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Orion Digital Corp., formerly Mogo Inc., reports developments tied to its digital finance platform, operating results, and capital structure. The company operates across wealth, payments, and digital assets, with Intelligent Investing as its wealth platform and Carta Worldwide as its payments infrastructure business for issuer processing and transaction authorization.
Company news commonly covers quarterly and annual financial results, wealth revenue and assets under management, payments volume, capital allocation, share repurchase activity, and the transition from Mogo to Orion Digital. Updates also reference the company's mature consumer lending portfolio and Bitcoin treasury strategy as part of its broader platform-driven business model.
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Mogo announces a significant business combination with Coinsquare, WonderFi Technologies, and CoinSmart, creating the largest regulated crypto asset trading platform in Canada. This transaction positions Mogo as the largest shareholder in the Combined Company with an expected 14% ownership. The Combined Company will boast over 1.65 million registered users and has an asset base exceeding $600 million. In 2022, these entities reported approximately $37 million in revenue. The closing of the transaction, anticipated in Q2 2023, is subject to shareholder approvals and regulatory conditions.
Mogo reported FY 2022 revenue of $68.9 million, a 20% increase year over year, with Q4 revenue at $17.1 million, reflecting a 1% growth. The company achieved positive Adjusted EBITDA of $0.2 million in Q4 2022, one year ahead of schedule, while total operating expenses decreased by 34% year over year. Mogo ended 2022 with $30.8 million in cash and a total of $68.4 million in cash and investments. Despite an increased net loss of $74.9 million due to non-cash impairment charges, Mogo is optimistic about 2023, targeting Adjusted EBITDA between $6 million and $8 million.