Ondo InsurTech PLC (LSE:ONDO) unveiled its latest commercial deal for its LeakBot device, whilst reporting a 42% increase in revenue for the first six months of its financial year.
The London-listed claims prevention technology company highlighted substantial progress in the US market and expanded partnerships in Europe, as it said revenue for the period ended September 30 amounted to £1.7 million.
Some 7,500 LeakBot devices were deployed across four US states during the period, which the firm says will prevent some $2 million in insurance claims.
Recent business wins, meanwhile, will see LeakBot offered to customers across 16 states.
On Tuesday, the company announced a deal with Danish insurer Alm. which is to begin an initial rollout in January, before potentially offering LeakBot to customers across all its brands.
“We're excited to partner with LeakBot to increase customer awareness of the potential risk of water leaks and to prevent the unnecessary cost, resources, and inconvenience of an escape of water claim,” Aln. deputy chief executive Anne Mette said.
Craig Foster, Ondo chief executive, added: “Denmark is a strategically chosen territory for LeakBot expansion and this agreement with Alm. Brand Group signifies a great opportunity to support growth within this region.
“We continue to see very positive results in Denmark, with expansions from other insurers recently announced, and we look forward to working with Alm. Brand Group to prevent claims and to also positively impact their customer experience."
First half financials
Ondo raised £4.2 million through an oversubscribed placing in May to fund its US expansion and operational growth.
Its earnings (EBITDA) loss widened to £2.4 million from £1 million in the prior year, though it said it expects to be EBITDA-positive in the second half of 2025 without the need for additional funding, bolstered by its prepayment commercial models and its growing base of recurring revenues.
The firm’s cash reserves stood at £1.8 million as of September 30.
Ondo continues to focus on expanding partnerships and increasing market penetration in both the US and Europe.
“Earlier this year we raised what we expect to be the final funding necessary before we reach EBITDA positive trading. That money financed the building out of our US team and created the platform which is now servicing the growth which Craig and the team are delivering,” Ondo chair Mark Wood said in a statement.