Ondo InsurTech (ONDO) H2 2024 earnings summary

Executive summary

• FY24 marked a milestone with entry into the US market, growth in insurer partnerships and recurring customer revenues.

• Registered customers reached 95,468 at March 2024, up 37% YoY; the July 2024 count was 111,000.

Financial highlights

• FY24 revenue was £2.7m, up 29%; recurring revenue was £1.4m, up 41%.

• Loss before tax narrowed to £3.2m from £6.2m in FY23.

• Recurring revenue exit run rate reached £1.7m at year-end.

Outlook and guidance

• Immediate priorities are top-line growth, a focus on the US and reaching cash-flow breakeven.

• Strategy targets repeatable insurer-led growth through recurring service revenues, low-cost self-install technology and integrated plumbing support.