Bango PLC

Revenue grew 5% to $25.2 million. Annual recurring revenue increased 20% year over year to $15.6 million, net revenue retention was 108%, and churn across live DVM customers remained 0. Transactional revenue was $16.4 million, flat year over year; core transactional business grew 10% year over year, adding $1.2 million. DVM revenue rose 15% to $8.9 million, and active subscriptions managed by the platform more than doubled to over 19 million. Gross margin improved by 350 basis points to 84.3%, adjusted EBITDA increased 66%, and adjusted EBITDA margin rose from 17% to 27%. The company reported a net loss of $3.2 million, narrowed by $1 million versus last year. Cash exceptionals were $1.8 million, net debt was $7.3 million, and cash on balance sheet was $4.6 million. Management said it is currently on track to deliver revenue and EBITDA in line with expectations and expects to report positive profit in fiscal year '26 absent anything unforeseen.

Paul Larbey framed Bango as a two-part business: transactional payments and the Digital Vending Machine, both built around the idea of connecting once and accessing many. He emphasized the DVM opportunity, saying the market is shifting toward multi-party and super-bundling, and that Bango is increasingly adding value by simplifying complex offers, speeding launches, and making customer relationships stickier. His tone was upbeat and strategic, with repeated emphasis on pipeline strength, geographic expansion, and the company’s position with major telcos and content providers.

Matthew Wilson focused on financial discipline and operating leverage. He highlighted revenue of $25.2 million, ARR of $15.6 million, gross margin of 84.3%, and a 66% increase in adjusted EBITDA, alongside a 9% reduction in core administrative expenses over the last 12 months and nearly 20% over two years. He also detailed $1.8 million of cash exceptionals, $7.3 million of net debt, $4.6 million of cash, and the June refinancing with a $15 million revolving credit facility from NatWest plus an enhanced loan facility with NHN, saying liquidity is strong and net debt should start to reduce in Q4.

Investors pressed management on deal announcements, share-price support, DVM customer counts and implementation timing, non-telco progress, competition, and the path to profitability. Management said announcements are selective and often constrained by partner timing; as of the call, they estimate roughly 35 DVM customers after 27 at year-end and seven additions in H1 plus MTN, with technical implementation taking weeks but launches often delayed by commercial agreements and customer marketing calendars. They said DVM competition is mainly build-versus-buy, cited Amdocs as a competitor, and reiterated that profitability should arrive in fiscal year '26 as costs fall, D&A peaks, and revenue scales.