) | (1) | (4) | (517) | - | (517) |
| **Operating loss** | **(8)** | **(7)** | **(2265)** | **50** | **(6497)** | **4** | **(8723)** | **1648** | **(7075)** |
| Restructuring and other non-recurring costs | (1185) |  | (176) | 2072 | (1123) |  | (412) |  | (412) |
| Impairment costs |  | (1549) | (982) |  |  |  | (2531) |  | (2531) |
| Finance expense - net | (175) | - | 1466 | (39) | (4717) | - | (3465) | - | (3465) |
| **Profit/(loss) before income tax** | **(1368)** | **(1556)** | **(1957)** | **2083** | **(12337)** | **4** | **(15131)** | **1648** | **(13483)** |
| Income tax | - | - | 552 | - | 139 | - | 691 | - | 691 |
| **Loss for the year** | **(1368)** | **(1556)** | **(1405)** | **2083** | **(12198)** | **4** | **(14440)** | **1648** | **(12792)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | | |
| <br>**Year Ended June 30, 2024**<br>**(US dollars in thousands)** | **Critical Power**<br>**Services** | **Solar**<br>**Development** | **Electric**<br>**Vehicles** | **Sustainable Energy**<br>**Solutions** | **Corporate**<br>**Office** | **Total**<br>**Continuing** | **Discontinued operations**<br>**Critical Power**<br>**Services** |<br>**Total** |
| **Revenue from contracts with customers** | - | - | 16 | - | - | 16 | 11811 | 11827 |
| **Costs of sales - other** | (52) | - | 102 | (23) | - | 27 | (10268) | (10241) |
| **Gross profit** | **(52)** | **-** | **118** | **(23)** | **-** | **43** | **1543** | **1586** |
| **General and administrative expenses** | (53) | (344) | (1794) | (324) | (5006) | (7521) | (1228) | (8749) |
| **Other gains** | 47 | - | 10 | 32 | - | 89 | 4 | 93 |
| **Other income** | - | - | - | - | - | - | 99 | 99 |
| **Depreciation and amortization** | (448) | - | (671) | (3) | (8) | (1130) | (439) | (1569) |
| **Operating loss** | **(506)** | **(344)** | **(2337)** | **(318)** | **(5014)** | **(8519)** | **(21)** | **(8540)** |
| **Restructuring and other non-recurring costs** | - | - | - | - | (1392) | (1392) | 2 | (1390) |
| **Impairment losses** | (48315) | (11187) | (366) | 10787 | (77325) | (29686) | (552) | (30238) |
| **Finance expense - net** | (3741) | (2) | (2726) | (68) | 1918 | (4619) | (310) | (4929) |
| **Profit/(loss) before income tax** | **44068** | **(11533)** | **(5429)** | **10491** | **(81813)** | **(44216)** | **(881)** | **(45097)** |
| **Income tax** | (797) | - | 277 | (1083) | - | (1603) | - | (1603) |
| **Loss for the year** | **43271** | **(11533)** | **(5152)** | **9408** | **(81813)** | **(45819)** | **(881)** | **(46700)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | **Continuing operations** | | |
| <br>**Year Ended June 30, 2023**<br>**(US dollars in** thousands)** | **Critical Power**<br>**Services** | **Solar**<br>**Development** | **Electric**<br>**Vehicles** | **Sustainable Energy**<br>**Solutions** | **Corporate**<br>**Office** | **Total**<br>**Continuing** | **Discontinued operations**<br>**Critical Power**<br>**Services** |<br>**Total** |
| Revenue from contracts with customers | 2591 |  | 1464 |  |  | 4055 | 11005 | 15060 |
| Costs of sales - other | (2722) |  | (1572) |  |  | (4294) | (9178) | (13472) |
| Cost of sales - non-recurring events | (3850) | - | - | - | - | (3850) | - | (3850) |
| **Gross profit** | **(3981)** | **-** | **(108)** | **-** | **-** | **(4089)** | **1827** | **(2262)** |
| General and administrative expenses | (195) | (297) | (1005) | (367) | (4561) | (6425) | (1195) | (7620) |
| Gain/(loss) on solar development | 1 |  |  | 30 |  | 31 | (4208) | (4177) |
| Other income | 13 | 69 |  |  |  | 82 | 37 | 119 |
| Depreciation and amortization | (653) | - | (673) | (3) | (10) | (1339) | (242) | (1581) |
| **Operating loss** | **(4815)** | **(228)** | **(1786)** | **(340)** | **(4571)** | **(11740)** | **(3781)** | **(15521)** |
| Restructuring and other non-recurring costs |  |  | 200 |  | (1862) | (1662) | (1) | (1663) |
| Impairment loss |  |  | (414) |  | (7) | (421) | - | (421) |
| Finance expense - net | (6314) | (34) | 936 | (50) | (221) | (5683) | (527) | (6210) |
| **Profit/(loss) before income tax** | **(11129)** | **(262)** | **(1064)** | **(390)** | **(6661)** | **(19506)** | **(4309)** | **(23815)** |
| Income tax | (638) | - | (40) | 119 | - | (559) | 19 | (540) |
| **Loss for the year** | **(11767)** | **(262)** | **(1104)** | **(271)** | **(6661)** | **(20065)** | **(4290)** | **(24355)** |

---

[**Table of Contents**](#a_001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** Segment
 net assets

Net assets by reportable segment are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **As at June 30, 2025**<br>**(US dollars in thousands)** | **Critical Power**<br>**Services** | **Solar**<br>**Development** | **Electric**<br>**Vehicles** | **Sustainable Energy**<br>**Solutions** | **Corporate**<br>**Office** | **Digital**<br>**Assets** |<br>**Total** |
| Assets | 224 | 42 | 33875 | 84 | 62899 | 4 | 97128 |
| Liabilities | (1518) | (62) | (22344) | (154) | (52946) | - | (77024) |
| **Net assets/(liabilities)** | **(1294)** | **(20)** | **11531** | **(70)** | **9953** | 4 | **20104** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As at June 30, 2024**<br>**(US dollars in thousands)** | **Critical Power**<br>**Services** | **Solar**<br>**Development** | **Electric**<br>**Vehicles** | **Sustainable Energy**<br>**Solutions** | **Corporate**<br>**Office** |<br>**Total** |
| Assets | 5958 | 1549 | 20674 | 72 | 9180 | 37433 |
| Liabilities | (8596) | (284) | (17550) | (1026) | (50514) | (77970) |
| **Net assets/(liabilities)** | **(2638)** | **1265** | **3124** | **(954)** | **(41334)** | **(40537)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **As at June 30, 2023**<br>**(US dollars in thousands)** | **Critical Power**<br>**Services** | **Solar**<br>**Development** | **Electric**<br>**Vehicles** | **Sustainable Energy**<br>**Solutions** | **Corporate**<br>**Office** |<br>**Total** |
| Assets | 18034 | 12726 | 17493 | 10343 | 2819 | 61416 |
| Liabilities | (15539) | - | (7564) | (645) | (33921) | (57670) |
| **Net assets/(liabilities)** | **2495** | **12726** | **9929** | **9698** | **(31102)** | **3746** |

---

[**Table of Contents**](#a_001)

**5.** **Other gains**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Australian solar projects |  | 32 | 31 |
| Other gains | 16 | 57 | - |
| **Total other gains** | **16** | **89** | **31** |

---

**6. Other income**

There is no other income recognized in the year ended June 30, 2025 and 2024. Other income of $0.1 million for the year ended June 30, 2023 mainly relating to COVID-19 grants and subsidies in Critical Power Services in Australia.

**7. Operating profit/(loss)**

Operating profit/(loss) from continuing operations is stated after charging/(crediting):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Amortization of intangible assets | 360 | 384 | 831 |
| Depreciation of property, plant and equipment | 157 | 746 | 750 |
| Auditors' remuneration - audit fees | 250 | 267 | 193 |
| Auditors' remuneration - tax services |  |  | 8 |
| Directors' emoluments | 777 | 742 | 719 |
| Other losses/(gains) | (16) | (89) | (30) |

---

**8. Restructuring and other non-recurring costs**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Corporate restructuring - professional fees |  |  | 200 |
| Corporate restructuring - litigation provision | 596 |  |  |
| Fiscal provision | 154 | 1389 | 1768 |
| Gain on effectuation of DOCA | (514) |  |  |
| Remediation |  |  | (361) |
| Acquisition related and other costs | 176 | 3 | 55 |
| **Total** | **412** | **1392** | **1662** |

---

In the year ended June 30, 2025, the Company has setup a provision relating to the ongoing dispute with a prior client, Accès Industriel in Canada for the settlement of $596,000 which they initially paid as part of the sales contracts for Tembo EUV conversions. Additionally, during the year, provisions were also made relating to payroll tax for Tembo amounting to $0.1 million.

In the year ended June 30, 2025, the Company incurred non-recurring costs of $0.2 million (June 30, 2024: $1.4 million, June 30, 2023: $1.8 million) relating to the provision for VAT liability that is assessed by HMRC.

In the year ended June 30, 2023, a provision of $1 million was made for the potential failure to convince HMRC that the VAT claims made by VivoPower International PLC ("PLC") were correct and should be refunded to the company. During FY24, HMRC cancelled the VAT Registration for PLC on the basis that the claim had no merit. Post year-end, PLC has lodged a formal appeal with HMRC and is currently considering further options, which may include seeking a Tribunal hearing if necessary.

Also, in FY24 HMRC cancelled the VAT registration of VivoPower International Services Ltd ("VISL") due to outstanding payments. Post year end VISL has lodged a formal appeal with HMRC. Should this appeal fail we then plan to insist on a Tribunal hearing.

Additionally, post year end both PLC and VISL have engaged a UK based legal firm specializing in solving VAT issues with HMRC.

Restructuring and other non-recurring costs by nature are one-time incurrences, and therefore, do not represent normal trading activities of the business. These costs are disclosed separately in order to draw them to the attention of the reader of the financial information and enable comparability in future periods.

[**Table of Contents**](#a_001)

**9. Staff numbers and costs**

The average number of employees (including directors) during the period was:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
|  | **2025** | **2024** | **2023** |
| Sales and Business Development | 11 | 4 | 11 |
| Central Services and Management | 14 | 10 | 18 |
| Production | 16 | 46 | 64 |
| **Total** | **41** | **60** | **93** |

---

Their aggregate remuneration costs comprised:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Salaries, wages and incentives | 1025 | 2045 | 5465 |
| Social security costs | 21 | 362 | 430 |
| Pension contributions | 35 | 175 | 369 |
| Short-term compensated absences | 8 | 39 | 366 |
| **Total** | **1089** | **2621** | **6630** |

---

Directors' emoluments for the year ended June 30, 2025 were $276,453 (year ended June 30, 2024: $358,292; year ended June 30, 2023: $347,179) of which the highest paid director received $87,953 (year ended June 30, 2024: $85,571; year ended June 30, 2023: $81,819). Our Executive Chairman, Kevin Chin, also received an additional £325,000 for his role as the CEO during the year ended June 30, 2025 (year ended June 30, 2024 and 2023: £325,000). Director emoluments include employer social security costs.

