Bango PLC (AIM:BGO, OTCQX:BGOPF) CEO Paul Larbey and CFO Matt Wilson talked with Proactive's Stephen Gunnion about the company’s full-year 2025 trading update, highlighting strong recurring revenue growth, expanding global customer adoption and a key financial inflection point as the business moves into positive cash EBITDA.
Bango reported a solid year of operational and financial progress, underpinned by continued momentum in its Digital Vending Machine (DVM) platform. Larbey explained that the DVM acts as a bridge between subscription service providers – such as streaming, gaming and AI services – and resellers like mobile network operators, enabling bundled subscription offerings. During the year, recurring revenue from the DVM grew by 30% year on year, supported by a 60% increase in the number of managed subscriptions to more than 24 million, with zero churn among DVM customers.
Customer adoption continued to accelerate, with 12 new DVM contracts signed in 2025, the highest annual total to date. Bango further strengthened its position in the US market, with the DVM now used by seven of the top eight US telcos, while also expanding into new geographies including Japan, South Korea, Turkey and South Africa.
From a financial perspective, Wilson highlighted the move to positive cash EBITDA as a major milestone.
“That marks a real inflection point for Bango as we move into fiscal year 26,” he said. The company delivered a $2.5 million year-on-year improvement in cash EBITDA, driven by strong ARR growth and significant cost efficiencies, including a $2.9 million reduction in core administrative expenses.
Looking ahead, management expects 2026 to be a year of continued growth, supported by an increasingly strong DVM pipeline, improved revenue visibility and further expansion in subscription volumes, while maintaining a disciplined cost base.
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