Mogo Inc. reported third‑quarter 2025 revenue of CAD 16.96 million, a 2% year‑over‑year increase that exceeded analyst expectations by roughly CAD 0.24 million. The company posted a net loss of CAD 4.51 million, slightly narrower than the CAD 4.61 million reported in the original article, and an adjusted EBITDA of CAD 1.97 million, giving the company an 11.6% margin that matches the prior quarter’s performance. The earnings miss on earnings per share—CAD 0.19 versus the consensus of CAD 0.05—was driven largely by a CAD 3.0 million revaluation loss on marketable securities and private investments, which offset the gains from the company’s expanding wealth and payments businesses.
Operating cash flow was negative on a consolidated basis, at CAD (3.0) million, but turned positive when the company excluded its investment in loan receivables, which rose to CAD 3.6 million. Assets under management reached a record CAD 498 million, up 22% year‑over‑year, reflecting the continued growth of the wealth platform. Bitcoin holdings surged to CAD 4.7 million, a more than 300% quarter‑over‑quarter increase that follows the monetization of the company’s WonderFi stake and the acceleration of its Bitcoin‑anchored treasury strategy.
Revenue from the wealth pillar grew 27% year‑over‑year to CAD 3.7 million, while payments revenue rose 11% to CAD 2.4 million. Subscription and services revenue increased 7% to CAD 10.3 million, underscoring the company’s ability to monetize its platform across multiple channels. The mix shift toward higher‑margin wealth and payments revenue helped maintain the 11.6% adjusted EBITDA margin despite the net loss.
Management raised its full‑year 2025 adjusted EBITDA guidance from CAD 5–6 million to CAD 6–7 million, citing the successful monetization of the WonderFi stake and confidence in the continued scaling of its wealth and payments businesses. The company also highlighted its AI‑native wealth platform, “Intelligent Investing,” which unifies MogoTrade and Moka into a single behavioral‑focused experience, and its Bitcoin treasury strategy, which now authorizes up to CAD 50 million in Bitcoin allocations.
CEO David Feller said the quarter “demonstrated the power of behavioral finance in driving better investor outcomes” and that the company’s focus on Intelligent Investing “will position Mogo as a leader in Canada’s under‑served wealth‑management segment.” CFO Greg Feller added that the company’s “sustained momentum across wealth and payments, combined with disciplined cost management, positions us for profitable expansion into 2026.”
Investors reacted cautiously, with market participants expressing disappointment over the EPS miss and the persistent net loss, even as the company’s revenue beat and guidance raise signaled confidence in its long‑term strategy. The mixed signals—strong top‑line growth, stable margins, but ongoing losses—highlight the company’s current focus on scaling while managing the costs of its strategic initiatives.
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