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Highlights

  • Bango added 9 new Digital Vending Machine® (DVM™) license customers in FY24, expanding global reach.

  • Post-year-end momentum includes 6 new DVM deals, including a first win in South Korea and wider U.S. market penetration.

  • Secured $17.85 million in new financing to boost balance sheet and support operational flexibility.

Bango plc (LSE:BGO) has released its full-year results for the period ending 31 December 2024, alongside an operational update and financial outlook for 2025. The company reported continued progress in expanding its Digital Vending Machine® (DVM™) platform and outlined steps taken to optimise its transactional operations and financing position.

FY24 Operational Performance

In the 2024 financial year, Bango secured 9 new DVM license customers, bringing the total number to 27 by year-end. The number of content providers connected to the platform rose to 110, up from 93 in 2023. Notable achievements included the launch of Disney+ with Portuguese retailer Continente within just 12 weeks of initial engagement, and signing of the first two DVM CX (customer interface) clients, including Altice in the United States. Additionally, the company marked its first DVM deal in Eastern Europe.

Post-Year-End Progress

Bango maintained its growth trajectory into 2025, having already signed six new DVM customers, which included:

  • A major South Korean telco, representing the company’s first entry into that market.

  • A Benelux-based telecom provider, marking a key win from a reinvigorated Western Europe pipeline.

  • Expanded U.S. presence, with the Bango DVM now supporting 6 of the top 8 communication providers by subscriber base.

The first launch of DVM CX with Altice in the U.S. has also taken place in early 2025. The CX interface allows for quicker deployment of bundled content offers, providing an additional revenue stream through license fees. Bango affirmed that the DVM platform remains on track to achieve double-digit revenue growth, in line with analyst consensus.

Transactional Operations and DOCOMO Digital Integration

Bango confirmed that 98% of DOCOMO Digital-acquired traffic has been successfully migrated to its platform. Some of the high cost of sales routes have underperformed, though their limited EBITDA contribution has minimised financial impact. Optimisation work continues, and several low-value routes have been disconnected, while new, higher-potential routes are being added.

Core transactional revenue, excluding high-cost routes, remains in line with expectations.

Financing and Efficiency Measures

To reinforce its financial flexibility, Bango has secured:

  • An enhanced loan agreement with NHN, increasing the existing facility by $2.85 million and allowing 18 months of deferred principal repayments.

  • A new $15 million Revolving Credit Facility (RCF) from NatWest, replacing its former £3 million overdraft with Barclays.

These developments aim to support operational strategy and provide flexibility in timing future cost reductions.

Looking ahead, Bango expects its FY25 adjusted EBITDA to meet consensus forecasts, and anticipates a $1 million uplift above consensus in FY26, driven by ongoing efficiency improvements. Planned reductions in R&D capital expenditure are projected to lower spend by $0.5 million in FY25 and $1 million in FY26.