VivoPower PLC (NASDAQ:VIVO, FRA:51J) said on Tuesday it has become EBITDA profitable following the completion of its $41 million acquisition of data center assets in Norway, marking a shift to positive earnings on a pro forma basis.
The Nasdaq-listed company reported that the acquired operations are expected to contribute about $31 million in annual revenue and roughly $10 million in annual EBITDA, compared with pre-acquisition annual revenue of about $0.1 million and negative EBITDA of $8.2 million.
The transaction, first announced in December 2025, involves the purchase of operating subsidiaries of Cowa that own and run a 41.5-megawatt data center facility in the Mo i Rana industrial area, powered entirely by renewable hydroelectric energy.
The facility currently has 41.5 MW of energized capacity, with a further 40 MW expansion planned, subject to regulatory approvals, potentially taking total capacity to more than 80 MW.
The company said the site’s access to low-cost hydropower below $0.035 per kilowatt-hour and its Nordic location make it well-suited for high-density computing applications, including artificial intelligence workloads.
VivoPower added that it is in discussions with potential tenants regarding AI computing use cases.
The deal has been fully funded without the need for additional public equity raising, and all regulatory approvals have been secured, the company noted.
CEO Kevin Chin said the acquisition represents a “transformational transaction.”
“Our focus has already shifted from deal execution to asset optimization and continuing to build on the broader opportunities across our powered land portfolio,” Chin told shareholders.
Cowa board director Fiorenzo Manganiello said the partnership reflects growing alignment between energy infrastructure and digital computing demand, adding that Cowa is “excited to collaborate with VivoPower as it builds a global footprint in sustainable energy-backed digital infrastructure.”
Shares of VivoPower added 4.5% on Tuesday morning in New York at $3.25.