Bango Expands Margins and Recurring Revenues as Subscription Platform Gains Scale

Bango plc (LSE:BGO) reported an improved operating performance for 2025, reflecting a continued shift toward higher-margin, recurring subscription revenues alongside tighter cost discipline. Annual Recurring Revenue increased 30% to $18.2 million, supported by close to 60% growth in active subscriptions on its Digital Vending Machine (DVM) platform, zero churn among live customers and Net Revenue Retention of 117%.

During the year, Bango secured a record 12 new enterprise DVM customers, extending its footprint to seven of the top eight US telecom operators and expanding into markets including Japan, South Korea, Turkey and South Africa. The company noted that the signing of several large contracts slipped from late 2025 into 2026. Total revenue edged lower to $52.2 million, reflecting the deliberate restructuring of a small number of low-margin transactional routes and reduced one-off implementation fees. Despite this, gross margin rose sharply to 84.5%.

Cost-cutting initiatives reduced core administrative expenses by $2.9 million and lowered headcount from 219 to 164. These actions helped swing Cash EBITDA to a positive $2.3 million from a $0.2 million loss a year earlier, while Adjusted EBITDA increased to at least $16.3 million. Net debt rose to $9.3 million following refinancing activity and working capital movements. Management confirmed that the integration of the DOCOMO Digital acquisition is now complete and expects the transactional business to deliver attractive margins with minimal capital expenditure, positioning the group to improve profitability, cash generation and leverage in 2026.

More about Bango

Bango plc is a UK-based technology company that helps digital content providers reach more paying customers through global partnerships, primarily by enabling carrier billing and subscription monetisation. Its flagship Digital Vending Machine platform supports bundled and standalone subscription services for major content and technology companies, with customers including Amazon, Google and Microsoft, and is widely adopted by leading telecom operators worldwide.