Orion Digital (ORIO) Q3 2025 earnings summary

Executive summary

• Achieved record assets under management (AUM) of $498 million, up 22% year-over-year, and total members reached 2.3 million, up 6% year-over-year.

• Wealth revenue grew 27% year-over-year to $3.7 million, and payments revenue increased 11% year-over-year to $2.4 million, driven by managed portfolios, member adoption, and international expansion.

• Launched Intelligent Investing platform, unifying managed and self-directed investing, replacing legacy Moka and MogoTrade apps, with rollout continuing into Q1 2026.

• Adjusted total revenue reached $17.0 million in Q3 2025, up 2% year-over-year, with a shift toward recurring revenue streams.

• The company is leveraging both operating businesses and Bitcoin allocation to position itself at the intersection of digitized value and modernized financial infrastructure.

Financial highlights

• Adjusted total revenue rose 2% year-over-year to $17.0 million; adjusted subscription & services revenue up 7% to $10.3 million.

• Adjusted EBITDA was $2.0 million (11.6% margin), up sequentially from Q2 and flat year-over-year.

• Adjusted net loss narrowed to $3.4 million, mainly due to a $3.0 million revaluation loss on marketable securities and private investments.

• Total cash and investments ended the quarter at $46.1 million, up by almost $7 million in Q3.

• Operating cash flow was negative $3.0 million, or positive $3.6 million before investment in loan receivables.

Outlook and guidance

• 2025 revenue guidance reaffirmed; adjusted EBITDA outlook raised to $6–7 million for the full year.

• Subscription & services revenue expected to grow at a mid- to high single-digit rate in FY 2025, excluding exited brokerage business.

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

• Priorities for Q4 and 2026 include growing recurring revenue, maintaining profitability, and capital allocation focused on Bitcoin and hard assets.

• Focus remains on scaling wealth and payments platforms, with next-generation wealth platform launch as a key growth driver for 2026.