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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Ondo Insurtech Plc | ONDO | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| -1.00 | -2.70% | 36.00 | 12:16:07 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 37.00 | 36.00 | 37.00 | 36.00 | 37.00 |
| Industry Sector |
|---|
| GENERAL FINANCIAL |
| Top Posts |
|---|
Posted at 27/12/2024 11:23 by pdt I think 2025 is going to be a very exciting year for Ondo.The news in November from Nationwide expanding into 16 states was a huge thumbs up for Ondo. I think that will be the catalyst to spur a number of the Top 20 US insurers into action, either trialling or moving to a staged rollout. It could take 12 months for insurers just starting to investigate Leakbot since these large companies do not move at speed. However, if you have a competitor with a better offer for customers (a free Leakbot) at a potentially lower premium and lower Loss ratio you have to take action. The first major news should come in January since we know the expanded manufacturing is up to speed in February. And we have been told they have yet to announce the full reason for the increase. And then we have product development news in 2025 from Australia potentially expanding the market dramatically to apartments and countries with outside pipes. |
Posted at 12/12/2024 08:56 by oapknob1 Ondo on X - Since #ONDO's IPO in March '22:? Customers TRIPLED ? Revenue up 5.5x ? Recurring revenue up 9.4x ? Addressable households under contract up 12x ? These metrics highlight strong market acceptance & a promising future for #LeakBotJust need confirmation of expansion by Nationwide and new US insurers coming on board. |
Posted at 10/12/2024 08:05 by pdt cyberbub - I have looked at lots of companies and nothing compares to the business model and potential of Ondo. It is also at the stage I like, just before profitability and after the last needed placing before profits. It is also approaching the market cap where institutions are interested in taking a stake. As discussed it will sadly be taken over within the next couple of years before the potential is fully realised.I too have scars from STX! I am 90% invested in big boring established dividend payers now I am retired. Do you have anything worth looking at that is similar to Ondo? |
Posted at 26/11/2024 10:11 by geoffsh I don't think a lot of people realise how significant yesterdays Rns was, Ondo have a relatively small amount of shares issued and even with another 26.94M of warrants added on to the 116.47M currently issued this only adds up to 143.41M.With the recurring revenues becoming ever increasing profits with little ongoing costs, with the expectation of achieving EBITDA in the second half of next year without the need for further working capital funding it looks very likely that Ondo will become a very profitable company going forward with very little dilution of the small amount of 143.41M shares. Another positive for Ondo is that being traded on the main LSE rather than Aim institutions are more likely to invest. |
Posted at 25/11/2024 07:38 by homebrewruss Rescheduled LN can now be paid from revenueOndo InsurTech has announced that the repayment dates of the £6m vendor loan note have been pushed back to 2027-2030, enabling it to be repaid from Ondo’s growing cashflow-positive operations and removing any concern that funds might be sought from investors. The LN holder, HomeServe is also the lead shareholder and is strongly supportive (its 12% equity stake has potential to far outstrip the value of the LN). HS has agreed to a second rescheduling, deferring principal repayment for one more year, to start 31Mar27. The interest roll-up agreement has also been extended a year to 31Mar26, although the rate rises from the current 12% to 14% from 31Mar27. Ondo’s first cash payment will now be the initial quarter’s interest on 30Jun26, over 19 months hence with the first significant repayment on 31Mar27. By then the scale of Ondo’s operations will have ramped-up substantially and the business model is highly cash-generative, as insurance partners prepay a year up-front for each large tranche of LeakBots ordered. The model is proven with partners and on its own covers the working capital needs of partner growth and rollout. Ondo’s Chairman notes Ondo can now meet LN obligations from that growing future trading revenue and with only c2% penetration of 5.7m homes covered by just the current insurance partners, the next few years will see a rapid scale-up in orders and revenue. We also note that the £6m of 20p & 25p warrants must be taken up by May26 with £3.4m due to expire 21Mar25. Ondo has committed at least 40% of any proceeds to repaying the LN, giving even further comfort that a dilutive raise is unnecessary. • Detail. The £6m LN was part of the consideration for acquiring LeakBot from HS and remains repayable by Ondo at any time. The