Bango plc (BGO) AI Stock Analysis

• Market Cap: £67.36M
• Dividend Yield: N/A
• Average Volume (3M): 139.71K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.04
• Revenue Growth: 6.40%
• EPS Growth: 70.78%
• Country: UK
• Employees: 274
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Infrastructure
• EPS (TTM): -0.03
• Shares Outstanding: 76,982,830
• 10 Day Avg. Volume: 57,233
• 30 Day Avg. Volume: 139,708
• PEG Ratio: 0.41
• Price to Book (P/B): 2.76
• Price to Sales (P/S): 1.35
• P/FCF Ratio: 21.56
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: £212.00
• Price Target Upside: 142.29% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 69 Neutral
• Price Target: 90.00p ▲(2.86% Upside)

Bango plc's overall stock score is driven by strong financial performance and positive earnings call highlights, particularly in the Digital Vending Machine segment and EBITDA growth. However, technical analysis indicates potential bearish momentum, and valuation concerns persist due to negative earnings and lack of dividends. The company's strategic expansions and financial flexibility are positive, but profitability improvements are needed to enhance the stock's attractiveness.

Positive Factors

Digital Vending Machine (DVM) growth

Sustained DVM growth and 20% ARR expansion indicate a durable shift toward higher-quality recurring revenue. A 49% CAGR in DVM supports predictable cash flows, improves customer lifetime value, and reduces dependence on one-off transactional sales over the next several quarters.

Improved cash generation

Material improvement in free cash flow and strong operating cash conversion show the business can fund operations and investments without relying solely on equity or aggressive external financing. This underpins sustainable reinvestment and resilience through execution cycles.

Refinanced capital structure

Refinancing and a $15m RCF materially enhance liquidity and financial flexibility, lowering refinancing risk and enabling strategic investment. Stronger capital structure supports international expansion of DVM and cushions near-term operational variability.

Negative Factors

Flat transactional revenue

A stagnant transactional segment signals limited upside and reduces diversification of revenue streams. Over multiple quarters this constrains total revenue growth unless DVM expansion accelerates sufficiently, increasing dependency on one growing segment.

Ongoing exceptional costs

Recurring exceptional charges and restructuring costs absorb cash and mask underlying profitability trends. Continued exceptionals over several quarters can erode margin sustainability and impede the company's ability to convert EBITDA improvement into consistent net income.

Weak returns on equity

A persistently negative ROE shows the company has yet to translate revenue growth and improved EBITDA into shareholder returns. This structural profitability shortfall suggests the need for sustained margin expansion or capital efficiency improvements to justify reinvestment.

Bango plc Business Overview & Revenue Model

Company Description

Bango plc, together with its subsidiaries, develops, markets, and sells technology that enables the marketing and sale of products and services to mobile phone users. The company offers Bango Marketplace that enables app marketers in finding Bango Audiences to directly reach new paying users; Bango Payments, which connects online app stores and merchants to approximately 3 billion users; Bango Resale, a solution to deliver the results from reselling and bundling products and services; and Bango Boost+, a customer and revenue growth program. It operates in the United Kingdom, the European Union, the United States, Canada, and internationally. The company serves retail, telecom, and app developer industries. Bango plc was founded in 1999 and is based in Cambridge, the United Kingdom.

How the Company Makes Money

Bango generates revenue primarily through transaction fees charged on payments processed via its platform. The company partners with mobile operators and digital content providers to offer direct carrier billing solutions, allowing end-users to make purchases using their mobile phone accounts. Key revenue streams include fees from app downloads, in-app purchases, and subscription services facilitated through its platform. Additionally, Bango benefits from strategic partnerships with leading mobile network operators and technology companies, enhancing its market reach and providing valuable data analytics services to its clients, thereby contributing to its overall earnings.

Bango plc Financial Statement Overview

Summary

Bango plc demonstrates strong revenue growth and operational efficiency, as evidenced by high gross margins. While profitability remains a concern with negative net income, the company shows positive cash flow trends and maintains a healthy balance sheet with manageable leverage. Overall, Bango plc is positioned well for future growth, though improvements in profitability would enhance its financial standing.

