Orion Digital (ORIO) Q4 2025 earnings summary

Executive summary

• Wealth platform AUM reached $498M, up 17% year-over-year, with wealth revenue growing 36% to $14.5M and total members increasing 6% to 2.3M; subscription and services now comprise 62% of total revenue, reflecting a shift to recurring, platform-driven economics.

• Payments revenue increased 15% year-over-year to $9.9M, with infrastructure processing $12.2B in volume and European payments volume at $11.1B (+14% YoY), driven by platform migration to Oracle Cloud.

• Full-year revenue was $68.6M (-4% reported, +4% adjusted for exited businesses), with adjusted EBITDA of $7.1M (+7% YoY), and gross margin improving to 70% from 66%.

• Cash provided by operations before loan investments rose 35% to $19.6M, and year-end cash, securities, and investments totaled $41.3M.

• Transitioned further toward a platform-driven, recurring revenue model, with platform businesses as primary growth engines.

Financial highlights

• Wealth & Payments revenue combined grew 27% year-over-year to $24.4M (+31% adjusted).

• Subscription & services revenue made up 62% of total revenue, totaling $41.5M–$42.3M (+12% YoY adjusted).

• Q4 revenue was $17.4M (-4% YoY reported, +7% adjusted); Q4 adjusted EBITDA was $2.2M (+5% YoY).

• Gross margin for both Q4 and FY2025 was 70%, up from 63% and 66% in 2024.

• Strong balance sheet with $41.2M–$41.3M in cash, marketable securities, and investments at year-end.

Outlook and guidance

• Expects continued growth in subscription and services revenue in 2026, led by Wealth platform expansion and new Payments programs, including Intelligent Investing Phase 2 and European expansion.

• Adjusted EBITDA for 2026 projected in the range of $7.0M to $8.0M.

• Revenue expected to remain stable as lending portfolio is managed for stability and Canadian rate cap impact.