Orion Digital, formerly Mogo (NASDAQ:MOGO), used its first-quarter 2026 earnings call to outline its strategy following a recent rebrand and to review results that executives said reflected improving profitability and a stronger balance sheet. Founder, CEO and Chairman Dave Feller said the new name is intended to better represent what the company is building: a financial technology business centered on two growth platforms—Intelligent Investing in Canadian digital wealth and Carta Worldwide in European payments infrastructure—supported by a consumer lending portfolio that generates cash flow to fund investment.
Rebrand and strategic focus on two platforms
Dave Feller described Orion Digital as operating “two distinct growth platforms,” with the lending portfolio serving as a source of cash generation. He spent much of his prepared remarks describing the company’s Intelligent Investing initiative and its product philosophy, arguing that many retail investing platforms are designed to maximize user activity rather than long-term outcomes.
He said the platform is being designed with a “minimalist and calm” user experience intended to reduce reactive decision-making. As part of its research offering, he noted Orion partnered with FinChat to provide members access to its research platform, which he said costs “over CAD 90 a month” as a standalone subscription. He also said the company is building “decision architecture” features—such as tools to document investment theses and review outcomes—describing these as areas Orion expects to develop in coming quarters.
Wealth platform results and phase two rollout
On financial metrics related to the wealth platform, Dave Feller said wealth revenue grew 12% year-over-year to CAD 3.9 million, while assets under management were CAD 495.6 million as of March 31, 2026, representing 14% year-over-year growth.
He said Orion is progressing through a “phase two rollout” that expands the offering beyond the managed portfolio framework introduced in phase one and adds self-directed investing “within the same unified platform.” As deployment continues through the first half of the year, he said the company expects to roll out new capabilities “on a regular cadence” as the foundational architecture is completed.
Dave Feller outlined three principles he said underpin the platform:
- A “core S&P 500 portfolio” intended as a default foundation.
- Self-directed investing positioned as a “discipline layer” measured over time against an S&P 500 benchmark.
- An environment designed to reduce emotional decision-making and support “structured long-term thinking.”
Q1 financial results and balance sheet changes
Co-founder, President and CFO Greg Feller reported adjusted EBITDA increased 46% year-over-year to CAD 1.5 million, with gross margin expanding to 69% from 67%. He attributed margin expansion to revenue mix shifting toward higher-margin platform revenue.
Total revenue was CAD 16.9 million for Q1 2026, compared with CAD 17.3 million in Q1 2025. Greg Feller said adjusted revenue increased 2% year-over-year when excluding non-core businesses the company exited during 2025.
Net loss for the quarter was CAD 5.8 million, which Greg Feller said was a 51% year-over-year improvement, “primarily reflecting lower non-operating revaluation loss compared to Q1 of 2025.” Cash flow from operating activities before investment in gross loan receivable was CAD 4 million, up 6%, he said.
Greg Feller also emphasized what he called a material strengthening of the balance sheet. Orion ended the quarter with CAD 35.4 million in cash, marketable securities and investments. Unrestricted cash was CAD 25.6 million, which he said was up 96% year-over-year and 27% from year-end 2025. He attributed the increase to converting non-core holdings into operating cash, “primarily from monetization of [the company’s] WonderFi position,” noting that WonderFi earlier in 2025 agreed to be acquired by Robinhood Markets.
“This is one of the most significant balance sheet improvements in the company’s recent history,” Greg Feller said.
Carta: European payments infrastructure and potential stablecoin evaluation
Discussing Carta Worldwide, Greg Feller said the business operates “within the authorization layer of European payments,” providing systems that authorize transactions, enforce program rules and connect payment activity. He argued this position could become more strategic as payments become “AI-mediated and agent-initiated.”
In Q1, Greg Feller said European transaction volume at Carta grew 12% to CAD 2.7 billion. He also cited “adjusted other subscriptions related revenue” growth of 6%.
Greg Feller pointed to Carta’s history supporting scaled clients, including having previously supported U.K.-based Wise during earlier growth phases, and cited Pluxee as a current anchor client. He said Orion believes Carta has a “structurally competitive pricing position” in Europe and sees opportunities to expand within existing clients and selectively into new accounts.
He added that Orion is “evaluating stablecoin-based infrastructure” for selected cross-border payment flows, where it could improve settlement speed, transparency and cost efficiency.
Updated 2026 guidance and lending origination changes
Greg Feller provided updated guidance for 2026, including:
- Q2 adjusted EBITDA of CAD 2.5 million to CAD 3.5 million
- Full-year adjusted EBITDA of CAD 6 million to CAD 7 million
- Consolidated revenue expected to be “modestly lower year-over-year”
He said the company plans to reduce Q2 loan originations by approximately 50% from Q1 levels, describing the change as a way for investors to see what the business generates with reduced new origination activity. Under that scenario, he said, the existing loan book generates cash “without the offsetting customer acquisition and incremental provision costs” incurred at full deployment pace.
Greg Feller characterized the reduction as “a temporary modulation, not a run rate.” He also said the company is guiding for lower adjusted EBITDA in the second half than in the first half as it steps origination volume back up and increases marketing investment, including for Intelligent Investing following the phase two launch. He said Orion expects increased marketing investment in Intelligent Investing during the second half of the rollout.
Greg Feller also referenced the company’s share repurchase activity, stating that Orion believes its public market valuation does not fully reflect the economics of the business. He said the company has retired approximately 7% of outstanding shares since June 2022.
The call concluded without questions from analysts or investors. Dave Feller thanked participants and said the company looks forward to providing an update after the second quarter.
About Mogo (NASDAQ:MOGO)
Mogo Inc is a Vancouver-based financial technology company that offers a suite of digital banking and personal finance products through a mobile-first platform. The firm’s core mission is to empower consumers with tools to manage their money, monitor their credit, and guard against identity fraud, all delivered via a unified smartphone application. By integrating multiple financial services into one interface, Mogo aims to simplify day-to-day money management and foster healthier financial habits among its members.
The company’s flagship offering is a prepaid Visa card that links directly to its app, enabling users to track spending in real time without the risk of overdraft fees associated with traditional credit cards.
