AoFrio Limited Expands into Food Retail with Landmark Contract

Highlights:

• Breakthrough Contract: AoFrio Limited (NZX: AOF) secures its first food retail contract, marking a strategic expansion beyond traditional markets.
• Strong Financial Performance: Revenue surged 19.7% to $79.7 million, with North American sales rising 11.3% to $54.1 million.
• Positive Outlook: The company forecasts 2025 revenue to reach $95 million, driven by growth in IoT-enabled refrigeration solutions.

Shares Surge as Company Reports Strong Financial Growth

AoFrio Limited (NZX: AOF) has made a significant breakthrough in the food retail sector by securing its first major contract after successful trials with three potential clients. This milestone marks a strategic expansion for the smart refrigeration technology company, which has primarily focused on other industries. At the time of writing, this development is fueling strong investor confidence in the company’s long-term growth trajectory.

Revenue Surges, IoT Growth Continues

For the financial year ending December 31, AoFrio reported a 19.7% increase in revenue, reaching $79.7 million. North American operations contributed significantly, with revenue in the region rising 11.3% to $54.1 million. The company’s Internet of Things (IoT) segment also recorded growth of 8.2%, reinforcing AoFrio’s position as a leader in smart cooling solutions.

2025 Outlook: Revenue Set to Reach $95 Million

Looking ahead, AoFrio anticipates a further revenue increase to $95 million for the 2025 financial year. This projection reflects the company’s growing presence in new markets, supported by rising demand for energy-efficient, IoT-enabled refrigeration solutions.

Strategic Expansion to Drive Long-Term Growth

Securing a food retail contract signifies a major step for AoFrio, opening doors for further partnerships in the sector. The company’s innovative approach to refrigeration technology aligns with the industry’s push for sustainability and energy efficiency, positioning it well for future market opportunities.

With strong financial results and an expanding market presence, AoFrio is on track to solidify its position as a leading smart refrigeration provider, setting the stage for sustained growth.

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