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- **Revenue Growth**: Wealth AUM up 22% YoY, wealth revenue +27%, payments revenue +11%, driven by intelligent investing and recurring streams. 
- **Bitcoin Allocation**: Q3 Bitcoin holdings rose 300%, with CAD 50 million allocation strategy. 
- **Platform Evolution**: Launching unified intelligent investing platform in Q4, emphasizing behavioral design to improve investor outcomes. 
- **Financial Health**: EBITDA guidance raised to CAD 6-7 million for 2025, with CAD 46 million in cash and investments supporting growth. 
- **Strategic Focus**: Balancing growth investments with margin discipline, exploring crypto integration, and maintaining lending as a stable cash flow generator.

**【CEO Opening Remarks】**
- Q3 highlighted disciplined execution across wealth, payments, and Bitcoin. AUM reached CAD 498 million (22% YoY), wealth revenue grew 27%, and Bitcoin holdings rose 300% QoQ. EBITDA was CAD 2 million (11.6% margin), with EBITDA guidance raised to CAD 6-7 million for 2025. The intelligent investing platform, launching in Q4, unifies managed and self-directed investing under a single platform, emphasizing behavioral design to improve investor outcomes.

**【CFO Financial Commentary】**
- Adjusted EBITDA of CAD 2 million reflects operating leverage, with total cash and investments at CAD 46 million. Wealth revenue growth (27%) and payments (11%) drove recurring streams. Bitcoin strategy includes up to CAD 50 million allocation, with Q3 purchases exceeding prior quarters. The balance sheet remains strong, supporting long-term growth.

**【Q&A Highlights】**
- **Growth vs. Margins**: Prioritizing EBITDA positivity while investing in intelligent investing rollout. Rule of 40 framework targets revenue growth + EBITDA margin. 
- **Intelligent Investing Rollout**: Phased launch starting with managed accounts in Q4, transitioning users to the new platform. Marketing efforts to follow in Q1. 
- **Lending Strategy**: Lending is a stable cash flow generator but not a growth focus. Long-term, lending could expand as part of a broader financial ecosystem. 
- **Crypto Regulatory Updates**: Exploring crypto integration, with potential partnerships and regulatory progress expected in 2026.

Mogo Inc (MOGO) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Wealth up 48% YoY, Payments up 23% YoY. EBITDA margin 11.4%, cash flow positive.
- **Bitcoin Strategy**: $1 million deployed in Q2, $1.4 million post-quarter. Bitcoin as hurdle rate for investments.
- **ARPU Shift**: New users at $20/month vs legacy $10/month, driving organic growth.
- **Crypto Trading**: Regulatory approval in 6+ months, aiming to be 1 of 2 Canadian companies offering equities/crypto in 1 account.
- **Lending Business**: High ROI, disciplined growth, not primary focus.

**【CEO Summary Section】**
- Q2 2025 net income: $13.5 million. Wealth revenue up 48% YoY, Payments up 23% YoY. Adjusted EBITDA margin expanded to 11.4%, cash flow positive. Wealth AUM reached $462 million (18% YoY growth). Bitcoin treasury strategy: $1 million deployed in Q2, $1.4 million post-quarter from WonderFi monetization ($14 million proceeds). New unified AI-native platform for long-term investors to launch in Q4. ARPU shift: new users at $20/month vs legacy $10/month. Regulatory crypto trading process initiated, positioning as 1 of 2 companies in Canada to offer equities and crypto in a single account.

**【CFO Financial Commentary】**
- Q2 gross margin: 72%. Operating cash flow positive. Cash and marketable securities: $50.8 million ($2.10/share). Bitcoin-related investments now 80% of portfolio. WonderFi monetization: $14 million used to deploy $1 million in Bitcoin. Lending business: 20+ years of experience, high ROI, disciplined growth. Wealth and Payments primary growth drivers.

**【Q&A Key Highlights】**
- **Bitcoin vs Business Growth**: Use Bitcoin as hurdle rate for investments. Proceeds from WonderFi ($14 million) used to deploy $1 million in Bitcoin and fund core business. Liquidity sufficient for both strategies.
- **M&A Appetite**: Open to strategic M&A, but core business and Bitcoin returns set hurdle rate. Past successes include Wealth and Payments acquisitions.
- **Crypto Trading Timeline**: Regulatory approval expected in 6+ months. Minimal incremental OpEx due to existing wealth infrastructure. Exploring partnerships for interim crypto strategy execution.
- **Lending Business**: Profitable, high ROI, 20+ years of experience. Focus on disciplined growth, not primary driver. Supports overall financial health without dragging growth.

