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 3Q26 Performance Update, released on 29 October 2026:

Financial Performance

Year to date revenue for the nine months ended 30 September was $50.3 million, -$12.6 million lower than the same period last year. Motors revenue fell 43.7% ($12.8 million) to $16.5 million, accounting for the decline. IoT revenue was $33.8 million, compared with $33.6 million in 2025.

Revenue for 3Q26 was $16.6 million, down -17% on 3Q25. IoT revenue was $10.6 million (3Q25: $11.9 million) and motors revenue was $6.0 million (3Q25: $8.1 million).

As previously disclosed, AoFrio’s largest US motor customer moved to local sourcing due to higher tariffs, and other motor customers shifted towards lower-specification, lower-cost motors. AoFrio is responding by sourcing lower-cost components for its existing motor specification and developing a new lower-cost motor. Both initiatives are expected to take effect in early 2027.

EBITDA for the nine months was $0.8 million, compared with $2.7 million in 2025. The reduction was driven by lower motors gross profit, which fell to $3.3 million from $5.5 million. Gross margin increased to 34.4% from 31.3% as the revenue mix shifted towards higher-margin IoT. Operating expenses were flat with the prior period at $23.6 million.