principal repayments are now deferred one year; >£1.5m pa starting 31Mar27, running to 31Mar30. The LN was interest-free to Mar24. From then interest will now be rolled-up to for two years to Mar26 (prev. Mar25), then be due quarterly in arrears. The rate is held at 12% but rises to 14% after 31Mar27 if not repaid. • This agreement is worth £2.7m to cashflow; the delayed £1.9m principal repayment plus £0.8m extra interest roll-up and demonstrates the goodwill and commitment that HS retains in Ondo. • No need to raise funds. Ondo has been clear that its success with major insurance partners and working-capital positive model will deliver positive EBITDA from the second half of next year without any dilutive funding from investors. The £6m of warrants are now in the money and must be exercised before the first interest payment due in Jun26 (expiring Mar25 to May26). • Exciting times ahead. LeakBot is being rolled out across the US (18 States) by six major insurers with more to come. This will build a base of high margin recurring revenue delivering growing profits from operational gearing with a cash positive model funded by the insurers. Now the LN question is allayed, the share price is free to appreciate with the continuing impressive news flow. |
Posted at 12/11/2024 14:31 by homebrewruss Cyber yes I think I/we see it like that. Worth looking at how many addressable homes ONDO have (a lot more after today) the synergies that ONDO have for other insurers once they start working in states where other insurers are and also the take up they have had of Leakbots in other countries eg Sweden.If they get to 500k units I can't see that they would stop there. Main risk at the moment is reaching breakeven and the speed of rollout with all customers wanting to do a pilot to date before then starting to rollout. The change to ramp up production suggests this is about to get derisked on that front. The US insurance market with much higher insurance costs makes the ONDO Leakbot proposition a great fit. |
Posted at 12/11/2024 08:36 by mdchand Some updated commentary from the house broker re coverage15 new States: Building on the 6k-unit pilot in Ohio, NW will expand its offer of free LeakBots and repair services to new and existing customers in 15 other States: Pennsylvania, Maryland, North Carolina, West Virginia, Montana, Idaho, Kentucky, Indiana, Vermont, Oregon, Virginia, Tennessee, Illinois, New Hampshire, and Washington State. The commercial details are confidential, but we anticipate follow-on orders of at least 1k per State (so 16k-20k units?) under the US model of $5 monthly subscription with the first year being prepaid, which more than covers the working capital for production and shipping. Without detail it is difficult to assess the P&L impact, but such a 20k-unit order would see >$1m cash received up-front by Ondo. We will review f/casts with the Interims. No large outlay on new engineers: In Washington State, Ondo already has an insurance partner (Enumclaw) and service cover - but the other 14 are virgin territories, requiring setup of the detection and repair service. We understand four States (PA, MD, NC & WV) have significant densities of current NW customers and will see the bulk of the initial devices and engineer support from launch. The other states will be covered from day one by visiting engineers servicing job batches under eased SLAs; so we initially expect a need for just 4 or 5 new engineers to join the 3 already in the US covering Ondo’s existing four States (OH, WA, NJ & NY). As state volumes grow, more engineers will be added and Ondo will approach other regional insurers there to further increase LeakBot density. In this way partner orders - with lump-sum pre-payments and marketing commitments - will support the expansion of the plumbing network. Production increased: We estimate c.35k units currently in stock (>17k in the US) and the Bedfordshire facility has been delivering 10k units pm on a single shift, however with the recently announced small investment from Ondo (<£100k), it will be able to step up to 40k pm (almost 500k pa) on two shifts. |
Posted at 29/4/2024 07:32 by purple11 Ondo InsurTech Plc("Ondo" or "the Company") Nationwide and LeakBot Deployment Update Ondo Insurtech Plc (LSE: ONDO), a leading company in water leak claims prevention technology for home insurers, is pleased to provide the following update with regards to the Nationwide partnership. On 14 November 2023 Ondo announced a new partnership with Fortune 100 insurance and financial services company Nationwide to offer the LeakBot device to U.S. homeowners insurance customers as part of the insurer's Smart Home Program. The first deliveries of devices have started in Cincinnati, Ohio and St. Louis, Missouri. Nationwide "auto-shipped" LeakBots (meaning sending devices directly to customers, unsolicited). Despite the distribution being unsolicited the installation rate