AoFrio Limited

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 Interim Report, released on 5 August 2026:

Financial Performance The Company reported revenue of $33.8 million, down 21.5% on the same period last year. Motors revenue fell -50.5% or -$10.8 million to $10.6 million and accounted for the entire group revenue decline. As reported in the 1Q26 update, AoFrio’s largest US motor customer decided to source motors locally due to higher tariffs. During 2026, other motor customers also shifted towards lowerspecification, lower-cost motors. AoFrio is addressing this through component sourcing to reduce the price of its existing motor specification and the development of a new lower-cost motor.

IoT revenue increased +$1.5 million, or +6.8%, to $23.2 million.

Earnings before interest, taxation, depreciation, amortisation, and impairment (“EBITDA”) for 1H26 was $0.9 million, compared with $0.7 million in 1H25. Gross profit declined with lower revenue, although gross margin increased to 34.9% from 29.6% as the business mix shifted towards higher margin IoT revenue. Operating expenses were broadly unchanged. EBITDA included $1.2 million of other income from the 2025 RDTI claim submitted in June 2026.