AoFrio has reported a strong trading performance for the period ended September 30, 2024, driven by its new USA IoT strategy and business wins in North America and South America.
Revenue for the three months ended September 30, 2024, was $21.1 million, a 32% increase compared to $15.9m in the same period last year.
For the nine months ended September 30, 2024, revenue reached $59.4m, up 29.1% from the previous year.
The company's IoT revenue accounted for 54% of total revenue, with a 40% gross margin.
It received a $452,000 research and development tax incentive payment in September 2024.
Operating costs for the year to date were $15.8m, slightly higher than $15.4m in 2023.
The company had a cash balance of $2.3m and reduced its borrowing under the bank trade finance facility to $3.2m.
AoFrio has narrowed its revenue guidance for the 2024 financial year, now expecting it to be in the range of $75m to $80m.
It maintained its ebitda guidance of around $2.5m.
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