is over 70%, significantly ahead of expectations. Nationwide expects to deploy the remainder of the first 6,000-unit order in the next few weeks, primarily in Ohio. Ondo and Nationwide are now considering which states to expand into next in the coming months of 2024. Sarah Jacobs, Vice President of Personal Lines Product Development at Nationwide said: "We have been pleased with the install rates in Ohio, and we are exploring which states we can expand to next. The team at Ondo have been a great partner so far. At Nationwide we really believe our Smart Home Program will be a key differentiator in homeowners insurance and LeakBot fits perfectly with our strategy". Craig Foster, CEO said: "We are thrilled that the first Nationwide deployments have gone well, and we are now in homes repairing leaks and preventing claims. Nationwide is a key partnership for us in the United States and we are excited to keep exceeding expectations." |
Posted at 14/11/2023 07:06 by purple11 here we go cracking america!!Ondo InsurTech PLC Nationwide Partners with Ondo for LeakBot in U.S. (3036T) 14/11/2023 7:00am UK Regulatory (RNS & others) Ondo Insurtech (LSE:ONDO) Intraday Stock Chart Tuesday 14 November 2023 Click Here for more Ondo Insurtech Charts. TIDMONDO RNS Number : 3036T Ondo InsurTech PLC 14 November 2023 14 November 2023 Ondo InsurTech Plc ("Ondo" or "the Company") Fortune 100 Insurer Nationwide partners with Ondo to offer LeakBot to U.S. customers Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce today a new partnership with Fortune 100 insurance company Nationwide to offer the LeakBot device to U.S. homeowners insurance customers as part of the insurer's Smart Home Program. Nationwide is a Fortune 100 insurance and financial services company based in Columbus, Ohio and is the eighth largest homeowners insurer in the U.S(1) . Nationwide has led innovation in the U.S. with its Smart Home Program - a new innovative way for the company's homeowners insurance customers to keep their homes safe with connected, smart devices that can notify customers of potential hazards in their homes. Nationwide has now selected LeakBot as a water damage prevention system that can be offered within the program. This new offering will help to fill a common protection gap that many homeowners may face. According to a new Agency Forward survey from Nationwide, less than 10% of homeowners utilize smart sensors that can monitor water leaks or flow in their homes, despite water damage being a leading cause of non-weather claims. Nationwide and Ondo are now working towards the first state launch which is planned for early in 2024 - details to be announced at a later date. Following the successful deployment, the companies intend to expand into additional states in 2024 and beyond. Sarah Jacobs, Vice President of Personal Lines Product Development at Nationwide said "The average cost of a water claim is more than $12,000, but many water losses are preventable. We're excited to offer the LeakBot solution to our customers to help reduce these avoidable accidents and offer greater peace of mind that they're protected from unforeseen damage and disruption in their homes." Craig Foster, Ondo CEO said "It is a great honour to be chosen by one of the biggest and best insurance companies in the U.S. to deploy our water damage prevention system to Nationwide customers as part of its Smart Home Program. We look forward to making a success of the first state deployments in early 2024 and expanding from there." |
Posted at 26/8/2023 06:47 by purple11 SMALL CAP IDEA: Ondo InsurTech set to plug more leaksBy William Farrington At Proactive Investors For This Is Money Updated: 14:46, 21 August 2023 View comments Top +99 Home They say you should build when the market is down. One company taking that axiom to heart is Ondo InsurTech. Ondo, if you didn't guess by the name, is an insurance technology company and the creator of a cute little gadget called LeakBot. LeakBot's household leak-detection capabilities have opened the floodgates to a raft of commercial partnerships for Ondo, with insurance, and, increasingly, water utilities companies deploying the device to their extensive customer bases. Since going public in March 2022, Ondo has inked major deals with leading insurance carriers, including Admiral and Hiscox in the UK, plus two prominent UK water companies, Southern Water and Portsmouth Water. Southern Water is set to introduce LeakBot to over 1,000 customers in an upcoming pilot, aiming to replicate the impressive 60 per cent reduction in water leaks achieved in the Portsmouth Water trial. Plugging leaks: Ondo is an insurance tech company and creator of a gadget called LeakBot +1 Plugging leaks: Ondo is an insurance tech company and creator of a gadget called LeakBot Ondo has also partnered with Waterwise, a leading water efficiency organisation, to promote leak-preventing technologies. Internationally, Ondo