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 Market Update, released on 13 May 2026:

AoFrio Limited (AOF), the global leader in hardware-enabled SaaS solutions for the commercial refrigeration industry, today provides an update on its trading performance for the three months ended 31 March 2026 (1Q26)

1Q26 Key financial metrics:

• Revenue: $17.2m (1Q25: $23.9m, -28.1%)

• IoT Revenue: $11.4m (1Q25: $11.8m, -3.4%)

• Motor Revenue: $5.7m (1Q25: $12.1m, -52.9%)

• Gross Margin: 34.8% (1Q25: 31.1%)

• Operating Costs: $6.4m (1Q25: $5.9m)

• EBITDA: -$0.4m (1Q25: $1.5m)

• Cash: $1.4m (31 December 2025: $1.3m)

• Net operating cash inflow: $1.9m (1Q25: $4.5m)