Orion Digital Stock

Good morning, ladies and gentlemen, and welcome to the Orion Digital Second Quarter 2026 Earnings Call. [Operator Instructions] This call is being recorded on Thursday, August 6, 2026.

I would now like to turn the conference over to Craig Armitage, Investor Relations. Please go ahead.

Thank you, Joanna, and good morning, everyone. Before we begin, I'd like to cover a few brief items. Today's call will include forward-looking statements based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially. The company undertakes no obligation to update these statements, except as required by law. Additional information about these risks is included in Orion Digital's Q2 filings and the periodic filings with Canadian and U.S. regulators, which you'll find on SEDAR+, EDGAR and on the Orion Investor Relations website.

In addition, today's discussion will include certain non-IFRS or adjusted financial measures. These should be considered as a supplement to and not a substitute for IFRS results. We've included reconciliations of these measures in the Q2 press release and other filings.

With that, I'll turn the call over to Dave Feller. Dave?

Thanks, Craig. I'm joined today by our President and CFO, Greg Feller. Before I get into Wealth, a word on the quarter. Consolidated adjusted EBITDA was $3.3 million, up 115% sequentially and 70% year-over-year, with margins expanding to 19.5%. Greg will cover the mechanics. I want to talk about something the numbers don't fully capture.

On July 27, we commercially launched Intelligent Investing. We're still early, and we expect to make a lot of improvements from here, but we're encouraged by what we're seeing so far. Intelligent Investing pairs commission-free investing with independent AI-powered research and a structured system for how members make and track capital allocation decisions, built on top of an established Wealth business with the regulatory and operating foundation already in place. Here's the belief behind it.

The retail investing industry promised democratization, access, low-cost empowerment, but the economics of the category actually rewards activity because revenue follows transaction volume. That's not a claim about anyone's motives. It's what the incentive structure produces. We build something else. We're asset class neutral. Over time, subject to regulatory approval, we expect to support a broader range of instruments. What we're not neutral on is process. Every asset class on the platform gets the same discipline, documented decisions and a performance measured against the benchmark over time.

The instrument isn't a problem, offering it with no record of the reasoning behind it is. That's rooted in a simple premise. Behavior isn't a product -- byproduct of information, it's a byproduct of environment. Give someone perfect information inside an activity-driven environment and they'll still behave accordingly. We want engagement, too, just pointed at research, patience and reviewing decisions instead of trading activity. That's why the platform is calm rather than stimulating, why members get full access to FinChat AI's professional research platform and why we're building towards a decision architecture that asks investors to document the reasoning and revisit it later.

Our thesis: the platforms that win the next era will be the ones that demonstrate performance, not the ones that win the most trading activity. And to be precise about what performance means, not a big year, which is often just risk or luck, but compounding rate over decades. That's the number that actually builds Wealth.

Looking forward, we expect model capability to keep improving. And over time, we believe AI becomes a meaningful part of how investors make better, more disciplined decisions, not by replacing judgment, but by helping surface what actually drove good outcomes and what didn't. That only works if the underlying system is capturing the right data now, the decisions, the reasoning, the context behind them, structured well enough to eventually determine what drives good outcomes over time. That is a data structure problem today and an intelligence layer we intend to build on top of it over time.

We're building towards a capital allocation system with AI eventually as part of what makes it smarter as disciplined decisions run through it, not a trading app with a feature bolted on. This is commercializing out of a real business, $545 million in client assets, up 18% year-over-year and $4.1 million in Wealth revenue up 14%. That foundation is what lets us commercialize without starting from 0.

For the rest of the year, we'll be putting the platform in front of more investors, testing what message brings in the right ones and building an acquisition model that earns the right to more growth capital. This isn't a trading app. It's built for investors who want to improve their performance often because they're not happy with it today and want to do the research and discipline professional allocators have always had.

With that, I will pass it over to Greg, who will take you through Carta, the financials and the outlook.

