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VSTE Vast Renewables Limited

Annual report (foreign)

The results of operations presented below should be reviewed in conjunction with the consolidated financial statement and notes included elsewhere in this report. The following table sets forth our consolidated results of operations for the periods shown:

For the Year Ended June 30,
2024			2023
(in thousands of $ unless otherwise indicated)
Consolidated Statement of Profit or Loss and Other Comprehensive Income:			Revenue			Revenue from customers			342		268	Grant revenue	—		651	Total revenue	342		919	Expenses	Employee benefits expense			5,274		2,984	Consultancy expenses	3,943		2,134	Administrative and other expenses	10,529		8,080	Share based listing expenses	106,055		—	Raw materials and consumables used	815		600	Depreciation expense	84		49	Finance costs, net	1,947		2,518	Share in loss of jointly controlled entities	206		254	Gain/(loss) on derivative financial instruments	164,935		(105)	Total expenses	293,787		16,514	Net loss before income tax	(293,445)		(15,595)	Income tax benefit	—		378	Net loss	(293,445)		(15,217)	Other comprehensive income that may be reclassified to profit or net loss in subsequent periods:	Gain on foreign currency translation			(402)		891	Total Comprehensive Loss for the year	(293,848)		(14,326)

VSTE Vast Renewables Limited

Annual report (foreign)

Year Ended June 30,
2024			2023			2022
(In thousands of US Dollars)
Raw materials and consumables used:			Raw materials and consumables cost			$	783	$	572	$	205	Power and fuel expense	32		28	36	815	600	241	Consultancy expenses:							Consulting – Corporate			880		926	760	Consulting – Projects	3,062		1,208	1,174	3,943	2,134	1,934	Administrative and other expenses:							Legal and accounting expenses			5,224		7,151	1,163	Subscriptions, software and licences	248		239	137	Travelling expenses	366		253	84	Marketing expenses	933		111	58	Share base payment expenses1	2,314		—	—	Other expenses	1,444		326	176	10,529	8,080	1,618	Employee benefits expenses:							Salaries and wages			4,460		2,554	2,412	Superannuation	391		242	215	Payroll tax	254		111	92	Employee entitlements – annual leave (AL)	130		42	15	Employee entitlements – long service leave (LSL)	39		34	22	5,274	2,984	2,756	Gain/loss on derivative financial instruments:	Realised loss on Convertible Notes 3, 4 and 4, and Senior Convertible Notes issued to AgCentral Energy2			170,376		—	—	Unrealised gain on Convertible Notes 3, 4 and 4, and Senior Convertible Notes issued to AgCentral Energy	—		(105)	3	Unrealised gain on Promissory Note issued to EDF 2	(4,912)		—	—	Unrealised gain on NETC Warrants 2	(400)		—	—	Exchange differences	(129)		—	—	164,935	(105)	3	Share-based listing expense	106,055		—	—	$	106,055	$	—	$	—

VSTE Vast Renewables Limited

Annual report (foreign)

OTHER COMPREHENSIVE INCOME

Year Ended
Note			June 30, 2024			June 30, 2023			June 30, 2022
(In thousands of US Dollars, except per share amounts)			Revenue:			Revenue from customers			3			$	342	$	268	$	163	Grant revenue	4			—		651	1,754	Total revenue	342			919	1,917	Expenses:							Employee benefits expenses			5			5,274		2,984	2,756	Consultancy expenses	5			3,943		2,134	1,934	Administrative and other expenses	5			10,529		8,080	1,618	Share based listing expenses	25			106,055		—	—	Raw materials and consumables used	5			815		600	241	Depreciation expense	84			49	47	Finance costs, net	1,947			2,518	2,119	Share in loss of jointly controlled entities	206			254	10	(Gain)/loss on derivative financial instruments	22			164,935		(105)	3	Total expenses	293,787			16,514	8,728	Net loss before income tax	(293,445)			(15,595)	(6,811)	Income tax benefit	6			—		378	618	Net loss	(293,445)			(15,217)	(6,193)	Other comprehensive income that may be reclassified to profit or net loss in subsequent periods:	Gain on foreign currency translation			20			(402)		891	1,379	Total comprehensive loss for the year	$			(293,848)	$	(14,326)	$	(4,814)	Loss per share:	Basic loss per share			7			$	(17.50)	$	(7.08)	$	(2.88)	Diluted loss per share	7			$	(17.50)	$	(7.08)	$	(2.88)	Weighted-average number of common shares outstanding (in thousands):	Basic			16,764			2,149			2,149
Diluted			16,764			2,149			2,149

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