New Zealand's AoFrio H1 revenue falls on lower motors sales

Aofrio

04/08/2026 22:57

Overview
New Zealand refrigeration tech firm's H1 revenue fell 21.5% yr/yr, driven by lower motors sales
IoT revenue rose 6.8%, while gross margin improved to 34.9% from 29.6%
Company says full-year revenue improvement over 2025 now appears unlikely

Outlook
YoY improvement in full-year revenue now appears unlikely given reduced demand for the company’s motor products and the difficult and uncertain global trading environment
AoFrio expects IoT revenues to rise in 2H26 with launch of SCS 800 cellular solution
Company forecasts 2026 EBITDA to be broadly consistent with 2025

Result Drivers
MOTORS REVENUE DROP - Co attributed revenue decline to major US customer sourcing motors locally due to tariffs and other customers shifting to lower-cost motors
IOT GROWTH AND PRODUCT LAUNCHES - IoT revenue rose 6.8%
SHIFT TO HIGHER-MARGIN MIX - Gross margin improved as business mix shifted toward higher-margin IoT revenue

Company press release: ID:nNZWbxJQ0h

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
NZ$33.80 mln
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)