AoFrio reports 43.9% revenue increase in Q1 2025

AoFrio has reported a 43.9% increase in revenue for the three months ended March 31, 2025.

Revenue for the first quarter of 2025 reached $23.9 million, compared to $16.6m in the same period last year.

The company's Internet of Things (IoT) revenue increased by 19.1%, reaching $11.8m, driven by a 3.7% increase in the number of hardware units supplied and higher average unit prices.

Revenue from the sale of motor products also surged by 80.4%, amounting to $12.1m, due to a 76.2% increase in the number of motors supplied.

AoFrio's gross margin was slightly lower at 31.1%, compared to 31.3% in the previous year.

However, the company reported a surplus of $1.5m in earnings before interest, tax, depreciation, and amortisation (ebitda), a $1.3m improvement from the same period in 2024.

AoFrio maintained its revenue guidance for the 2025 financial year, with a range of $85m to $95m, and ebitda guidance between $3.5m and $4m.

The company said the threat of tariffs in the US has created uncertainty for the rest of the year.