Bango (BGO) H1 2025 earnings summary

Executive summary

• Revenue grew 5% year-over-year to $25.2M in H1 2025, with strong recurring revenue, gross margin expansion, and 20% ARR growth to $15.6M.

• Adjusted EBITDA increased 66% to $6.7M, driven by higher margin DVM activity, cost reductions, and improved operational efficiency.

• DVM business saw 15% revenue growth, seven new customer wins, and subscriptions managed more than doubled to over 19M, including first entries in Korea, Japan, and Africa.

• Net Revenue Retention remained strong at 108%, with zero churn among live DVM customers.

• Integration of DOCOMO Digital completed, with cost savings and efficiency initiatives underway.

Financial highlights

• Total revenue reached $25.2M (+5% YoY); ARR grew 20% to $15.6M; DVM & One-Off revenue up 15% to $8.9M.

• Transactional revenue stable at $16.4M; core transactional up 10% YoY.

• Adjusted EBITDA rose 66% to $6.7M; margin increased from 17% to 27%.

• Gross margin improved by 350 basis points to 84.3%.

• Net loss narrowed to $3.2M, a $1M improvement from last year.

Outlook and guidance

• On track to deliver FY25 revenue and Adjusted EBITDA in line with market expectations.

• Net debt reduction expected in Q4 2025 as efficiency savings and seasonal inflows materialize.

• Full-year profitability anticipated in FY 2026, with significant cash generation and reduced net debt.

• DVM pipeline remains strong, with further expansion targeted in Asia, Europe, and Africa.

• Focus on launch timings for new DVM wins and H2 weighting in transactional revenue.