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Orion Digital Corp. Q1 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview: Mogo reported strong Q1 2021 results driven by accelerating digital wallet adoption, record member growth, and strategic moves in crypto and wealth management. The company completed key acquisitions (Carta, Moka) and increased its Coinsquare stake, positioning it as a scaled Canadian fintech player. All figures in CAD unless noted.

Key Financial Highlights

  • Total revenue: $11 million (up from $10 million in Q4 2020).
  • Subscription & Services revenue: up 32% sequentially from Q4 2020; now 53% of total revenue (vs. prior periods where lending dominated).
  • Card spend: up >1,000% YoY from Q1 2020 and 80% sequentially from Q4 2020.
  • Crypto/Bitcoin trading volume: up >400% sequentially from Q4 2020 and 1,500% YoY from Q1 2020; Bitcoin trading grew >15x YoY from Q1 2020.
  • Adjusted EBITDA: loss of $1.1 million (intentional investment in product development and U.S. expansion).
  • Net member additions: record quarterly additions, marking the third consecutive quarter of growth; post-Moka acquisition, total members exceed 1.6 million (plus ~600k in broader ecosystem >2 million).
  • Gross margins remained strong; low-cost acquisition model with 8 monetization streams.

Strategic & Product Updates

  • MogoCard momentum: 14x higher engagement vs. non-card members; strong cross-sell to crypto, mortgages, and referrals.

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Operator: Ladies and gentlemen, thank you for standing by, and welcome to the Mogo Q1 2021 Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to Craig Armitage, Investor Relations. Please go ahead. Craig Armitage: Thank you and thanks for joining us today, everyone. Just a couple of quick notes before we get started. First, today's call will contain forward-looking statements that are based on current assumptions, subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements, except as required by law. Information about these risks and uncertainties are included in our Q1 filings as well as periodic filings with regulators in Canada and the U.S., which you can find on SEDAR, EDGAR and on our website. Second, today's discussion will include adjusted financial measures, which are non-IFRS measures. These should be considered as a supplement to and not as a substitute for the IFRS financial measures. And lastly, the amounts today are discussed in Canadian dollars, unless otherwise indicated. And as per our normal practice, we do have presentation slides today. Those can be found on the IR section of the website. With that, I'll turn it over to Dave Feller to get us started. Dave? David Feller: Thanks, Craig. Good afternoon and welcome to Mogo's First Quarter 2021 Results Conference Call. I'm joined today by Greg Feller, our Pre

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