AoFrio, a leading global refrigeration technology business, released its audited results for the year ending 31 December 2022, showing record annual revenue of $74.3 million, with gross margin stable year-on-year at 27.7%, but EBITDA down 39% year-on-year to $1.6 million.
The company expects to become a $100 million revenue company by 2023 and has invested in staff and new product offerings.
However, given global macroeconomic risks, AoFrio is taking a measured approach to additional investment until customers confirm demand.
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