Interim Results

Results for the 6 months ended 30 June 2024:

• Total Revenue: $24.1M, +18.6%  (2023: $20.3M)
• Transactional Revenue: $16.4M, +5.3% (2023: $15.5M)
• DVM, Audiences & One-Off: $ 7.7M, +62.5% (2023: $ 4.7M)
• Annual recurring revenue (ARR): $12.9M, +130.4% (2023: $5.6M)
• Net Revenue Retention: 159%
• Adjusted EBITDA: $4.0M (2023: $0.2M)
• (Loss) before taxation:  ($3.4M) (2023: $4.9M)
• Net (Debt)/Cash: ($5.1M) ($5.5M)

Operational Highlights

• Bango signed 4 new Digital Vending Machine® (DVM) customers in 1H24, including a Bank in Brazil. Post-period there have been a further 3 new customer wins.
• A leading European telco that adopted the DVM in 2020 extended their contract for a further 3 years, with a minimum contract value of $1.5M over the term.
• 13 new subscription content providers were added to the DVM in 1H24, taking the total to 106.
• The eDisti7 program now has 20 content providers, including Microsoft and Disney, allowing Bango to provide a ‘pre-stocked’ Digital Vending Machine, reducing time to revenue for both DVM customers and Bango.
• Bango signed a global agreement with Uber to accelerate the take-up of Uber One subscriptions through telco channels, proving the appeal of the Bango DVM beyond digital video, music and gaming services.
• The ‘global technology leader’ (announced in June 2022) launched its first two telcos with Bango in 1H24. Additional launches are underway.
• Chartered Accountant Tony Perkins joined the Bango Board as a Non-Executive Director and Chair of the Audit Committee. In Q3, Tony was appointed as Senior Independent Director replacing Eric Peacock who retired from the Board to focus on his recovery from an accident.

Paul Larbey, Chief Executive Officer of Bango, commented:

“The first six months of 2024 have gone to plan and are in-line with the Trading Update issued in July. The payments business continues to deliver growth, providing cash to fund expansion of the Digital Vending Machine® (DVM), which continues to be adopted as the defacto standard platform for subscription bundling by the world’s largest companies. The addition of Disney+ to the Bango eDisti program is further evidence of this and will help accelerate time-to-revenue from DVM deals. With 4 new DVM wins in the 1H and a further 3 in Q3, the pipeline built over the past years continued to deliver results and provides confidence in meeting market expectations for the full year.

The subscriptions market is vast and growing, and the percentage of subscriptions bundled through channels is increasing. Bango’s leadership position in this market is strengthening with the DVM now playing a key role in the customer acquisition and engagement strategies of major content brands. We are excited by the opportunity ahead and remain on track to continue our strong growth trajectory and return to a positive net cash position in FY25.”

News in full

The management at AIM-listed Bango (LON: BGO) talk through the most recent full year results in the video below: