LONDON: Bango (AIM: BGO), a global platform for data-driven commerce, announced its full-year results for the 12 months ended Dec. 31, 2024, highlighting double-digit revenue growth and an expanded customer base for its Digital Vending Machine® (DVM) technology.
Financial Performance
Total revenue rose 16% year-over-year to $53.4 million, up from $46.1 million in 2023. Transactional revenue increased 11% to $36.2 million, while DVM and one-off revenue grew 28% to $17.2 million.
Annual recurring revenue (ARR) surged 59% to $14 million, reflecting stronger subscription-based income. Adjusted EBITDA more than doubled to $15.3 million, up from $6.4 million in 2023. Net loss narrowed to $3.7 million, improving by $5.1 million year-over-year.
Operational Highlights
- Added nine new DVM license customers, bringing the total to 27.
- Connected 110 content providers, up from 93 in 2023.
- Launched Disney+ with Continente, Portugal’s largest high-street retailer, within 12 weeks of initial contact.
- Secured first Eastern European DVM customer and expanded in the U.S. with Altice.
Post-year-end, Bango signed six new DVM customers, including:
- A leading South Korean telecom for bundling services.
- A Benelux telecom, marking its first Western European win from an improved pipeline.
- Additional U.S. deals, now serving six of the top eight U.S. communication providers.
The company also launched its DVM CX platform with Altice, streamlining bundled offer deployments.
Bango secured a $15 million revolving credit facility with NatWest and an enhanced $2.85 million loan from NHN, deferring principal repayments for 18 months.
Cost optimization efforts are expected to keep FY25 adjusted EBITDA in line with consensus, with further efficiency gains projected in 2026.
Outlook
Bango anticipates continued double-digit DVM revenue growth in 2025 and is refining its transactional business after integrating DOCOMO Digital’s operations.