Mogo Inc. (NASDAQ: MOGO) is a Vancouver-based Canadian financial technology company focused on delivering personal finance capabilities through a mobile-first platform. The company’s core premise is to provide consumers with a best-in-class digital experience where multiple financial functions are accessible through one account, rather than requiring separate providers for different ...Mogo Inc. (NASDAQ: MOGO) is a Vancouver-based Canadian financial technology company focused on delivering personal finance capabilities through a mobile-first platform. The company’s core premise is to provide consumers with a best-in-class digital experience where multiple financial functions are accessible through one account, rather than requiring separate providers for different needs.
From a business perspective, Mogo participates in several consumer fintech categories. Its product suite includes digital payments, tools designed to help protect customers against identity fraud, and the ability to buy and sell bitcoin and access other crypto- and wealth-related offerings. The company has also promoted faster, user-friendly onboarding for customers opening a MogoAccount and enabling funding and withdrawals, positioning itself as accessible for everyday Canadians rather than only advanced or institutional users.
On the products/services side, Mogo’s app-centric model supports transactional use cases (e.g., payments and peer-to-peer style functionality) as well as financial management and risk-related features (identity fraud protection). In addition, Mogo has expanded its wealth offering via acquisitions, such as the acquisition of investing app Moka, which was described as expanding the member base and broadening wealth capabilities toward saving and investing. This indicates a multi-engine approach to growing the platform—combining organic product development with strategic expansion.
Cost and operational considerations typical for a fintech include technology development, security, fraud prevention, customer support, and partnerships required to deliver payment rails and crypto/wealth access. While the provided data is limited on granular cost breakdowns, the platform’s emphasis on identity protection and digital financial services suggests meaningful ongoing investment in compliance, security, and engineering.
Financially, the provided market data includes an active trading snapshot and company-specific valuation metrics (e.g., market cap and enterprise value figures), reflecting that Mogo is publicly traded and evaluated by the market on its operating performance and cash-flow characteristics.
Leadership is centered on David Feller, who is identified as founder and serves as Chief Executive Officer and Chair. The company also announced it will change its name to Orion Digital Corp. and its ticker to ORIO, effective in early 2026, signaling an intent to rebrand around a broader multi-engine strategy and shareholder alignment.
Overall, Mogo’s long-term “platform” vision is to keep adding consumer financial capabilities into a single digital ecosystem—payments, fraud/identity protection, and crypto/wealth access—then scale usage through product launches and targeted acquisitions.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$40.7M
-42.9%
+259.5%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-8.5M
+37.6%
-2.6%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+100.0%
+52.5%
+243.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-6.5%
-25.1%
-612.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-21.0%
-9.3%
-164.3%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-1.0M
+77.6%
-184.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-2.5%
+60.8%
+46.8%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
112.5%
+6.7%
+8.2%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
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Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good morning, ladies and gentlemen, and welcome to the Mogo Third Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Friday, November 7, 2025. I would now like to turn the conference over to Craig Armitage. Please go ahead.
Craig Armitage: Thank you, and good morning, everyone. Just a few quick notes before we get started. Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties. These could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements, except as required by law. Information about the risks and uncertainties are included in Mogo's Q3 filings as well as periodic filings with regulators in Canada and the United States, which you can find on SEDAR+, EDGAR and you can also access via the Mogo Investor Relations website. Lastly, today's session will include several adjusted financial measures or non-IFRS measures. Please consider these as a supplement to and not a substitute for the IFRS measures. You'll see that we've included reconciliations to those in the press release and in the investor deck that accompanies the webcast. One last note, we understand there was some difficulty accessing the webcast on the Mogo IR page today. I believe that has been updated. So just refresh your screen if you're trying to access that and you hear this and certainly, the replay will be available there. With that, I'll turn the call over to Dave Feller. Go ahead, Dave.
David Feller: Thanks, Craig, and thanks, everyone, for joining today. Q3 was another quarter of disciplined execution and good performance across all the areas of the business. We continue to strengthen our financial foundation while advancing the most important strategic initiative in our history, the launch of our new intelligent investing platform. Key highlights include on wealth, AUM reached a record $498 million, up 22% year-over-year, and wealth revenue grew 27%. On the payments business, revenue grew 11% year-over-year, driven by continued strength in Europe. And our Bitcoin holdings rose more than 300% quarter-over-quarter. Profitability, adjusted EBITDA was $2 million, 11.6% margin. And on the back of strong platform performance, we raised our 2025 EBITDA guidance. On the balance sheet, total cash investments ended the quarter at $46 million, providing flexibility to fund growth. It was a steady high-quality quarter across the 3 strategic pillars, wealth, payments and Bitcoin, each compounding value and read together. Over the past few years, we've been building both sides of our wealth business, Mogo focused on automated investing in MogoTrade, our self-directed trading platform. Each gave us a valuable insight into how investors behave, how they save, how they trade and how their decision impact long-term outcomes. And those insights made one thing clear, the future wasn't 2 separate …