Key Management Personnel:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Salaries, wages and incentives | 597 | 957 | 1120 |
| Social security costs |  | 6 | 38 |
| Pension contributions | 16 | 35 | 60 |
| **Total** | **613** | **998** | **1218** |

---

Key management personnel are those below the Board level that have a significant impact on the operations of the business. The number of key management personnel, including directors for the year ended June 30, 2025 was 6 (year ended June 30, 2024: 8; year ended June 30, 2023: 10).

**10. Finance income and expense**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Finance income** |  |  |  |
| Foreign exchange gain | 3560 | 1380 | 1150 |
| Interest income | 8 | 16 | 6 |
| **Total finance income** | **3568** | **1396** | **1156** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Finance expense** |  |  |  |
| Related party loan interest payable | 4532 | 4637 | 3801 |
| Preference shares interest payable | 298 | 267 | 204 |
| Convertible Warrants | 413 |  |  |
| Lease liability interest payable | 4 | 13 | 15 |
| Bank interest payable | 56 | 49 | 41) |
| Foreign exchange losses | 1533 | 452 | 2540 |
| Other finance costs | 197 | 597 | 238 |
| **Total finance expense** | **7033** | **6015** | **6839** |

---

[**Table of Contents**](#a_001)

**11. Taxation**

(a) Tax
 (charge)/credit

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** | **2023** | **2023** | **2023** |
| <br>**(US dollars in thousands)** | **Continuing** | **Discontinued** | **Total** | **Continuing** | **Discontinued** | **Total** | **Continuing** | **Discontinued** | **Total** |
| **Current tax** |  |  |  |  |  |  |  |  |  |
| UK corporation tax |  |  |  |  |  |  |  |  |  |
| Foreign tax | 139 |  | 139 | - |  | - | (924) | - | (924) |
| **Total current tax** | **-** |  | **-** | **-** |  | **-** | **(924)** | **-** | **(924)** |
| **Deferred tax** |  |  |  |  |  |  |  |  |  |
| Current year |  |  |  |  |  |  |  |  |  |
| UK tax |  |  |  |  |  |  |  |  |  |
| Foreign tax | 552 |  | 552 | (1603) |  | (1603) | 365 | 19 | 384 |
| **Total deferred tax** | **552** |  | **552** | **(1603)** |  | **(1603)** | **365** | **19** | **384** |
| **Total income tax** | **691** |  | **691** | **(1603)** |  | **(1603)** | **(559)** | **19** | **(540)** |

---

The difference between the total tax charge and the amount calculated by applying the weighted average corporation tax rates applicable to each of the tax jurisdictions in which the Group operates to the profit before tax is shown below.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Loss before income tax before continuing operations** | (15131) | (44216) | (19506) |
| Group weighted average corporation tax rate | 23.1% | 18.36% | 26.60% |
| Tax at standard rate | 3489 | 8121 | 5189 |
| Effects of: |  |  |  |
| Expenses that are not deductible for tax purposes |  |  |  |
| Deferred tax assets not recognized on tax losses | (2798) | (9724) | (5748) |
| **Total income tax from continuing operation for the period recognized in the** |  |  |  |
| **Consolidated Statements of Comprehensive Loss** | **691** | **(1603)** | **(559)** |

---

**(b)** **Deferred tax** 

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Deferred tax assets | 4405 | 4099 | 5136 |
| Deferred tax liabilities | (2572) | (2873) | (2232) |
| **Net deferred tax asset** | **1833** | **1226** | **2904** |

---

[**Table of Contents**](#a_001)

The deferred tax assets are analyzed as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Deferred tax assets** | **Tax losses** | **Other timing differences** | **Total** |
| **June 30, 2022** | **4080** | **588** | **4668** |
| Credit to comprehensive income | 196 | 272 | 468 |
| **June 30, 2023** | **4276** | **860** | **5136** |
| Charged to comprehensive income | (177) | (860) | (1037) |
| **June 30, 2024** | **4099** | **-** | **4099** |
| Charged to comprehensive income | 306 |  | 306 |
| **June 30, 2025** | **4405** | **-** | **4405** |

---

The deferred tax liabilities are analyzed as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Deferred tax liabilities** | **Accelerated allowances** | **Other timing differences** | **Total** |
| **June 30, 2022** |  | **(1234)** | **(1234)** |
| Charged to comprehensive income |  | (998) | (998) |
| **June 30, 2023** |  | **(2232)** | **(2232)** |
| Charged to comprehensive income |  | (641) | (641) |
| **June 30, 2024** |  | **(2873)** | **(2873)** |
| Charged to comprehensive income |  | 301 | 301 |
| **June 30, 2025** |  | **(2572)** | **(2572)** |

---

Deferred tax has been recognized in the current period using the tax rates applicable to each of the tax jurisdictions in which the Group operates. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities.

**12. Property, plant and equipment**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(US dollars in thousands)** | **Computer Equipment** | **Motor Vehicles** | **Plant & Equipment** | **Fixtures & Fittings** | **Right-of-Use Assets** | **Total** |
| **Cost** |  |  |  |  |  |  |
| **At June 30, 2022** | **318** | **433** | **1440** | **247** | **3599** | **6037** |
| Reclassifications/corrections |  |  |  |  | (707) | (707) |
| Foreign exchange | (10) | (23) | (32) | (9) | (43) | (117) |
| Additions | 36 | 92 | 558 | 10 | 239 | 935 |
| Disposals | (37) | (39) | (250) | - | (54) | (380) |
| **At June 30, 2023** | **307** | **463** | **1716** | **248** | **3034** | **5768** |
| Reclass to assets held for sale<sup>1</sup> | (235) | (400) | (867) | (249) | (2049) | (3800) |
| Foreign exchange | 1 | 2 |  |  | (5) | (2) |
| Additions | 18 | 307 | 57 | 1 | 226 | 609 |
| Disposals | (3) | (63) | (495) |  | (1131) | (1692) |
| **At June 30, 2024** | **88** | **309** | **411** | **-** | **75** | **883** |
| Foreign Exchange |  | 4 | 37 |  | 7 | 48 |
| Additions | 41 | 867 | 77 |  | 238 | 1223 |
| Disposals | - | - | - | - | - | - |
| **At June 30, 2025** | **129** | **1180** | **525** | **-** | **320** | **2154** |

---

[**Table of Contents**](#a_001)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(US dollars in thousands)** | **Computer Equipment** | **Motor Vehicles** | **Plant & Equipment** | **Fixtures & Fittings** | **Right-of-Use Assets** | **Total** |
| **Depreciation** |  |  |  |  |  |  |
| **At June 30, 2022** | **238** | **211** | **717** | **29** | **1099** | **2294** |
| Reclassifications/corrections |  |  |  |  | (685) | (685) |
| Foreign exchange | (5) | (10) | (18) | (1) | (29) | (63) |
| Charge for the year | 48 | 90 | 179 | 22 | 411 | 750 |
| Disposals | (26) | (28) | (171) | 0 | (45) | (270) |
| **At June 30, 2023** | **255** | **263** | **707** | **50** | **751** | **2026** |
| Reclass to assets held for sale<sup>1</sup> | (201) | (287) | (543) | (71) | (616) | (1759) |
| Foreign exchange | (1) | (3) | (1) |  | (23) | (28) |
| Charge for the year | 31 | 87 | 136 | 21 | 474 | 749 |
| Disposals | (4) | (40) | (30) | - | (470) | (544) |
| **At June 30, 2024** | **80** | **20** | **269** | **-** | **75** | **444** |
| Foreign Exchange |  | 1 | 29 |  | 7 | 37 |
| Charge for the year | 9 | 41 | 59 |  | 48 | 157 |
| Impairment |  | 14 | 42 |  |  | 56 |
| **At June 30, 2025** | **89** | **76** | **399** | **-** | **130** | **694** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net book value** | **Computer Equipment** | **Motor vehicles** | **Plant & Equipment** | **Fixtures & Fittings** | **Right-of-Use Assets** | **Total** |
| At June 30, 2023 | 52 | 200 | 1009 | 198 | 2283 | 3742 |
| At June 30, 2024 | 8 | 289 | 142 |  |  | 439 |
| At June 30, 2025 | 40 | 1104 | 126 |  | 190 | 1460 |

---

1. Reclassification
 to Held for Sale at June 30, 2024 on account of the sale of Kenshaw Electrical, refer to Note 20 Discontinued Operations

**13. Intangible assets**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Goodwill | 1788 | 1635 | 17697 |
| Other intangible assets | 14906 | 13600 | 24478 |
| **Total** | **16694** | **15235** | **42175** |

---

**a)** **Goodwill** 

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| As at July 1 | 1635 | 17697 | 18269 |
| Reclassification to held for sale assets |  |  |  |
| Impairment losses |  | (16124) |  |
| Foreign exchange | 153 | 62 | (572) |
| **Carrying value** | **1788** | **1635** | **17697** |

---

[**Table of Contents**](#a_001)

**b)**

The carrying amounts of goodwill by Cash Generating Unit ("CGU") are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Aevitas O Holdings Limited (allocated to the Critical Power Services segment) |  |  | 6946 |
| VivoPower Pty Ltd (allocated to the Solar Development segment) |  |  | 9091 |
| Tembo (allocated to the Electric Vehicle segment) | 1788 | 1635 | 1660 |
| **Total** | **1788** | **1635** | **17697** |

---

The Group conducts impairment tests on the carrying value of goodwill and intangibles annually, or more frequently if there are any indications that goodwill might be impaired. The recoverable amount of the Cash Generating Unit ("CGU") to which goodwill has been allocated is determined from value in use calculations. The key assumptions in the calculations are the discount rates applied, expected operating margin levels and long-term growth rates. Management estimates discount rates that reflect the current market assessments while margins and growth rates are based upon approved budgets and related projections.

The Group prepares cash flow forecasts using the approved budgets for the coming fiscal year and management projections for the following two years. Cash flows are also projected for subsequent years as management believe that the investment is held for the long term. These budgets and projections reflect management's view of the expected market conditions and the position of the CGU's products and services within those markets.

Following the sale of Kenshaw Electric on July 2, 2024, the CGU represented by Aevitas (being Critical Power Services) was written off as no longer being capable of being recovered from ongoing operations.

With the sale of Kenshaw and the writing off of all goodwill and intangibles, it was then required to affect a similar write-off of the goodwill and intangibles held by VIWR AU Pty Ltd (VIWR AU) as also no longer capable of being recovered. On July 5, 2024 following a detailed internal review of VIWR AU it was decided to place it into Voluntary Administration, hence requiring the final write off of all VIWR AU's goodwill and intangibles held in other subsidiaries.

