Digital subscription bundling provider Bango PLC (AIM:BGO, OTCQX:BGOPF) saw an 18.6% increase in total revenue to $24.1 million in the first half of its financial year.
This growth was driven by a 62.5% rise in Digital Vending Machine (DVM), Audiences and One-Off revenue, which reached $7.7 million.
Transactional revenue rose by 5.3% to $16.4 million while annual recurring revenue saw substantial growth, rising 130.4% to $12.9 million.
Adjusted EBITDA flipped from a loss in the first half of 2023 to a $4 million profit this year.
Chief executive Paul Larbey said Bango’s DVM platform “continues to be adopted as the de facto standard platform for subscription bundling by the world's largest companies.
“The addition of Disney+ to the Bango eDisti program is further evidence of this and will help accelerate time-to-revenue from DVM deals”.
Larbey added: “The subscriptions market is vast and growing, and the percentage of subscriptions bundled through channels is increasing.
Bango's leadership position in this market is strengthening with the DVM now playing a key role in the customer acquisition and engagement strategies of major content brands.
We are excited by the opportunity ahead and remain on track to continue our strong growth trajectory and return to a positive net cash position in FY25."
Bango signed four new DVM customers during the first half of 2024, including a notable partnership with a bank in Brazil.
The company also extended a three-year contract with a European telecommunications provider.
Post-period, Bango has secured three additional DVM customer wins, adding to its already strong growth trajectory.