Ondo InsurTech (ONDO) Trading update summary

Growth and outlook

• Registered customers reached ~135,000 on 12 February 2025; projected to reach ~150,000 by 31 March, up ~60% from 95,468 a year earlier.

• Q4 FY2025 annualised revenue run-rate projected to exceed £7.5m, ~90% above Q4 FY2024’s £4.0m; FY2025 revenue estimated at £4.5m–£5m, ~70% growth YoY.

• On track for EBITDA-positive trading in H2 FY2026; Swedish customer adjustments deferred revenue from February/March into FY2026.

• Liberty Mutual contract win adds a sixth U.S. personal lines insurer, with launch across four states expected to impact FY2026.

U.S. expansion

• U.S. registered customers reached 27,000, up 380% YoY; the U.S. drove 65% of registered-customer growth in H2 FY2025 to date.

• LeakBot is active in 18 states, supported by Nationwide’s program extension and expansions by existing U.S. insurance partners.

• Customer NPS was +81, with satisfaction rated 4.8/5.

Regional trends

• Denmark registered customers grew 63%, driven by TopDanmark, LB Forsikring and the addition of Alm Brand Group.

• Sweden registered customers grew 25%; LeakBot is live in 12 of 21 regions, while rollout has been slower than forecast and Q4 FY2025 orders shifted to FY2026.

• UK registered customers grew 24%, reflecting part of the NFU Mutual rollout; further deployments are ongoing and expected to complete by 31 March 2025.