Ondo InsurTech (ONDO) H2 2025 TU earnings summary

Executive summary

• FY ended 31 Mar 2025 revenue was at least £3.8m, up 40% YoY; growth was tempered by continuing delays in Sweden.

• Registered customers reached ~151,000, up 59% YoY; annualised contracted recurring revenue (ACRR) was £5.9m, boosted by The Hanover Insurance Group deal.

• US operations scaled rapidly, with 34,000 registered customers, up 435% YoY; contracted insurer partners cover over 14m homes across the US, UK, Sweden and Denmark.

Financial highlights

• Revenue was not less than £3.8m for FY ended 31 Mar 2025, versus £2.7m in FY2024, a 40% YoY increase.

• ACRR was £5.9m at year end; deferred revenue of £3.1m reflects partner commitments for LeakBots not yet delivered.

• Cash was ~£4.0m before £1.3m of HomeServe loan note repayments due in April 2025.

Outlook and guidance

• Trading EBITDA on a run-rate basis remains on track to be delivered by the year ending 31 Mar 2026.

• £3.1m of deferred revenue relates to existing partner commitments for LeakBots expected to be delivered in the year ending 31 Mar 2026.

• Priorities are scaling existing partnerships, accelerating US adoption and increasing production to meet growing demand.

• No future funding requirement is anticipated; advance customer deposits for initial rollouts virtually eliminate increased working capital demands from trading.