Today's News |
Mogo Reports First Quarter 2022 Financial Results, Q1 Revenue Increases 51% YoY to $17.3M, but Net Loss Rises
Wednesday, May 25, 2022Company Profile | Follow Company
Record Q1 revenue of $17.3 million, up 51% year over year
Vancouver, BC, May 25, 2022--(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 first quarter ended March 31, 2022.
David Feller, Founder, Chief Executive Officer, Chair, Director, Mogo Finance Technology Inc.
"We delivered 51% revenue growth and record quarterly gross profit while approaching 2 million members on the Mogo platform, up 62% from this time last year," said David Feller, Mogo's Founder and CEO.
"During periods of market volatility, the recurring nature of our revenue base - roughly 95% recurring - continues to serve us well. Looking ahead, we remain as committed as ever to bringing Canadian consumers the best tools and products to help them achieve financial freedom, while making a positive impact with their money. Our team continues to be focused on building out the leading next gen digital wealth platform, including the upcoming rollout of MogoTrade, our commission-free stock trading app. The current challenging conditions in equity markets do not change our view of the long-term growth potential for MogoTrade given the massive addressable market and the opportunity for digital disruption, and we couldn't be more excited about the products we are building."
Key Financial Highlights for Q1 2022
"Our diversified and primarily recurring revenue base proved resilient in the first quarter as we continued to show strong growth during a more challenging period for many fintechs," said Greg Feller, President and CFO of Mogo. "Although we are continuing to make substantial investments in new products and our platform given our view of the long-term opportunity, we continue to have control of our growth investment dials should we find it necessary to moderate our investments and move more quickly towards profitability. Importantly, we maintain a strong financial position which, when combined with the proven profitability of our model, gives us the conviction of our investments in important growth areas including MogoTrade, our MogoWealth platform and our Carta Worldwide payments division. These products open up substantial new markets for Mogo and we believe position the company very well in the Canadian market for driving additional growth in 2023 and beyond."
Business & Operations Highlights
Financial Outlook
Mogo updated its full-year 2022 outlook, reflecting a shift in the rollout timeline and expected contribution from MogoTrade, as well as the deferral of certain customer program rollouts in its payments processing subsidiary, Carta Worldwide, to 2023. In fiscal year 2022:
About Mogo
Mogo Inc., one of Canada's leading financial technology companies, is empowering its 1.9 million members with simple digital solutions to help them get in control of their financial health while also making a positive impact with their money. Through the free Mogo app, consumers can access a digital spending account with Mogo Visa* Platinum Prepaid Card featuring automatic carbon offsetting, easily buy and sell bitcoin, get free monthly credit score monitoring and ID fraud protection and access personal loans and mortgages.
Mogo's new MogoTrade app 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's wholly-owned subsidiary, Carta Worldwide, also offers a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe, North America and APAC. To learn more, please visit mogo.ca or download the mobile app (iOS or Android ).
1Non-IFRS measure. 1Non-IFRS measure.
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. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo's control, including the receipt of any required regulatory approval. For a description of the risks associated with Mogo's business please refer to the "Risk Factors" section of Mogo's current annual information form, which is available at www.sedar.com and www.sec.gov . Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. [ MORE ] |
Other Recent Company News |
|||||||||||||||||||
|