Trading Update for the Year Ended 31 March 2026

Ondo InsurTech PLC

21 April 2026

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION PURSUANT TO ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

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 or contact the following:

Ondo InsurTech Plc	Craig Foster, CEO Kevin Withington, CFO	[phone]
Singer Capital Markets (Broker & Financial Advisor)	Charles Leigh-Pemberton Jen Boorer James Todd Anastassiya Eley	[phone]

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

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).

 

END