Bango 2024 Full Year Results and Outlook
- Total revenue increased 16% to $53.4M
- Adjusted EBITDA grew 139% to $15.3M
- Annual Recurring Revenue up 59% to $14.0M
- Net loss improved by $5.1M to $3.7M
- Secured $15M Revolving Credit Facility with NatWest
- Added 9 new DVM customers in 2024 and 6 more in early 2025
- Successfully migrated 98% of DOCOMO Digital traffic
- Net debt reduced from $4.0M to $1.8M
- Some high-cost sales routes from DOCOMO Digital acquisition performing below expectations
- Company still operating at a loss ($3.7M)
- Remains in net debt position ($1.8M)
- Required additional loan facility from NHN with deferred principal payments
CAMBRIDGE, United Kingdom, June 06, 2025 (GLOBE NEWSWIRE) -- Bango (AIM: BGO), today announces its full year results for the 12 months ended 31 December 2024 and provides an update on current trading and outlook for 2025.
FY24 Financial Overview:
| Results for the 12 months ended 31 December 2024 | FY24 | FY23 | YoY Change | |
| Transactional Revenue1 | + | |||
| DVM & One Off Revenue2 | + | |||
| Total Revenue | +16% | |||
| Annual Recurring Revenue (ARR) 3 | + | |||
| Net Retention4 | ||||
| Adjusted EBITDA5 | + | |||
| Loss After Tax | ( | ( | ||
| Net (debt)/cash at 31 December6 | ( | ( | ||
FY24 Operational highlights:
- 9 new Digital Vending Machine® (DVMTM) license customers (total 27 at end of 2024)
- 110 content providers connected to the DVM, up from 93 at the end of 2023
- Launched Disney+ with Continente - Portugal’s largest high-street retailer, in only 12 weeks from first customer contact
- First two DVM CX (user interface) customers signed, including Altice in the US
- First Eastern European DVM customer signed
Post period-end
Digital Vending Machine®
- 6 new DVM customers to date in 2025, including:
- New US wins mean the Bango DVM now serves 6 out of the top 8 US communication providers (by subscriber count)
- First DVM customer in South Korea – leading Telco selected Bango DVM for bundling
- New DVM Telco customer in Benelux marks the first win from an improved Western Europe DVM pipeline
- First customer launch of the Bango DVM CX (user interface) with Altice in the US. The DVM CX reduces the effort for resellers when launching bundled offers, allowing them to launch much faster. It is sold as an additional license fee.
- DVM is on track to once again deliver double digit revenue growth in-line with consensus7.
Transactional
98% of traffic acquired with DOCOMO Digital has been migrated to the Bango platform- The high cost of sales routes acquired from DOCOMO Digital have experienced volatility and are below expectation however, given the margin profile of these routes, there is minimal impact to EBITDA. Work to optimize or restructure these routes is ongoing.
- Bango has disconnected several small, unprofitable routes since the DOCOMO Digital acquisition and continues to launch selected new routes where there is significant growth potential.
- Core Transactional revenue (excluding the high cost of sales routes) is in-line with expectations.
Financing
- Bango has secured financing which will be used to strengthen the balance sheet and provide further flexibility on the timing of cost reductions.
- Bango has secured an enhanced loan facility from NHN. Under the agreement, the existing loan will increase by
$2.85M and include a deferral of principal repayments for 18 months (further information can be found detailed in the RNS announcement published earlier today titled, ‘Loan Agreement and Related Party Transaction’). - In addition, Bango has secured a
$15M Revolving Credit Facility (RCF) with NatWest. This provides a committed, long-term financing solution that will replace the existing£3M overdraft from Barclays.
- Bango has secured an enhanced loan facility from NHN. Under the agreement, the existing loan will increase by
Efficiency Initiatives
- Bango expects to report FY25 Adj. EBITDA in-line with consensus7
- Further efficiencies are expected to result in a modest increase to Adj. EBITDA vs consensus7 in FY26 of
$1M . - A reduction in R&D capital expenditure versus current consensus7, of
$0.5M in FY25 and$1M in FY26 is planned.
