Operational liquidity is severely constrained, with a 2025Q2 free cash flow margin of -108.7% reflecting a persistent and structural cash-burning model.
VivoPower PLC (VIVO) cash flow statement — 11-year operating, investing & financing cash flows
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 |
|---|
| Cash from Operations | -5.64M | -3.59M | -5.75M | 1.49M | -8.55M | -5.13M | -15.38M | -4.57M | 8.75M | 8.9M | 6.38M | -95K |
| Operating CF Margin % | - | -141.06% | -9424.59% | 9331.25% | -210.9% | -22.85% | -64.14% | -9.39% | 22.42% | 26.44% | 19.77% | - |
| Operating CF Growth % | -5483.01% | 37.55% | -485.06% | 117.46% | -66.71% | 66.64% | -236.26% | -152.25% | -1.63% | 39.54% | - | - |
| Net Income | -39.54M | -49.73M | -14.44M | -46.7M | -24.36M | -22.05M | -7.57M | -5.1M | -5.78M | -27.88M | 5.58M | -281K |
| Depreciation & Amortization | 2.15M | 928K | 517K | 1.57M | 1.34M | 1.94M | 1.8M | 1.77M | 1.42M | 1.26M | 651K | 0 |
| Stock-Based Compensation | 0 | 0 | 0 | 750K | 147K | 2.01M | 1.08M | -2.07M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 1.77M | 561K | 0 | 0 | 713K | 0 | -6.26M | 5.34M | 0 |
| Other Non-Cash Items | 28.63M | 36.2M | 10.03M | 34.84M | 5.13M | 10M | -9.78M | 3.15M | 31.94M | 23.31M | 6.4M | 0 |
| Working Capital Changes | 3.12M | 9.01M | -1.86M | 9.26M | 8.63M | 2.97M | -908K | -3.03M | -18.83M | 18.46M | -11.59M | 186K |
| Change in Receivables | -267K | 7.02M | -1.61M | 1.34M | 5.9M | 3.44M | -813K | 2.41M | -18.37M | 11.46M | -21.01M | 0 |
| Change in Inventory | 242K | 113K | 495K | -188K | -228K | 102K | 0 | 4.44M | 0 | 0 | 0 | 0 |
| Change in Payables | 2.28M | 0 | -1.56M | 7.65M | 2.28M | 0 | 0 | -6.85M | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.36M | -32.07M | -3.23M | -4.57M | -1.92M | -5.34M | -2.68M | 294K | -1.26M | -16.62M | -26.74M | -3K |
| Capital Expenditures | -3.11M | -815K | -985K | -4.59M | -4.89M | -5.42M | -937K | -1.16M | -1.6M | -18.92M | -18.15M | -3K |
| CapEx % of Revenue | - | 32.02% | 1614.75% | 28675% | 120.49% | 24.14% | 3.91% | 2.38% | 4.1% | 56.24% | 56.29% | - |
| Acquisitions | 0 | -20.89M | 0 | 0 | 2.81M | 0 | -2.15M | 432K | 0 | 0 | -8.6M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | -10.37M | 0 | 22K | 3.97M | 76K | 36K | 277K | 336K | 20.13M | 18.07M | 0 |
| Cash from Financing | 10.3M | 37.62M | 8.84M | 2.72M | 6.69M | 3.56M | 23.54M | 22K | 2.98M | -1.31M | 31.3M | 126K |
| Debt Issued (Net) | 1.97M | 24.48M | -92K | -920K | 3.99M | 4.05M | -2.57M | 0 | -1.82M | 2.08M | 20.15M | 126K |
| Equity Issued (Net) | 9.48M | 0 | 8.88M | 2.52M | 5.1M | 196K | 32.05M | 0 | 0 | 0 | 22.62M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 5.64M | 13.14M | 58K | 1.11M | -2.4M | -695K | -5.94M | 22K | 4.8M | -3.4M | -11.47M | 0 |
| Net Change in Cash | -1.02M | 1.96M | -240K | -354K | -732K | -7.32M | 5.78M | -4.3M | 2.58M | -9.03M | 10.94M | 28K |
| Free Cash Flow | -8.75M | -4.4M | -6.73M | -3.1M | -13.44M | -10.55M | -16.31M | -5.73M | 7.15M | -10.03M | -11.78M | -98K |
| FCF Margin % | - | -173.08% | -11039.34% | -19343.75% | -331.39% | -46.99% | -68.05% | -11.77% | 18.32% | -29.8% | -36.52% | - |
| FCF Growth % | - | 34.59% | -117.58% | 76.97% | -27.39% | 35.34% | -184.51% | -180.17% | 171.33% | 14.87% | - | - |
| FCF per Share | -1.31 | -0.23 | -1.01 | -1.01 | -5.45 | -5.09 | -10.00 | -4.23 | 5.28 | -7.40 | -15.45 | -0.18 |
| FCF Conversion (FCF/Net Income) | 0.15x | 0.07x | 0.45x | -0.03x | 0.43x | 0.23x | 2.03x | 0.90x | -0.78x | -0.32x | 1.15x | 0.34x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 636K | 5.3M | 0 | 2.89M | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying VIVO stock.
VivoPower PLC (VIVO) generated $-3.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
VivoPower PLC (VIVO) reported negative free cash flow of $4.4M in 2026, indicating capital requirements exceeded cash from operations.
VivoPower PLC (VIVO) spent $0.8M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Imminent liquidity and insolvency
Persistent Disconnect Between Earnings Reality
As reported in recent financial statements, VivoPower's operating cash flow consistently fails to track with net losses, evidenced by a 2025Q2 OCF/NI ratio of 1.36, which suggests that non-cash adjustments and working capital volatility are masking the underlying severity of the company's cash-burning operational model.
The persistent gap between net income and operating cash flow indicates that the company is not generating quality earnings, but rather relying on accounting adjustments to bridge the deficit. Investors should monitor this divergence, as it implies that the reported losses may actually understate the true cash-outflow requirements of the business.
Free Cash Flow Trajectory Remains Negative
Based on the provided cash flow data, VivoPower has failed to achieve positive free cash flow in any of the last ten quarters, with a 2025Q2 FCF margin of -108.7% highlighting a structural inability to fund operations through internal revenue generation or project-based divestments.
The consistent negative FCF trajectory suggests that the company is trapped in a cycle of capital consumption without a clear path to self-sustainability. This trend warrants further investigation into whether the current cost base can be rationalized or if the business model is fundamentally incompatible with positive cash generation.
Working Capital Volatility Obscures Liquidity
According to historical cash flow filings, working capital changes have been highly erratic, swinging from a $5.5 million outflow in 2020Q2 to an $8.2 million inflow in 2023Q4, which suggests that the company's liquidity is heavily dependent on the timing of lumpy, non-recurring project settlements.
This volatility in working capital management appears to be a symptom of the company's project-based revenue structure rather than efficient operational control. Such fluctuations make it difficult to forecast future cash availability and suggest that the company remains highly vulnerable to timing mismatches between payables and receivables.
Cumulative Earnings Gap Signals Distress
As indicated by the multi-year financial data, the cumulative divergence between net income and operating cash flow suggests that the company has consistently consumed more cash than its accounting losses would imply, pointing toward a structural erosion of capital that is not fully captured by income statements.
The persistent negative cash flow relative to net income over the last decade suggests that the company's business model has been a consistent destroyer of shareholder value. This long-term trend implies that the firm may be reliant on external financing to cover operational gaps that are not visible in headline earnings.