Bango (LSE:BGO) reported a strong performance for the first half of 2026, supported by continued growth in recurring revenue from its subscription platform and improved cost discipline. Annual Recurring Revenue increased 31% to $20.4 million, while subscription revenue rose 13% to $12.3 million. Net Revenue Retention reached 119%, reflecting higher spending from existing customers and continued adoption of the company’s Digital Vending Machine® platform by global brands, financial institutions and telecommunications providers.
Group revenue increased 3% to $25.9 million during the period, while Adjusted EBITDA rose 34% to at least $9.0 million. Cash EBITDA improved to $3.7 million, exceeding the company’s full-year result for the previous year, as Bango continued to phase out lower-margin legacy payment routes in favour of more profitable operations. Management said its payments business remains a strong source of cash generation, with net debt declining slightly to $8.7 million. The company also strengthened its corporate governance through the appointment of a new independent chair and audit committee leader, and said it remains on track to meet its full-year expectations while reinforcing its position in the subscription monetisation market.
Despite the encouraging operational progress, Bango’s outlook continues to be affected by ongoing net losses, negative EBIT and higher leverage following 2025, although cash generation has improved. Technical indicators remain weak, with the shares trading below key moving averages and negative MACD signals pointing to softer momentum. Valuation is also constrained by the company’s negative price-to-earnings ratio, while the absence of a dividend provides little additional valuation support.
More about Bango plc
Bango plc is a UK-based technology company specialising in subscription bundling, digital payments and customer acquisition. Its flagship Digital Vending Machine® platform enables content providers, digital merchants and telecommunications companies to distribute and manage subscription services through a global network of partners. The company works with leading technology businesses, including Amazon, Google and Microsoft, to support growth in the global subscription economy.
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