Mogo Inc.

Q2 revenue was $16.9 million, essentially unchanged year over year. Adjusted EBITDA was $3.3 million, up 115% sequentially and 70% year over year, with adjusted EBITDA margin at 19.5%; gross margin increased to 75%; and operating income was $1.3 million. Wealth revenue increased 14% to $4.1 million, consolidated wealth AUM rose 18% to $545.3 million, payments revenue fell 9% to $2.4 million, and interest revenue declined 3% due to reduced lending operations. Cash provided by operating activities was $2.7 million versus $900 thousand a year ago, core operating cash generation was $5.1 million, and total cash ended at $25.1 million after declining by about $500 thousand in the quarter. Looking ahead, management said second-half adjusted EBITDA should moderate from first-half levels as lending originations and commercialization spending increase, but full-year adjusted EBITDA is now expected to be at the upper end or exceed the previously guided $6 million to $7 million range.

David Marshall Feller framed the quarter as a proof point for a new wealth strategy built around intelligent investing, which launched commercially on July 27. He said the platform is meant to reward research, patience, and documented decision-making rather than trading activity, and emphasized that the company is aiming for long-term compounding performance rather than short-term engagement. His tone was optimistic and strategic, but he repeatedly stressed that the business is still early and that the product will need more iteration and commercialization work.

Gregory Dean Feller focused on the quarter’s financial leverage and capital discipline, pointing to $3.3 million of adjusted EBITDA, a 19.5% margin, 75% gross margin, and $1.3 million of operating income. He said the improvement came from lower customer acquisition costs, lower loan loss provisions, and reduced funding needs from lower lending deployment, but cautioned these benefits are not a normalized run rate. He also highlighted $2.7 million of operating cash flow, $5.1 million of core operating cash generation, about $900 thousand invested in growth and platform development, about $1.65 million invested into the loan portfolio, repayment of about $1.6 million on the lending credit facility and just over $500 thousand of debentures, and ending cash of $25.1 million. On capital allocation, he said priorities are liquidity and obligations first, then returns, payback, downside risk, and long-term value creation; lending is targeted to 18 to 24 month returns, and full-year adjusted EBITDA is expected at the upper end or above the $6 million to $7 million range.

There was no analyst Q&A, but management addressed a common investor concern about a Nasdaq minimum bid price notice. Gregory Dean Feller said the notice was not unexpected given the stock price, that maintaining the Nasdaq listing is important, and that the company has a defined compliance period. He also reiterated that management is focused on execution and on closing the gap between operating performance and market valuation.