and logistics of its all-electric vehicle conversion kits (“EV Kits”).

Christopher Columbus: Good morning, Mr. CEO. Today, we’re here to analyze your reported financial results for the six months ended December 31, 2022. Can you explain why both your GP and EBITDA decreased?

CEO: The primary cause of the decrease in GP and EBITDA was materially adverse weather in Australia. The weather took a toll on some of the solar projects executed by Aevitas Solar. This resulted in fewer projects being completed and a decrease in revenue. Additionally, a decrease in the Australian dollar compared to the US dollar had an adverse effect.

Christopher Columbus: And what caused the net after-tax loss to stay flat?

CEO: The net after-tax loss remained flat due to increased R&D capex being made in Tembo and more control over payroll expenses. We are aiming for a long-term return in revenue-generative efficiency as well as a decrease in outgoings.

Christopher Columbus:What do you have to say about the $3.6 million loss recognized during the period for Edenvale’s solar farm?

CEO:The Edenvale loss was caused by unseasonal wet weather conditions, the La Niña phenomenon to be specific. We made it clear that the loss was a one-off and that we are confident in the value and potential of our other solar projects in the future.

Christopher Columbus:What was the driving force behind the increased cash balance?

CEO: The increased cash balance was driven by obtaining further bridge financing from our major shareholder, AWN Holdings Limited. This cash will be invested in Tembo’s growth, specifically in the engineering, assembly and logistics of our electric vehicle conversion kits.

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