Thank you, Dave. I will now focus on the financial performance behind the quarter, how we're allocating capital and what investors should watch as we continue executing the strategy our CEO outlined. Q2 was an important financial milestone for Orion. Adjusted EBITDA increased to $3.3 million, up 115% sequentially and 70% year-over-year. Adjusted EBITDA margin expanded to 19.5%, gross margin increased to 75%, and we generated $1.3 million of operating income. The results demonstrate that Orion has meaningful earnings and cash generation capacity while operating with a lower level of lending deployment.

As we made clear in our disclosures, this should not be viewed as a normalized quarterly run rate in the near term. Some of the improvements reflected lower customer acquisition costs, lower loan loss provisions and lower funding requirements associated with reduced lending deployment. As we selectively increase lending originations and continue investing behind marketing Intelligent Investing, some of these costs will naturally increase during the second half. Key takeaway is that we've strengthened the underlying economics of the business while establishing a more disciplined framework for deploying capital.

Turning to revenue. Revenue was $16.9 million in the quarter, essentially unchanged from the prior year. Within the results, Wealth revenue increased 14% to $4.1 million, while assets under management in our consolidated Wealth business increased 18% to $545.3 million. It's important to distinguish those existing assets from adoption of the newly launched Intelligent Investing experience. Our existing Wealth business provides a regulatory operating and technology foundation for commercialization of Intelligent Investing. But to be clear, our total AUM includes both our Intelligent Investing platform and our legacy Wealth business.

Payments revenue was $2.4 million, down 9% year-over-year, primarily reflecting lower nonrecurring services revenue in the quarter, while European transaction volume of $2.8 billion was up slightly from the last quarter and stable year-over-year. Interest revenue declined 3%, reflecting the deliberate reduction in Mogo lending operations. We continue to accept the near-term revenue pressure from lower lending revenue because we believe deploying additional lending capital below our return and liquidity requirements would create lower quality growth.

Our objective is to build a more durable earnings base, not simply maximize near-term revenue. The improvement in profitability reflected 3 primary factors: continued growth in Wealth, lower lending acquisition costs and provisions, and continued operating discipline across the business.

Looking ahead, we expect second half adjusted EBITDA to moderate from first half levels as lending originations gradually increase associated provisions normalize and commercialization of investments for Wealth increase. That's entirely consistent with our strategy. Our objective isn't to maximize quarterly EBITDA; it's to invest where returns justify the capital while continuing to improve the long-term cash generation.

Turning to cash flow. Cash flow remains one of the most important ways we evaluate our performance. Cash provided by operating activities in the quarter was $2.7 million compared with $900,000 in the prior year period. Core operating cash generation of $5.1 million. This supplemental measure is intended to show the cash generated by our operating businesses before growth investment, lending activity and corporate finance activities. Excluding the $3 million nonrecurring receipt included in the prior year quarter, core operating cash generation increased by approximately $1.1 million, or 29%.

During the quarter, we invested approximately $900,000 in growth and platform development and approximately $1.65 million into our loan portfolio. We also repaid approximately $1.6 million under the lending credit facility and just over $0.5 million of debentures. After these investing and financing activities, together with share repurchases, total cash declined by approximately $500,000 in the quarter to $25.1 million. Our primary financial objective remains achieving sustainable consolidated cash flow after funding recurring growth investment, lending capital requirements and corporate obligations.

Now I want to talk about our capital allocation. Capital allocation is ultimately what ties the financial strategy together. Our first priorities are maintaining liquidity and meeting our obligations. From there, we evaluate every discretionary use of capital against expected returns, payback downside risk and long-term value creation. In lending, our current framework targets approximately 18 to 24 months for return. Total capital includes both the equity we are required to contribute on the lending facility and customer acquisition costs. This represents a higher investment standard than we have historically used. We'll also increase originations only where expected net yields, credit performance, acquisition costs and capital requirements satisfy those return thresholds.

Growth in the lending portfolio is an output of qualifying economics. It is not the objective. At the quarter end, gross loan receivables were $75.4 million, while the related lending credit facility was $49.8 million. Additional investment in Intelligent Investing will be driven by demonstrated customer engagement, retention, funded account growth and customer economics. Carta is now positioned to fund its ordinary platform investment and growth internally. Lastly, share repurchases and debt reduction continue to compete for capital alongside internal investment opportunities.

