Bango reports rise in total full-year revenue
By Josh White
Date: Friday 06 Jun 2025
(Sharecast News) - Bango reported a 16% rise in total revenue to $53.4m for 2024 on Friday, driven by continued expansion of its Digital Vending Machine (DVM) platform and resilient transactional performance.
Adjusted EBITDA more than doubled to $15.3m, while net losses narrowed to $3.7m from $8.8m the prior year.
DVM and one-off revenue climbed 28% to $17.2m, while transactional revenue rose 11% to $36.2m.
Annual recurring revenue grew sharply to $14m, up 59%, with a net retention rate of 125%.
Net debt was reduced to $1.8m, from $4m a year earlier.
Operational highlights included the addition of nine new DVM licence customers in 2024, bringing the total to 27 by year-end.
Bango also secured its first DVM CX (user interface) contracts, including with Altice in the US, and launched a Disney+ partnership with Portuguese retailer Continente.
Post year-end, the DVM platform secured six further customers, expanding Bango's reach to six of the top eight US telecom providers, and entering South Korea and Benelux.
Bango noted that nearly all traffic from its DOCOMO Digital acquisition had been migrated to its platform.
While high cost-of-sales routes underperformed, the company said their limited EBITDA contribution meant the impact was minimal.
Several unprofitable routes were discontinued, and new, higher-margin ones were being added.
To support its growth and flexibility, Bango secured a $15m revolving credit facility from NatWest and expanded its loan agreement with NHN, which included a deferral of principal repayments for 18 months.
Looking ahead, Bango said it expected to meet 2025 EBITDA guidance and anticipated a modest beat against 2026 expectations, aided by further efficiency gains and reduced research and development capital expenditure.
Board members Anil Malhotra and Frank Bury would meanwhile step down at the annual general meeting on 30 June.
"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," said chief executive officer Paul Larbey.
"We delivered a 16% increase in total revenue and more than doubled adjusted EBITDA to $15.3m, reflecting the operational leverage of our platform and disciplined cost management.
"The DVM continues to gain global traction, with nine new customers added during the year and a strong pipeline rapidly converting in 2025 with six new wins including our first customer in South Korea."
Larbey said the financing provided by NatWest and NHN demonstrated "strong confidence" in Bango's business model and strategic plan, and "materially strengthened" 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 research and development capex and the inherent operational leverage of our platform will deliver a step-change in cash generation in 2026 and drive shareholder returns.
"We view the future opportunity with both confidence and excitement."
At 1214 BST, shares in Bangoo were down 10.86% at 83.35p.
Reporting by Josh White for Sharecast.com.
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