Bango PLC (GB:BGO)
LSE:BGO
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Bango plc
(LSE:BGO)
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Rating:52Neutral
Price Target:
63.00 p
â–¼(-28.00% Downside)
Action:Reiterated
Date:04/29/26
The score is held back mainly by weak financial performance (continued net losses, higher leverage, and a 2025 revenue dip) and a bearish technical setup (trading below major moving averages). These are partly offset by constructive earnings-call signals, including strong DVM/ARR growth, improved margins, higher adjusted EBITDA, and management stating revenue and EBITDA are tracking expectations.
Positive Factors
Recurring revenue / DVM growth
Strong DVM ARR growth (20% YoY; 49% CAGR) indicates durable, subscription-based revenue that compounds over time. High net revenue retention (108%) and new global DVM customers expand distribution, making future cashflows more predictable and less dependent on one-off deals.
Negative Factors
Persistent net losses
Ongoing net losses and negative EBIT (2022–2025) mean retained earnings remain depressed and equity returns are weak. Persistent losses force reliance on external financing for growth, limit dividend capacity, and raise the bar for sustained operational improvement to justify long-term capital allocation.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue / DVM growth
Strong DVM ARR growth (20% YoY; 49% CAGR) indicates durable, subscription-based revenue that compounds over time. High net revenue retention (108%) and new global DVM customers expand distribution, making future cashflows more predictable and less dependent on one-off deals.
Read all positive factors
Bango plc (BGO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£46.62M
Dividend YieldN/A
Average Volume (3M)139.71K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-5.08%
EPS Growth-97.88%
CountryUK
Employees274
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-0.10
Shares Outstanding77,052,826
10 Day Avg. Volume57,233
30 Day Avg. Volume139,708
Financial Highlights & Ratios
PEG Ratio-0.13
Price to Book (P/B)3.06
Price to Sales (P/S)1.26
P/FCF Ratio13.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
£181.00Price Target Upside106.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.05
Revenue Forecast (FY)£60.40M
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...
How the Company Makes Money
Bango makes money primarily by providing subscription commerce and payment-related software/services to business customers (e.g., mobile network operators, merchants, and digital service providers). Key revenue streams include: (1) Platform and se...
Bango plc Earnings Call Summary
Earnings Call Date:Sep 15, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Sep 22, 2026
Earnings Call Sentiment Positive
Bango showed strong growth in its Digital Vending Machine segment and increased its EBITDA significantly. The successful entry into new markets and the refinancing of the capital structure further strengthen its position. However, the transactional business remains flat, and ongoing exceptional costs continue to impact the bottom line. The overall sentiment is positive as the highlights, particularly the growth in DVM and EBITDA, outweigh the lowlights.Positive Updates
Strong Digital Vending Machine (DVM) Growth
DVM business showed a 49% growth CAGR over the period. The ARR for the DVM business is up 20% year-on-year, signaling strong recurring revenue growth.
Negative Updates
Flat Transactional Business Revenue
The transactional business revenue remained steady at $16.4 million, in line with last year, indicating a lack of growth in this segment.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong Digital Vending Machine (DVM) Growth
DVM business showed a 49% growth CAGR over the period. The ARR for the DVM business is up 20% year-on-year, signaling strong recurring revenue growth.
