AoFrio Limited Analysis

Overview

AoFrio is a leading provider of Internet of Things (IoT) solutions and energy-efficient motors to the food and beverage industry around the world.

The company supplies advanced electronic IoT solutions for the commercial refrigeration industry, helping refrigeration original equipment manufacturers (OEMs) and food, beverage and retail companies across the globe reduce their costs, increase sales and become more sustainable.

AoFrio designs, manufactures and sells smart refrigeration controls, cloud-based refrigeration management solutions, controlled motors and digital marketing solutions.

We have a clear strategy for our next growth phase and have recalibrated the business to become a global hardware-enabled, full-service SaaS company.

This is AoFrio's pathway to lifting recurring IoT SaaS-driven revenue, expanding in existing markets and exploring new regions around the world.

Spanning a global network, AoFrio's customer-focused teams are based in New Zealand, Australia, Turkey, Italy, Brazil, Spain, Mexico, USA, Guatemala, Argentina and Singapore. Its supply-chain partners have factories in Vietnam and China, and distribution partners in the UK and USA.

The company is listed on NZX under the ticker of WDT since February 2001, and changed its ticker to AOF in September 2022.

Performance

The following information was extracted from AoFrio Limited's half year results, released on 2 August 2024:

Strong first and second quarter trading for AoFrio produced H1 FY24 revenue growth of 27.4% over the same period last year.

EBITDA for H1 FY24 was a $1.1m profit compared to a $0.7m loss for the same period last year.

The Company’s Interim Report has been released today and is attached.

The results show a strong first half performance, as previously indicated, built on AoFrio’s new USA IoT strategy, new business wins in both North America and South America and a significant improvement in customer satisfaction score.