Ondo InsurTech (ONDO) H1 2026 earnings summary

Executive summary

• H1 FY26 revenue rose 26% to £2.115m; recurring revenue increased 110% to £1.825m, representing 86% of revenue.

• The U.S. became the largest market and main growth driver, with revenue and customers up seven-fold YoY and 51% of revenue from the U.S.

• Faster U.S. expansion was offset by slower European progress, particularly in Sweden; FY26 revenue guidance was £4.5m–£5.0m.

Financial highlights

• H1 revenue was £2.115m versus £1.682m; recurring revenue reached £1.825m versus £871k, while one-off device setup fees fell to £290k from £1.682m.

• Gross loss was £327k versus £403k gross profit; administrative expenses rose to £3.162m from £2.471m, producing an operating loss of £3.489m versus £2.068m.

• Net loss was £3.897m versus £2.444m; EBITDA loss was £3.283m versus £1.983m in H1 FY25.

• Period-end cash was £559k; inventories were £1.029m, up from £578k at March 31, 2025.

Outlook and guidance

• FY26 revenue guidance was £4.5m–£5.0m, with expected EBITDA loss of £5.0m–£5.5m, reflecting U.S. infrastructure investment and LeakBot Edge development.

• Contracted ARR was £6.0m; U.S. contracted ARR was $4.4m at September 30 and $5.5m at November 30.

• Nationwide expanded LeakBot coverage from 16 to 26 U.S. states; insurer-led rollout was ahead of plan, with partners seeking nationwide coverage.

• LeakBot Edge is targeted for launch in early 2027, following design-for-manufacture and commercialisation work; mass manufacture is on a 12–18-month path.