Ondo InsurTech PLC (LSE:ONDO) expects to be profitable in the second half of its next financial year, driven by rapid expansion in the United States and Europe.
The company, which provides leak detection technology for home insurers, has seen strong demand for its LeakBot device, with customer numbers up 60% over the past year.
Revenue is forecast to grow by around 70% this year, reaching between £4.5 million and £5 million. The company’s prepaid contract model, which requires insurers to pay upfront, has stabilised cash flow and removed the need for extra working capital.
Ondo’s annual revenue run rate is now expected to exceed £7.5 million in the final quarter, almost double the previous year.
The United States is now Ondo’s biggest market, accounting for 65% of customer growth in recent months. The company has expanded into 18 states, supported by major partners such as Nationwide and a new contract with Liberty Mutual, the sixth-largest home insurer in the US. Registered customers in the region have grown by 380% year-on-year.
Growth in Denmark, Sweden, and the UK has also continued. Danish customer numbers have risen by 63%, driven by partnerships with TopDanmark and Alm Brand Group. Sweden’s rollout has been slower than expected, delaying some revenue until next year, while the UK has seen a 24% increase in customers, supported by its agreement with NFU Mutual.
Ondo has also improved its financial position, generating £2.5 million in cash from the exercise of share warrants and repaying £0.4 million in loan notes, with a further £0.6 million scheduled for April.
With its expansion plans on track and cash flow strengthening, the company expects to achieve profitability in the second half of the next financial year.
CEO Craig Foster said: "Our goal for this financial year was to demonstrate accelerated growth, driven by the US while transforming our working capital profile.
"We have delivered exactly that. Simultaneously, we've achieved strong growth in the UK and Denmark, supported by partnerships with NFU Mutual and Alm Brand Group.
"With a strengthened cash position, continued growth momentum, and today's news that we have signed top six personal lines insurer Liberty Mutual to launch into four states we are well-positioned for success in the financial year 2026 and beyond."