Full Year Results for the year ended 31 December 2025

CAMBRIDGE, United Kingdom, April 27, 2026 (GLOBE NEWSWIRE) — Bango (AIM: BGO) today announces its full year audited results for the 12 months ended 31 December 2025 and provides an update on current trading and outlook for 2026.

FY25 Financial overview:

Highlights:

High quality recurring revenue growth

• ARR grew 30% to $18.2M (FY24: $14.0M) with NRR of 117% reflecting the continued growth in existing customers and zero churn among live customers.
• 12 new Digital Vending Machine® (DVM™) customer wins in 2025; DVM customers now total 39 (FY24: 27).
• Active subscriptions managed by the DVM increased by almost 60% year-on-year, to 24M.
• Over 130 subscription services connected to the DVM.
• DVM customers include 7 of the top 8 Telcos in the US. New customers secured in Japan, South Korea, Turkey and South Africa together with a leading European bank operating in 24 countries.
• Launched a fully integrated Super Bundling solution, enabling customers to build and manage a next-gen subscriptions hub that delivers sophisticated, multi-product consumer bundles.

Strengthening financial profile

• $2.5M increase in Cash EBITDA to $2.3M (FY24: ($0.2M)).
• Balance sheet strengthened with an enhanced loan facility from NHN and a $15M Revolving Credit Facility (RCF) with NatWest.
• Completed the migration of the remaining DOCOMO Digital routes from the Frankfurt data center to the cloud.
• Gross margin expansion of greater than 600 bps to 84% (FY24: 78%).
• Permanent headcount reduced from 219 at the end of FY24 to 164 at the end of FY25 while maintaining an employee engagement score of over 80%.
• Core administrative expenses⁸ reduced by $2.9M year-on-year. These savings were achieved despite adverse foreign exchange cost headwinds, compared with FY24, of approximately $0.9M.
• R&D capex reduced by 11% to $13.6M (FY24: $15.3M).

Increased disclosure
Segmental reporting introduced from FY26. Proforma FY25 information below⁹.

Current trading and outlook

Trading in FY26 has started well with 3 new DVM customer wins (1 contracted) and continued strong expansion from existing customers. Revenue for Q1 FY26 was up 13% year-on-year and Adjusted EBITDA increased 39%, through a combination of higher quality revenue and the annualized effect of the cost reductions implemented in FY25.

The Board has taken the decision to intentionally shift away from legacy low-margin payment routes, resulting in modest revenue headwinds but a material improvement in the quality of earnings. The delay of the Q4 FY25 DVM opportunities (referenced in the Trading Update issued on 20 Jan 26), caused by extended customer processes, have not yet been signed with discussions continuing in Q2 FY26 (the customers’ new fiscal year).

While Bango has experienced a strong start to the year, the recent developments in the Middle East have led to the macroeconomic and geopolitical backdrop becoming more uncertain. This has not impacted Q1 however, the Board is cognizant of the potential further impact to customer processes and sales cycles. The Board remains confident in the medium-term growth prospects, supported by a strong pipeline of opportunities and the positive start to the year and expect the Subscriptions segment to generate positive Cash EBITDA in FY27.

See the full RNS announcement: https://bangoinvestor.com/announcements/7508559

Notes
¹ Payments segment revenue concerns Direct Carrier Billing (DCB) and wallets where revenue is derived by charging a percentage of the retail price paid by the consumer and one-off fees.
² Subscriptions segment revenue includes all Digital Vending Machine® (DVM) license and support fees, one-off DVM fees, fees from bundling which are charged as a percentage of the retail price and pre-stocked margin, and revenue from Bango Audiences (discontinued in Q1 2024).
³ Annual Recurring Revenue is the expected annual revenues to be generated in the next 12 months based on contracted revenues recognized as at 31 December 2025.
⁴ Net Revenue Retention is a measure of the retention and expansion of revenue from existing customers over the previous 12 months and is calculated by dividing the ARR from existing customers at the end of a period by the ARR from those same customers at the beginning of the period.
⁵ Adjusted EBITDA is earnings before interest, tax, depreciation, amortization, exceptional items, and share–based payment charge.
⁶ Cash EBITDA is Adjusted EBITDA less net capital expenditure.
⁷ Net debt is borrowings less cash and cash equivalents plus short-term investments.
⁸ Core administrative expenses is administrative costs before exceptional items, share–based payment charge, capitalized R&D expenses and depreciation and amortization.
⁹ Proforma segmental profitability reporting is unaudited for FY25.

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.

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:

“2025 marked a pivotal year for Bango as we delivered strong growth in recurring revenue and reached a key financial inflection point with positive cash EBITDA. This performance reflects continued momentum in our Digital Vending Machine, where active subscriptions grew significantly and drove a 30% increase in Annual Recurring Revenue.

We expanded the DVM’s global footprint with a record number of new enterprise customers, deepened our relationships with leading Telcos, and expanded in verticals such as financial services, reinforcing our position at the center of the growing subscriptions bundling economy. At the same time, the payments segment continued to generate strong cash flows, supporting investment in our high-margin, DVM platform.

Profitability improved materially during the year, driven by a combination of revenue mix shift towards higher-margin DVM revenues and the operational efficiencies delivered across the business. These improvements enabled Bango to generate positive cash EBITDA and establish a more scalable and efficient operating model to support future growth.

With a strong pipeline, increasing revenue visibility and the operational efficiencies delivered during 2025 now embedded, Bango enters 2026 with good momentum. While we remain mindful of macroeconomic uncertainty affecting the timing of some opportunities, demand for bundling remains strong. With a continued focus on long-term shareholder value, we are well positioned to accelerate profitable growth and cash generation as we scale the DVM and execute on our strategy.”

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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

Contact Details:
investors@bango.com