Turning to our outlook. We are not changing it from Q1 guidance. However, based on stronger-than-expected first half performance, we expect full year adjusted EBITDA to be at the upper end or exceed our previously communicated guidance range of $6 million to $7 million. As investors assess our execution over the coming quarters, I would encourage them to focus on 3 areas: disciplined growth in lending portfolio under our updated return framework, measured commercialization progress in Intelligent Investing and Carta continues to operate as a financially self-sustaining business.

With that, operator, we're now happy to turn it over and take questions.

[Operator Instructions] We have no questions from analysts. I will turn the call back over to Greg Feller for closing comments.

Great. Thank you. Actually, before we do close, I did want to answer or address one question that we've understandably received from a number of investors, which relates to the NASDAQ notice. As we did disclose, we received a NASDAQ notice regarding the minimum bid price requirement, which was not unexpected given where the share price has been trading. As you know, we're also listed on the Toronto Stock Exchange. That said, maintaining our NASDAQ listing is very important to us. And we have a defined compliance period and our primary focus is on executing the business and continuing to close what we believe is a meaningful disconnect between our operating performance and our market valuation.

So with that, if there are no other questions, I think we'll end the call. Thank you, everyone, again, for joining and look forward to giving you update for the next quarter. Thanks, everyone.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and we ask that you please disconnect your lines.

Hello, and welcome to the Annual Meeting of Shareholders of Orion Digital Corp. Please note that today's meeting is being recorded.

If you participate in today's meeting and disclose personal information, you will be deemed to consent to the recording, transfer and use of same. If you disclose personal information of another person in today's meeting, you will be deemed to represent and warrant to Computershare and the Corporation that you first obtain all required consents for the disclosure, recording, transfer and use of such personal information from all appropriate persons before your disclosure.

[Operator Instructions] It is now my pleasure to turn today's meeting over to David Feller, CEO and Chairman of the Board. The floor is yours.

Thank you. Good afternoon. My name is David Feller, and as the Chief Executive Officer and Chairman of the Board of Directors, I welcome you to this Annual General Meeting of Shareholders. As this meeting is being held virtually via live webcast, we think it is necessary to set out a few rules for the orderly conduct of the meeting. Questions in respect of a motion can be submitted by any registered shareholder or duly appointed proxy holder using the instant messaging tab on your screen will be presented with all questions. When asking a question, please indicate your name and which entity you represent, if any.

Questions will generally appear shortly after they are submitted, but will only be addressed during the question period at the end of the meeting, provided that questions regarding procedural matters or directly related to the motions before the meeting may be addressed during the meeting. For the purposes of meeting today, voting on all matters will be conducted by a single electronic poll. Registered shareholders and duly appointed proxy holders will be asked to vote after the presentation of all such matters. When you're asked to vote, you will receive a message on the virtual platform requesting you to register your votes. You will only have a certain amount of time to do so.

We will now proceed with the formal portion of today's meeting. To expedite the formal portion of the meeting, I will move all motions, which need not be seconded. The meeting will now come to order.

Pursuant to the articles of the company, I will act as Chair of this meeting, and I will ask Victor Gerchikov of Stikeman Elliott, the company's external legal counsel, to act as Secretary of this meeting. With the consent of the meeting, I appoint Computershare Investor Services, Inc., the company's register and transfer agent, to act as scrutineer of this meeting and to maintain the register of shareholders in attendance at this meeting.

The only people entitled to participate in the business of this meeting are registered shareholders and duly appointed proxy holders who have registered with the scrutineer. I request that registered shareholders or proxy holders identify themselves as such if they speak at this meeting. If anyone has not registered with the scrutineer, please do so now.

I have received confirmation from Computershare that the notice and materials for this meeting were mailed to shareholders of the company on May 27, 2026. Unless there is a registered shareholder or duly appointed proxy holder desiring the reading of the notice of this meeting, I will dispense with the reading of the notice with the consent of the meeting.

