- Total revenue increased by 16% to $53.4 million in FY2024.
- Adjusted EBITDA surged 139% to $15.3 million.
- Annual Recurring Revenue grew by 59% to $14.0 million.
Bango (BGO) has announced its full-year financial results for 2024, reporting a total revenue increase of 16% to $53.4 million. The company's Adjusted EBITDA more than doubled, reaching $15.3 million, illustrating significant operational leverage and disciplined cost management.
The company's Digital Vending Machine (DVM) business saw impressive growth, adding 9 new customers in 2024 and 6 more in early 2025. This expansion now includes 6 of the top 8 US communication providers, further solidifying Bango's market presence. Additionally, Bango reported a 59% increase in Annual Recurring Revenue, which reached $14.0 million.
Bango's financial position strengthened in 2024 with the securing of a $15 million Revolving Credit Facility from NatWest and an enhanced loan facility from NHN. The company also managed to reduce its net debt to $1.8 million from $4.0 million. The successful integration of 98% of DOCOMO Digital traffic into the Bango platform stands out as a key operational success, despite some high-cost routes from the acquisition underperforming expectations.
Looking ahead, Bango anticipates its FY25 Adjusted EBITDA to align with market consensus and expects efficiency improvements with a reduction in R&D expenditure for FY25 and FY26.
