Ondo InsurTech (ONDO) , a provider of claims prevention technology for home insurers, issued a trading and outlook update detailing significant growth in the US and Europe.
Ondo reported accelerated adoption of its LeakBot water claims mitigation solution by US insurance companies. There were 135k total registered customers on February 12, 2025, with a projected increase to 150k by March 31, 2025, representing 60% year-on-year growth. The annual revenue run-rate was projected to exceed £7.5m in Q4 2025, reflecting 90% growth on Q4 2024.
Ondo anticipates full-year revenue to March 31, 2025 to be £4.5-5m, up 70% over FY24. The group reiterated its guidance of achieving EBITDA positive trading by H2 2026. Helping the forecast is a major US contract announced today with Liberty Mutual across 4 states, expected to materially boost FY26 revenues.
Ondo continued to scale its US operations beyond expectations, achieving 27,000 registered customers in the US, up 380% year-on-year. The US accounts for 65% of registered customer growth so far in H2 2025. ONDO's LeakBot water claims mitigation solution is now active in 18 states, supported by Nationwide's program extension and other similar extensions by existing US insurance customers.
In Europe, Ondo reported significant growth, with 63% uplift in registered customers in Denmark, a 25% increase in Sweden, and a 24% increase in the UK. Growth in the UK was supported by ONDO's new partnership with NFU Mutual, with further deployments expected to complete by March 31, 2025.
Operationally, Ondo said its new prepaid contract model had been deployed, ensuring advance payments for rollouts across all recent contract wins. Upfront cash deposits from customers completely eliminates any increased working capital requirements from current trading.
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Ondo continues to see rapid growth in the US and moderate double-digit growth in Europe, supported by recent partnerships with major insurers. The company remains well-funded for further expansion, and on track for profitability by H2 2026, with lower capex requirements resulting from its new prepaid contract model. Ondo should not need further funding to become EBITDA positive. H2 2024 trading already indicated ONDO was at a value inflection point, which today's update confirms.
Separately, Ondo announced a new contract with Liberty Mutual, the 6th largest personal lines P&C insurer in the US, to pilot its LeakBot device and service to homeowners' insurance customers in 4 states. ONDO's goal in the US is to establish LeakBot as an industry-standard solution for insurers to predict and prevent water damage claims. ONDO shares gained 6% on the announcements.
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