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Point cloud analytics is poised to become a key workload on battery-powered embedded and mobile platforms in a wide range of emerging application domains, such as autonomous driving, robotics, and augmented reality, where efficiency is paramount. This paper proposes Mesorasi, an algorithm-architecture co-designed system that simultaneously improves the performance and energy efficiency of point cloud analytics while retaining its accuracy. Our extensive characterizations of state-of-the-art point cloud algorithms show that, while structurally reminiscent of convolutional neural networks (CNNs), point cloud algorithms exhibit inherent compute and memory inefficiencies due to the unique characteristics of point cloud data. We propose delayed-aggregation, a new algorithmic primitive for building efficient point cloud algorithms. Delayed-aggregation hides the performance bottlenecks and reduces the compute and memory redundancies by exploiting the approximately distributive property of key operations in point cloud algorithms. Delayed-aggregation let point cloud algorithms achieve 1.6x speedup and 51.1% energy reduction on a mobile GPU while retaining the accuracy (-0.9% loss to 1.2% gains). To maximize the algorithmic benefits, we propose minor extensions to contemporary CNN accelerators, which can be integrated into a mobile Systems-on-a-Chip (SoC) without modifying other SoC components. With additional hardware support, Mesorasi achieves up to 3.6x speedup.