Ondo InsurTech (ONDO) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 44% to £3.9m; recurring revenue increased 80% to £2.5m, with £5.9m annualised contracted revenue at year-end.

• Growth was led by the US, which accounted for 82% of FY revenue growth; registered customers reached 151,000 at March-end and 170,000 by end-June.

• Priorities are topline growth, US expansion and cash-flow breakeven, supported by an integrated leak-detection and repair service for home insurers.

Financial highlights

• FY25 revenue was £3.869m, up 44%; device set-up fees were £1.323m, up 4%, and ongoing revenue was £2.546m, up 80%.

• Gross margin was 3.1%, down 24.4 pts YoY; gross contribution was £121k, versus £740k in FY24.

• Average monthly ongoing revenue per registered customer rose 14% to £1.41; average device fee per unit sold fell 51% to £14.11.

• Annualised contracted revenue was £5.9m at year-end; recurring revenue exit rate was £3.3m.

Outlook and guidance

• Immediate priorities: topline growth, US focus and cash-flow breakeven.

• Year 2+ device margins are expected to improve to 60% without repair-cost efficiencies; with operational improvements, Y2+ margins are expected to recover to ~80% and US Year 1 device margins to break-even.

• Autoship remains under testing to accelerate deployments; the objective is a scalable, repeatable mass-market approach.