The intangibles represented by Tembo e-LV and its subsidiaries was assessed to have a value in excess of its carrying value. Key assumptions used in the assessment of impairment were a discount rate based on the weighted average cost of capital of 12.1% (June 30, 2024: 13.7%, June 30, 2022: 12%) and an EBITDA compound average annual growth rate (CAGR) of 115% over the next 5 years. We have conducted a discounted cashflow for the impairment testing model; we have not included the terminal value in our analysis. Growth rates reflect the commencement of sales of the Tembo Tusker, electric Jeepneys, and conversion kits over the five-year period. This is underpinned by customer demand pursuant to sales agreements, including over 15,000 units of conversion kits, with major international distribution partners such as Bodiz Automotive LLC (Mongolia), GHH Mining Machines (now owned by Komatsu), Fourche Maline Energy Ltd (Ghana), Associated Vehicle Assemblers (AVA Kenya), Green Watt (KSA), Al Taif (UAE) Ulti Mech (Australia), and Sarao Motors (Philippines).

We conducted a sensitivity analysis to evaluate the impact of changes in key assumptions on the impairment testing for Tembo. As part of this, a sensitivity table was prepared using discount rates (WACC) of up to 20%. The results demonstrated that, under these adjusted assumptions, no impairment would be required. The analysis further indicated that impairment would only arise if the WACC were to exceed 60%.

In reviewing past performance and lack of Revenues we have analyzed the following;

● Supply Chain issues relating to limited cash flows to procure components

● Staffing issues relating to the changing nature of our R&D activities

● Moving from Design to Test and potential rework

● Customer appetite to place orders and commit

● Customer acceptance of our revised Terms of Trade

● Now aligned with what other EV Conversion Kits suppliers are requiring

● Supplier's capability to deliver the volumes we believe we can sell

● Tembo's ability to train and support the early adopters of our kits

The cash-generating unit (CGU) represented by the Caret solar projects (TX75 and TX341) was assessed to be impaired in FY25, resulting in the recognition of an impairment charge.

[**Table of Contents**](#a_001)

**(b)** **Other intangible assets** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(US dollars in thousands)** | **Customer Relationships** | **Trade Names** | **Favorable Supply Contracts** | **Solar Projects** | **Product Development** | **Other Intangible Assets** | **Total Intangible Assets** |
| **Cost** |  |  |  |  |  |  |  |
| **At June 30, 2022** | **2552** | **1363** | **4108** | **12622** | **3805** | **175** | **24625** |
| Foreign exchange | 4 | (25) | (157) |  | 302 | (1) | 123 |
| Additions |  |  |  | 103 | 3725 | 29 | 3857 |
| Disposals | - | - | - | - | - | (47) | (47) |
| **At June 30, 2023** | **2556** | **1338** | **3951** | **12725** | **7832** | **156** | **28558** |
| Foreign exchange | (9) | 1 | 25 |  | (112) |  | (95) |
| Additions | - | - | - | 13 | 3966 | - | 3979 |
| **At June 30, 2024** | **2547** | **1339** | **3976** | **12738** | **11686** | **156** | **32442** |
| Foreign exchange | 125 | 34 |  |  | 1078 |  | 1237 |
| Additions |  |  |  |  | 2249 |  | 2249 |
| **At June 30, 2025** | **2672** | **1373** | **3976** | **12738** | **15013** | **156** | **35928** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Amortization and Impairment** | **Customer Relationships** | **Trade Names** | **Favorable Supply Contracts** | **Solar Projects** | **Product Development** | **Other** | **Total** |
| **At June 30, 2022** | **1123** | **495** | **1527** | **-** | **16** | **156** | **3317** |
| Foreign exchange | (1) | (8) | (61) |  | 2 |  | (68) |
| Amortization | 385 | 137 | 266 |  | 43 |  | 831 |
| Disposals | - | - | - | - | - | - | - |
| **At June 30, 2023** | **1507** | **624** | **1732** | **-** | **61** | **156** | **4080** |
| Foreign exchange | (6) | (1) | 19 |  | (3) |  | 9 |
| Amortization | 390 | 138 | 261 |  | 34 |  | 823 |
| Impairment | 290 | 488 | 1964 | 11188 | - | - | 13930 |
| **At June 30, 2024** | **2181** | **1249** | **3976** | **11188** | **92** | **156** | **18842** |
| Foreign exchange | 112 | 30 |  |  | 128 |  | 270 |
| Amortization | 273 | 74 |  |  | 13 |  | 360 |
| Impairment | - | - | - | 1550 | - | - | 1550 |
| **At June 30, 2025** | **2566** | **1353** | **3976** | **12738** | **233** | **156** | **21022** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Net book value** | **Customer Relationships** | **Trade Names** | **Favorable Supply Contracts** | **Solar Projects** | **Product Development** | **Other** | **Total** |
| At June 30, 2023 | 1049 | 714 | 2219 | 12725 | 7771 | – | 24478 |
| At June 30, 2024 | 366 | 90 |  | 1550 | 11594 | – | 13600 |
| **At June 30, 2025** | 106 | 20 |  |  | 14780 | – | 14906 |

---

Customer relationships and trade names have an average remaining period of amortization of 3 years and 3 years respectively. Solar projects were fully impaired. Electric vehicle product development costs are incomplete and not generating revenue and therefore are not amortized in FY23-25.

Additions for the year ended June 30, 2025 comprise of $2.2 million electric vehicle product development costs in Tembo (June 30, 2024: $4.0 million; June 30, 2023: $3.7 million).

[**Table of Contents**](#a_001)

**14. Investment in subsidiaries**

The principal operating undertakings in which the Group's interest at June 30, 2025 is 20% or more are as follows:

---

| | | |
|:---|:---|:---|
| **Subsidiary Undertakings** | **Percentage of<br> shares held** | **Registered address** |
| VivoPower International Services Limited | 100% | 28 Esplanade, St Helier, Jersey, JE2 3QA |
| VivoPower USA, LLC | 100% |  |
| VivoPower US-NC-31, LLC | 100% |  |
| VivoPower US-NC-47, LLC | 100% | 251 Little Falls Drive, Wilmington, DE, |
| VivoPower (USA) Development, LLC | 100% | USA 19808 |
| Caret, LLC (formerly Innovative Solar Ventures I, LLC) | 100% |  |
| Caret Decimal, LLC | 100% |  |
| VIWR AU Pty Ltd (formerly VivoPower Pty Ltd) | 100% |  |
| Aevitas O Holdings Pty Ltd | 100% |  |
| Aevitas Group Limited | 100% |  |
| Aevitas Holdings Pty Ltd | 100% |  |
| Electrical Engineering Group Pty Limited | 100% |  |
| Kenshaw Solar Pty Ltd (formerly J.A. Martin Electrical Pty Limited) | 100% | Level 11, 110 Mary Street, Brisbane City, QLD, 4000 Australia |
| KESW EL Pty Ltd (formerly Kenshaw Electrical Pty Limited) | 100% |  |
| Tembo Technologies Pty Ltd (formerly Tembo EV Australia Pty Ltd) | 100% |  |
| Tembo EV Pty Ltd | 100% |  |
| TemboDrive Pty Ltd | 100% |  |
| VivoPower Philippines Inc. | 64% | Unit 10A, Net Lima Building, 5th Avenue cor. 26th Street, |
| VivoPower RE Solutions Inc. | 64% | E-Square Zone, Crescent Park West, Bonifacio Global City, |
| V.V.P. Holdings Inc.\* | 40% | Taguig, Metro Manila |
| Tembo e-LV B.V. | 100% |  |
| Tembo 4x4 e-LV B.V. | 100% | De Donge 5, 5684 PX Best, the Netherlands |
| FD 4x4 Centre B.V. | 100% |  |
| Tembo Group B.V (Formerly Tembo EUV Solutions B.V) | 100% |  |
| Tembo EUV Solutions FZCO | 100% | DSO-IFZA, IFZA Properties, Dubai Silicon Oasis, Dubai, United Arab Emirates |
| Tembo EUV Investment Corporation Ltd | 100% | WB Corporate Services (Cayman) Ltd., of P.O. Box 2775, 71 Fort Street, 3rd Floor, Grand Cayman, KY1-1111, Cayman Islands |

---

\* V.V.P. Holdings Inc. is controlled by VivoPower Pty Ltd, notwithstanding only owning 40% of the ordinary share capital.

**15. Cash and cash equivalents**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Cash at bank and in hand |  | 60 |  | 199 |  | 553 |

---

The credit ratings of the counterparties with which cash was held are detailed in the table below.

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| A+ | 45 | 11 | (8) |
| A |  |  |  |
| A- |  |  | 2 |
| AA- | 15 | 188 | 559 |
| **Total** | **60** | **199** | **553** |

---

[**Table of Contents**](#a_001)

**16. Restricted cash** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Bank guarantee security deposit |  | 191 |  | 292 |  | 608 |

---

At June 30, 2025, there is a total of $0.2 million (June 30, 2024, $0.3 million; June 30, 2023, $0.6 million) of cash which is subject to restriction as security for bank guarantees provided to customers in support of performance obligations under power services contracts.

**17. Trade and other receivables**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Current receivables** |  |  |  |
| Trade receivables |  |  | 1649 |
| Contract assets | 221 | 254 | 893 |
| Other current assets | 82 | 67 | 66 |
| Prepayments | 2205 | 79 | 277 |
| Other receivables | 70654 | 9644 | 4027 |
| Current tax receivable | - | - | 175 |
| **Total** | **73162** | **10044** | **7087** |

---

Other receivables at June 30, 2025 include receivables from investors amounting to $60.5 million pursuant to Regulation S subscription agreement, and receivables from investors amounting to $10 million, representing their subscription investment in Tembo, of which $8.7 million had not yet been paid.

Other receivables as of June 30, 2024, include receivables from investors amounting to $10 million, representing their subscription investment in Tembo, of which $8.7 million had not yet been paid. The corresponding shares related to this have not yet been issued and as such classified in "Shares to be issued" under Trade and other payables in the Consolidated Statement of Financial Position. Other receivables also include a receivable from our transfer agent, Chardan Capital Markets for ATM issuance proceeds which were only credited to the Group's account on July 1, 2024.

In accordance with IFRS 15, contract assets are presented as a separate line item. The Company has not recognized any loss allowance for contract assets.

