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.
The following information was extracted from AoFrio Limited's Half Year Results, released 8 August 2025:
Strong first half trading for AoFrio (“AOF”) produced H1-25 revenue growth of 12.2% over the same period last year. EBITDA for H1-25 was above plan at $0.7m compared to a $1.1m last year, with the reduction attributable to one-off costs and costs associated with AOF’s expansion into new products and markets.
The Company’s Interim Report has been released today.
The year started strongly with Q1-25 revenue 43.9% higher. Q2-25 revenue was 11.9%% lower with volumes impacted by global trade issues resulting from the uncertainty of imposition of tariffs by the USA. Some customers took early delivery of orders in Q1-25 in anticipation of the imposition of tariffs.
• Revenue for H1-25 was $43.0m, a 12.2% increase compared to $38.4m for H1-24.
• IoT revenue was flat at $21.7m, a decrease of 0.1%. The number of hardware units supplied was 3.7% lower at 314,000.
• Revenue from the sale of motor products increased 28.4% to $21.3m, from $16.6m in 2024. The number of motors supplied increased 26.9%.
• Gross Margin was 29.6% (30.0% in H1-24). IoT was 40.9% (40.1% in H1-24) and motors 18.0% (16.9% in H1-24).
• Operating Costs for H1-25 were $11.9m compared to $10.5m in 2024.
• EBITDA was a surplus of $0.7m, $0.4m lower than over the comparable period in 2024 but above plan.
• Cash at 30 June 2025 was $2.0m ($2.1m at 31 December 2024) and the Company had borrowed $8.9m under its $10m trade finance facility ($4.2m at 31 December 2024).
Disclaimer: This section is provided as general information only. It is not intended as a substitute for legal or professional advice to company directors and officers or investors. NZX Limited disclaims any liability arising from the use of this information.