VVPR

• Exited Aevitas Critical Power Solutions in July, finalizing post-exit restructuring.
• Tembo transformed supply chain to Pan-Asian, reducing costs and adding new product lines.
• Completed PCAOB audit for Tembo's SPAC deal with Cactus Acquisition Corp, net debt reduced via cap raise.
• Caret Digital pursuing doge mining with renewable power applications, aiming for cash flow profitability by end of June 2025.
• Tuskers in Australia with feedback from various industries, VTA homologation secured, new models (including 4WD) arriving in early 2025.
• Jeepney kits in Philippines with joint venture with Sarao Motors, funding solutions in place for electrification.
• EUV e-pound with reduced assembly time, cost advantage, new models available in 2025 across multiple regions.
• Vivo SES mobile charging solution, training programs for fleet managers to support EV adoption.

• Tembo SPAC deal progress with PCAOB audit complete, aiming to close deal despite SEC review.
• Caret's doge mining potential with up to 25M revenue, 55 MW facility in Texas with up to 150M revenue.
• Intention to use Caret's free cash flow to scale Tembo, targeting cash flow profitability by end of June 2025.

Aevitas Critical Power Solutions

• Exited in July, affected by climate change events (flooding, labor shortages, high inflation, declining Australian dollar vs USD), now in final stages of post-exit restructuring.

Tembo

• Transformed supply chain to Pan-Asian (spanning China, Thailand, Philippines, India, etc.), reducing reliance on suppliers and BOM costs. Added new product lines: Jeepney kits for Philippines and full electric Tembo Tusker in Australia/New Zealand. Audited accounts complete for SPAC deal with Cactus Acquisition Corp (equity value 838 million), net debt reduced via cap raise from 31.8 to 28.9.

Caret Digital

• Pursuing power-to-x strategy, focusing on doge mining with renewable power applications in Wisconsin, Oregon, and planning 55 MW facility in Texas. Potential revenues up to 25M (doge mining) and 150M (Texas facility) with EBITDA up to 135M.

• Delays in Tembo SPAC deal due to NASDAQ rules and SEC review.
• Impact of climate events, inflation, currency fluctuations on previous segments.
• Uncertainty in corporate strategic options for Caret (spinoff, reverse merge).