Rising Bango revenues point to imminent return to positive net cash

Total revenue for the last six months audited was up 19 per cent to $24.1 million while transactional revenue from the payments business grew by six per cent to $16.4m.

Annual Recurring Revenue (ARR) was 130 per cent ahead to $12.9m due to Digital Vending Machine (DVM) usage growth and new customer wins.

Bango signed four new DVM contracts in the first half including a Latin American bank – the first DVM win in the financial services vertical.

A leading European telco that adopted the Bango DVM in 2020 extended their DVM contract for a further three years. The minimum contract value over the three-year term is $1.5m.

As recently reported in Business Weekly, Bango signed a global agreement with Uber to accelerate the take-up of Uber One subscriptions through telco channels, proving the appeal of the Bango DVM beyond video, music and gaming services.

Paul Larbey says: “The first six months of 2024 have gone to plan. We have driven continued growth from our customer base and won new DVM customers.

“This growth, along with a strong sales pipeline, positions us for a successful year that meets market expectations. We remain on track to return to a positive net cash position in FY25.

“World leaders such as Uber and the Tier 1 video streamer have selected Bango to increase distribution of their subscription products – this is clear evidence of the power of the Digital Vending Machine.

“The subscriptions market is vast and growing, and the percentage of subscriptions bundled through channels is increasing. Bango’s leadership position in this market is strengthening and we are excited by the opportunity ahead.”