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Bango PLC has set a target for its subscriptions division to deliver positive cash earnings in 2027, after reporting a strong start to the current financial year. The Cambridge-based company said first-quarter performance reflected higher-quality revenue and the annualised impact of cost cuts implemented during 2025.
For the first quarter of 2026, revenue increased 13% year-on-year, while adjusted EBITDA rose 39%. Bango attributed the improvement to better-quality revenue and the continued benefits of earlier cost reductions.
The company also reported three new Digital Vending Machine (DVM) customer wins so far in 2026, including one contracted, alongside ongoing expansion from existing customers. The DVM is Bango’s proprietary platform used by telecoms operators and other partners to manage and bundle subscription services for consumers.
The board said rising geopolitical uncertainty following recent developments in the Middle East has not yet affected trading. However, it could weigh on customer processes and sales cycles in the coming months.
For the full year ended 31 December, total revenue fell 2% to $52.2 million. Bango reported a 15% decline in payments segment revenue to $30 million, offset by a 22% increase in subscriptions revenue to $22.2 million.
Annual recurring revenue (ARR) grew 30% to $18.2 million. The company reported a net revenue retention rate of 117% and zero churn among live customers.
Adjusted EBITDA increased 7% to $16.4 million. Cash EBITDA turned positive, improving by $2.5 million to $2.3 million.
Gross margin expanded by more than six percentage points to 84%, reflecting Bango’s shift away from legacy low-margin payment routes.
Bango ended the year with net debt of $9.2 million. It said it drew on an enhanced loan facility from NHN and a new $15 million revolving credit facility with NatWest.
The company reduced permanent headcount from 219 to 164 during the year while maintaining an employee engagement score above 80%. It also cut core administrative expenses by $2.9 million.
Active subscriptions managed through the DVM rose by almost 60% year-on-year to 24 million. Bango said it now has 39 DVM customers signed, including seven of the top eight US telecoms operators.
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