Ondo InsurTech Plc (ONDO) AI Stock Analysis

• Market Cap: £22.32M
• Dividend Yield: N/A
• Average Volume (3M): 627.79K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.14
• Revenue Growth: 34.99%
• EPS Growth: -31.37%
• Country: UK
• Employees: 30
• Sector: Technology
• Sector Strength: 88
• Industry: Shell Companies
• EPS (TTM): -0.03
• Shares Outstanding: 149,814,760
• 10 Day Avg. Volume: 558,381
• 30 Day Avg. Volume: 627,790
• PEG Ratio: -0.14
• Price to Book (P/B): -7.82
• Price to Sales (P/S): 9.88
• P/FCF Ratio: -9.96
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.05
• Revenue Forecast (FY): £4.60M

• Rating: 45 Neutral
• Price Target: 14.50 p ▼(-29.27% Downside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is held down primarily by weak financial quality (widening losses, collapsing gross margin, cash burn, negative equity and leverage) and bearish technicals (below key moving averages with negative MACD). Positive commercial traction and management alignment from recent corporate events provide some offset, but valuation signals are not supportive based on the provided P/E and missing dividend yield.

Positive Factors

Sustained revenue growth

Consistent top-line growth across 2023–2025 demonstrates durable market adoption of Ondo's LeakBot solutions and services. Steady revenue expansion provides a base to scale fixed-cost operations, supports investment in distribution and product improvements, and offers a runway to improve unit economics if margins recover.

Validated commercial partnerships & rollouts

Repeatable, contract-driven rollouts (Selective nationwide, Alm. Brand 15,000 device program, first U.S. customer via vipHomeLink) indicate scalable distribution channels and product-market fit. Large insurer partnerships create structural footholds in key geographies and increase the odds of steady device deployment and recurring revenue.

Management equity alignment

Ongoing CEO/CFO and employee participation in SIPs and expanded share incentive plans aligns management with long-term shareholder outcomes. This reduces agency risk, incentivises execution and retention, and signals leadership confidence in commercial rollouts and strategy over the coming months.

Negative Factors

Severe gross margin compression

A collapse in gross margin to single digits while losses widen indicates adverse unit economics—likely from hardware, fulfilment, pricing or elevated onboarding costs. Without material margin recovery or a shift to higher-margin services, scaling revenue will not translate into sustainable profitability over the medium term.

Fragile capital structure

Negative equity and debt exceeding reported assets leave the company with limited financial flexibility. Elevated leverage increases refinancing and covenant risk, constrains the ability to invest in growth initiatives, and raises the likelihood of dilutive or costly external financing if operating cashflow does not improve.

Persistent cash burn

Consistent negative operating and free cash flow signals ongoing cash consumption from operations and deployments. Until operations generate positive cash, the company will remain reliant on external capital raises, creating dilution risk and potential interruptions to scaling plans if funding conditions worsen.

Ondo InsurTech Plc Business Overview & Revenue Model

Company Description

Spinnaker Acquisitions Plc operates in the B2B insurtech business. The company provides LeakBot system, a water security system that prevents small leaks from turning into insurance claims. Its LeakBot system enables household insurers to mitigate the cost of claims arising due to an escape of water. The company also offers underlying claims mitigation services to its insurer partners. The company is based in London, the United Kingdom.

Ondo InsurTech Plc Financial Statement Overview

Summary

Revenue growth is strong, but fundamentals remain weak: gross margin collapsed (to ~3% in 2025), losses widened (net income to about -6.2m in 2025), operating cash flow and free cash flow are consistently negative (ongoing cash burn), and the balance sheet is stressed with negative equity and high leverage versus assets—raising financing and liquidity risk.

Income Statement

Revenue has grown meaningfully, rising from ~1.6m (2023) to ~2.7m (2024) and ~3.9m (2025), but profitability has deteriorated sharply. Gross margin compressed from ~27.5% (2024) to ~3.2% (2025), and losses widened with net income falling from about -3.0m (2024) to about -6.2m (2025). Operating profitability remains deeply negative, indicating the business is not yet scaling costs in line with growth.

Balance Sheet

The balance sheet is highly stressed with negative shareholder equity in 2023–2025 (about -6.6m in 2024 and -4.9m in 2025), which weakens financial flexibility and raises funding risk. Debt is sizeable relative to the company’s asset base (debt ~7.1m vs assets ~6.8m in 2025). While equity improved versus 2024, leverage remains elevated and the capital structure is still fragile.

Cash Flow

Cash generation is weak with operating cash flow negative across recent years (about -2.4m in 2024 and -3.3m in 2025) and free cash flow also negative (about -2.9m in 2024 and -3.8m in 2025), implying ongoing cash burn. A positive note is that free cash flow has improved versus 2023 (less negative), but the company still appears reliant on external capital until operations turn cash-positive.

