Bango PLC, a UK-based company that facilitates mobile payments and subscription bundling, released its full-year financial results for 2024, highlighting strong revenue growth and improved profitability. The companys total revenue increased by 16% year-on-year to $53.4 million, driven by an 11% rise in transactional revenue and a 28% growth in Digital Vending Machine® (DVM™) and one-off revenue. Bangos Annual Recurring Revenue (ARR) also increased by 59% to $14 million. The companys adjusted EBITDA more than doubled to $15.3 million, reflecting disciplined cost management and the operational leverage of its platform. Bangos net loss improved to $3.7 million, compared to $8.8 million in 2023. The companys cash position improved, and it secured additional financing to strengthen its balance sheet and provide flexibility in cost management. Bangos operational highlights included 9 new DVM license customers, 110 connected content providers, and expansion into new markets like South Korea and Eastern Europe. The company expects to maintain its financial guidance for 2025 and anticipates further improvements in profitability in 2026.
| Financial Metric | FY24 | FY23 | YoY Change |
|---|---|---|---|
| Transactional Revenue | $36.2M | $32.7M | +11% |
| DVM & One-Off Revenue | $17.2M | $13.4M | +28% |
| Total Revenue | $53.4M | $46.1M | +16% |
| Annual Recurring Revenue (ARR) | $14.0M | $8.8M | +59% |
| Net Retention | 125% | 137% | N/A |
| Adjusted EBITDA | $15.3M | $6.4M | +139% |
| Loss After Tax | ($3.7M) | ($8.8M) | $5.1M |
| Net (debt)/cash | ($1.8M) | ($4.0M) | $2.2M |