Bango plc (LSE:BGO) reported full-year 2025 revenue of $52.2 million, a 2% decline driven by weaker performance in its Payments division, which was offset by strong growth in its Subscriptions segment. Subscriptions revenue rose 22%, while annual recurring revenue increased 30% to $18.2 million. Adjusted EBITDA improved 7% to $16.4 million, and cash EBITDA turned positive at $2.3 million, supported by higher gross margins of 84%, cost-saving measures including workforce reductions, and lower R&D capital expenditure. Net debt, however, increased to $9.2 million.
The company’s Digital Vending Machine platform continued to gain momentum, securing 12 new enterprise customers to bring the total to 39. Active subscriptions climbed nearly 60% to 24 million, with adoption now spanning seven of the top eight U.S. telecom operators, alongside new clients across Asia, Turkey, South Africa, and European banking sectors. Bango is also moving away from lower-margin legacy payment routes to improve earnings quality and has strengthened its financial position through new debt facilities.
Entering 2026, the group reported double-digit growth in both revenue and EBITDA for the first quarter and is targeting positive cash EBITDA from its Subscriptions business by 2027. However, management cautioned that geopolitical uncertainty could slow sales cycles in the near term.
Bango’s outlook is supported by solid operational performance and continued expansion of its Digital Vending Machine platform, though technical indicators suggest some bearish momentum. Valuation remains a concern due to ongoing earnings pressures and the absence of dividend income. While strategic progress and improved financial flexibility are positive, sustained profitability gains will be key to strengthening investor confidence.
More about Bango plc
Bango plc is a UK-based technology company focused on enabling digital content monetisation through global partnerships and payment solutions. Originally a pioneer in carrier billing, the company now centres its strategy on the Digital Vending Machine platform, which facilitates subscription bundling for major brands and telecom operators worldwide.
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