Pursuant to the articles of the company, business may be transacted at this meeting if 2 persons are present who are shareholders or who represent shareholders by proxy holding at least 25% of the outstanding shares entitled to be voted at the meeting.

The scrutineers' preliminary report indicates that there are 44 shareholders in attendance either in person or represented by proxy, holding 7,704,104 shares of the company registered to vote at this meeting, representing approximately 32.24% of the total outstanding shares of the company as of the record date for this meeting.

With the notice of this meeting having been properly given and a quorum of shareholders being present, I hereby declare this meeting duly called and constituted and ready for the transaction of business.

The last Annual General Meeting of the company was held on June 30, 2025. The voting results for that meeting were posted on SEDAR+. With the consent of the meeting, I will dispense with the reading of the minutes of that meeting.

I will now deal with the business described in the notice calling this meeting and the management information circular of the company dated May 22, 2026. Copies of the management information circular and other meeting materials are available under the company's profile on SEDAR+.

The first item of business is the receipt of the audited financial statements of the company for the financial year ended December 31, 2025, and the reports of the auditors thereon. Copies of the financial statements have been mailed to shareholders that have requested them. Unless there is an objection, I will dispense with the reading of each report of auditor thereon. I will entertain questions, if any, with respect to the financial statements of the company in the general question period.

We now move to the next point on today's agenda. Next item of business is the election of directors. The following persons have been nominated and are prepared to stand for election as directors. David Feller, Gregory Feller, Christopher Payne, Kristin McAlister, Alex Shan, and Joanna Floyd. Persons nominated are management nominees for election as was stated in the circular for this meeting. Each of the persons nominated has confirmed that he or she is prepared to serve as director.

I move that David Feller, Gregory Feller, Christopher Payne, Kristin McAlister, Alex Shan, and Joanna Floyd, each be elected as directors of the company to hold office until the next Annual Meeting of Shareholders, their successor is duly elected or appointed or until they resign or become disqualified to act as directors. Is there any discussion on the motion?

As mentioned at the beginning of this meeting, voting today will be conducted by a single electronic poll.

We will, therefore, continue with the next item of business, which is the reappointment of the company's auditor, and you'll be prompted to vote on the election of each director after the presentation of all business items for this meeting. Unless there are any questions or discussions, I will move to the next item of business.

Next item of business is the reappointment of the company's auditor, MNP LLP, which has been the auditor of the company since October 2024. I move that MNP LLP be reappointed as the auditor of the company to hold office until the next Annual Meeting of Shareholders of directors of the company be granted authorization to fix the remuneration to be paid to the auditor. This motion is now on the floor. You'll be prompted to vote on the appointment of the auditor after the presentation of all business items for this meeting. Is there any discussion on the motion?

There being no discussion, we will now be prompted to register your vote in respect of today's business. Please register your votes by accessing the voting page when prompted, pressing for or withhold buttons next to the name of each proposed director and to the resolutions with respect to the appointment of MNP LLP as the company's auditor.

Once the electronic poll closes, the voting page will disappear and your votes will automatically be submitted. We will wait a few moments for the completion of the electronic poll. We will provide registered shareholders and duly appointed proxy holders with approximately 2 minutes to complete the electronic poll. Once voting is completed, I would ask that the scrutineer compile the report regarding the results of voting. We will reconvene in a few moments with the scrutineer's report and the voting results.

Thank you for waiting. I received the scrutineer's report and confirm the following. Each of the 6 nominees have been elected as directors of the company to hold office until the next Annual Meeting of Shareholders. Their successor is duly elected or appointed or until they resign and become just qualified to act as directors. The appointment of MNP LLP as the auditor of the company has been approved and the Board of Directors of the company has been authorized to fix their remuneration.

I direct the final voting results be included in the minutes of this meeting and announced in a press release in accordance with the policies of the TSX and filed on SEDAR+. Is there any other formal business which the shareholders would like to bring before the meeting at this time?

