ORIO · Mogo Inc.

Orion Digital (formerly Mogo Inc.) reported Q1 2026 results that underscore the company's strategic pivot toward its AI-driven financial platforms. Total revenue of $16.9M was slightly down from $17.3M a year ago, but adjusted revenue (excluding exited non-core businesses) grew 2% year-over-year, driven by 12% growth in Wealth revenue to $3.9M and 12% growth in EU payments volume to $2.7B. Gross margin expanded from 67% to 69%, reflecting a favorable mix shift toward higher-margin platform revenue. Adjusted EBITDA surged 46% to $1.5M, while net loss improved 51% to $5.8M, primarily due to lower non-operating revaluation losses. The balance sheet strengthened materially: cash and restricted cash rose 97% year-over-year to $25.6M, aided by the monetization of the WonderFi position. Total cash, marketable securities, and investments stood at $35.4M. Management highlighted the recent release of the new Intelligent Investing app as a key milestone, positioning the company for scaling in H2 2026 with increased marketing investment. The lending portfolio is being temporarily modulated: Q2 originations will be cut ~50% to showcase cash generation, with a ramp expected in H2. Guidance calls for Q2 2026 Adjusted EBITDA of $2.5M-$3.5M and full-year 2026 Adjusted EBITDA of $6.0M-$7.0M, with consolidated revenue expected to be modestly lower year-over-year. The company continues to hold a Bitcoin position and has a $10M Nasdaq share repurchase authorization remaining.