Breakdown	Mar 2024	Mar 2024	Mar 2023	Feb 2022	Sep 2020
Income Statement
Total Revenue	3.87M	2.69M	1.59M	0.00	283.00K
Gross Profit	122.00K	740.00K	558.00K	0.00	-59.00K
EBITDA	-4.89M	-2.27M	-3.90M	-580.26K	5.24M
Net Income	-6.17M	-2.99M	-4.00M	-580.26K	-17.03K
Balance Sheet
Total Assets	6.81M	2.87M	1.78M	1.77M	1.82M
Cash, Cash Equivalents and Short-Term Investments	3.99M	397.00K	376.00K	1.68M	47.97K
Total Debt	7.07M	6.49M	6.40M	0.00	27.44M
Total Liabilities	11.70M	9.52M	8.42M	95.15K	28.32M
Stockholders Equity	-4.89M	-6.65M	-6.64M	1.67M	-26.50M
Cash Flow
Free Cash Flow	-3.84M	-2.86M	-4.67M	-481.80K	-17.03K
Operating Cash Flow	-3.26M	-2.39M	-4.71M	-481.80K	-17.03K
Investing Cash Flow	-563.00K	-470.00K	237.00K	0.00	0.00
Financing Cash Flow	7.40M	2.87M	6.58M	2.16M	65.00K

Ondo InsurTech Plc Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 20.50
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:ONDO, the sentiment is Negative. The current price of 20.5 is above the 20-day moving average (MA) of 16.04, above the 50-day MA of 16.94, and below the 200-day MA of 24.62, indicating a bearish trend. The MACD of -0.69 indicates Positive momentum. The RSI at 31.26 is Neutral, neither overbought nor oversold. The STOCH value of 11.40 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:ONDO.

Ondo InsurTech Plc Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ALK	51 Neutral	£36.55M	-5.12	159.67%	―	―	-36.54%
NARF	48 Neutral	£8.49M	-2.31	224.15%	―	―	―
ONDO	45 Neutral	£22.32M	―	86.91%	―	34.99%	-31.37%
AC8	42 Neutral	£600.00K	-2.51	―	―	―	―

Ondo InsurTech Plc Corporate Events

Ondo InsurTech Directors Increase Stakes Through Share Incentive Plan

Ondo InsurTech has reported the purchase of 25,488 ordinary shares under its HMRC-approved Share Incentive Plan, an all-employee scheme that lets staff buy shares from pre-tax salary and receive a matching share award. As part of the March allocation at 16.95 pence per share, CEO Craig Foster and CFO Kevin Withington each acquired 885 Partnership Shares plus 885 Matching Shares, modestly increasing their beneficial holdings and reinforcing management’s alignment with shareholders through ongoing equity participation.

Following the latest SIP transaction, Foster’s total beneficial interest, including shares held by his wife, rose to 2,503,034 shares, or about 1.67% of Ondo’s issued capital, while Withington now holds 351,106 shares, representing 0.23%. The move underlines Ondo’s continued use of equity-based incentives to retain and motivate employees across the business, while providing the market with transparent disclosure of director dealings in accordance with UK Market Abuse Regulations.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £15.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo Expands LeakBot Rollout Nationwide with Selective Insurance

Ondo InsurTech Plc, which partners with 26 insurance carriers across Europe and the U.S. and holds the London Stock Exchange’s Green Economy Mark, specialises in water damage prevention through its LeakBot technology. The company targets the sizable home insurance market, where water damage generates an estimated $17bn in annual claims in the U.S. and UK combined.

Ondo has expanded its contract with Selective Insurance to roll out LeakBot across Selective’s 15-state personal lines footprint, making the device available to all eligible homeowners policyholders. The nationwide expansion, following a successful pilot and multi-state rollout begun in 2024, underscores Selective’s role as an early adopter of Ondo’s customer engagement strategy and signals growing traction for LeakBot as a loss-prevention tool for insurers and their customers.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £15.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo wins first U.S. LeakBot deal via vipHomeLink partnership

Ondo InsurTech Plc, a specialist in home insurance claims prevention technology, is expanding the reach of its LeakBot water damage prevention device, which targets the $17bn annual water damage claims market in the U.S. and UK. The company, which already works with 26 insurers and holds the LSE Green Economy Mark, partners with major carriers to deploy LeakBot as a self-install solution that detects leaks and coordinates repairs via a mobile app and engineer network.

