AoFrio (AOF) H2 2024 earnings summary

Executive summary

• FY 2024 revenue reached NZD 79.7 million, up 19.7% year-over-year and at the top end of guidance.

• All major business segments reported strong growth, with IoT up 23.4% and Motors up 15.6%.

• Strategic initiatives included launching a connected IoT solution in the USA and expanding market share in Brazil.

• SaaS metrics are now reported, reflecting a shift toward recurring revenue and software solutions.

Financial highlights

• Gross margin was 29.1%, slightly down from 30% due to higher product costs and pricing decisions.

• EBITDA was NZD 2.5 million, NZD 1 million higher than the previous year and consistent with guidance.

• Operating cash inflow of NZD 5.8 million matched by NZD 5.9 million in investing outflows.

• Working capital increased due to customer mix and longer shipping times.

Outlook and guidance

• FY 2025 outlook anticipates growth in both sales and EBITDA.

• New product launches, including a single box solution and advanced software, are planned to support growth in the U.S. and Europe.

• General release of the food retail solution is expected in the latter part of FY 2025.