Ondo InsurTech PLC (LSE:ONDO) said it expects revenue for the year to the end of March 2025 to reach at least £3.8 million, more than triple the figure from the previous year, as deliveries of its LeakBot devices accelerated across the UK and Europe.
The London-listed firm said trading for the year was in line with expectations, supported by ongoing contracts with insurers such as Admiral, Direct Line and Topdanmark, alongside new agreements and pilot schemes in France and the United States.
The company ended the year with annualised contracted recurring revenue of £5.9mn, boosted by a recent pilot deal with The Hanover Insurance Group, a top 20 US home insurer with operations in multiple states.
Ondo reported an operating loss of around £3.3 million, consistent with investment plans aimed at expanding its international footprint. The company held £1.9 million in cash at the end of March.
The group said it remains on track to deliver positive trading EBITDA on a run-rate basis by the year ending 31 March 2026.
With momentum growing in the US, where Ondo sees greater potential for rapid adoption, the company said it is well positioned for the next phase of growth. Full audited results are due in July.
In a separate announcement, Ondo said it has struck a pilot deal with The Hanover Insurance Group in the United States.
The agreement will see Hanover test Ondo’s LeakBot device with a group of homeowners in two US states. LeakBot is designed to detect water leaks in homes before they cause serious damage, helping insurers reduce claims.
As with other pilot contracts, the deal includes upfront payments ahead of the devices being shipped.