Analysis of trade receivables:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Trade receivables |  |  | 1649 |
| Less: credit note provision |  |  | - |
| **Total** |  |  | **1649** |

---

The maximum exposure to credit risk for trade receivables by geographic region was:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| **(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Australia |  |  | 1451 |
| Netherlands |  |  | 198 |
| **Total** |  |  | **1649** |

---

The aging of the trade receivables, net of is:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| 0-90 days |  |  | 1410 |
| Greater than 90 days |  |  | 239 |
| **Total** |  |  | **1649** |

---

[**Table of Contents**](#a_001)

**18. Inventory**

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Raw materials | 1151 | 1646 | 2115 |
| **Total** | **1151** | **1646** | **2115** |

---

**19. Assets classified as held for sale**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** |<br>**% Owned** | **2025** | **2024** | **2023** |
| KESW EL Pty Ltd (formerly Kenshaw Electrical Pty Ltd) |  |  | 5479 |  |
| **Total** |  |  | **5479** |  |

---

The ex-power and critical supply operations of Kenshaw Electrical Pty Ltd were sold on July 2, 2024. As disclosed in note 20, the assets and liabilities of the disposed operation met the definition of discontinued operation under IFRS 5 at June 30, 2024. Accordingly, assets and liabilities of the discontinued operation were reclassified to assets and liabilities held for sale as at June 30, 2024. As detailed in note 20, assets held for sale of $5.5 million as at June 30, 2024 comprised goodwill of $0.2 million, inventories of $0.7 million, property, plant and equipment of $2.1 million and trade and other receivables of $2.4 million.

**20. Discontinued operations**

On July 2, 2024, Kenshaw Electrical Pty Ltd was sold for a consideration of $0.8 million (AU$1.2 million).

Financial information relating to the discontinued operation for the period to the date of disposal is set out below:

**Financial performance and cash flow information**

The financial performance and cash flow information presented are for the years ended June 30, 2025, 2024 and 2023:

Schedule of financial performance and cash flow information

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Revenues |  | 11909 | 11005 |
| Cost of sales |  | (10268) | (9178) |
| Expenses | 1648 | (2522) | (6136) |
| Loss before income tax | 1648 | (881) | (4309) |
| Income tax expense | - | - | 19 |
| **Gain/(loss) from discontinued operations** | 1648 | (881) | (4290 |
| Net cash inflow/(outflow) from operating activities | 1648 | (881) | (4290) |
| Net cash inflow/(outflow) from investing activities |  |  |  |
| Net cash inflow/(outflow) from financing activities |  | - | - |
| **Net increase in cash generated by subsidiary** | **1648** | **(881)** | **(4290)** |

---

[**Table of Contents**](#a_001)

**Assets and liabilities of disposal group as held for sale**

The following assets and liabilities were reclassified as held for sale in relation to the discontinued operations as at June 30, 2025, 2024 and 2023;:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Assets classified as held for sale | - |  |  |
| Trade and other receivables |  | 2366 |  |
| Inventories |  | 657 |  |
| Property, plant and equipment |  | 2040 |  |
| Goodwill |  | 210 |  |
| Intangible assets |  |  |  |
| Deferred tax assets |  | 206 |  |
| **Total assets of disposal group classified as held for sale** |  | **5479** |  |
| Liabilities directly associated with assets classified as held for sale |  |  |  |
| Trade and other payables |  | 2722 |  |
| Current debt |  | 1267 |  |
| Non-current debt |  | 77 |  |
| Lease liabilities - current |  | 263 |  |
| Lease liabilities - non-current |  | 1186 |  |
| **Total liabilities of disposal group classified as held for sale** |  | **5515** |  |
| **Net assets/(liabilities) identified as held for sale** |  | **(36)** |  |

---

---

| | | |
|:---|:---|:---|
| **Estimated gain on sale - Kenshaw Electrical Pty Ltd** | **USD** | **AUD** |
| Consideration received or receivable |  |  |
| Cash |  |  |
| &nbsp;&nbsp;&nbsp;Purchase price | 2613 | 4000 |
| &nbsp;&nbsp;&nbsp;Working capital adjustment | (1822) | (2789) |
| &nbsp;&nbsp;&nbsp;Cash | 791 | 1211 |
| &nbsp;&nbsp;&nbsp;Fair value of contingent consideration |  |  |
| Less costs to sell | - | - |
| Total disposal consideration | 791 | 1211 |
| Estimated carrying amount of net assets/(liabilities) sold | (36) | (54) |
| **Estimated gain on sale as at June 30, 2024** | **827** | **1265** |

---

Disposal consideration for the sale of Kenshaw Electrical Pty Ltd on July 2, 2024 comprised of cash purchase price, including completion working capital adjustments of $2.7 million (AU$4.0 million). Net book value of net liabilities sold was $0.03 million (AU$0.1 million), resulting in a gain on disposal of $0.8 million (AU$1.3 million).

Disposal consideration for the sale of Kenshaw Solar Pty Ltd on July 1, 2022, comprised cash purchase price, including completion working capital adjustments of $2.9 million (AU$4.3 million). Initial estimate of fair value of deferred contingent consideration of $4.5 million, as recorded in July 2022, payable 12 months after completion, applied a contracted 4.5x multiple to year 1 forecast EBITDA of AU$2.7 million, discounted at 10% to net present value, less purchase price paid. The final deferred consideration of $0.6 million (AU$0.9 million) was received in August 2023. Costs to sell comprise advisory fees of $0.4 million (AU$0.5 million). Net book value of net assets sold was $7.0 million (AU$10.1 million), resulting in a loss on disposal of $3.9 million (AU$5.4 million).

---

| | | |
|:---|:---|:---|
| **Reconciliation of adjusted loss on sale - Kenshaw Electrical** | **USD 000** | **AUD 000** |
| Gain on sale - as estimated at June 30, 2024 | 827 | 1265 |
| Cash consideration adjustment |  |  |
| Fair value of contingent consideration adjustment |  |  |
| Cost to sell adjustment | 821 | 1369 |
| Carrying amount of net assets sold adjustment | - | - |
| **Loss on sale reported in year ended June 30, 2024** | **1648** | **2634** |

---

---

| | | |
|:---|:---|:---|
| **Reconciliation of adjusted loss on sale – Kenshaw Solar Pty Ltd** | **USD 000** | **AUD 000** |
| Gain on sale - as estimated at June 30, 2022 | 34 | 50 |
| Cash consideration adjustment | 378 | 529 |
| Fair value of contingent consideration adjustment | (3965) | (5548) |
| Cost to sell adjustment | (18) | (25) |
| Carrying amount of net assets sold adjustment | (283) | (397) |
| **Loss on sale reported in year ended June 30, 2023** | **(3854)** | **(5391)** |

---

[**Table of Contents**](#a_001)

**21. Trade and other payables**

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended June 30** | **Year Ended June 30** | **Year Ended June 30** |
| **(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Current trade and other payables** |  |  |  |
| Trade payables | 10116 | 10973 | 7725 |
| Shares to be issued | 10000 | 10000 | 2500 |
| Accruals | 15675 | 13188 | 1321 |
| Related party payable |  |  |  |
| Payroll liabilities | 3369 | 3574 | 2077 |
| Sales tax payable |  |  | 116 |
| Deferred income | 11 | 10 | 318 |
| Other creditors | 635 | 184 | 540 |
| **Total current trade and other payables** | **39806** | **37929** | **14597** |
| **Non-current other payables** |  |  |  |
| Non-current accrued interest | 2150 |  | 6129 |
| Non-current accrued loan and other fees | 75 | - | 314 |
| **Total non-current other payables** | **2225** | **-** | **6443** |

---

In accordance with IFRS 15 – Revenue from Contracts with Customers, deferred income is presented as a separate line item. Deferred income relates to the Company's obligation to transfer goods or services to customers for which the Company has received consideration (or the amount is due) from customers. Deferred income is recorded as revenue when the Company fulfills its performance obligations under the contract.

Non-current accrued interest relates to interest on AWN related party loans. As of June 30, 2025, a portion of the interest are classified under noncurrent assets as they are due beyond 1 year. All falling due within the next year are then classified as current in "Accruals" line item under Current trade and other payables.

**22. Provisions**

Schedule of provisions

---

| | | | |
|:---|:---|:---|:---|
| | **As at June 30** | **As at June 30** | **As at June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Current provisions** |  |  |  |
| Employee entitlements | 43 | 11 | 502 |
| Fiscal | 2193 | 2038 | 1174 |
| Litigation | 811 | 181 |  |
| Warranty |  |  | 102 |
| **Total current provisions** | **3047** | **2230** | **1778** |
| **Non-current provisions** |  |  |  |
| Employee entitlements | 17 | 13 | 76 |
| Litigation | - | 44 | - |
| **Total non-current provisions** | **17** | **57** | **76** |
| **Total provisions** | **3064** | **2287** | **1855** |

---

[**Table of Contents**](#a_001)

In the year ended June 30, 2025, the Company has setup a provision relating to the ongoing dispute with a prior client, Accès Industriel in Canada for the settlement of $596,000 which they initially paid as part of the sales contracts for Tembo EUV conversions. Additionally, during the year, provisions were also made on disputes with Salesforce, Workato and ComplianceQuest amounting to $115,000, $40,000 and $60,000, respectively. On the other hand, a litigation provision of $0.2 million was made in the accounts in FY24 as settlement of the lawsuit with the Estate of the Late W.Q. Richards over Caret leases TX144 and TX145. This suit was subsequently settled and utilized in FY25.

In the year ended June 30, 2025, the Company also incurred non-recurring costs of $0.2 million (June 30, 2024: $0.9 million; June 30, 2023: $1.2 million) relating to the provision for VAT liability that is assessed by HMRC.

In our FY23 accounts, a provision of $1 million was made for the potential failure to convince HMRC that the VAT claims made by VivoPower International PLC (PLC) were correct and should be refunded to the company. During FY24, HMRC cancelled the VAT Registration for PLC on the basis that the claim had no merit. Post year-end, PLC has lodged a formal appeal with HMRC and is currently considering further options, which may include seeking a Tribunal hearing if necessary.

Also, in FY24 HMRC cancelled the VAT registration of VivoPower International Services Ltd (VISL) due to outstanding payments. Post year end VISL has lodged a formal appeal with HMRC. Should this appeal fail we then plan to insist on a Tribunal hearing.

Additionally, post-year end both PLC and VISL have engaged a UK based legal firm specializing in solving VAT issues with HMRC.

Warranty provisions in Australia relate to the servicing of generators and is based on a percentage of revenue generated. For FY24, this provision is no longer required as the acquirer of Kenshaw has taken responsibility for this.