Income Statement

Bango plc exhibited robust revenue growth with a 15.8% increase from the previous year, indicating a strong market position. Despite a negative EBIT margin of -5.1% and a net profit margin of -6.8%, the company showed a significant improvement in EBITDA margin to 16.9%. The gross profit margin remained high at 78.3%, highlighting operational efficiency.

Balance Sheet

The company's balance sheet reflects a moderate debt-to-equity ratio of 0.26, suggesting prudent leverage use. The equity ratio is 38.2%, showing a stable capital structure. However, the negative ROE of -13.9% indicates challenges in generating returns on equity.

Cash Flow

Bango plc's free cash flow improved significantly, with a positive growth rate from the previous year. The operating cash flow to net income ratio is strong at -5.2, reflecting effective cash generation despite net losses. The free cash flow to net income ratio is 0.92, which is a positive sign for future cash flow stability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	42.16M	53.37M	46.10M	23.22M	15.35M	12.16M
Gross Profit	23.74M	41.79M	39.62M	21.05M	19.47M	9.24M
EBITDA	7.92M	9.02M	-570.00K	1.22M	2.56M	3.75M
Net Income	-2.04M	-3.65M	-8.83M	―	321.38K	-172.00K
Balance Sheet
Total Assets	60.45M	68.48M	69.67M	58.32M	31.23M	36.84M
Cash, Cash Equivalents and Short-Term Investments	3.36M	3.38M	3.76M	10.35M	7.15M	5.84M
Total Debt	14.85M	6.88M	10.48M	3.04M	133.52K	275.00K
Total Liabilities	41.70M	42.30M	42.18M	32.69M	3.94M	4.01M
Stockholders Equity	18.74M	26.18M	21.57M	26.14M	27.29M	32.83M
Cash Flow
Free Cash Flow	10.31M	3.35M	-16.30M	-4.25M	-265.38K	1.45M
Operating Cash Flow	10.45M	18.88M	1.64M	4.78M	4.45M	4.10M
Investing Cash Flow	-11.53M	-15.52M	-14.94M	-762.21K	-5.41M	-4.51M
Financing Cash Flow	2.67M	-3.72M	6.16M	-14.61K	1.58M	4.71M

Bango plc Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 87.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BGO, the sentiment is Positive. The current price of 87.5 is above the 20-day moving average (MA) of 84.20, below the 50-day MA of 90.09, and below the 200-day MA of 92.26, indicating a neutral trend. The MACD of -1.65 indicates Negative momentum. The RSI at 54.62 is Neutral, neither overbought nor oversold. The STOCH value of 72.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:BGO.

Bango plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FNX	77 Outperform	£187.28M	16.80	104.98%	7.02%	-4.35%	5.34%
BOKU	70 Outperform	£639.59M	63.01	9.64%	―	22.19%	78.35%
BGO	69 Neutral	£67.36M	-33.02	-10.50%	―	6.40%	70.78%
EWG	66 Neutral	£879.38M	96.21	3.98%	―	-0.85%	―
PAY	64 Neutral	£331.65M	20.95	16.31%	20.30%	1.58%	-57.55%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
PCIP	56 Neutral	£39.85M	916.67	―	―	25.15%	―

Bango plc Corporate Events

Bango Chair Ray Anderson Gifts Over 400,000 Shares to Family and Charity

Bango plc has disclosed a series of share transfers by Executive Chair Ray Anderson, who has gifted 200,000 ordinary shares to his children at no cost, including 100,000 shares to his closely associated person, Coco Anderson, and a further 203,194 shares to an independent UK-registered charity. Following these off-market transactions on 29 January 2026, Anderson retains a direct and indirect interest in 5,688,960 Bango shares, representing approximately 7.39% of the company’s issued share capital, signalling a redistribution of his holdings without a material reduction in his overall stake in the business.

The most recent analyst rating on (GB:BGO) stock is a Hold with a £95.00 price target. To see the full list of analyst forecasts on Bango plc stock, see the GB:BGO Stock Forecast page.

