**Summary of Ondo InsurTech PLCs Annual Financial Report (FY 2025):**
**Financial Highlights**
**Revenue Growth** Group revenues increased by 44% to £3.9 million (FY24: £2.7 million), driven by an 80% rise in recurring revenue to £2.5 million.
**Recurring Revenue** Annualised contracted recurring revenue reached £5.9 million, supported by new partnerships and expansions, particularly in the U.S.
**Device and Set-up Fees** Remained stable at £1.3 million.
**EBITDA Outlook** On track to turn positive by FY2026.
**Operating Loss** Reported loss of £5.2 million (FY24: £3.2 million).
**Cash Position** Ended the year with £4.0 million in cash, reducing working capital volatility through a prepaid contract model.
**Operational and Strategic Highlights**
**Customer Growth** Registered customers increased by 59% to 151,000, with further growth to 170,000 by June 2025.
**U.S. Market Leadership** USA is the largest market, contributing 82% of revenue growth, 41% of recurring revenue, and 58% of contracted revenue.
**Market Expansion** Expanded from 4 to 25 U.S. states, with an 8x increase in leak fixes and a Net Promoter Score of 83.
**Partnerships** Signed 3 Top 20 U.S. insurers (Liberty Mutual, Nationwide, Hanover), growing addressable households to 14.6 million (80% in the U.S.).
**Claims Savings** Saved $2.4 million in claims in the U.S. at a 188% ROI for partners.
**Post-Balance Sheet Updates**
Paid down £1.3 million of Vendor Loan Notes in April 2025.
Raised £0.8 million through warrant exercises.
Announced new U.S. contracts with Bear River Mutual and a partnership with VIP HomeLink.
**CEO Commentary (Craig Foster)**
Highlighted the U.S. as the primary growth driver, with 82% of revenue growth and 80% of addressable households.
Emphasized scalability, with 8x operational growth in the U.S. while maintaining high customer satisfaction.
Noted the company’s unique position with patented LeakBot technology, delivering measurable ROI and environmental benefits.
**Chairman’s Statement**
Acknowledged significant operational progress and strategic focus, despite challenges for growth-stage companies.
Confirmed confidence in long-term prospects, driven by U.S. market leadership and global partnerships.
**Financial Review**
Revenue growth driven by U.S. expansion, with recurring revenue up 80%.
Gross margins temporarily suppressed due to U.S. unit economics, expected to improve in FY2026.
Loss for the year was £6.165 million (FY24: £2.988 million), with a net cash position of £3.989 million.
**Strategic Focus**
Penetrating 1% of the 14.6 million addressable households, with significant growth potential.
Developing LeakBot AC (All Climate) for hot-climate territories, currently trialed in Australia.
**Environmental Impact**
Prevented 296 million liters of water waste and saved 1,210 tonnes of COâ‚‚e, reinforcing sustainability leadership.
**Conclusion**
Ondo InsurTech PLC demonstrated robust growth in FY2025, particularly in the U.S., with strong partnerships, technological innovation, and strategic scalability. Despite temporary margin pressures, the company is well-positioned for long-term value creation, supported by recurring revenue growth, cash reserves, and a unique market position in claims prevention technology.