REG - Ondo InsurTech PLC - Trading Update for the Year Ended 31 March 2026

Ondo InsurTechAnnouncement

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RNS Number : 3644B  Ondo InsurTech PLC  21 April 2026

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21 April 2026

Ondo InsurTech Plc

("Ondo" or the "Company")

Trading Update for the Year Ended 31 March 2026

& Revised Outlook

Ondo InsurTech Plc (LSE: ONDO), a leading provider of claims prevention
technology for home insurers, provides the following trading update for the
year ended 31 March 2026 together with an update on recent trading, including
the companies financing requirements.

 

FINANCIAL HIGHLIGHTS

•     Group revenues increased by 19% to £4.6 million (FY25: £3.9
million), driven primarily by continued strong growth in the United States.
Recurring Revenue grew by 50% to £3.8m (FY25: £2.5m) whilst One-off Device
Fee revenue declined by 39% to £0.8m (FY25: £1.3m)

•     USA revenues grew 115% to £2.3 million (FY25: £1.1 million),
representing 49% of total group revenues (FY25: 27%).

•     Annualised Contracted Recurring Revenue ("ACRR") at 31 March 2026
increased to £6.8 million (FY25: £5.9 million), underpinned by contracted
partner programmes not yet fully deployed.

•     The Group ended the year at 31 March with cash of £1.1 million
(FY25: £4.0 million).

OPERATIONAL HIGHLIGHTS

•     Registered customers grew by 39% to 209,812 (FY25: 150,934).

•     USA customers grew 114% to 57,408 (FY25: 26,831), reflecting the
scaling of partner programmes across 26 states.

•     The USA is now the Group's largest market by revenue, customers
and contracted recurring revenue.

•     The USA operation more than doubled in scale during the year -
3,070 in-home repairs were completed (FY25: 1,379), a 123% increase
year-on-year, and documented claims savings reported to US insurance partners
increased more than fourfold. Customer satisfaction increased alongside this
growth, with Net Promoter Score rising to +88 (FY25: +79), demonstrating that
the operation can scale without compromising service quality.

•    LeakBot operated through 10 US insurance partners across 26 states,
with new or expanded contracts from Nationwide (its third successive and
largest-to-date order), Westfield Insurance, Indiana Farm Bureau Insurance and
Selective Insurance as well as successful new launches with Hanover and
Liberty Mutual.

•    In Europe, NFU Mutual became the Group's largest UK partner and the
first to adopt a recurring pricing model, while Alm. Brand Group committed to
a minimum 15,000 devices across three Nordic brands with deployment commenced
in March 2026.

GROUP UPDATE ON CAPITAL POSITION

The Group has made considerable operational and commercial progress during the
year, with significant investments in plumbing infrastructure and partner
support.

As regards more recent trading, the Group is currently in discussions with
partners concerning  substantial increases to their existing demand. The
Board expects further growth in the current financial year; however some other
partner orders are either now tracking later than anticipated or not certain
to be received. Consequently, the Board has identified an immediate
requirement for short-term funding for the Group.

 

To partly reduce  this funding need Ondo has agreed amendments to certain of
the terms of the vendor loan notes ("Loan Notes") held by its largest
shareholder, HomeServe Assistance Limited ("HomeServe"). The Loan Notes remain
redeemable by Ondo at any time with 10 days' notice and the terms have been
amended as follows:

·      Interest roll-up period extended by 6 months: first cash interest
payment due 30 December 2026, rather than 30 June 2026.

·      Repayment deferral: repayments due in H2 2026 from warrant
exercises will be split into two equal instalments, due on 30 September and 31
December 2026.

·      Interest rate step-up: the interest rate will increase to 13%
from 31 March 2026 (previously 12%) and to 15% from 31 March 2027 (previously
14%) and

·    Warrant proceeds commitment: Ondo remains committed to a minimum of
40% of the proceeds from any further warrant exercises being used to repay the
Loan Notes.

As of 31 March 2026, and as at the current date, a total of 2,411,663 warrants
remain outstanding, with a subscription value of up to c.£482,333 based on an
exercise price of 20 pence. These warrants have an expiry date of 22 May 2026.

These amendments alone are not sufficient to resolve the Group's short-term
funding needs and consequently the Board is actively exploring a range of
other financing options, including potentially by way of an equity
fundraising, and further announcements will be made in due course.

The Company expects to announce its full year results for the year ended 31
March 2026 on Wednesday, 29 July 2026.

 

Craig Foster, CEO of Ondo InsurTech, commented:  "This year demonstrated that
LeakBot works at scale in the USA: revenues up 115%, in-home visits up 123%,
with Net Promoter Score increasing by a further 9pts to +88. While our
partners are reordering and expanding, the uncertain timing of certain
re-orders and the associated cash position require us to explore financing
options, which we are actively pursuing. The platform is built, the market
opportunity is large, and we are focused on fulfilling our goal of becoming
the US market-leader in water damage predict-and-prevent technology."

ENQUIRIES

For further information, please visit www.ondoplc.com
(https://www.ondoplc.com) or contact the following:

 

 Ondo InsurTech Plc                                       Craig Foster, CEO        +44 (0) 800 783 9866

                                                          Kevin Withington, CFO
 Singer Capital Markets (Broker & Financial Advisor)      Charles Leigh-Pemberton  +44 (0) 20 7496 3000

                                                          Jen Boorer

                                                          James Todd

                                                          Anastassiya Eley

 

 

 

 

 

 

 

ABOUT ONDO INSURTECH PLC

Ondo is a world-leading provider of claims prevention technology for home
insurers. Ondo's focus is on the global scale-up of LeakBot - technology that
prevents water damage claims in homes. Water damage is the single biggest
cause of home insurance claims, accounting for $17 billion annually in the USA
and UK combined. LeakBot is a patented, self-install solution that connects to
a home's wireless network and alerts the homeowner via the LeakBot mobile app
if a leak is detected, offering access to a team of expert engineers to locate
and fix the issue.

Ondo partners with 26 insurance carriers - including Nationwide, Liberty
Mutual, Admiral, Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark
- across Europe and the USA.

Ondo holds the London Stock Exchange Green Economy Mark, awarded to companies
deriving the majority of their income from green activities.

For more information, visit www.ondoplc.com (https://www.ondoplc.com)

 

NOTES TO EDITORS

Annualised Recurring Revenue (ARR):

The annualised value of recurring revenue from active devices at the period
end.

Annualised Contracted Recurring Revenue (ACRR):

ARR plus annualised recurring revenue from contracted but not-yet-activated
devices expected to go live within 18 months (70% activation assumption).

 

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