Ondo InsurTech (ONDO) H1 2025 earnings summary

Executive summary

• H1 revenue rose 42% YoY to £1.682m; annualised revenue run rate reached £3.4m, up 42%, and registered customers grew 36% to 114,000 at 30 Sep 2024.

• Contracted addressable households increased 128% to 5.7m; U.S. deployments demonstrated claims-prevention value, with estimated $2m in insurer claims savings.

• Board expects EBITDA-positive trading in H2 2025, supported by current contracts and insurer prepayments, without further working-capital funding.

Financial highlights

• Revenue was £1.682m, up 42% from £1.186m; recurring Software and Services revenue was £0.9m, up 27%.

• Gross profit was £403k vs £294k; operating loss £2.068m vs £1.634m; loss for the period £2.444m vs £1.022m.

• EBITDA loss was £2.4m vs £1.0m in H1 2023; cash at 30 Sep 2024 was £1.75m vs £0.492m a year earlier.

• Operating cash used was £2.231m vs £1.705m; basic and diluted loss per share was 2.24p vs 1.37p.

Outlook and guidance

• EBITDA-positive trading expected in H2 2025 without further working-capital funding, based on revenue projections from current contracts.

• U.S. expected to become the majority of registered customers and recurring revenue in the near term; H2 launches include Nationwide Mutual, Selective, Mutual of Enumclaw and Indiana Farm Bureau.

• UK and European growth supported by NFU and Alm. Brand Group wins, adding 0.8m addressable households in Europe; Topdanmark is working toward its largest-ever LeakBot campaigns in early 2025.