Howard Milliner
78 Apollo Drive, Rosedale, Auckland 0632

AoFrio Limited Analysis


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 market update, released on 23 April 2024:

AoFrio Limited (AOF), is providing an update on trading performance for the three months ended 31 March 2024 (Q1-2024).

  • Revenue for Q1-2024 was $16.6m, a 13% increase compared to $14.7m for Q1-2023.
  • IoT revenue was $9.9m compared to $9.4m in 2023.
  • Revenue from the sale of motor products was $6.7m, compared to $5.3m in 2023.
  • Gross Margin was 31.3% (32.3% in Q1-2023), reflecting an increase in sales of motor products.
  • Operating Costs for Q1 were $5.1m compared to $5.4m in 2023.
  • EBITDA improved by $0.6m to a surplus $0.2m (loss of $0.4m in Q1-2023).
  • Cash at 31 March 2024 was $2.1m ($2.9m last year at 31 March) and the Company had borrowed $3.9m under its $5m trade finance facility ($4.1m last year at 31 March).

At the AoFrio Annual General Meeting held in May 2023, AOF outlined its key strategic initiatives. One of these was to secure large IoT customers in the USA Market. In Q1-2024 AOF received its first US$1.0 million order for its solution into the Coca-Cola Network in the USA. The food services and food retail markets are progressing well and AOF expects to launch its first version of the solution in Q4 this year.

It has been an encouraging start to the 2024 year. Q2-2024 is expected to also show robust growth over Q2-2023.

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.