Read all positive updates
Company Guidance
During the Bango plc investor presentation, detailed guidance for the first half of fiscal year 2025 was provided, highlighting key metrics and growth strategies. Bango reported a 5% increase in revenue to $25.2 million, with annual recurring revenue growing by 20% year-on-year to $15.6 million, driven by a net revenue retention rate of 108%. The Digital Vending Machine (DVM) business showed strong momentum with a 49% CAGR, contributing significantly to the 66% increase in adjusted EBITDA. The gross margin improved by 350 basis points to 84.3%, and operating expenses were reduced by 9%. Bango’s strategy focuses on expanding in the telco sector, enhancing data differentiation for content providers, exploring new verticals, and extracting value from the payments business. The company secured seven new DVM customers in the first half, increasing the number of active subscriptions to over 19 million, and is on track to deliver revenue and EBITDA in line with expectations for the year.Bango plc Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
52
Neutral
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 53.31M | 66.77M | 58.27M | 28.55M | 20.70M |
| Gross Profit | 30.16M | 52.29M | 50.08M | 25.87M | 19.47M |
| EBITDA | 14.41M | 11.28M | -720.48K | 1.22M | 3.45M |
| Net Income | -7.74M | -4.57M | -11.16M | -2.14M | 433.52K |
Balance Sheet | |||||
| Total Assets | 76.66M | 68.48M | 69.08M | 71.68M | 42.12M |
| Cash, Cash Equivalents and Short-Term Investments | 5.31M | 3.38M | 4.75M | 12.72M | 9.65M |
| Total Debt | 21.59M | 6.88M | 13.25M | 3.73M | 180.11K |
| Total Liabilities | 54.67M | 42.30M | 42.18M | 40.17M | 5.31M |
| Stockholders Equity | 21.99M | 26.18M | 27.49M | 32.13M | 36.81M |
Cash Flow | |||||
| Free Cash Flow | 5.07M | 3.35M | -20.60M | -5.22M | -357.97K |
| Operating Cash Flow | 6.65M | 18.88M | 1.35M | 5.88M | 6.00M |
| Investing Cash Flow | -15.60M | -15.52M | -18.89M | -936.80K | -7.29M |
| Financing Cash Flow | 10.71M | -3.72M | 7.78M | -76.00K | 2.14M |
Bango plc Technical Analysis
Negative
87.50
Price Trends
66.27
Negative
74.01
Negative
85.14
Negative
Market Momentum
-1.99
Positive
37.98
Neutral
42.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:BGO, the sentiment is Negative. The current price of 87.5 is above the 20-day moving average (MA) of 65.60, above the 50-day MA of 66.27, and above the 200-day MA of 85.14, indicating a bearish trend. The MACD of -1.99 indicates Positive momentum. The RSI at 37.98 is Neutral, neither overbought nor oversold. The STOCH value of 42.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:BGO.
Bango plc Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | £157.06M | 6.83 | 104.64% | 7.02% | 1.57% | 1.80% | |
68 Neutral | £520.37M | 55.26 | 6.99% | ― | 25.86% | 225.77% | |
64 Neutral | £357.57M | 8.32 | 17.25% | 20.30% | 1.58% | -57.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £734.06M | -24.53 | 0.15% | ― | 4.39% | -33.33% | |
56 Neutral | £35.50M | -11.38 | 31.19% | ― | 17.23% | 29.17% | |
52 Neutral | £46.62M | -8.69 | -32.65% | ― | -5.08% | -97.88% |
* Technology Sector Average
GB:BGO
Bango plc
60.50
-27.50
-31.25%
GB:PAY
Paypoint
585.00
-62.76
-9.69%
GB:PCIP
PCI PAL
50.50
2.50
5.21%
GB:BOKU
BOKU
171.00
-3.50
-2.01%
GB:FNX
Fonix Mobile PLC
158.50
-46.69
-22.76%
GB:EWG
WAG Payment Solutions Plc
106.80
47.69
80.67%
Bango plc Corporate Events
Other
Bango Chair Increases Stake via Share Incentive Plan
Positive
Apr 28, 2026
Bango PLC reported that Executive Chair and Director Ray Anderson acquired shares through the company’s employee Share Incentive Plan, which was launched in November 2022. On 20 April 2026, a plan trustee purchased 615 ordinary shares at 73p...
Business Operations and StrategyExecutive/Board Changes
Bango Grants Performance-Linked Share Options to Senior Executives and Staff
Positive
Apr 28, 2026
Bango plc has granted new share options to several senior executives and employees under its established Employee Share Option Scheme, issuing options over ordinary shares at a nominal exercise price of 20 pence. Recipients include Chief Executive...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Bango boosts recurring revenue and profitability as subscriptions platform scales
Positive
Apr 27, 2026
Bango reported full-year 2025 revenue of $52.2M, down 2% as a decline in its Payments segment was offset by 22% growth in Subscriptions revenue and a 30% rise in annual recurring revenue to $18.2M. Adjusted EBITDA increased 7% to $16.4M and cash E...
Business Operations and Strategy
Bango Wins Telin and LMT Carrier Billing Deals to Expand Global Reach
Positive
Apr 21, 2026
Bango has secured Direct Carrier Billing agreements with Telin in Hong Kong and LMT in Latvia, both switching from incumbent providers after competitive tenders. The deals expand Bango’s global payments network, consolidating its role as a k...
