Wellington Drive Technologies, a leading provider of Internet of Things (IoT) solutions and energy efficient motors to the retail food and beverage industry, has reported a 25.8% increase in revenue for the three months ended 31 March 2022 (Q1-2022) compared to the same period in 2021 (Q1-2021).
Despite extremely challenging supply issues, the Company has adjusted customer pricing and is in the final stages of testing and certifying alternate components for its ECR2 motor range.
The Company has adjusted its full year 2022 guidance, expecting US$ invoiced revenue in the range of US$55m to US$60m and EBITDA earnings in the range NZ$3.5m to NZ$4.5m.
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