Employee entitlements during the year include provisions for annual leave.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(US dollars in thousands)** | **Employee Entitlements** | **Remediation** | **Fiscal** | **Litigation** | **Warranty** | **Total** |
| **At June 30, 2023** | **578** |  | **1174** | **-** | **102** | **1854** |
| Foreign exchange | 4 |  |  |  | 1 | 5 |
| Additional provisions | 63 |  | 864 | 225 |  | 1152 |
| Disposals and transfers to assets held for sale | (621) |  | - | - | (103) | (724) |
| **At June 30, 2024** | **24** |  | **2038** | **225** | **-** | **2287** |
| Foreign exchange | (1) |  |  |  |  | **(1)** |
| Additional provisions | 37 |  | 155 | 811 |  | **1003** |
| Provisions utilized | - |  | - | (225) | - | **(225)** |
| **At June 30, 2025** | **60** |  | **2193** | **811**  | **-** | **3064** |

---

[**Table of Contents**](#a_001)

**23. Loans and borrowings**

---

| | | | |
|:---|:---|:---|:---|
| | **As at June 30** | **As at June 30** | **As at June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Current liabilities** |  |  |  |
| Debtor invoice financing | 67 | 67 | 1329 |
| Lease liabilities | 55 |  | 462 |
| Shareholder loans | 12127 | 8104 | 497 |
| Chattel mortgage |  |  | 89 |
| Bank loan | - | - | 7 |
| **Total** | **12249** | **8171** | **2384** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 140 |  | 1843 |
| Shareholder loan | 16800 | 20915 | 28111 |
| Chattel mortgage | - | - | 50 |
| **Total** | **16940** | **20915** | **30004** |
| **Total** | **29189** | **29086** | **32388** |

---

*Debtor invoice financing*

In FY23, a new facility with a limit of AU$2.5 million was established by Kenshaw. As of June 30, 2024, this facility amounting to AU$1.8 million is reclassified to "Assets held for sale" as a result of Kenshaw Electrical Pty Ltd sale.

*Shareholder loans*

On June 30, 2021, the Company agreed a refinancing of its existing $21.1 million shareholder loan with AWN, with repayment of principal from January 1, 2023 in sixty monthly instalments of $0.35 million to loan maturity on December 31, 2027. The interest rate and line fee was agreed at 8% and 0.8% respectively, but no interest or line fee settlements were required until after a corporate liquidity event had occurred. In addition, the Company agreed to a refinancing fee of $0.34 million in two tranches on June 30, 2022 and December 31, 2022. Security granted to AWN comprised of the Specific Security Deed and the General Security.

On June 30, 2022 further amendments to the loan were agreed with AWN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to defer repayment of principal to commence on October 1, 2023, with repayments over 60 months to September 30, 2028,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to defer interest payments from October 1, 2021, becoming due and payable on the earlier of a) completion by VivoPower of a debt or equity raise of at least $25 million, and b) October 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to increase the interest rate and line fee to 10.00% and 2.00% per annum respectively during the period from October 1, 2021 to the earlier of a) September 30, 2023 or b) the date a minimum prepayment of $1,000,000 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the initial refinancing fee of $0.34 million is to be amended to accrue incrementally at 1.6% per annum from July 1, 2021 and become payable at the earlier of a) $1.0 million prepayment being made or b) October 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a new fixed facility extension fee of $0.355 million is payable in return for this amendment, to accrue immediately but becoming payable on October 1, 2023.

On January 11, 2023, further amendments to the loan were agreed with AWN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to defer repayment of principal to commence on April 1, 2025, with repayments over 60 months to March 31, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to defer interest payments from October 1, 2023, becoming due and payable on the earlier of; a) completion by VivoPower of a debt or equity raise of at least $25 million, and b) October 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to extend the increased interest rate and line fee of 10.00% and 2.00% per annum respectively commenced on October 1, 2021 to the earlier of a) March 31, 2025 or b) the date a minimum Prepayment of $1,000,000 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to extend the initial refinancing fee accruing incrementally at 1.6% per annum from July 1, 2021 and become payable at the earlier of a) $1.0 million prepayment being made or b) April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to defer the repayment date of the previous fixed facility extension fee of $0.355 million, becoming payable on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In addition to previously agreed refinancing fees, an additional $0.855 million fixed refinancing fee will accrue immediately and become payable on April 1, 2025.

On June 30, 2023, further amendments to the loan were agreed with AWN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to defer interest payments from October 1, 2024 to April 1, 2025, and to replace the conditional requirement to repay accrued interest upon completion by VivoPower of a debt or equity raise of at least $25 million, with the conditional requirement to make repayments of interest and/or principal to meet the mandatory repayment schedule described in sections (ii) and (iii) below following a qualifying liquidity event.

[**Table of Contents**](#a_001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon completion by VivoPower International PLC of a qualifying liquidity event of at least $5.0 million, Aevitas is required to make mandatory prepayment of principal and interest to AWN in accordance with the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) proceeds from $5 million to $7.5 million - pay 25% of amounts raised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) proceeds from $7.5 million to $12.5 million - pay $1.875 million plus 45% of amounts raised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) proceeds $12.5 million and above - pay $4.125 million plus 50% of amounts raised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the purposes of the mandatory prepayment requirement, a 'qualifying liquidity event' excludes direct investments into VivoPower's subsidiary, Tembo, and debt raised in respect of working capital finance facilities, but includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) equity or debt raise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) trade sale of underlying subsidiary or business unit (including, for example, Aevitas and Caret); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) loan repayment from Tembo to VivoPower..

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as consideration for the concessions agreed with AWN, VivoPower International PLC committed to issue AWN with 500,000 warrants, with a duration of 12 months, at an exercise price of $0.67 per share.

On June 30, 2024, VivoPower amended its shareholder loan financing agreement with AWN. The loan includes a facility limit of $34 million, of which a drawdown of $8.1 million principal is due to be repaid in the current period, and $20.9 million principal is non-current. The agreement consolidated all shareholder loans into a single tranche. AWN also received an option to acquire 1,150,000 Tembo shares, post-business combination with Cactus Acquisition Corp 1 Limited at $1.35 per share.

We also conducted an assessment in accordance with IFRS 9 to evaluate the novation of the loan. We concluded that there was no substantial modification in the net present value of the loan.

*Short-term loans*

In December 2021, a short term loan of $1.1 million (AU$1.5 million) was provided from AWN to Aevitas O Holdings Pty Limited at an interest rate of 10.0%, increasing to 12.5% from January 1, 2022. The loan is set to expire on April 1, 2025 (initially set as April 30, 2022, then extended on June 30, 2022, to October 1, 2023, then extended on January 11, 2023 to April 1, 2025). The requirement for the loan to expire upon completion by VivoPower International PLC of a debt or equity raise of at least $25 million was dropped on June 30, 2023. Facility extension fees of $29,000 (AU$40,000) and $43,500 (AU$60,000) are payable upon maturity, relating to the two extensions respectively.

On February 22, 2022, a short term $3.0 million loan was provided from AWN to Aevitas, with interest rate of 10.00% per annum payable on the principal sum upon maturity. The loan is set to expire on April 1, 2025 (initially set as May 13, 2022, then extended on June 30, 2022, to October 1, 2023, then extended on January 11, 2023 to April 1, 2025). The requirement for the loan to expire upon completion by VivoPower of a debt or equity raise of at least $25 million was dropped on June 30, 2023. Facility extension fees of $85,000 and $110,000 are payable upon maturity, relating to the two extensions respectively.

On December 22, 2022, a short term $3.0 million loan was provided from AWN to Aevitas, with interest rate of BBSY bid floating rate (on average 3.60% for the period from inception to June 30, 2023) plus fixed margin of 15.0% per annum payable on the principal sum upon maturity. A 1% establishment fee of $30,000 was deducted upon initial loan drawdown, and a further 3% exit fee of $90,000 is payable on expiry. The loan is set to expire on April 1, 2025 (initially set as October 1, 2023, then extended on January 11, 2023 to April 1, 2025). The requirement for the loan to expire upon completion by VivoPower of a debt or equity raise of at least $25 million was agreed on January 11, 2023, then dropped on June 30, 2023. A facility extension fee of $115,000 is payable upon maturity.

[**Table of Contents**](#a_001)

In February and March 2023, further short-term loans of AU$0.5 million and AU$0.25 million were established between AWN and VivoPower, drawn down between February and May 2023. On June 30, 2023, the expiry of the loans was amended to August 31, 2023.

On June 30, 2024, VivoPower amended its shareholder loan financing agreement with AWN. The loan includes a facility limit of $34 million, of which a drawdown of $8.1 million principal is due to be repaid in the current period, and $20.9 million principal is non-current. The agreement consolidated all shareholder loans into a single tranche. AWN also received an option to acquire 1,150,000 Tembo shares, post-business combination with Cactus Acquisition Corp 1 Limited at $1.35 per share.

*Lease liabilities*

Lease liabilities have increased during the year by $0.2 million due to a new office lease of Tembo. Depreciation expense on right-of-use assets and interest expense on associated lease liabilities for the year ended June 30, 2025 amounting to $0.04 million and $3.4 thousand respectively, are recognized in the Consolidated Statements of Comprehensive Loss. Total lease payments for the year ended June 30, 2025 amounted to $0.04 million (June 30, 2024: $0.2 million; June 30, 2023: $0.04 million).

The obligations under lease liabilities are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Minimum Lease Payments** | **Minimum Lease Payments** | **Minimum Lease Payments** | **Present Value of Minimum Lease Payments** | **Present Value of Minimum Lease Payments** | **Present Value of Minimum Lease Payments** |
| | **As at June 30** | **As at June 30** | **As at June 30** | **As at June 30** | **As at June 30** | **As at June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| *Amounts payable under lease liabilities:* |  |  |  |  |  |  |
| Less than one year | 57 |  | 576 | 55 |  | 462 |
| Later than one year but not more than five | 146 |  | 2223 | 140 |  | 1843 |
|  | 202 |  | 2799 | 195 |  | 2305 |
| Future finance charges | (8) |  | (494) | *-* |  | *-* |
| **Total lease obligations** | 195 |  | **2305** | **195** |  | **2305** |

---

**24. Called up share capital**

---

| | | | |
|:---|:---|:---|:---|
|  | **As at June 30** | **As at June 30** | **As at June 30** |
|  | **2025** | **2024** | **2023** |
| ***Allotted, called up and fully paid*** |  |  |  |
| Ordinary shares of $0.12 each | $2703797 | $533298 | $307815 |
| Number allotted | 12527212 | 4439733 | 25651140 |
| Ordinary shares of $0.12 each | $2703797 | $533298 | $307815 |

---

At the Company's last Annual General Meeting on December 28, 2023, the Directors were given new authority to allot shares up to an aggregate nominal amount of $3,600,000.

