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AoFrio Share Price: Record $83M Revenue, So Why Is the Stock at 7.5 Cents?

AoFrio Share Price Today

The AoFrio share price sits at about $0.075 NZD (NZX: AOF) in mid-June 2026, down roughly 20% over the past year. With a market cap near $37 million, AoFrio is a small-cap New Zealand technology company (formerly Wellington Drive Technologies) that makes smart controls and connected systems for commercial refrigeration.

The puzzle is familiar for early-stage tech: AoFrio just delivered record revenue, yet the share price is low and falling, because the business still does not turn that revenue into profit.

What AoFrio Does

AoFrio designs and manufactures smart refrigeration controls, controlled motors, and cloud-based refrigeration-management software. Its products go into the cold-drink coolers and commercial fridges used by global beverage and food brands, adding connectivity (IoT) that lets those brands monitor and manage equipment remotely. The business has two main legs:

  • •IoT: controllers, connectivity, and software, the higher-growth, higher-value part
  • •Motors: the legacy controlled-motors business

This is a global niche technology supplier, comparable in business model to other NZ tech names like [Gentrack](/stocks/gentrack), but at an earlier, smaller, and less profitable stage.

Recent Performance: Revenue Up, Still Lossmaking

AoFrio's FY2025 result (released early 2026) showed:

  • •Record revenue of about $83.2 million, up 4%
  • •IoT revenue up 9% to $47.1 million; Motors flat at $36.1 million
  • •EBITDA of $3.5 million, up from $2.5 million
  • •Connected devices up 22% to 3.2 million

The growth in IoT and connected devices is the real story, and EBITDA improved. But below EBITDA the company is still lossmaking at the net level, which is why the P/E is negative and the share price languishes. US tariffs also softened motor demand late in the year, a reminder of its exposure to global trade conditions.

Key Metrics

  • •Share price: ~$0.075 NZD
  • •Market cap: ~$37 million NZD
  • •52-week move: about -20%
  • •Revenue: ~$83.2 million (record)
  • •EBITDA: ~$3.5 million
  • •Net result: a loss (negative P/E)
  • •Net tangible assets: slightly negative
  • •Gross dividend yield: 0%

The disconnect between $83 million of revenue and a $37 million market cap tells you the market is valuing AoFrio on profitability it has not yet achieved, not on its topline.

What to Watch

  • •The shift to IoT and SaaS: The new AoFrio iQ software platform and cellular controllers are the path to higher-margin, recurring revenue. Commercial traction here is the key catalyst.
  • •Net profitability: Record revenue is not enough; the market needs to see the business convert growth into sustained net profit.
  • •Tariffs and trade: US tariff and currency conditions directly affect the motors business and overall demand.
  • •Cash and dilution: As a lossmaking small-cap, watch the cash position and any need to raise capital.

The Bottom Line

AoFrio is a growing, globally relevant refrigeration-technology business with record revenue and a promising shift toward connected, software-led products. The bull case is a niche IoT supplier on the cusp of higher-margin recurring revenue, valued cheaply on its topline. The bear case is that it has grown revenue for years without delivering sustained net profit, faces tariff and trade headwinds, and carries the dilution risk of a lossmaking small-cap. This is a speculative technology stock for investors who believe the SaaS transition will finally turn revenue into profit.

For how we evaluate lossmaking technology companies, see our [methodology](/methodology).

*Disclaimer: This article is for educational and informational purposes only. It does not constitute financial advice. Stock data may not be real-time. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.*