Bango (AIM:BGO), the Cambridge-based digital subscriptions and payments technology company, delivered a first-half Cash EBITDA of $3.7m in the six months to 30 June, surpassing the $2.3m posted across the entirety of the prior financial year.
Annual recurring revenue (ARR) grew 31% to $20.4m, while adjusted EBITDA is expected to reach at least $9m, up 34% from $6.7m in the same period last year, driven by higher-margin revenue and efficiency actions taken in FY25.
Total revenue is expected to rise 3% to $25.9m (first half 2025: $25.2m), with the Subscriptions segment growing 13% to $12.3m as six new customer wins were recorded, three of which are contracted, including one deal delayed from the fourth quarter of FY25.
Payments segment revenue fell 5% to $13.6m, in line with management expectations, as Bango continues to restructure legacy carrier billing routes in favour of margin quality over volume.
Net revenue retention of 119% reflects continued expansion within the existing customer base.
Net debt stood at $8.7m at 30 June, down from $9.2m at the end of December 2025.
"Momentum in Subscriptions remains strong, with recurring revenue growth of 31% and 6 new customer logos won," said chief executive Paul Larbey, adding that the company enters the second half "with confidence in both our strategy and in our ability to deliver FY26 in line with expectations."
Consensus expectations for FY26, as of 8 July, stand at revenue of $53.8m, adjusted EBITDA of $19.5m and Cash EBITDA of $8.3m.
