Orion Digital (ORIO) Q2 2024 earnings summary

Executive summary

• Q1 2024 delivered record revenue of CAD 17.9 million, positive Adjusted EBITDA, and over CAD 400 million in AUM, reflecting strong financial and product momentum.

• Q2 2024 revenue reached $17.6 million, up 10% year-over-year, with a member base of 2.1 million and payment volume annualized at ~$11.2 billion.

• Adjusted EBITDA for Q2 was $1.4 million, and cash & investments totaled ~$42 million as of June 30, 2024.

• Strategic focus remains on wealth, payments, and crypto, with new product features, pricing tiers, and partnerships to drive long-term growth.

• The company repurchased ~5% of shares outstanding between Q2 2022 and Q2 2024.

Financial highlights

• Q1 revenue reached a record CAD 17.9 million, up 13% year-over-year; Q2 revenue was $17.6 million, up 10% year-over-year.

• Adjusted EBITDA was $1 million in Q1 and $1.4 million in Q2 2024.

• Adjusted net loss for Q1 was CAD 4 million; Q2 adjusted net loss was $3.6 million.

• Cash, marketable securities, and investments totaled $41.5 million at Q2 quarter-end.

• Operating expenses held steady at $13.1 million in Q2, with improved operating efficiency.

Outlook and guidance

• Fiscal 2024 guidance targets mid-teens growth in Subscription & Services revenue and Adjusted EBITDA of $5.0–6.0 million.

• Management anticipates monetization opportunities from the investment portfolio over the next 12 months.