Bango PLC (GB:BGO)
LSE:BGO
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Bango plc
(LSE:BGO)
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Rating:48Neutral
Price Target:
60.00 p
â–¼(-31.43% Downside)
Action:Reiterated
Date:05/27/26
The score is primarily held back by weak profitability (net losses/negative EBIT) and increased leverage in 2025, despite improved but volatile cash generation. Technicals add additional pressure with the stock trading below major moving averages and negative MACD. Valuation is also constrained by a negative P/E driven by losses, and there is no dividend yield data to support valuation.
Positive Factors
Platform Subscription Model
Bango's platform-driven model generates recurring SaaS and transaction fees from mobile operators, merchants and digital service providers. That creates durable revenue streams and customer stickiness as subscriptions and bundled offers structurally shift commerce to recurring, platform-based flows.
Negative Factors
Persistent Net Losses
Consistent net losses and negative EBIT over several years indicate structural profitability challenges beyond operating margins (EBITDA positive in recent years). Continued losses constrain retained earnings, limit dividends or buybacks, and may force reliance on external financing for growth or to shore up the balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Platform Subscription Model
Bango's platform-driven model generates recurring SaaS and transaction fees from mobile operators, merchants and digital service providers. That creates durable revenue streams and customer stickiness as subscriptions and bundled offers structurally shift commerce to recurring, platform-based flows.
Read all positive factors
Bango plc (BGO) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£48.16M
Dividend YieldN/A
Average Volume (3M)139.71K
Price to Earnings (P/E)―
Beta (1Y)0.89
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, along with its subsidiaries, specializes in developing, marketing, and selling technological solutions that facilitate the promotion and distribution of products and services to mobile phone users. The company's diverse offerings includ...
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 | 46.10M | 28.55M | 20.70M |
| Gross Profit | 30.16M | 52.29M | 39.62M | 25.87M | 19.47M |
| EBITDA | 14.41M | 11.28M | -720.48K | 1.22M | 4.81M |
| Net Income | -7.74M | -4.57M | -8.97M | -2.14M | 433.52K |
Balance Sheet | |||||
| Total Assets | 76.66M | 68.48M | 69.67M | 73.10M | 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 | 34.75M | 31.50M | 36.81M |
Cash Flow | |||||
| Free Cash Flow | 5.07M | 3.35M | 1.07M | -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
63.54
Negative
68.61
Negative
82.22
Negative
Market Momentum
-0.23
Negative
45.00
Neutral
62.50
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 61.20, above the 50-day MA of 63.54, and above the 200-day MA of 82.22, indicating a bearish trend. The MACD of -0.23 indicates Negative momentum. The RSI at 45.00 is Neutral, neither overbought nor oversold. The STOCH value of 62.50 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 | £147.15M | 13.14 | 104.64% | 7.02% | 1.57% | 1.80% | |
68 Neutral | £400.50M | 42.15 | 6.99% | ― | 25.86% | 225.77% | |
64 Neutral | £345.70M | 8.89 | 45.78% | 20.30% | 8.46% | 120.34% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | £700.90M | 77.79 | 4.01% | ― | 4.39% | -33.33% | |
56 Neutral | £32.97M | -67.14 | 31.19% | ― | 17.23% | 29.17% | |
48 Neutral | £48.16M | -8.16 | -32.65% | ― | -5.08% | -97.88% |
* Technology Sector Average
GB:BGO
Bango plc
61.00
-31.50
-34.05%
GB:PAY
Paypoint
571.00
-212.19
-27.09%
GB:PCIP
PCI PAL
45.50
-6.50
-12.50%
GB:BOKU
BOKU
139.00
-51.00
-26.84%
GB:FNX
Fonix Mobile PLC
150.00
-63.27
-29.67%
GB:EWG
WAG Payment Solutions Plc
102.80
24.37
31.07%
Bango plc Corporate Events
Business Operations and StrategyShareholder Meetings
Bango sets hybrid AGM and steps up digital shareholder engagement
Positive
May 20, 2026
Bango has scheduled its 2026 Annual General Meeting for 25 June 2026 at its Cambridge office, with shareholders able to attend either in person or online by registering in advance and submitting votes by proxy or via Equiniti. The company has made...
Business Operations and StrategyExecutive/Board Changes
Bango executives boost holdings through share incentive plan
Positive
May 19, 2026
Bango plc has disclosed that directors and other persons discharging managerial responsibilities have acquired shares under the company’s employee Share Incentive Plan. On 18 May 2026, the SIP trustee purchased 37,398 ordinary shares at 59p ...
Business Operations and StrategyExecutive/Board Changes
Bango Reshapes Board as Darcy Antonellis Named Independent Chair
Positive
May 12, 2026
Bango has appointed existing non-executive director Darcy Antonellis as its new independent chair, effective after the upcoming AGM, with founder Ray Anderson moving from executive chair to non-executive founder director. Antonellis, who also serv...
Business Operations and StrategyProduct-Related Announcements
Bango Adds LinkedIn Premium to Digital Vending Machine Bundling Platform
Positive
May 7, 2026
Bango has signed an agreement with LinkedIn to add LinkedIn Premium to its Digital Vending Machine, a subscription bundling platform used by telcos, banks and retailers. The move brings professional networking and career-focused services into the ...
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...
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.