Board changes
- As separately announced, (See ‘Directorate Change’ RNS published today), Anil Malhotra and Frank Bury will formally step down from the Board at the conclusion of the AGM on 30 June 2025.
Investor Presentation:
Bango is hosting a presentation, open to all existing and potential shareholders, at 10.30am BST today. Investors can sign up to Investor Meet Company for free and register to join the call here: https://www.investormeetcompany.com/bango-plc/register-investor
Bango CEO, Paul Larbey, said:
“2024 was a pivotal year for Bango, marked by strong revenue growth, a significant increase in profitability, and strategic progress across both our Digital Vending Machine® and Payments businesses. We delivered a
With tens of millions of subscriptions already managed, and the scalability to support hundreds of millions more, Bango is uniquely placed to benefit from the structural shift toward subscription-based services and indirect distribution models. Increasingly, the Bango DVM is becoming the standard platform for subscription bundling - not just in capability, also in reputation. It’s the solution recommended by some of the world’s largest content providers when their partners want to scale subscriptions and build customer engagement, and now serves 6 of the top 8 US communication service providers. This positions Bango at the very heart of the global subscription economy.
In the Payments business, Bango continues to have a leading position in the market and remains the largest Direct Carrier Billing partner for the Google Play store, the only partner powering DCB for the Amazon store in Japan and the sole provider of online DCB services to NTT DOCOMO Japan - the largest operator, in the most valuable DCB market. With the migration of traffic from the DOCOMO Digital platform to the Bango platform we are optimizing our Payments business for cash and profitability by simplifying operations.
The financing provided by NatWest and NHN demonstrate strong confidence in Bango’s business model & strategic plan and materially strengthens the balance sheet. The decision to make the strategic investment in DVM coupled with the market growth in “Super bundling” are driving a strong sales pipeline. This combined with disciplined cost management, a reduction in R&D capex and the inherent operational leverage of our platform will deliver a step-change in cash generation in FY26 and drive shareholder returns. We view the future opportunity with both confidence and excitement.”
See the full RNS announcement: https://bangoinvestor.com/link/XyOG0y
Notes:
The Annual Report, including full accounts, is available at, https://bangoinvestor.com/results-reports, and will be sent to shareholders shortly.
1 Transactional Revenue is revenue derived by charging a percentage of the retail price paid by the consumer and is made up of carrier billing, resale and e-Disti revenue share amounts.
2 DVM & One Off Revenue includes all DVM license and support fees, revenue from Bango Audiences (discontinued in Q1 FY24) and one off fees including DVM set-up and change requests.
3Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months
based on contracted revenues recognized as at 31 December.
4 Net Retention is a measure of the retention and expansion of revenue from existing customers over a specific period and is calculated by dividing the ARR from existing customers at the end of a period by the ARR generated from those same customers at the beginning of the period.
5Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, negative goodwill, exceptional items and share based payment charge.
6Net debt is cash and cash equivalents plus short-term investments less loans and borrowings.
7Current consensus market expectations prior to today’s announcement.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No.596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for making this announcement on behalf of Bango is Paul Larbey, Chief Executive Officer.
For further information, please contact:
| Investor questions on this announcement We encourage all investors to share questions on this announcement via our investor hub | https://bangoinvestor.com/s/2a69da |
About Bango
Bango enables content providers to reach more paying customers through global partnerships. Bango revolutionized the monetization of digital content and services, by opening-up online payments to mobile phone users worldwide. Today, the Digital Vending Machine® is driving the rapid growth of the subscriptions economy, powering choice and control for subscribers.
The world's largest content providers, including Amazon, Google and Microsoft trust Bango technology to reach subscribers everywhere.
Bango, where people subscribe. For more information, visit www.bangoinvestor.com
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FAQ
What were Bango's (BGOPF) key financial results for FY2024?
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