If there's no further business to be brought before the meeting, I move that the formal portion of today's meeting be concluded. Before we conclude, are there any further questions or discussions to be brought before this meeting?

I ask that all attendees who would like to ask a question use the instant messaging feature on the virtual platform to do so. We will answer as many questions as time permits. Please state your name, entity you represent and confirm if you're a registered shareholder or duly appointed proxy holder.

There being no questions, I move that today's meeting be concluded.

On behalf of management and the Board of Directors and our employees, I would like to take the opportunity to thank everyone for participating in the meeting today. Thank you for all the shareholders for their commitment and continued support. Look forward to your attendance again next year.

This concludes the meeting. You may now disconnect.

Good morning, ladies and gentlemen, and welcome to the Orion Digital Q1 2026 Earnings Conference Call.

[Operator Instructions] This call is being recorded today, Thursday, May 7, 2026. I would now like to turn the conference call over to Craig Armitage, Investor Relations. Please go ahead.

Thank you, John, and good morning, everyone. Before we begin, I'd like to cover a few brief items. Today's call will include forward-looking statements based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially. The company undertakes no obligation to update these statements, except as required by law. Additional information about these risks is included in Orion Digital's Q1 filings, and its periodic filings with Canadian and U.S. regulators, which you can find on SEDAR+, EDGAR and the Orion Investor Relations website.

In addition, today's discussion will include certain non-IFRS or adjusted financial measures. These should not be considered -- sorry, these should be considered as a supplement to and not as a substitute for IFRS results. We've included reconciliations to these measures or for these measures in the Q1 press release and filings.

With that, I'll turn the call over to Dave Feller. Dave?

Thanks, Craig, and thank you to everyone joining us today. I'm joined by our President and CFO, Greg Feller.

This is our first quarter operating under the Orion Digital name following our rebrand from Mogo earlier this year. The new name reflects the company we are building, a financial technology company focused on platforms for the next generation of financial services. We operate 2 distinct growth platforms, Intelligent Investing in Canadian digital wealth and Carta Worldwide in European payments infrastructure. These platforms are supported by a consumer lending portfolio that generates cash flow to fund continued investment in the business.

Before walking you through Q1 results, I want to spend a few minutes on Intelligent Investing, why we're investing in it and why we believe it is one of the most significant opportunities in front of Orion. The retail investing industry has spent the last 2 decades telling a story of democratization, easier access, lower cost empowerment. The product that was actually built behind the story was optimized for activity, engagement and frequent decision-making because the activity is what generates revenue under the prevailing business models. That is why prediction markets are showing up next to retirement accounts. That is why trading interfaces keep adding leverage and frictionless speculation. That is why every layer of the experience is tuned for engagement rather than outcome.

We think AI changes the structure of this as research, analysis and decision support tools become broadly accessible. The question of what an investing platform is actually for becomes harder to avoid. Platforms designed around activity will continue to optimize for activity. What many of them are really optimized for is the dopamine loop of engagement. The opportunity as we see it is to build a platform designed for what investing is actually supposed to do, compound capital over long periods of time. That is what Intelligent Investing is, not a better trading app, not a cheaper brokerage. It is a different category of product designed around a different objective with a different set of incentives embedded in it.

One of the most important financial principles in system design is that systems produce the outcomes they are designed to optimize. Trading platforms optimize activity, wealth managers optimize assets under management, financial media optimizes retention. Intelligent Investing is designed around long-term compounding, and that principle shapes every layer of architecture, the environment, the decision process, the research tools, the incentives.

The first thing you notice in the product is the design. It is intentionally minimalist and calm. Most investing apps are built around stimulation, price movement, charts, alerts, frequent prompts. We are building the opposite. The environment is designed to support disciplined thinking because the environment in which decisions are made shapes the quality of the decisions themselves.

The second layer is research. Serious investing requires serious research, which is why we partnered with FinChat AI to give every member full access to its professional-grade research platform, a subscription that on its own costs over $90 a month.

