AoFrio (AOF) H2 2025 earnings summary

Executive summary

• FY 2025 revenue reached NZD 83.2 million, up 4.4% year-over-year, setting a new record.

• IoT business revenue grew 8.9% to NZD 47.1 million with a 42.5% gross margin; Motors revenue was steady at NZD 36.1 million with a 17.7% margin.

• EBITDA improved by NZD 1 million to NZD 3.5 million, aligning with guidance.

• Net Promoter Score increased to 62, reflecting strong customer satisfaction.

• Significant investments in new product development and AI-driven capabilities.

Financial highlights

• Gross margin increased to 31.7% year-over-year, driven by a favorable shift toward IoT products.

• Recurring revenue rose to 3.8% of total revenue; deferred software revenue on the balance sheet increased to NZD 17.8 million.

• App utilization rose 25% and connected devices to the cloud increased 23% year-over-year.

Outlook and guidance

• Revenue guidance for FY 2026 is to exceed FY 2025, though specific numbers are not provided due to market uncertainties.

• Growth expected from new product launches, including SCS 800 controller and AoFrio iQ SaaS platform.

• Cautious outlook due to U.S. tariffs, currency fluctuations, and introduction of new product lines.