AoFrio Limited has announced record-breaking revenue of NZ$74.3 million for the financial year ending 31 December 2022 (FY22), a 16% increase from 2021.
The Company saw significant growth in its Internet of Things (IoT) products and also achieved its largest December ever in terms of invoicing.
CEO Greg Balla commented that the performance in Q4 demonstrated how the Company reengineered its products and invested to navigate supply chain issues.
For FY23, AoFrio is forecasting revenue growth exceeding 30%, with EBITDA expected to be around $3.5 million.
The Company however remains cautious due to macroeconomic risks and will take a measured approach to investment until customer demand is confirmed.
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