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 Full year results, released 27 February 2026

FY25 performance highlights:

• Revenue: $83.2 million, +4% year on year

• EBITDA: $3.5 million, +40% lift year on year

• Gross margin: 31.7%, +2pp year on year

• 3.2 million connected devices, up +22% year on year

• New AoFrio iQ SaaS platform launched to 10 pilot customers in the Cold Drink Equipment industry

• New cellular controller launched, SCS 800, to compete in the cellular IoT US and European markets

• First Food Retail customer secured as part of our expansion strategy

The company reported record revenue at $83.2 million, an increase of +4% year on year. EBITDA was $3.5 million, up from $2.5 million.

“Headwinds from US tariffs softened motor demand in Q4-25 which saw revenue lower than guidance at $83.2 million,” says AoFrio Chair John Scott.

“Despite this, significant progress was made across strategic growth areas, with cellular solutions launched to capture demand in the US and Europe, and first trials of the new iQ SaaS solution underway for early adopter customers,” Scott continued.