Orion Digital Corp.

Q2 revenue was $16.9 million, essentially unchanged from the prior year. Adjusted EBITDA was $3.3 million, up 115% sequentially and 70% year over year, and adjusted EBITDA margin expanded to 19.5%. Gross margin increased to 75% and operating income was $1.3 million. Wealth revenue rose 14% to $4.1 million, assets under management increased 18% to $545.3 million, payments revenue was $2.4 million down 9% year over year, and interest revenue declined 3% due to reduced lending operations. Cash provided by operating activities was $2.7 million versus $900 thousand last year, core operating cash generation was $5.1 million, and total cash declined by about $500 thousand to $25.1 million after investing, financing, and repurchases. For the full year, management left guidance unchanged from Q1 and said adjusted EBITDA should be at the upper end or exceed the previously communicated $6 million to $7 million range.

David Marshall Feller framed the quarter as proof that Orion is building a business around disciplined investing rather than trading activity, and highlighted the July 27 commercial launch of intelligent investing. He said the platform combines commission-free investing, independent AI-powered research, and a structured decision process, and that the company is trying to create an environment that rewards research, patience, and performance over time. His tone was optimistic but early-stage, stressing that the launch is just the beginning and that the company expects to improve the product and model over time.

Gregory Dean Feller focused on the mechanics behind the improved profitability, pointing to lower customer acquisition costs, lower loan loss provisions, and reduced funding requirements tied to lower lending deployment. He said adjusted EBITDA was $3.3 million, gross margin was 75%, operating income was $1.3 million, and cash from operations was $2.7 million, with core operating cash generation of $5.1 million. He also detailed capital use: about $900 thousand invested in growth and platform development, about $1.65 million into the loan portfolio, roughly $1.6 million repaid on the lending credit facility, and just over $500 thousand of debentures repaid. He said the company ended with $25.1 million of cash and reiterated that capital allocation will prioritize liquidity, return thresholds, and disciplined lending growth.

There was no analyst Q&A, but management addressed an investor concern about the NASDAQ minimum bid price notice. Gregory Dean Feller said the notice was not unexpected given where the share price has been trading, that the company remains listed on the Toronto Stock Exchange, and that preserving the Nasdaq listing is important. He added that Orion has a defined compliance period and is focused on operating execution and narrowing the gap between market valuation and operating performance.