Bango lifts adjusted EBITDA 34% as subscription revenue grows

Bango ($BGO) reported first-half revenue of $25.9 million, up 3%, with stronger subscription activity offsetting a planned reduction in parts of its payments business. Subscription revenue increased 13% to $12.3 million, while payments revenue declined 5% to $13.6 million. Annual recurring revenue reached $20.4 million, an increase of 31%, indicating growth in the contracted subscription base.

Adjusted EBITDA rose 34% to $9 million. The company’s Cash EBITDA measure improved to $3.7 million from a $0.7 million loss, although that measure should not be confused with statutory cash flow. Bango maintained its full-year market expectations. The results show improving adjusted profitability during a business-mix transition, without implying that every revenue stream is expanding.

Sources:

• Bango — interim results, GlobeNewswire release