Bango CFO Increases Personal Stake with Purchase of Additional Shares

Bango has disclosed that its Chief Financial Officer and Executive Director, Matthew Wilson, purchased 12,755 ordinary shares in the company at a price of 78.4 pence per share on 27 January 2026. Following this transaction, Wilson’s direct and indirect holding stands at 18,689 shares, equivalent to approximately 0.02% of Bango’s issued share capital, a move that signals additional personal financial commitment by a key member of the management team.

The most recent analyst rating on (GB:BGO) stock is a Hold with a £84.00 price target. To see the full list of analyst forecasts on Bango plc stock, see the GB:BGO Stock Forecast page.

Bango Wins KDDI Deal to Power Streaming Bundles for povo2.0 Subscribers

Bango has been selected by Japanese telecoms giant KDDI to power subscription bundles for its povo2.0 prepaid mobile service using the Bango Digital Vending Machine platform. The deal will allow povo2.0 customers to add a range of leading streaming services seamlessly to their flexible mobile plans, while giving KDDI a scalable way to launch and manage multiple subscription offers from a single destination, with data-driven insights to personalize bundles, boost customer loyalty and increase revenue over time.

The most recent analyst rating on (GB:BGO) stock is a Hold with a £84.00 price target. To see the full list of analyst forecasts on Bango plc stock, see the GB:BGO Stock Forecast page.

Bango CFO Increases Stake with Purchase of Additional Shares

Bango plc has disclosed that its Chief Financial Officer and Executive Director, Matthew Wilson, purchased 12,755 ordinary shares in the company at 78.4 pence per share on 27 January 2026. Following this transaction, Wilson’s direct and indirect holding stands at 18,689 shares, representing approximately 0.02% of Bango’s issued share capital, a move that signals management’s continued financial commitment to the business and may be interpreted by investors as a vote of confidence in the company’s prospects.

The most recent analyst rating on (GB:BGO) stock is a Hold with a £84.00 price target. To see the full list of analyst forecasts on Bango plc stock, see the GB:BGO Stock Forecast page.

Bango boosts margins and recurring revenue as subscription platform scales

Bango reported a stronger operating performance for 2025, highlighting a strategic shift toward higher-margin, recurring subscription revenues and tighter cost control. Annual Recurring Revenue rose 30% to $18.2m, underpinned by nearly 60% growth in active subscriptions on its Digital Vending Machine platform, zero churn among live customers and Net Revenue Retention of 117%. The company secured a record 12 new enterprise DVM customers, extending its reach to 7 of the top 8 US telecom operators and new markets such as Japan, South Korea, Turkey and South Africa, although the signing of several large contracts slipped from late 2025 into 2026. While total revenue edged down to $52.2m due to the planned restructuring of a small number of low-margin transactional routes and lower one‑off implementation fees, gross margin improved sharply to 84.5% and cost-cutting reduced core administrative expenses by $2.9m and headcount from 219 to 164. These measures helped swing Cash EBITDA to a positive $2.3m from a $0.2m loss and lifted Adjusted EBITDA to at least $16.3m, even as net debt increased to $9.3m following refinancing and working capital movements. Management says the integration of the DOCOMO Digital acquisition is complete and expects the transactional business to deliver attractive margins with minimal capex, leaving Bango positioned to improve profitability, cash generation and leverage in 2026.

The most recent analyst rating on (GB:BGO) stock is a Hold with a £89.00 price target. To see the full list of analyst forecasts on Bango plc stock, see the GB:BGO Stock Forecast page.

Bango plc Updates Total Voting Rights Following Share Option Exercise

Bango plc announced that as of October 31, 2025, its total issued share capital stands at 76,982,826 shares, each carrying one voting right. This update follows the issuance of 10,328 new ordinary shares due to the exercise of employee share options. The company does not hold any shares in treasury, meaning the total number of voting rights is 76,982,826. This information is crucial for shareholders to determine their interest in Bango’s share capital under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

The most recent analyst rating on (GB:BGO) stock is a Hold with a £105.00 price target. To see the full list of analyst forecasts on Bango plc stock, see the GB:BGO Stock Forecast page.