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Mogo Reports Results for Q3 2023, Q3 Revenue up Slightly to $16.3 Million
Tuesday, November 14, 2023Company Profile | Follow Company
Payment volume up 30% year-over-year to $2.4 billion
Revenue of $16.2 million, up sequentially as top-line growth resumes
Adjusted EBITDA1 of $2.1 million, a $4.9 million increase from Q3 2022; 6th quarter in a row of increasing Adjusted EBITDA
Cash and total investments of $43.7 million at quarter end2
Vancouver, BC, November 14, 2023--(T-Net)--Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), one of Canada's leading financial technology companies, today announced its financial and operational results for the third quarter ended September 30, 2023.
Mogo reports in Canadian dollars and in accordance with IFRS
"Our third-quarter results showcased the continued progress we're making in building a highly efficient and more profitable operating platform at Mogo," said David Feller, Mogo's Founder and CEO.
"This work is allowing us to meaningfully enhance the value of our products and accelerate our mission. We're particularly excited by the progress we're making with our wealth platform. We are prudently investing to capture the huge opportunities we see across our wealth platform."
Key Financial Highlights for Q3 2023
"We're pleased with our financial performance for the third quarter, which demonstrates the core profitability of our business and highlights the strong execution from our team over the past year," said Greg Feller, President & CFO.
"Revenue increased sequentially for the second quarter in a row and Adjusted EBITDA grew for the sixth quarter in a row, increasing nearly $5.0 million over the same period last year. These results position us well to achieve our full-year objectives and, as we look out to next year, to deliver an attractive combination of both top-line growth and profitability, building toward our target of a combined EBITDA margin and revenue growth rate of at least 40% in the second half of 2024."
Business & Operations Highlights
Financial Outlook
In recent quarters, Mogo has focused on accelerating its path to profitability by placing an emphasis on cost efficiency. As a result of these initiatives, total operating expenses decreased by $6.2 million, or 34%, in Q3 2023 compared to Q3 2022.
For fiscal 2023, the Company reiterates its expectation of:
1 Non-IFRS measure. 1 Non-IFRS measure.
About Mogo
Mogo, one of Canada's leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. Mogo's trade app, MogoTrade, offers commission-free stock trading that helps users make a positive impact with every investment and together with Moka, Mogo's wholly-owned subsidiary bringing automated, fully-managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform.
Mogo also offers digital loans and mortgages. Through Mogo's wholly-owned subsidiary, Carta Worldwide, we also offer a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe and Canada. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
Forward-Looking Statements This news release may contain "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding the growth potential of Mogo's portfolio companies. [ MORE ] |
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