Orion Digital (ORIO) Q1 2025 earnings summary

Executive summary

• Q1 2025 adjusted revenue reached $16.7 million, up 2% year-over-year, with wealth revenue up 41% and payments revenue up 34% year-over-year.

• Adjusted EBITDA was $1.1 million (6.1% margin), a modest increase year-over-year.

• Launched Mogo 3.0, an AI-native transformation initiative, embedding AI across operations for efficiency and scalability.

• Canadian membership base grew to 2.22 million, and payments volume increased 26% year-over-year to $3.2 billion.

• Net loss was $11.9 million, including an $8.3 million non-operating revaluation loss on marketable securities.

Financial highlights

• Adjusted total revenue for Q1 was $16.7 million, up from $16.4 million in the prior year, driven by double-digit growth in wealth and payments.

• Wealth revenue grew 41% year-over-year to $3.5 million; payments revenue rose 34% to $2.6 million.

• Adjusted net loss for the quarter was $1.5 million, slightly improved from $1.6 million in Q1 2024.

• Cash flow from operations before investment in gross loan receivables was positive for the 10th consecutive quarter at $3.8 million.

• Total cash and investments at quarter-end were approximately $39 million, including $13 million in cash and $25.8 million in marketable securities.

Outlook and guidance

• No change to 2025 outlook; guidance remains conservative due to ongoing market volatility and economic uncertainty.

• Wealth revenue projected to increase 20–25% in 2025; payments business to grow in the mid- to high teens percentage.

• Interest revenue from lending expected to decrease 8–10% due to a more cautious lending approach.

• Adjusted EBITDA guidance for FY 2025 is $5–6 million.

• Subscription & services revenue expected to grow at a mid- to high single-digit rate in FY 2025, adjusted for brokerage exit.