Mogo Inc. (MOGO) Q2 2025 Earnings Call Transcript

- **Revenue Growth**: Wealth (+41%) and payments (+34%) outperformed expectations, with EBITDA of $1.1M.
- **AI Transformation**: Mogo 3.0 aims to become AI-native, with early wins like 60% AI-driven customer support and 50% AI-generated code.
- **Financial Resilience**: 10Q+ positive cash flow, $39M in cash and investments, despite cautious lending approach.
- **Investment Strategy**: Monetized $2.4M of assets while maintaining 70% of market cap in growth investments.


**【CEO Summary Section】**
- Q1 2025 revenue highlights: Wealth revenue up 41%, payments revenue up 34%, with adjusted EBITDA of $1.1 million.
- **Mogo 3.0 AI Strategy**: Transitioning to an AI-native business across lending, wealth, and operations. Phase 1 focuses on AI augmentation (e.g., 60% of support interactions handled by AI), with Phase 3 targeting end-to-end AI orchestration.
- AI-driven productivity gains: 10x-20x improvements in product development and marketing; 50% of engineering code now generated by AI tools.
- Wealth platform differentiation: $20/month fee model with no commission or FX fees, emphasizing disciplined, long-term investing over trading.

**【CFO Financial Commentary】**
- **Payments Growth**: Carta Worldwide volume up 26% YoY to $3.2B, revenue growth 34% due to pricing improvements. Exiting Canadian market to focus on Europe.
- **Investment Portfolio**: Total value near 70% of market cap, with WonderFi stake valued at $16.3M. Q1 monetized $2.4M of investments, including 5M shares of WonderFi.
- **Financial Health**: Positive cash flow from operations for 10th consecutive quarter ($3.8M), total cash and investments at $39M. Adjusted net loss of $1.5M.
- **Lending Caution**: Planned decline in interest revenue due to economic uncertainty, though no deterioration in loan performance observed.

**【Q&A Key Takeaways】**
- **Growth Sustainability**: Maintain 2025 guidance despite Q1 outperformance; payments growth may moderate post-Canada exit. Wealth growth driven by higher-value users.
- **AI Investment Balance**: Prioritize EBITDA positivity while leveraging AI to drive operational efficiency (e.g., 50% code generation in engineering).
- **Lending Outlook**: Monitor macro trends; cautious approach justified by volatile economic environment, despite stable loan performance.


Mogo Inc. (MOGO) Q1 2025 Earnings Call Transcript

- **Revenue Beats Expectations**: 9% YoY growth to $71.2 million, driven by 16% wealth and 21% payments expansion.
- **AI-Driven Wealth Disruption**: AUM up 22% to $428M; intelligent investing platform emphasizes low-cost index strategies and institutional-grade research.
- **Strategic Focus**: Exiting low-margin brokerage to prioritize high-growth wealth/payments; 2025 targets 20-25% wealth growth and mid-teens payments expansion.
- **Financial Strength**: $49.1M cash on hand; adjusted EBITDA of $6.7M exceeds guidance. Proactive lending pullback amid macro uncertainty.

**【CEO Summary Section】**
- **Revenue Growth**: 2024 full-year revenue increased 9% to $71.2 million, driven by 16% growth in wealth revenue and 21% in payments revenue.
- **Wealth Momentum**: Assets under management (AUM) rose 22% YoY to $428 million, with wealth revenue reaching a $12 million annual run rate. The intelligent investing platform (Moka, Mogo, FinChat Pro) is gaining traction with a focus on AI-driven, low-cost index investing.
- **Strategic Shifts**: Exited institutional brokerage operations to focus on higher-margin areas and extended credit facilities to 2029 with lower rates. Emphasized long-term growth in wealth and payments, positioning as a disruptor in AI-powered investing.

**【CFO Financial Commentary】**
- **Financial Health**: Ended 2024 with $49.1 million in cash, up from $36.2 million in Q3. Adjusted EBITDA of $6.7 million exceeded guidance midpoint. Q4 net income was $10.4 million, driven by $13.8 million gain on marketable securities.
- **Growth Outlook**: 2025 guidance includes 20-25% wealth revenue growth and mid-to-high teens payments growth. Lending interest revenue expected to decline 8-10% due to cautious macroeconomic posture.
- **Cash Flow Management**: Positive operating cash flow for nine consecutive quarters, with full-year cash flow increasing 53% to $14.5 million. Monetized $2.4 million of investments post-year-end to support growth.

**【Q&A Key Takeaways】**
- **Brokerage Exit**: Low-margin, volatile business was distractions; exit aligns with focus on wealth/payments. No immediate plans for acquisitions, but open to ecosystem integrations.
- **Lending Caution**: Proactive pullback due to U.S.-Canada tariff uncertainty; Canadian economy exposure makes lending riskier. Flexibility to adjust if macro stabilizes.
- **Investor Alignment**: Management remains significant shareholders, reinforcing commitment to long-term value creation.

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