The third layer, which we're building towards, is decision architecture. Serious investors document the reasoning, they write investment memos, they capture the thesis before committing capital, do it afterwards. That process is what separates disciplined capital allocation from reactive trading and is one of the core areas we'll be developing on the platform in the quarters ahead. As the foundational architecture comes into place through Phase 2 rollout, we will be positioned to release these capabilities and continue building on them in a regular cadence.

Taken together, the environment, the research tools and the decision architecture we're building are designed around disciplined capital allocation and long-term compounding. As Charlie Munger said, show me the incentive, and I will show you the outcome. The incentives embedded in our wealth platform are aligned with long-term investor outcomes. The activity maximizing platforms are competing for ground the market is leaving behind. We are building for what comes next.

On Q1, results for wealth specifically grew -- revenue grew 12% year-over-year to $3.9 million. Assets under management were $495.6 million at March 31, 2026, representing 14% growth year-over-year. We are progressing through the Phase 2 rollout, which expands the offering behind -- beyond the managed portfolio framework introduced in Phase 1 and introduces self-directed investing within the same unified platform. As Phase 2 deployment continues through the first half, the foundational architecture of Intelligent Investing is coming into place, and we expect it to roll out the new capabilities on a regular cadence as we build on that foundation.

The platform rests on 3 principles. First, the core S&P 500 portfolio is a default foundation, reflecting the long-run reality that most investors and most professional managers underperform the market. Second, self-directed investing in a disciplined layer, where capital allocation decisions can be measured against an S&P 500 benchmark over time. Third, an environment intentionally designed to reduce emotional and reactive decision-making in favor of structured long-term thinking. That is the direction of Intelligent Investing. We are not building a faster trading app. We are not building a cheaper brokerage. We are building a platform designed for the thing that investing is actually supposed to do, compound capital over the long run. And we believe that is where the next generation of investor value gets created.

I'll now turn it over to Greg to cover Carta, the financial results and our 2026 outlook.

Thanks, Dave. I'll cover 3 things today: our Q1 financial results and balance sheet, our '26 outlook and the platform driving our growth.

Let me start with Q1 performance. Adjusted EBITDA grew 46% year-over-year to $1.5 million with gross margin expanding from 67% to 69% as our revenue mix continued to shift towards higher-margin platform revenue. Wealth revenue grew 12% as Intelligent Investing scaled, while European transaction volume at Carta grew 12% to $2.7 billion and adjusted other subscriptions-related revenue grew 6%. Total revenue was $16.9 million in Q1 '26 compared to $17.3 million in Q1 of '25 with adjusted revenue up 2% year-over-year, excluding the noncore businesses we exited during '25. Net loss was $5.8 million in the quarter, an improvement of 51% year-over-year, primarily reflecting lower nonoperating revaluation loss compared to Q1 of 2025.

Cash flow from operating activities before investment in gross loan receivables was $4 million, up 6%. I also want to spend a moment on our balance sheet, which strengthened materially during the quarter. We ended Q1 with $35.4 million in cash, marketable securities and investments. Within that cash and restricted cash of $25.6 million was up 96% year-over-year and 27% from year-end '25. The increase reflects the deliberate conversion of noncore holdings into operating cash, primarily from monetization of WonderFi position, which earlier in '25 agreed to be acquired by Robinhood Markets. This is one of the most significant balance sheet improvements in the company's recent history, and it positions us with meaningful operating flexibility going forward.

Turning to our payments platform. I'd like to say a word about Carta. Carta operates within the authorization layer of European payments, providing a system that authorizes transactions, enforces program rules and connects payment activity. As payments increasingly become AI-mediated and agent-initiated, this position becomes increasingly strategic. Carta has a long history of supporting clients that have scaled meaningfully, including previously supporting U.K.-based Wise during earlier phases of its growth and current clients like Pluxee, one of the leading European employee benefits platforms, which remains an anchor client today. We believe Carta operates with a structurally competitive pricing position in Europe issuer processing, and we see a meaningful opportunity to expand within our existing client base and selectively into new accounts.