**Movements in Ordinary Shares:**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares No.** | **Par value USD 000** | **Share premium <br> USD 000** | **Total USD 000** |
| **At June 30, 2023** | **25651140** | **308** | **105018** | **105326** |
| Capital raises <sup>1</sup> | 1715191 | 206 | 2862 | 3068 |
| Employee share scheme issues | 282836 | 19 | 340 | 359 |
| Reverse stock split<sup>2</sup> | (23209434) |  |  |  |
| **At June 30, 2024** | **4439733** | **533** | **108220** | **108753** |
| Capital raises <sup>1</sup> | 5206395 | 1825 | 68463 | 70288 |
| Other share issuances<sup>3</sup> | 2881084 | 346 | 4572 | 4918 |
| Equity instruments - warrants<sup>4</sup> |  |  | 413 | 413 |
| **At June 30, 2025** | **12527212** | **2704** | **181668** | **184372** |

---

---

| | |
|:---|:---|
| 1 | During the year ended June 30, 2025, the company issued 1,046,395 million shares to capital market investors through At the Market issuances and registered direct offerings, raising $3.5 million in gross proceeds. In the same fiscal year, the company also issued 3,200,000 shares and 160,000 in September 2024 and June 2025, raising gross proceeds amounting to $3.5 million and $0.9 million, respectively pursuant to an F1 registration statement. Additionally, for the Regulation S equity raise, the company entered into private placement agreements with Abri Advisors Ltd for 530,000 shares with $0.9 million in gross proceeds: Timothy Wong for 270,000 shares with $0.5 million in gross proceeds.<br>During the year ended June 30, 2024, the company issued 1,715,191 million shares to capital market investors through At the Market issuances and registered direct offerings, raising $3.1 million in gross proceeds.<br>On July 29, 2022, the Company entered into a Securities Purchase Agreement to issue and sell, in a registered direct offering directly to an investor, (i) an aggregate of 2,300,000 Ordinary Shares (the "Shares"), nominal value $0.012 per share, at an offering price of $1.30 per share and (ii) an aggregate of 1,930,770 pre-funded warrants exercisable for Ordinary Shares at an offering price of $1.2999 per pre-funded warrant, for gross proceeds of approximately $5.5 million before deducting the placement agent fee and related offering expenses. The pre-funded warrants were sold to the Investor whose purchase of Ordinary Shares in the Registered Offering would otherwise result in the Investor, together with its affiliates and certain related parties, beneficially owning more than 4.99% of the Company's outstanding Ordinary Shares immediately following the consummation of the Registered Offering, in lieu of Ordinary Shares. Each pre-funded warrant represents the right to purchase one Ordinary Share at an exercise price of $0.0001 per share. The pre-funded warrants were exercised on November 22, 2022.<br>In a concurrent private placement, the Company agreed to issue to the investor, Series A Warrants exercisable for an aggregate of 4,230,770 Ordinary Shares, at an exercise price of $1.30 per share. Each Series A Warrant will be exercisable on February 2, 2023 and will expire on February 2, 2028. The Series A Warrants and the Ordinary Shares issuable upon the exercise of the Series A Warrants were offered pursuant to the exemption provided in Section 4(a)(2) under the Securities Act of 1933, as amended (the "Securities Act"), and Rule 506(b) promulgated thereunder.<br>Each share has the same right to receive dividends and repayment of capital and represent one vote at shareholders' meetings. Proceeds received in addition to the nominal value of the shares issued during the year have been included in share premium. The costs associated with the issuance of new shares are included within other reserves (see Note 27). Share premium has also been recorded in respect of the share capital related to employee share awards.<br>|
| 2 | On October 4, 2023, the Company announced a one-for-ten (1-10) reverse stock split and par value change of its Ordinary Shares which began trading on a post-split basis on October 6, 2023. The reverse stock split has been applied retrospectively to the prior years' share figures for the purpose of calculating EPS.<br>|
| 3 | During the year ended June 30, 2025, the Company made several share issuances to settle liabilities to (a) Arowana International UK Ltd for 166,084 shares; and in payment for consulting and advisory services (b) Alain Salem for 400,000 shares as payment for consulting fees; (c) Mustafa Ahmed for 1,050,000 shares for payment of crypto-currency digital services; (d) 21M Advisors for 500,000 shares; (e) Spencer Chen for 125,000 shares; (f) Suneet Wadha for 30,000 shares. |

---

4 During the current financial year, the Company issued the following warrants:

● Navinder Singh:

 The Company issued 44,000 cashless warrants to Navinder Singh at an issue price of $1.50 per share. These warrants were valued using the Black-Scholes model with a volatility assumption of 151 % and a risk-free interest rate of 4.05 %, resulting in a total fair value of $0.1 million.

● Suneet Wadha:

 The Company issued 250,000 warrants to Suneet Wadha at an issue price of $6.05 per share, of which one-third had vested as of June 30, 2025. The warrants were valued using the Black-Scholes model, incorporating a volatility of 198 % and a risk-free rate of 4.05 %, resulting in a fair value of vested warrants as at June 30, 2025 of $0.4 million.

[**Table of Contents**](#a_001)

**25. Other reserves**

Schedule of changes in other reserves

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **(US dollars in thousands)** | **Preference shares 1** | **Shares pending issue** | **Capital raising costs 2** | **Equity incentive costs 3** | **Share awards issuance 3** | **Foreign exchange** | **Total** |
| **At June 30, 2022** | **3270** |  | **(8950)** | **2874** | **(2850)** | **(328)** | **(5984)** |
| Interest on equity instruments | 198 |  |  |  |  |  | 198 |
| Equity instruments payments | (149) |  |  |  |  |  | (149) |
| Capital raising costs |  |  | (446) |  |  |  | (446) |
| Equity incentives cost less shares issued |  |  |  | 147 | (154) |  | (7) |
| Other movements |  |  | - | - | - | (104) | (104) |
| **At June 30, 2023** | **3319** |  | **(9396)** | **3021** | **(3004)** | **(432)** | **(6492)** |
| Interest on equity instruments | 150 |  |  |  |  |  | 150 |
| Capital raising costs |  |  | (207) |  |  |  | (207) |
| Equity incentives cost less shares issued |  |  |  | 333 | (92) |  | 241 |
| Other movements | - |  | - | - | - | 7 | 7 |
| **At June 30, 2024** | **3469** |  | **(9603)** | **3354** | **(3096)** | **(425)** | **(6301)** |
| Interest on equity instruments | 302 |  |  |  |  |  | 302 |
| Capital raising costs |  |  | (777) |  |  |  | (777) |
| Equity incentives cost less shares issued |  |  |  | 8 |  |  | 8 |
| Other movements |  |  |  | 315 |  | (66) | (249) |
| **At June 30, 2025** | **3771** |  | **(10380)** | **3677** | **(3096)** | **(491)** | **(6519)** |

---

---

| | |
|:---|:---|
| 1 | During the year, the Company accrued $0.3 million dividends on Aevitas preference shares (June 30, 2024: $0.2 million; June 30, 2023: $0.2 million). |

---

[**Table of Contents**](#a_001)

---

| | |
|:---|:---|
| 2 | The $0.8 million transaction costs incurred in the year ended June 30, 2025 (year ended June 30, 2024: $0.2 million; year ended June 30, 2023: $0.4 million) relate primarily to capital raises on Nasdaq and private placements with various investors. |

---

---

| | |
|:---|:---|
| 3 | During the year ended June 30, 2025, $0.3 million was expensed towards share incentive awards to employees, directors, and consultants of the Company under the 2017 Omnibus Incentive Plan (year ended June 30, 2024: $0.3 million; year ended June 30, 2023: $0.1 million). Amounts are expensed at the award grant price over the vesting period, adjusted for actual quantities upon vesting. Of the expenses recorded, none of the shares were delivered to participants (year ended June 30, 2024: $0.3 million; year ended June 30, 2023: $0.1 million). During the years ended June 30, 2025 and June 30, 2024, the following awards under the Incentive Plan have been granted, and have vested or been forfeit: |

---

---

| | | |
|:---|:---|:---|
|  | **Number of RSUs,<br> PSUs and BSAs<br> (thousands)** | **Weighted <br> average grant<br> date fair<br> value $000** |
| **Outstanding at June 30, 2023** | **657** | $**331** |
| Granted | 128 | 234 |
| Vested/Settled | (150) | (248) |
| Reverse stock split impact | (591) | (298) |
| Forfeit | (11) | (3) |
| **Outstanding at June 30, 2024** | **33** | **16** |
| Granted | 151 | 613 |
| Vested | (95) | (323) |
| Forfeit | - | - |
| **Outstanding at June 30, 2025** | **89** | $**306** |

---

In October 2023, the company implemented a 10-to-1 reverse stock split, which impacted the outstanding number of RSUs, PSUs, and BSAs. The reverse stock split proportionally reduced the number of outstanding awards, including their weighted average grant date fair value. As a result, employees holding these grants experienced a corresponding adjustment in the value of their awards to align with the revised share structure. This adjustment ensures that the economic value and equity proportion represented by the awards remains consistent post-split.

**26. Loss per share**

The loss and weighted average numbers of Ordinary Shares used in the calculation of loss per share are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **As at June 30** | **As at June 30** | **As at June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| Loss for the year / period attributable to equity owners | (12792) | (46700) | (24355) |
| Weighted average number of shares in issue ('000s) | 6655 | 3079 | 2467 |
| Basic loss per share (dollars) | (1.92) | (15.17) | (9.87) |
| Diluted loss per share (dollars) | (1.92) | (15.17) | (9.87) |

---

On October 4, 2023, the Company announced a one-for-ten (1-10) reverse stock split and par value change of its Ordinary Shares which began trading on a post-split basis on October 6, 2023. The reverse stock split has been applied retrospectively to the prior years' share figures for the purpose of calculating EPS.

**27. Pensions**

The Company's principal pension plan comprises the compulsory superannuation scheme in Australia, where the Company contributed 11.5% during the year, and for FY26, the Company is required to contribute 12.0%. A pension scheme is also in place for U.K. employees, where the Company contributes 7% (year ended June 30, 2024: 7%; year ended June 30, 2023: 7%). A pension scheme is also in place for Netherlands employees where the Company is required to contribute 10.3%. The pension charge for the year represents contributions payable by the Group which amounted to $0.04 million (year ended June 30, 2024: $0.1 million; year ended June 30, 2023: $0.4 million).

Schedule of pensions

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| | | | |
|:---|:---|:---|:---|
| | **As at June 30** | **As at June 30** | **As at June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| VivoPower International Services |  | 11 | 20 |
| KESW EL Pty Ltd |  | 95 | 294 |
| Tembo EV Pty Ltd | 20 |  |  |
| Tembo Technologies Pty Ltd | 14 |  |  |
| Kenshaw Solar Pty Ltd |  | 1 | 33 |
| VIWR AU Pty Ltd | 1 | 19 | 22 |
| **Total Pension recognized in P&L** | **35** | **126** | **369** |

---

[**Table of Contents**](#a_001)

**28. Financial instruments**

---

| | | | |
|:---|:---|:---|:---|
| | **As at June 30** | **As at June 30** | **As at June 30** |
| <br>**(US dollars in thousands)** | **2025** | **2024** | **2023** |
| **Financial assets at amortized cost** |  |  |  |
| Trade and other receivables | 70154 | 9644 | 5676 |
| Cash and cash equivalents | 60 | 199 | 553 |
| Restricted cash | 191 | 292 | 608 |
| **Total** | **70405** | **10135** | **6837** |
| **Financial liabilities at amortized cost** |  |  |  |
| Loans and borrowings | 29189 | 29086 | 32388 |
| Trade and other payables | 28651 | 24345 | 9586 |
| **Total** | **57840** | **53431** | **41974** |

---

The amounts disclosed in the above table for trade and other receivables and trade and other payables do not agree to the amount reported in the Company's Consolidated Statement of Financial Position as they exclude prepaid expenses, payroll liabilities and sales tax payable, current tax receivables and contract assets and liabilities which do not meet the definition of financial assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a) Financial risk management**

The Group's principal financial instruments are bank balances, cash and medium-term loans. The main purpose of these financial instruments is to manage the Group's funding and liquidity requirements. The Group also has other financial instruments such as trade receivables and trade payables which arise directly from its operations.

