AoFrio has reported a 13% increase in revenue for the first quarter of the 2024 financial year, reaching $16.6 million.
The company's revenue from the sale of motor products saw a significant growth, reaching $6.7m compared to $5.3m in the same period last year.
Meanwhile, revenue from the internet of things (IoT) was $9.9m, slightly higher than the $9.4m in 2023.
AoFrio also saw an improvement in its EBITDA, with a surplus of $0.2m, compared to a loss of $0.4m in Q1-2023.
The company's cash position at the end of March 2024 was $2.1m, while it had borrowed $3.9m under its trade finance facility.
AoFrio attributed the increase in revenue to the strong sales of motor products and the achievement of securing a $1m order for its solution in the Coca-Cola network in the US.
The company expressed confidence in its growth prospects and maintained its guidance for the 2024 financial year.
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