Interim Results for the six months ended 30 June 2025

Core Insights - Bango reported a strong performance in the first half of 2025, with significant growth in Annual Recurring Revenue (ARR) and Adjusted EBITDA, indicating a positive trajectory for the company [9][10]. Financial Overview - Total Revenue increased by 5% to $25.2 million compared to $24.1 million in the same period last year [2][7]. - Transactional Revenue remained flat at $16.4 million, with a 10% growth in core routes offset by volatility in high-cost sales routes acquired from DOCOMO Digital [2][7]. - DVM & One-Off Revenue rose by 15% to $8.9 million from $7.7 million [2]. - ARR grew by 20% to $15.6 million from $13.0 million [2]. - Net Revenue Retention decreased to 108% from 159% year-on-year, with zero churn of live DVM customers [2][7]. - Adjusted EBITDA surged by 66% to $6.7 million from $4.0 million [2][7]. - The company reported a loss of $3.2 million for the period, an improvement from a loss of $4.2 million in the previous year [2][7]. - Net Debt increased to $7.3 million from $5.1 million, attributed to planned working capital movements [2][7]. Operational Highlights - The number of active subscriptions managed by the Digital Vending Machine (DVM) doubled to 19.2 million compared to the end of the first half of 2024 [9][10]. - Bango secured 7 new DVM customers in the first half of 2025, including significant wins in the US, South Korea, and Japan [9][10]. - A leading social media platform is utilizing the DVM to enhance subscription growth through bundled offers in India [7][9]. - Sirius XM expanded its use of the DVM to bundle third-party subscription services with its offerings [7][9]. Product & Ecosystem - Bango integrated 116 content providers with the DVM, enhancing its ecosystem [6][10]. - The launch of a fully integrated Super Bundling platform and the deployment of the new DVM CX by Altice in the US further solidified Bango's position in the subscription bundling market [10][18]. - Partnerships with DISH TV and Telkomsel Indonesia were announced to launch new subscription offerings and bundles [18]. Future Outlook - The company is well-positioned for significant cash generation in 2026 following efficiency improvements and the completion of the DOCOMO Digital integration [11][12]. - Bango aims to capture the expanding global opportunity in subscription bundling, supported by a growing base of blue-chip customers [12].