Ondo InsurTech (LSE:ONDO), a provider of leak-detection technology for home insurers, grew group revenue 20% to £4.6 million in the year to 31 March, driven by a 117% surge in US revenue to £2.3 million.
The London-listed company's loss for the year widened to £7.3 million, from £6.2 million, as it kept investing ahead of converting new business into recurring cashflow.
Recurring revenue rose 51% to £3.8 million and now makes up 83% of the total, up from 66% a year earlier, while annualised recurring revenue reached £4.6 million, up 41%.
The United States became Ondo's largest market by revenue, active devices and contracted recurring revenue, with active LeakBots there more than doubling to 57,408 across 26 states and 11 insurance partners.
Deferred US orders left the company needing fresh funding, addressed through a July refinancing that cut the interest rate on HomeServe's vendor loan notes to 5% and pushed the redemption date to 31 May 2030, alongside £2 million of new convertible loan notes and a £2 million credit facility.
UK and Nordic revenue each fell 16% as the company shifted new contracts away from upfront device fees toward its preferred recurring-revenue model, even as active devices in those regions grew 7%.
Chief executive Craig Foster said the year proved LeakBot works "at scale" in the US, adding that Nationwide has confirmed plans to order a further 35,000 devices in the second half of 2026.
Active LeakBots had grown to approximately 167,000 by the end of June, with the US base up 64% year-on-year.
News Intelligence what this means for the company
Ondo InsurTech reported 20% group revenue growth to £4.6m for the year to 31 March, driven by 117% US growth that made America its largest market, but the loss widened to £7.3m as the company invested ahead of profitability. The company refinanced its HomeServe debt in July and secured £4m in new funding (£2m convertible notes plus £2m credit facility) after deferred US orders strained cash, signalling execution risk despite strong top-line momentum in its core leak-detection business.
- HomeServe, the vendor lender, extended its loan redemption to May 2030 and accepted a rate cut to 5%, indicating willingness to support Ondo's growth but also exposure to the company's ability to convert US device deployments into recurring revenue.
- Nationwide's confirmed order for 35,000 additional devices in H2 2026 is material to near-term revenue but depends on Ondo's ability to deliver and install at scale without further cash strain.
The shift to recurring revenue (now 83% of total, up from 66%) and 51% growth in that stream are structurally positive, but the widening loss, reliance on refinancing to fund order deferrals, and need for £4m fresh capital suggest the company is not yet self-funding its US expansion. Profitability remains contingent on converting the 167,000 active devices into sustained recurring contracts.
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