Listed Cambridge firm Bango has reported a rise in profits as it moves towards an annual recurring revenue model.
Bango has revolutionised the monetisation of digital content and services by opening up online payments to mobile phone users worldwide.
The payments insights company said that for the year ended 31st December 2025, total revenue was down 2% to $52.2 million but adjusted EBITDA rose 7% to $16.4m.
It saw a 30% rise in annual recurring revenue to $18.2m amid an “intentional shift away from legacy low-margin payment routes”.
This resulted in modest revenue headwinds but a material improvement in the quality of earnings, it said.
Net debt increased from $1.8m to $9.2m following the agreement of an enhanced loan facility from NHN and a $15m revolving credit facility with NatWest.
Customers for its ‘Digital Vending Machine’ now include 7 of the top 8 telcos in the US, while it secured new customers in Japan, South Korea, Turkey and South Africa together with a leading European bank operating in 24 countries.
“2025 marked a pivotal year for Bango as we delivered strong growth in recurring revenue and reached a key financial inflection point with positive cash EBITDA,” Bango CEO Paul Larbey.
“This performance reflects continued momentum in our Digital Vending Machine, where active subscriptions grew significantly and drove a 30% increase in ARR.
If mobile data can now be rationed, connectivity should be treated as a public utility
“We expanded the DVM’s global footprint with a record number of new enterprise customers, deepened our relationships with leading telcos, and expanded in verticals such as financial services, reinforcing our position at the center of the growing subscriptions bundling economy.
“At the same time, the payments segment continued to generate strong cash flows, supporting investment in our high-margin, DVM platform.
“Profitability improved materially during the year, driven by a combination of revenue mix shift towards higher-margin DVM revenues and the operational efficiencies delivered across the business. These improvements enabled Bango to generate positive cash EBITDA and establish a more scalable and efficient operating model to support future growth.
“With a strong pipeline, increasing revenue visibility and the operational efficiencies delivered during 2025 now embedded, Bango enters 2026 with good momentum. While we remain mindful of macroeconomic uncertainty affecting the timing of some opportunities, demand for bundling remains strong.
“With a continued focus on long-term shareholder value, we are well positioned to accelerate profitable growth and cash generation as we scale the DVM and execute on our strategy.”
Wi-Fi mobile ordering firm which raised £16m to be liquidated