AoFrio (AOF) H1 2025 earnings summary

Executive summary

• Revenue grew 12.2% year-over-year to $43.0m for H1-25, driven by strong Q1 but offset by Q2 softness due to US tariff uncertainty and macroeconomic headwinds.

• Motor and fan segment revenue surged 28.4% year-over-year, while IoT revenue was flat; Americas led growth, especially North America (+23%).

• SaaS platform modernization and new product launches (AoFrio iQ, SCS800 controller) advanced strategic goals in connectivity and recurring revenue.

• First significant food retail SaaS contract secured, validating diversification strategy and recurring revenue model.

Financial highlights

• H1-25 revenue: $43.0m (+12.2% year-over-year); gross profit: $12.7m (+10.5% year-over-year); gross margin: 29.6% (-0.4pp year-over-year).

• EBITDA: $0.7m (down from $1.1m in H1-24) due to one-off and expansion costs; EBIT: -$1.0m; net loss: -$1.8m (vs. -$1.0m in H1-24).

• Operating expenses rose to $11.9m (+$1.4m year-over-year), mainly from staff and development investments.

• Cash at 30 June 2025: $2.0m; net operating cash outflow: -$0.9m.

• Deferred revenue at period end: $16.8m (up from $14.1m year-over-year).

Outlook and guidance

• FY25 revenue now expected at lower end of $85m–$95m range; EBITDA at lower end of $3.5m–$4.0m guidance due to US tariff impacts.

• Full-year revenue and EBITDA still forecast above FY24, but growth funding remains a challenge.