The company has secured its first U.S. insurance customer through its strategic partnership with vipHomeLink, signing The Co-operative Insurance Companies to roll out the LeakBot program to homeowners in Vermont and New Hampshire. This initial contract is described as a key milestone in Ondo’s U.S. go-to-market strategy, using vipHomeLink’s local platform and co-branded marketing to access regional and specialist insurers, build market density, and complement Ondo’s direct relationships with larger national carriers, with further launches expected via this channel.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £17.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Wins Major LeakBot Rollout Deal with Denmark’s Alm. Brand Group

Ondo InsurTech has secured a full rollout of its LeakBot water-leak detection technology with Denmark’s Alm. Brand Group, following a successful trial that demonstrated benefits in claims prevention, customer satisfaction and loyalty. Alm. Brand will distribute at least 15,000 LeakBot devices over the next 18 months across its brands, strengthening Ondo’s foothold in Denmark as local insurers increasingly adopt LeakBot in long-term water damage prevention strategies.

The agreement deepens Ondo’s role as a specialist in pre-emptive claims management and reinforces Denmark as a strategically important growth market for the company. By scaling deployment with a major Nordic insurer, Ondo is positioned to drive meaningful reductions in water-damage claims at scale, supporting its broader expansion plans with global insurance partners seeking cost savings and improved customer retention.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £17.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Updates Market on Remaining Fund-Raising Warrants

Ondo InsurTech Plc has provided an update on its block listing facility for ordinary shares established in July 2023 to cover the potential issue of shares arising from the exercise of various warrant instruments. Out of a total 33,037,918 ordinary shares originally block listed, warrants relating to 30,626,255 shares have either been exercised or lapsed, leaving the company with a single remaining warrant programme linked to 5,191,669 fund-raising warrants issued in May 2023, of which 2,411,663 warrants remain unexercised and available for exercise on or before 22 May 2026. The update clarifies the current level of potential dilution under the existing warrant scheme and provides investors with greater visibility over Ondo’s outstanding equity-linked obligations.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £16.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Leaves 10.4m Share Options Unallotted in Latest Block Listing Update

Ondo InsurTech Plc has provided an update on its block listing in relation to the Ondo InsurTech Plc Share Option Plan, covering the period from 30 June 2025 to 30 January 2026. During this period, no additional securities were added to the scheme and no options were exercised or shares allotted, leaving the balance of unallotted securities under the plan unchanged at 10,441,618, indicating that the company still has substantial capacity available for future equity-based incentives.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £16.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Directors Increase Stakes Through Expanded Share Incentive Plan

Ondo InsurTech has expanded its all-employee Share Incentive Plan (SIP), with Fiduchi Trustees purchasing 23,760 ordinary shares on behalf of participating staff, including chief executive Craig Foster and chief financial officer Kevin Withington. Under the HMRC-approved scheme, employees buy partnership shares out of pre-tax salary and receive matching shares at no cost, with Foster and Withington each acquiring 825 partnership shares at 18.2p and being awarded an equal number of matching shares, modestly increasing their beneficial holdings and reinforcing alignment between management, employees and shareholders.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £16.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Appoints Singer Capital Markets as Joint Corporate Broker

Ondo InsurTech plc, a specialist in home insurance claims prevention technology, has appointed Singer Capital Markets as joint corporate broker, working alongside existing broker Dowgate Capital with immediate effect. The addition of Singer Capital Markets is expected to strengthen Ondo’s capital markets support and investor engagement as it pursues its growth strategy in the insurtech space.

The most recent analyst rating on (GB:ONDO) stock is a Sell with a £18.50 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Executives Boost Holdings Through Share Incentive Plan

Ondo InsurTech Plc has reported the purchase of 14,919 ordinary shares for its HMRC-approved all-employee Share Incentive Plan, under which staff buy shares from pre-tax salary and receive matching shares on a one-for-one basis. As part of this transaction, CEO Craig Foster and CFO Kevin Withington each acquired 681 partnership shares at 22p and received a further 681 matching shares, taking their beneficial holdings to approximately 1.67% and 0.23% of the company respectively, signalling continued executive participation in the equity of the business and aligning management interests with those of shareholders.

The most recent analyst rating on (GB:ONDO) stock is a Hold with a £23.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.

Ondo InsurTech Updates Share Capital After Fundraise and Warrant Exercises

Ondo InsurTech Plc has updated the market on changes to its share capital and voting rights following warrant exercises and a recent equity fundraising. During December 2025, the company issued 1,251,507 new ordinary shares from warrant exercises and raised approximately £2.38 million in gross proceeds through a placing, subscription and WRAP retail offer, resulting in the issue of a total of 9,517,128 new ordinary shares. As of 31 December 2025, Ondo’s issued share capital stands at 149,814,760 ordinary shares, all carrying one vote each and with no shares held in treasury, a figure that will serve as the reference point for shareholders’ disclosure obligations under UK transparency rules.

The most recent analyst rating on (GB:ONDO) stock is a Hold with a £23.00 price target. To see the full list of analyst forecasts on Ondo InsurTech Plc stock, see the GB:ONDO Stock Forecast page.