has penned a five-year deal with Länsförsäkringar Trygghetstjänster, Sweden's largest non-life insurer, introducing LeakBot to its two million customers. Additionally, a proof-of-concept pilot with Firemark Collective, the innovation arm of IAG, Australia's largest general insurer, is in the works. LeakBot expanded its reach into US via a go-to-market partnership with global business process management company WNS in April. Further expanding its reach, Ondo recently announced a strategic partnership with US-based PURE Insurance. This collaboration aims to distribute the LeakBot system to select PURE members, enhancing risk management and reducing preventable claims. RELATED ARTICLES Previous 1 Next SMALL CAP IDEA: Shanta Gold takeover rumours help shares... SMALL CAP IDEAS: Will IQGeo shares rise further after 130%... SMALL CAP IDEA: Helium One at likely turning point after... SMALL CAP IDEA: Cornerstone FS carves forex niche through... Share this article Share Quite a busy contract-signing schedule packed into the first seven months of 2023. But why is LeakBot causing such a buzz? Firstly, the scale of the problem Ondo wants to fix with LeakBot is formidable. In the US, over one trillion gallons of water are lost to leaks every year. Water damage claims comprise 28 per cent of insurance claims paid, topped only by weather incidents. In the UK that figure is closer to 30 per cent, making water damage the number-one source of claims paid. Independent research conducted by insurance benchmarking firm Consumer Intelligence on 43,000 LeakBot devices deployed by nine UK carriers showed a 39 per cent reduction in water claims frequency and a 51 per cent reduction in severity. Claims cost per policy fell 70 per cent, from $209 to $63, suggesting an average $146 saving on homeowners' policies. LeakBot achieves these results through the use of highly sensitive heat sensors that detect when a house's main pipe is delivering water when it shouldn't. There are other leak detectors on the market, but they are generally expensive and require professional installation. LeakBot, on the other hand, is relatively cheap to produce and user-friendly. LeakBot makes educated guesses as to what are and aren't leaks by deploying algorithms that track a household's average usage throughout the day in order to detect anomalies. This is primarily useful for detecting micro leaks that actually cause the vast majority of water damage to a home, for which Ondo sends out a team to find and fix the leak. This novel, patented approach was developed through an innovation lab headed by Ondo's chief executive Craig Foster during his time at home-maintenance corporation HomeServe. When HomeServe agreed to be taken private by Brookfield Asset Management, the innovation lab was spun out into Ondo Insurtech. 'I never in a million years thought we'd end up as a listed entity,' Foster reflected. Yet, through a reverse merger with special purpose acquisition company Spinnaker Acquisition, Ondo became one of the first insurtech groups to list on the London Stock Exchange. It took Foster a lot of convincing to take his group public and given the SPAC market effectively crashed right after Ondo's IPO, Foster's reservations seemed to be vindicated. In his words: 'We came on the market, the market crashed, and we lost 50 per cent of the market cap(italisation) immediately. 'I was a bit naive, I thought, 'we have a great product with a massive addressable market and a really great pipeline of news'... But it was actually nine months of new things we were signing and literally, it was tumbleweed'. The same cannot be said for the share price in 2023. Ondo's market cap has shot up fivefold in 2023, from just £5million to more than £25million today (at 32p), due to the raft of new partnership announcements, in particular the WNS roll out. Some may put Ondo's shares in the overbought category given such a sharp rally, especially considering that, despite what are some pretty impressive-sounding partnerships, revenues in the last financial year ending March 31 were only around £2.1million. But, as sponsored research from Bloom Analytics notes, Ondo's recent deal with Länsförsäkringar is estimated to bring in £30million in revenues over the next five years on a 40 per cent margin. And that's just one customer. Revenues are predicted to increase tenfold in the coming five years, though Bloom did concede that it will take a multi-year development timeline for Ondo to become cash flow positive. If LeakBot continues to charm large-scale clients like it has this year, and if Ondo is able to convert its multitude of pilot programmes into healthy recurring revenue streams, then one gets a feeling that there is still time to buy into the story while the market is still down. To read more small-cap news click here: www.proactiveinvesto DIY INVESTING PLATFORMS |
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