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AoFrio Limited ( (NZ:AOF) ) has provided an announcement.
AoFrio reported a weaker first quarter of 2026, with revenue falling 28.1% to $17.2m as its motor business declined sharply following the loss of a major U.S. customer due to tariffs, pushing EBITDA into a small loss despite improved gross margins. Management is accelerating the pivot to higher-margin IoT products, including the upcoming SCS800 cellular controller and iQ SaaS platform and the now-live iQ Food Retail solution, and expects revenue and EBITDA to improve through the rest of 2026 as new orders and product launches begin contributing.
The company’s IoT revenue held broadly steady year-on-year, helping lift gross margin to 34.8% even as net operating cash inflow halved compared with the prior period. Chair John Scott framed the quarter as a one-off setback in an otherwise predictable trajectory, signalling confidence that replacing legacy motor volumes with IoT-led growth will stabilise performance and support stakeholders as tariffs reshape its U.S. exposure.
More about AoFrio Limited
AoFrio Limited is a global provider of hardware-enabled software-as-a-service solutions for the commercial refrigeration industry. The company focuses on Internet of Things platforms, controllers and food retail solutions, shifting its revenue mix from lower-margin motors toward higher-margin IoT offerings across North America, Europe and Latin America.
Average Trading Volume: 49,848
Technical Sentiment Signal: Sell
Current Market Cap: N$30.4M
Find detailed analytics on AOF stock on TipRanks’ Stock Analysis page.