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Highlights

  • AoFrio’s FY24 revenue rose 19.7% YoY to NZD 79.7 million and EBITDA grew to NZD 2.5 million in FY24.
  • The company posted an improved gross margin of 29.1%, significantly outperforming the 17.5% industry median.
  • In Q1 FY25, revenue jumped 43.9% YoY to NZD 23.9 million, led by an 80.4% surge in motor sales and a 19.1% rise in IoT sales.
  • As of 31 March 2025, cash reserves more than doubled to NZD 4.6 million, and the trade finance facility was increased to NZD 10 million.
  • AoFrio reaffirmed FY25 guidance of NZD 85–95 million in revenue and EBITDA of NZD 3.5–4.0 million.

New Zealand-based AoFrio Limited (NZX: AOF) develops IoT solutions and manufactures and distributes IoT hardware and energy efficient motors to the food and beverage markets. AoFrio recorded revenue of NZD 79.7 million in the financial year 2024 (FY24), reflecting 19.7% increase from NZD 66.6 million in FY23. During the reported period, IoT revenue rose 23.4% YoY, supported by a jump in device shipments to 682,000 units from 519,000 units in FY23. Meanwhile, motor sales climbed 15.6% YoY, with 963,000 units shipped compared to 834,000 in the previous corresponding period.

EBITDA also improved substantially to NZD 2.5 million, up from NZD 1.0 million in FY23. This performance was supported by NZD 5.3 million invoiced for cloud data connections and software development, up from NZD 4.4 million in the prior year.

The company reported a significantly higher gross margin of 29.1% in FY24, outperforming the 17.5% industry median, and saw an EBITDA margin improvement to 3.2%, up from 0.8% in FY23.

Q1 FY25 Witnesses Exceptional Motor Revenue

In the first quarter of FY25 (Q1 FY25), AoFrio posted total revenue of NZD 23.9 million, up 43.9% from NZD 16.6 million in Q1 FY24.

  • IoT revenue grew 19.1% to NZD 11.8 million, driven by a 3.7% increase in unit volumes and higher average selling prices.
  • Motor revenue surged 80.4% to NZD 12.1 million, with unit shipments up a remarkable 76.2% from the same period last year.

As of 31 March 2025, AoFrio held NZD 4.6 million in cash, more than doubling its balance from NZD 2.1 million a year earlier. The company had drawn NZD 3.9 million under its NZD 5 million trade finance facility, which has since been expanded to NZD 10 million.

FY25 Guidance

AoFrio has reaffirmed its FY25 revenue guidance of NZD 85–95 million and expects EBITDA in the range of NZD 3.5–4.0 million. However, it cautioned that macroeconomic risks, including a global slowdown and trade-related uncertainties (such as potential US tariffs), could impact customer demand and revenue reporting due to exchange rate fluctuations.

Share performance of AOF

AOF shares closed flat at NZD 0.0950 per share on 16 July 2025. Over the past week and month, the stock has recorded a modest gain of 1.06%. However, it has declined 4.04% over the past three months and 9.52% over both the six- and nine-month periods. Despite these declines, the stock has surged 75.93% over the past year.

The 52-week high for AOF is NZD 0.1300, recorded on 11 September 2024, and the 52-week low is NZD 0.0500, recorded on 17 July 2024.

Resistance and support summary

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is 16 July 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.