The Group is exposed through its operations to the following financial risks:

● Liquidity risk

● Credit risk

● Foreign currency risk

● Interest rate risk

The Board has overall responsibility for the establishment and oversight of the Group's risk management framework. Policy for managing risks is set by the Chief Executive Officer and is implemented by the Group's finance department. All risks are managed centrally with tight control of all financial matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b) Liquidity risk**

Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group considers that liquidity risk is effectively managed and mitigated. The Group held unrestricted cash resources of $0.1 million at June 30, 2025 (June 30, 2024: $0.2 million; June 30, 2023: $0.6 million). The ratio of current assets to current liabilities at June 30, 2025 is 1.35 (June 30, 2024: 0.33; June 30, 2023: 0.54).

The Group maintains near-term cash flow forecasts that enable it to identify its borrowing requirements so that remedial action can be taken if necessary.

As part of the going concern assessment (explained earlier), we also reviewed the net current assets position as of 30 June 2025, which amounted to $19.3 million. Additionally, our analysis indicates that the budgeted combined average monthly cash burn (not accounting for sales, deposits and other cash inflows) for VivoPower and Tembo over the next 12 months is approximately $413 thousand per month, or equivalent to approximately $5.0 million per annum.

With the upcoming cash requirements, the Company recently also embarked on a 'Sum of the Parts' exercise to identify undervalued assets and determine ways to monetize them separately. These efforts include, but are not limited to:

○ Spinning Tembo off independently via a SPAC, which has been valued at $838 million USD;

○ Energi Holding's acquisition of a 51 % stake in Tembo via a strategic PIPE investment, valuing the business at US $200 million enterprise value;

○ Bringing forward the spin-off of the Caret portfolio;

○ Further approaches to the market for the sale of VivoPower shares.

[**Table of Contents**](#a_001)

○ Working with potential investors, currently under NDA's, to invest in both Tembo and VivoPower directly to take advantage of our current stock price.

Contractual maturities of financial liabilities, including interest payments, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended June 30, 2025**<br>**(US dollars in thousands)** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-3 years** |<br>**3-5 years** | **More than**<br>**5 years** |
| **Contractual maturity of financial liabilities** |  |  |  |  |  |
| Trade and other payables (financial liabilities) | 28651 | 28651 |  |  |  |
| Borrowings | 28994 | 12194 | 16800 |  |  |
| Lease liabilities | 195 | 55 | 90 | 50 |  |
| **Total** | **57840** | **40900** | **16890** | **50** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended June 30, 2024**<br>**(US dollars in thousands)** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-3 years** |<br>**3-5 years** | **More than**<br>**5 years** |
| **Contractual maturity of financial liabilities** |  |  |  |  |  |
| Trade and other payables (financial liabilities) | 24345 | 24345 |  |  |  |
| Borrowings | 29086 | 8171 | 853 | 20062 |  |
| Lease liabilities | - | - | - | - |  |
| **Total** | **53431** | **32516** | **853** | **20062** |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Year Ended June 30, 2023**<br>**(US dollars in thousands)** |<br>**Total** | **Less than**<br>**1 year** |<br>**1-3 years** |<br>**3-5 years** | **More than**<br>**5 years** |
| **Contractual maturity of financial liabilities** |  |  |  |  |  |
| Trade and other payables (financial liabilities) | 9586 | 9586 |  |  |  |
| Borrowings | 30083 | 1922 | 12323 | 8447 | 7391 |
| Lease liabilities | 2305 | 462 | 1375 | 415 | 53 |
| **Total** | **41974** | **11970** | **13698** | **8862** | **7444** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c) Credit risk**

The primary risk arises from the Group's receivables from customers and contract assets. The majority of the Group's customers are long-standing and have been a customer of the Group for many years. Losses have occurred infrequently. The Group is mainly exposed to credit risks from credit sales, but the Group has no significant concentrations of credit risk and keeps the credit status of customers under review. Credit risks of customers of new customers are reviewed before entering into contracts. The debtor exposure is monitored by Group finance, and the local entities review and report their exposure on a monthly basis.

The Group does not consider the exposure to the above risks to be significant and has therefore not presented a sensitivity analysis on the identified risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) Foreign currency risk**

The Group operates internationally and is exposed to foreign exchange risk on sales and purchases that are denominated in currencies other than the respective functional currencies of the Group entities to which they relate, primarily between USD, AUD, EUR and GBP.

The Group's investments in overseas subsidiaries are not hedged as those currency positions are either USD denominated and/or considered to be long-term in nature.

The Group is exposed to foreign exchange risk on the following balances at June 30, 2025:

● Cash and cash equivalents $0.01 million denominated in AUD.

● Restricted cash $0.2 million denominated in AUD.

● Trade and other receivables $4.3 million denominated in GBP, $0.4 million in AUD and $1.2 million in EUR.

● Trade and other payables $4.5 million denominated in GBP, $4.1 million in AUD and $2.3 million in EUR.

Of the total shareholder loan of $28.9 million, $27.0 million is denominated in USD and $1.9 million is denominated in AUD.

[**Table of Contents**](#a_001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e) Interest rate risk**

As a result of the related party loan agreement the Group is exposed to interest rate volatility. However, the interest rate is fixed for the medium term, therefore, the risk is largely mitigated for the near future. The Group will continue to monitor the movements in the wider global economy.

**29. Related party transactions**

Arowana Group Holdings Pty Ltd (AWN) is no longer the ultimate controlling party of VivoPower however it does retain significant influence. As at June 30, 2025, AWN holds a 7.1% equity interest in the Company. The Board of Directors of VivoPower operates at arms-length from that of AWN. To the extent there are matters between the two companies of a confidential or commercial nature Mr. Chin recuses himself from these matters. AWN does not participate in the day to day operations of VivoPower.

Kevin Chin, Chairman and Chief Executive Officer of VivoPower, is also Chief Executive Officer of AWN. During the period, a number of services were provided to the Company from AWN and its subsidiaries; the extent of the transactions between the two groups is listed below. Mr. Chin recused himself from these activities to ensure there was no conflict of interest.

On January 11, 2023, amendments to the related party loan were agreed with AWN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to defer repayment of principal to commence on April 1, 2025, with repayments over 60 months to March 31, 2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to defer interest payments from October 1, 2023, becoming due and payable on the earlier of a) completion by VivoPower of a debt or equity raise of at least $25 million, and b) October 1, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to extend the increased interest rate and line fee of 10.00% and 2.00% per annum respectively commenced on October 1, 2021 to the earlier of a) March 31, 2025 or b) the date a minimum Prepayment of $1,000,000 is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to extend the initial refinancing fee accruing incrementally at 1.6% per annum from July 1, 2021 and become payable at the earlier of a) $1.0 million prepayment being made or b) April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to defer the repayment date of the previous fixed facility extension fee of $0.355 million, becoming payable on April 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) In addition to previously agreed refinancing fees, an additional $0.855 million fixed refinancing fee will accrue immediately and become payable on April 1, 2025.

On June 30, 2023, further amendments to the loan were agreed with AWN:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to defer interest payments from October 1, 2024 to April 1, 2025, and to replace the conditional requirement to repay accrued interest upon completion by VivoPower of a debt or equity raise of at least $25 million, with the conditional requirement to make repayments of interest and/or principal to meet the mandatory repayment schedule described in sections (ii) and (iii) below following a qualifying liquidity event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon completion by VivoPower International PLC of a qualifying liquidity event of at least $5.0 million, Aevitas is required to make mandatory prepayment of principal and interest to AWN Holdings in accordance with the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) proceeds from $5 million to $7.5 million - pay 25% of amounts raised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) proceeds from $7.5 million to $12.5 million - pay $1.875 million plus 45% of amounts raised;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) proceeds $12.5 million and above - pay $4.125 million plus 25% of amounts raised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) for the purposes of the mandatory prepayment requirement, a 'qualifying liquidity event' excludes direct investments into VivoPower's subsidiary, Tembo, and debt raised in respect of working capital finance facilities, but includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) equity or debt raise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) trade sale of underlying subsidiary or business unit (including, for example, Aevitas and Caret); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) loan repayment from Tembo to VivoPower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as consideration for the concessions agreed with AWN, VivoPower International PLC committed to issue AWN with 500,000 warrants, with a duration of 12 months, at an exercise price of $0.67 per share.

On June 30, 2024, VivoPower amended its shareholder loan financing agreement with AWN. The loan includes a facility limit of $34 million, of which a drawdown of $8.1 million principal is due to be repaid in the current period, and $20.9 million principal is non-current. In addition, there is $12 million in interest and fees on the AWN loan due to be repaid in the current period. The agreement consolidated all shareholder loans into a single tranche. AWN also received an option to acquire 1,150,000 Tembo shares, post-business combination with Cactus Acquisition Corp 1 Limited at $1.35 per share. Post balance date, AWN agreed to a 9 month grace period for the repayment of $11 million accrued interest, and a deferral of $8.9 million of principal for repayment from April 1, 2025 to January 1, 2026. This renders all but $1 million of interest non-current in nature, and all of the loan principal non-current.

[**Table of Contents**](#a_001)

In December 2021, a short-term loan of $1.1 million (AU$1.5 million) was provided from AWN to Aevitas O Holdings Pty Limited at an interest rate of 10.0%, increasing to 12.5% from January 1, 2022. The loan is set to expire on April 1, 2025 (initially set as April 30, 2022, then extended to the earlier of October 1, 2023, then extended on January 11, 2023 to April 1, 2025). The requirement for the loan to expire upon completion by VivoPower International PLC of a debt or equity raise of at least S$25 million was dropped on June 30, 2023. Facility extension fees of AU$29,000 (AU$40,000) and $43,500 (AU$60,000) are payable upon maturity, relating to the two extensions respectively.

On February 22, 2022, a short-term $3.0 million loan was provided from AWN to Aevitas, with an interest rate of 10.00% per annum payable on the principal sum upon maturity. The loan is set to expire on April 1, 2025 (initially set as May 13, 2022, then extended to the earlier of October 1, 2023, then extended on January 11, 2023 to April 1, 2025). The requirement for the loan to expire upon completion by VivoPower International PLC of a debt or equity raise of at least S$25 million was dropped on June 30, 2023. Facility extension fees of $85,000 and $110,000 are payable upon maturity, relating to the two extensions respectively.

