Orion Digital (ORIO) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked the first quarter under the Orion Digital brand after rebranding from Mogo, with a focus on next-generation, AI-driven financial technology platforms and the launch of the Intelligent Investing app.

• Adjusted EBITDA grew 46% year-over-year to $1.5M, with gross margin expanding from 67% to 69% as revenue mix shifted toward higher-margin platform revenue.

• Cash and unrestricted cash increased 97% year-over-year to $25.6M, with total cash, marketable securities, and investments at $35.4M, reflecting monetization of non-core holdings.

• Net loss improved 51% year-over-year to $5.8M, mainly due to lower non-operating revaluation loss.

• The company operates two growth platforms: Intelligent Investing (Canadian digital wealth) and Carta Worldwide (European payments infrastructure), supported by a consumer lending portfolio.

Financial highlights

• Total revenue was $16.9M in Q1 2026, down from $17.3M in Q1 2025; adjusted revenue (excluding exited businesses) increased 2% year-over-year.

• Subscription and services revenue was $10.5M, 63% of total revenue; adjusted subscription and services revenue grew 7% year-over-year.

• Gross profit reached $11.6M, with gross margin expanding to 69% from 67% year-over-year.

• Cash flow from operating activities before investment in gross loans receivable was $4.0M, up 6% year-over-year.

• Ended Q1 with $35.4M in cash, marketable securities, and investments.

Outlook and guidance

• Q2 2026 Adjusted EBITDA guidance: $2.5M–$3.5M; full-year 2026 Adjusted EBITDA: $6.0M–$7.0M.

• Consolidated revenue expected to be modestly lower year-over-year.

• Q2 loan originations to be reduced by approximately 50% from Q1 levels, with plans to ramp up origination and marketing investment in H2.

• H2 adjusted EBITDA expected to be lower than H1 due to increased origination and marketing spend.