Ondo InsurTech PLC (LSE:ONDO) hailed a number of operational achievements in the financial year ending March 31, including a 37% increase in registered customers on the platform, reaching a total of 95,468.
Ondo's LeakBot was launched with new partners in four US states and with four new US insurance groups.
Additionally, new follow-on orders were signed in the Nordics, and the number of addressable households under contract increased by 2.2 times to 5.2 million.
Post-period events saw further growth, with Nationwide and Pure expanding LeakBot deployments into Washington state, and Ageas signing a contract to pilot LeakBot in the UK.
Ondo also raised £4.2 million through a placing and open offer in May to support further US deployments.
By July 26, the number of registered customers had grown to 111,000.
Ondo’s sales increased by 29% to £2.7 million in the financial year ending 31 March, while recurring revenue from software and services grew by 41% to £1.4 million. Device and set-up fee revenue rose by 18% to £1.3 million.
Chief executive Craig Foster said it was “particularly exciting” to see the group break into the US market.
“There are some leading indicators in the results that point to where we are headed as we lay the foundation for US-powered growth," said Foster.
Ondo reported an operating loss of £3.2 million and a loss before tax of £3 million.