Business Operations and StrategyFinancial Disclosures
Bango Sets Date for FY2025 Results and Investor Presentation
Neutral
Apr 7, 2026
Bango PLC will publish its full-year results for 2025 on 27 April 2026 and will host an online investor presentation and QA the same day via the Investor Meet Company platform. The session is intended to give existing and prospective shareholders ...
Regulatory Filings and Compliance
Bango Updates Market on Expanded Share Capital and Voting Rights
Neutral
Apr 1, 2026
Bango plc has updated the market on its share capital and voting rights, confirming that as of 31 March 2026 it has 77,052,826 issued ordinary shares, each carrying one vote. The figure reflects the issuance of 12,000 new ordinary shares following...
Business Operations and Strategy
Bango Directors Increase Stakes Through Share Incentive Plan
Positive
Mar 20, 2026
Bango has reported director and senior management share purchases through its employee Share Incentive Plan, originally established in November 2022, reflecting ongoing alignment between leadership and shareholders. On 18 March 2026, trustee Equin...
Regulatory Filings and Compliance
Bango discloses routine ISA share transfer by senior executive
Neutral
Mar 10, 2026
Bango has disclosed a routine share dealing by Rachel Ellis, its General Counsel and Company Secretary, who executed a ‘Bed and ISA’ transfer of 4,000 ordinary shares on 9 March 2026. The transaction involved selling and repurchasing t...
Business Operations and StrategyRegulatory Filings and Compliance
Bango Updates Total Voting Rights After Employee Option Exercises
Neutral
Mar 2, 2026
Bango has confirmed that, as of 28 February 2026, its issued share capital stands at 77,040,826 ordinary shares, each carrying one voting right. The change reflects the issue of 54,000 new shares following the exercise of employee options under th...
Business Operations and StrategyRegulatory Filings and Compliance
Bango updates market on employee share option allotments
Neutral
Mar 2, 2026
Bango plc has provided a six-monthly block listing update for its employee share option schemes, covering the period from 1 September 2025 to 28 February 2026. Under the main Bango Employee Share Option Scheme, the balance of unallotted ordinary s...
Business Operations and Strategy
Bango Executive Chair Increases Stake Through Share Incentive Plan
Positive
Feb 24, 2026
Bango has disclosed a purchase of shares in the company by Executive Chair and Director Ray Anderson under its employee Share Incentive Plan. On 18 February 2026, the SIP trustee acquired 585 ordinary shares in total at 76.85p each for participati...
Other
Bango Non-Executive Director Increases Stake with Share Purchase
Positive
Feb 12, 2026
Bango has disclosed that non-executive director Darcy Antonellis purchased 20,491 Bango ordinary shares on 6 February 2026 via the US over-the-counter market at a price of $1.22 (£0.89) per share. Following this transaction, Antonellis holds ...
Other
Bango COO Wayne Griffiths Increases Stake with Share Purchase
Positive
Feb 12, 2026
Bango has disclosed that its Chief Operating Officer and person discharging managerial responsibilities, Wayne Griffiths, bought 13,177 ordinary shares in the company at 75.9 pence per share on 11 February 2026. Following this transaction, Griffit...
Other
Bango Chair Ray Anderson Boosts Stake After Exercising Share Options
Positive
Feb 11, 2026
Bango has disclosed that its Executive Chair, Ray Anderson, has exercised an option to purchase 50,000 ordinary shares at an exercise price of 43 pence ahead of the option’s expiry in March 2026. Of these shares, 40,123 were sold immediately...
Other
Bango CEO Increases Stake with Purchase of Additional Shares
Positive
Feb 6, 2026
Bango plc has disclosed that its Chief Executive Officer and Executive Director, Paul Larbey, has purchased 15,115 ordinary shares in the company at 79.2 pence per share on 6 February 2026. Following this transaction, Larbey’s direct and ind...
Regulatory Filings and Compliance
Bango Updates Total Voting Rights Following Employee Share Option Exercises
Neutral
Feb 2, 2026
Bango plc has updated the market on its total voting rights, confirming that as of 31 January 2026 its issued share capital stands at 76,986,826 ordinary shares, each carrying one voting right. The figure reflects the issuance of 4,000 new ordinar...
Other
Bango Chair Ray Anderson Gifts Over 400,000 Shares to Family and Charity
Neutral
Jan 30, 2026
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...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.