Ondo InsurTech (ONDO) H2 2026 earnings summary

Executive summary

• Revenue grew 20% year-over-year to £4.6m, with recurring revenue up 51% to £3.8m, now 83% of total revenue.

• Active LeakBots increased 33% to 144,507, with US active devices more than doubling to 57,408.

• US revenue surged 117% to £2.3m, now representing 49% of group revenue.

• Operating loss widened to £6.4m, reflecting continued investment ahead of recurring cash conversion.

• Major contract wins and expansions in the US and Nordics, with strong customer satisfaction (NPS +90).

Financial highlights

• Group revenue: £4.6m (up 20% year-over-year); recurring revenue: £3.8m (up 51%).

• ARR at period end: £4.6m (up 41%); C-ARR: £6.8m (up 15.3%).

• Gross margin improved to 4.7% (from 3.2%); underlying gross margin (ex activation costs) at 58%.

• Operating loss: £6.4m (vs £5.2m prior year); loss for the year: £7.2m.

• Cash and cash equivalents at year-end: £1.1m (down from £4.0m).

Outlook and guidance

• Active LeakBots reached 167,000 by June 2026, up 15% quarter-on-quarter.

• Nationwide confirmed a further 35,000 LeakBots for H2 2026; Admiral signed for 10,000 more UK devices.

• Strong pipeline expected to drive further growth across UK, Nordics, and USA.

• New pilot outsourcing arrangement in the US to support lower-cost expansion.