MOGO — Mogo Inc.

MOGO Q3 2025 Earnings Call Summary

1. Key Financial Results and Metrics:

• Assets Under Management (AUM): Reached a record $498 million, up 22% year-over-year.
• Wealth Revenue: Increased by 27% year-over-year.
• Payments Revenue: Grew 11% year-over-year, driven by strong performance in Europe.
• Bitcoin Holdings: Increased over 300% quarter-over-quarter, reaching $4.7 million.
• Adjusted EBITDA: Reported at $2 million, with an 11.6% margin, stable compared to the previous year.
• Total Cash Investments: Ended the quarter at $46 million, providing growth flexibility.
• Adjusted Total Revenue: Grew 2% year-over-year to $17 million, with a shift towards higher-quality recurring revenue streams.

2. Strategic Updates and Business Highlights:

• Intelligent Investing Platform: Launched a new unified platform combining managed and self-directed investing, aimed at improving investor behavior and outcomes.
• Behavioral Features: Introduced tools like a performance dashboard and investment memo system to enhance decision-making and discipline among investors.
• Carta Worldwide: Continued growth in the payments segment with processing volume up 12% year-over-year, supporting over 7 million users.
• Bitcoin Strategy: Approved a strategic initiative to allocate up to $50 million in Bitcoin, positioning Mogo at the intersection of digital value and financial infrastructure modernization.

3. Forward Guidance and Outlook:

• 2025 Revenue Guidance: Reaffirmed, with an increase in adjusted EBITDA guidance from $5 million to a range of $6 million to $7 million.
• Focus Areas: Emphasis on growing recurring revenue, maintaining profitability, and strategic capital allocation towards Bitcoin and asset value creation.

4. Challenges and Points of Concern:

• Interest Revenue Decline: Down 5% year-over-year due to a new rate cap, although slightly improved sequentially.
• Lending Business Impact: Lending revenue is currently a drag on overall growth due to regulatory impacts, with expectations for it to become a smaller part of the business moving forward.
• Market Competition: Acknowledgment of increasing competition from platforms that blur the lines between investing and gambling, posing risks to traditional investing models.

5. Notable Q&A Insights:

• Growth vs. Margins: Management emphasized the importance of staying EBITDA positive while driving top-line growth, particularly with the rollout of the intelligent investing platform.
• Lending Strategy: While lending remains a stable cash flow generator, it is not a primary growth focus, with expectations for it to contribute less to overall revenue growth in the future.
• Crypto Trading Regulation: Progressing on regulatory discussions for offering crypto trading on the new platform, with potential announcements expected in 2026.

Overall, Mogo demonstrated solid performance in Q3 2025, with strategic initiatives aimed at enhancing investor experience and capitalizing on emerging trends in wealth management and digital assets, despite facing challenges in interest revenue and competitive pressures.