Summary
- Mo i Rana accounted for $6.5 million, or 95.5%, of VivoPower's revenue for the quarter ended 30 September 2026.
- Revenue came from existing bitcoin mining hosting and demand-response activities, not a completed AI computing lease.
- The proposed first 40MW conversion carries a preliminary $411 million expenditure estimate, with customer contracting and financing outstanding.
VivoPower generated US$6.5 million in quarterly revenue from its Mo i Rana data centre in Norway, while continuing negotiations over the financing and tenant arrangements needed for a proposed conversion to AI computing infrastructure.
The facility accounted for 95.5% of group revenue in the three months ended 30 September 2026. VivoPower reported total revenue of US$6.8 million, a net profit of US$0.6 million, and positive operating cash flow of US$2.1 million in its unaudited first-quarter fiscal 2027 results.
Mo i Rana currently earns revenue from bitcoin mining hosting and electricity demand-response activities. The figures do not represent income from an AI computing lease, and the company has not completed definitive contractual arrangements with its prospective AI tenant.
VivoPower is separately pursuing a conversion programme covering an initial 40MW phase. Its annual results, published on 3 November, estimate the capital expenditure for that phase at approximately US$411 million, although management describes the figure as preliminary and subject to potentially material change.
The operating results show that the Norwegian facility is generating commercial income before the proposed redevelopment is completed. They do not demonstrate that its existing technical infrastructure can support the eventual AI equipment without substantial additional investment.
For the quarter, VivoPower reported gross profit of US$2.5 million and a gross margin of 37.4%. Group EBITDA reached US$0.8 million, compared with an EBITDA loss of US$5.5 million in the corresponding period a year earlier.
Existing hosting and future AI infrastructure
Mo i Rana’s current activities provide a different operating profile from the AI computing services the company intends to develop. Bitcoin mining hosting and high-density AI computing may place different demands on electrical distribution, cooling, network infrastructure, and equipment maintenance.
Existing electricity access can give an industrial computing site an advantage over a proposed development that has yet to secure a connection. However, access to electrical capacity does not itself establish that buildings, cooling systems, and distribution equipment can accommodate new generations of computing hardware.
The first 40MW phase will require technical decisions about the equipment configuration, including how power reaches the computing systems and how heat is removed. The precise scope depends on the intended tenant’s requirements, which have not been finalised publicly.
Higher rack power density can affect cable and busway capacity, power protection, cooling distribution, and the physical arrangement of equipment. The appropriate design also depends on the redundancy and operational availability required under the eventual customer contract.
Mo i Rana’s demand-response revenue introduces a further commercial consideration. Data centre participation in electricity flexibility arrangements depends on the facility’s ability to alter its demand or provide another qualifying service in accordance with market rules.
The degree of flexibility available after conversion cannot be assumed from current operations. Some AI workloads may permit scheduling or interruption, while others may operate under commitments that restrict the extent or timing of demand reductions.
VivoPower has not separately disclosed the quarterly revenue attributable to demand response and hosting. Nor has it demonstrated that the same combination of revenues will continue once the intended AI conversion is complete.
The financing requirement
VivoPower’s estimated US$411 million conversion cost is a management projection rather than an approved and fully funded capital programme. The company is discussing project finance and potential development partnerships to provide the funds required for construction and technical installation.
Its targeted funding structure comprises approximately 70–75% debt and 25–30% equity. Under a possible partnership, VivoPower could contribute the existing powered site while another organisation provides development equity, although no definitive financing arrangement has been announced.
Tenant agreements would be important to that process because future contracted income can influence lenders’ assessment of the project. The technical requirements, duration, credit support, and commercial terms of the lease would also affect the final engineering design and financial structure.
The company has decided not to proceed with the tenant previously identified as preferred in June 2026. Negotiations are continuing with another prospective customer, leaving the conversion without a publicly confirmed definitive AI lease.
VivoPower’s results for the financial year ended 30 June 2026 recorded an IFRS loss of US$50.4 million from continuing operations. That reporting period included only part of Mo i Rana’s contribution, following consolidation of the facility from 12 May.
The annual and latest quarterly figures consequently cover different periods of site operation and should not be treated as directly comparable measures of the facility’s full-year earnings potential.
Existing hosting has established an operating revenue stream at Mo i Rana, while the proposed AI development remains a separate investment proposition. Its delivery depends on converting the estimated expenditure into committed financing, securing a tenant, and completing the equipment and infrastructure works required for the intended computing services.