On December 22, 2022, a short-term $3.0 million loan was provided from AWN to Aevitas, with an interest rate of BBSY bid floating rate (on average 3.60% for the period from inception to June 30, 2023) plus fixed margin of 15.0% per annum payable on the principal sum upon maturity. A 1% establishment fee of $30,000 was deducted upon initial loan drawdown, and a further 3% exit fee of $90,000 is payable on expiry. The loan is set to expire on April 1, 2025 (initially set as October 1, 2023, then extended on January 11, 2023 to April 1, 2025). The requirement for the loan to expire upon completion by VivoPower International PLC of a debt or equity raise of at least S$25 million was agreed on January 11, 2023, then dropped on June 30, 2023. A facility extension fee of $115,000 is payable upon maturity.

In February and March 2023, further short-term loans of AU$0.5 million and AU$0.25 million were established between AWN and VivoPower, drawn down between February and May 2023. On June 30, 2023, the expiry or the loans was amended to August 31, 2023.

On June 30, 2024, VivoPower amended its shareholder loan financing agreement with AWN. The loan includes a facility limit of $34 million, of which a drawdown of $8.1 million principal is due to be repaid in the current period, and $20.9 million principal is non-current. In addition, there is $12 million in interest and fees on the AWN loan due to be repaid in the current period. The agreement consolidated all shareholder loans into a single tranche.

Mr. Hui is paid fees of $50,000 per annum during the year. Mr. Hui elected to receive 100% of his fees in cash. $50,000 remaining accrued and payable as at June 30, 2024. Mr. Hui also receives equity-based remuneration in relation to his involvement in management of Critical Power Services segment, and the hyper-turnaround and hyperscaling program. Of the 17,500 ($13,125) annual retention RSUs granted on April 1, 2020, vesting annually from June 2021 to June 2026, 350 RSUs ($263) vested in the current year. Of the 5,250 ($39,375) performance RSUs vesting quarterly from September 2020 to June 2023, dependent on meeting quarterly performance goals, 631 RSUs ($4,736) vested in 2023. A further 20,000 annual retention RSUs ($5,200) were granted to Mr. Hui on January 11, 2023, vesting annually from December 2023 to December 2025.

From time to time, costs incurred by AWN on behalf of VivoPower are recharged to the Company. During the year ended June 30, 2025, $0.2 million was recharged to the Company (year ended June 30, 2024: $0.6 million; year ended June 30, 2023: $1.1 million). At June 30, 2025, the Company has a payable to AWN in respect of recharges of $0.2 million (June 30, 2024: $0.9 million, June 30, 2023: $1.4 million).

Aevitas is indebted to The Panaga Group Trust, of which Mr. Kevin Chin is a beneficiary and one of the directors of the corporate trustee of such trust, with 4,697 Aevitas Preference Shares, of face value AU$46,970. The Panaga Group Trust earned AU$3,302 ($2,188) dividends on the Aevitas Preference Shares during the year ended June 30, 2023.

Chairman's fees for Kevin Chin in the amount of £68,000 ($87,953) were charged to the Company by Arowana Global Impact Ltd ("AGI") in the current year. A further $0.4 million (as of June 30, 2024: $0.4 million) incurred by AGI on behalf of the Company were recharged to the Company in the year. At June 30, 2025, the Company had an account payable of $0.9 million (as of June 30, 2024: $0.7 million) respect of these services. Mr. Chin is a shareholder and director of Arowana Partners Group Pty Ltd during the year ended June 30, 2025.

[**Table of Contents**](#a_001)

As CEO, Mr. Chin is paid £325,000 base fees, £38,000 annual professional development allowance. A further $0.5 million incurred by Arowana International UK Limited were recharged to the Company in the year. Of the base salary in FY23, 4 months were paid in cash, whilst for 8 months, Mr. Chin agreed to receive payment in the form of 541,666 cashless warrants in VivoPower shares, exercisable in the period June 3, 2024 to June 3, 2029 at an exercise price of $0.60. Shares issued following exercising of warrants will remain restricted for 12 months. Mr. Chin has allocated these warrants to a benevolent cause, the ASEAN Foundation. At June 30, 2025, the Company had an account payable of $1.3 million in respect of these services and recharges.

Mr. Chin receives equity-based remuneration in relation to his involvement in leading the hyper-turnaround and hyperscaling program. Of the 87,200 ($65,400) annual retention RSUs granted on April 1, 2020, vesting annually from June 2021 to June 2026, 17,440 RSUs ($13,080) was issued in May 2024. Of the 261,600 ($196,200) performance RSUs vesting quarterly from September 2020 to June 2023, dependent on meeting quarterly performance goals, 31,456 RSUs ($23,592) vested in the FY 2024. In December 2021, the Remuneration Committee approved an equity award of RSUs in relation to short-term incentives for the year ended June 30, 2022, vesting in June 2023 deferred from June 2022. The award vested 94,291 RSUs ($275,330), based on Mr. Chin's base salary £325,000 x 1.3237 exchange rate x 64% performance measurement / $2.92 VWAP (Volume weighted average price). A further 20,000 annual retention RSUs ($5,200) were granted to Mr. Chin on January 11, 2023, vesting annually from December 2023 to December 2025.

On November 26, 2021, Arowana Partners Group Pty Ltd ("APG") provided a loan of $0.37 million to Caret, to provide working capital assistance. The loan incurred interest during the year of $22,895 at 8% plus a 2% facility fee, plus a one-off establishment fee of $7,400. The loan plus interest were repaid in August 2022.

In August 2023, the Company received short-term funding from Arowana International UK Limited amounting to £25,000 for working capital purposes which was repaid in September 2023. In addition, the Company also received an interest only basis loan amounting $48,000 from Arowana United Enterprises Pte Ltd in October 6, 2023 stipulating a nominal rate of 8% per annum.

**30. Subsequent events**

Post the balance sheet date, VivoPower has announced several material developments:

On July 1, 2025, the Company received a letter from Nasdaq confirming that VivoPower is now in compliance with Nasdaq Listing Rule 5550(b)(1), which requires maintaining at least $2.5 million in stockholders' equity. This determination follows the first phase of its private placement, from which approximately $60.5 million in gross proceeds were recognized, helping the Company meet the minimum equity requirement.

On July 7, 2025, VivoPower commenced a shareholder loan financing retirement plan, authorizing an initial repayment to AWN Holdings Limited in respect of the AWN shareholder loan. The unaudited balance of that loan was approximately $28.8 million as of June 30, 2025.

On July 22, 2025, VivoPower further strengthened its balance sheet by reducing liabilities by $7.5 million, via exchange of outstanding amounts owed to selected lenders and suppliers for ordinary shares, as well as directors electing to receive shares in lieu of certain fees. These shares are subject to lock-up and tax-related sale restrictions.

On July 24, 2025, VivoPower received notification from the Nasdaq Options Market that standardized options on its common stock (ticker symbol VVPR) will begin trading, effective July 25, 2025.

On October 22, 2025 the VivoPower's independent directors agreed to issue 1.2 million cashless warrants to AWN Holdings Limited, in consideration for the prior year grace period for the repayment of $11 million accrued interest, and a deferral of $8.9 million of principal for repayment from April 1, 2025 to January 1, 2026. The warrants will be issued at an issue price of $1.00 (with voting rights pari passu with ordinary shareholders).

**31. Key management personnel compensation**

Key management personnel, which are those roles that have a Group management aspect to them, are included in Note 9 to the consolidated financial statements.

**32. Ultimate controlling party**

As at June 30, 2025, AWN held a 7.1% equity interest in the Company. Since June 30, 2021, the Company no longer has an ultimate controlling party.

In prior periods, the ultimate controlling party and the results into which these financials were consolidated was AWN, a company registered in Australia.

## Exhibit 12.1

**Exhibit 12.1**

**CERTIFICATION**

I, Kevin Chin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 20-F/A of VivoPower International PLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the Annual Report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: November 6, 2025

---

| | |
|:---|:---|
| By: | */s/ Kevin Chin* |
|  | Kevin Chin |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 12.2

**Exhibit 12.2**

**CERTIFICATION**

I, David Mansfield, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 20-F/A of VivoPower International PLC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the Annual Report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

Date: November 6, 2025

---

| | |
|:---|:---|
| By: | */s/ David Mansfield* |
|  | David Mansfield |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 13.1

**Exhibit 13.1**

**SECTION 1350 CERTIFICATION (CEO)**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F/A of VivoPower International PLC (the "Company") for the year ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Kevin Chin, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2025

---

| | |
|:---|:---|
| By: | */s/ Kevin Chin* |
|  | Kevin Chin |
|  | Chief Executive Officer |
|  | (Principal Executive Officer) |

---

## Exhibit 13.2

**Exhibit 13.2**

**SECTION 1350 CERTIFICATION (CFO)**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Annual Report on Form 20-F/A of VivoPower International PLC (the "Company") for the year ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, David Mansfield, Group Finance Director of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2025

---

| | |
|:---|:---|
| By: | */s/ David Mansfield* |
|  | David Mansfield |
|  | Chief Financial Officer |
|  | (Principal Financial and Accounting Officer) |

---

## Exhibit 15.1

**Exhibit 15.1**

VivoPower International PLC

Blackwell House

Guildhall Yard

London

EC2V 5AE

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statements No. 333-276509 on Form F-3 and No. 333-281085 on Form S-8 of our report dated December 19, 2024 relating to the consolidated financial statements of VivoPower International PLC, appearing in this Annual Report on Form 20-F.

Yours truly,

/s/PKF Littlejohn LLP

PKF Littlejohn LLP

London, United Kingdom

November 6, 2025

## Exhibit 15.2

**Exhibit 15.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Form F-3 No. 333-276509 and Form S-8 No. 333-281085 of VivoPower International, PLC of our report dated October 30, 2025, relating to the consolidated financial statements which appear in this Annual Report on Form 20-F.

/s/ WithumSmith+Brown, PC

Philadelphia, Pennsylvania

November 6, 2025

## Exhibit 16.1

**Exhibit 16.1**

November 6, 2025

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549-7561

Dear Sirs/Madams:

We have read VivoPower International PLC's Form 20-F/A dated November 6, 2025, and have the following comments:

&nbsp;&nbsp;&nbsp;&nbsp;1. We
 agree with the statements made in the section titled "Dismissal of independent registered
 public accounting firm," for which we have a basis on which to comment, and we agree
 with the disclosures.

2. We
 have no basis on which to agree or disagree with the statements made outside of the aforementioned
 section.

Yours truly,

/s/ PKF Littlejohn LLP

PKF Littlejohn LLP