Bango plc
Bango provides software that lets telecoms operators and other distributors sell subscription bundles. It also processes digital payments.
Overview
Latest results
Jan–Jun 2026 · Reported in USD
Latest financial publication
First-half 2026 results
Investment Thesis
Subscription growth still has to become durable cash
European Tech Equities analysis ·
A distribution business must earn its scale
Bango’s opportunity is to become a repeat supplier of the software connecting subscription providers and distributors. Reusing integrations can make each additional partner commercially useful. The investment case requires more than new customer names: subscription revenue must grow enough to cover development, operating costs and financing, while the established payments business provides cash. The two businesses should therefore be assessed separately as well as together.
Contract growth is beginning to reach revenue
First-half subscription revenue grew 13% to $12.3m. Contracted annual recurring revenue rose 31% to $20.4m and net revenue retention was 119%, indicating expansion within the measured customer base. LG U+ added a named selection in October. These are useful indicators, but ARR describes expected revenue under contracts and the LG announcement gives no contract value. Neither should be counted again as current reported sales.
Partners offer reach, not automatic uptake
Telecom operators can use subscriptions to broaden their offer and give customers more reasons to stay. Service providers gain another distribution route. Bango benefits only if those relationships become working offers with sustainable fees. Boku offers a competing bundling product, and large distributors can build or commission their own software. Negotiating power and implementation speed will matter as much as the number of services connected.
Cash generation improved, but debt matters
First-half operating cash flow was $7.2m and capital expenditure $5.3m. Operating profit was just $0.3m, while the net result remained a $0.7m loss. Cash was $5.2m against $20.5m of debt including leases. Bango’s headline net-debt measure excludes leases. Its adjusted EBITDA of $9.0m also differs substantially from operating profit, so the cash invested in software remains essential to assessing the business.
Keep currencies and earnings measures consistent
The recorded equity value was about £60.5m on 23 October. Bango reports in U.S. dollars, while its shares trade in sterling pence. Comparing that market value directly with dollar EBITDA would be misleading without currency conversion and a consistent debt treatment. The useful valuation question is how much sustainable cash the combined business can generate after software investment, lease payments and interest, rather than whether a headline adjusted multiple looks low.
What would weaken the case
- New partner announcements may convert slowly into launches, subscriptions and cash.
- Capitalised development costs and adjusted profit measures can obscure the cash needed to maintain growth.
- Borrowing, lease commitments and strong distributors limit financial and pricing flexibility.
Sources
- Bango FY2025 Annual Report, issuer publication
- Bango first-half 2026 results, 25 September 2026
- Bango subscription bundling
- LG U+ selects Bango DVM, 6 October 2026
- Boku subscription bundling platform
- Bango H1 2026 full RNS statements and notes
- Bango FY2025 Annual Report, regulatory filing mirror, pp.80–125
- Dated market capitalisation used in eligibility screen
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Adjusted EBITDA
- USD 9m
Bango’s $3.7m first-half Cash EBITDA is Adjusted EBITDA less net capital expenditure, not operating cash flow. Reported operating cash flow was $7.221m and includes working-capital movements. The statutory net loss was $0.674m despite positive adjusted profit measures.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Group IFRS figures in USD millions; basic EPS in USD per share, converted from reported US cents. The AIM share quote is in pence. Debt includes loans and leases, so it exceeds the borrowing-only amount used in Bango’s headline net debt. EBITDA is left blank because the issuer emphasises Adjusted EBITDA. Capital expenditure includes gross cash purchases of equipment, capitalised development and intangible assets; FY2025 also includes $0.214m of right-of-use fees.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Bango’s $3.7m first-half Cash EBITDA is Adjusted EBITDA less net capital expenditure, not operating cash flow. Reported operating cash flow was $7.221m and includes working-capital movements. The statutory net loss was $0.674m despite positive adjusted profit measures.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Group IFRS figures in USD millions; basic EPS in USD per share, converted from reported US cents. The AIM share quote is in pence. Debt includes loans and leases, so it exceeds the borrowing-only amount used in Bango’s headline net debt. EBITDA is left blank because the issuer emphasises Adjusted EBITDA. Capital expenditure includes gross cash purchases of equipment, capitalised development and intangible assets; FY2025 also includes $0.214m of right-of-use fees.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Bango’s $3.7m first-half Cash EBITDA is Adjusted EBITDA less net capital expenditure, not operating cash flow. Reported operating cash flow was $7.221m and includes working-capital movements. The statutory net loss was $0.674m despite positive adjusted profit measures.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Group IFRS figures in USD millions; basic EPS in USD per share, converted from reported US cents. The AIM share quote is in pence. Debt includes loans and leases, so it exceeds the borrowing-only amount used in Bango’s headline net debt. EBITDA is left blank because the issuer emphasises Adjusted EBITDA. Capital expenditure includes gross cash purchases of equipment, capitalised development and intangible assets; FY2025 also includes $0.214m of right-of-use fees.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
Interviews
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Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2025 · Published Sep 25, 2026 · Checked Oct 27, 2026
H1 2026 · Published Sep 25, 2026 · Checked Oct 27, 2026
FY 2024 · Published Jun 4, 2026 · Checked Oct 27, 2026
FY 2025 · Published Jun 4, 2026 · Checked Oct 27, 2026
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