Today’s H1 update highlights strong progress, this includes +19% sales growth to $24.1m (or +21% cc.). Furthermore, ARR continues to grow rapidly: +130% y/y to $12.9m, driven by DVM’s ongoing success, thanks to four new customer wins and the further scaling of existing accounts, which led to 159% NRR. EBITDA is also significantly better at “over $4.0m” (vs. $-0.2m in 1H23) yet notwithstanding, this points towards a meaningful H2 weighting when compared against full-year expectations. We do however see the mechanisms by which growth and margins could (and should) continue to improve and for this reason, leave FY24 estimates unchanged. Contributing to our confidence in this regard (and Bango’s longer-term prospects) the company also reference a “strong sales pipeline”. Bango is unquestionably making strong financial and strategic progress and furthermore, with FY24 estimates seemingly not priced-in, we see the risk/rewards as better than they first appear.