We also are evaluating stablecoin-based infrastructure for selected cross-border payment flow where it can improve settlement speed, transparency and cost efficiency. Wealth platform metrics reflect early progress against the much larger opportunity that Phase 2 opens up. Wealth revenue grew 12% to $3.9 million and AUM grew 14% to $495.6 million in the quarter. We expect increased marketing investment in Intelligent Investing during the second half of Phase 2 rollout.

Now to our outlook. We are providing updated guidance for 2026, Q2 adjusted EBITDA of $2.5 million to $3.5 million, full year adjusted EBITDA of $6 million to $7 million and consolidated revenue modestly lower year-over-year. We are reducing Q2 loan originations by approximately 50% from Q1 levels. We want investors to see clearly what business produces under this scenario with reduced new origination activity. The existing loan book generates cash without the offsetting customer acquisition and incremental provision costs we incur at full deployment pace. The Q2 adjusted EBITDA guide reflects that.

This is a temporary modulation, not a run rate. We are guiding second half adjusted EBITDA lower than the first half as we step origination volume back up and increased marketing investment, including for Intelligent Investing following its Phase 2 launch. We believe these investments are aligned with our goal to compound per share value over multiyear periods. We think the cash-generative characteristics of our portfolio when origination spend is dialed back are an important attribute of the model for investors to understand, particularly in environments where capital flexibility matters. Lastly, we continue to believe the public market current valuation does not fully reflect the economics of our business and our share repurchase program reflects that view. We have retired 7% approximately of outstanding shares since June 2022.

With that, we will open the line up for questions.

[Operator Instructions] There are no further questions at this time. I will now turn the call over to Dave Feller. Please continue.

Thank you again for joining us on our Q1 call. We look forward to updating you post Q2. Thanks again.

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

Good afternoon, ladies and gentlemen, and welcome to the Orion Digital Corp. Q4 Earnings Conference Call.

[Operator Instructions] This call is being recorded on Thursday, March 12, 2026.

I would now like to turn the conference over to Craig Armitage, Investor Relations. Please go ahead.

Thank you, and good afternoon, everyone. Just a few quick notes before we get started.

Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties. These 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 the risks and uncertainties are included in Orion Digital's Q4 and year-end filings as well as periodic filings with regulators in Canada and the United States, which you can find on SEDAR+, on EDGAR and you can also access via the Orion Digital Investor Relations website.

Lastly, today's session will include several adjusted financial measures or non-IFRS measures. Please consider these as a supplement to, and not as a substitute for, the IFRS measures. You will see that we've included reconciliations to those in the press release and in the investor deck. Last point I'd make is the investor deck is also available for downloading on the IR website.

With that, I'll turn it over to Dave Feller. Please go ahead, Dave.

Thanks, Craig, and thank you for joining today. I'm also joined today by our President and CFO, Greg Feller.

Q4 was a solid quarter, led by Wealth, with AUM growing by 70% year-over-year and revenue up 32% to $14.5 million. And when combined with Payments, the segment generated $24.4 million, up 27% year-over-year. Equally important is the quality of the revenue mix. Subscription and services now represent 62% of total revenue, which reflects the shift towards reoccurring, platform-driven economics.

On the platform side, we now have 2.3 million members, growing 6% year-over-year. And our payment network processed $12 billion in volume, up 4% year-over-year.

For the full year, we generated $68.6 million in revenue, $7.1 million in adjusted EBITDA, and ended the year with $41 million in cash and investments.

So the key takeaway is simple. We have a growing Wealth platform, a reoccurring revenue model that continues to strengthen and a balance sheet that gives us the flexibility to invest in the next phase of the business.

Our mission with Intelligent Investing is simple, but ambitious. We are building what we believe can become the most trusted system for long-term compounding. In other words, capital allocation system designed specifically for individuals building wealth over long periods of time.

For decades, most financial platforms have focused on providing access to markets, tools for trading or products for distribution. Our focus is different. We believe the most important problem to solve is helping investors allocate capital intelligently and maintain the discipline required to compound wealth over decades.

If you step back, the objective of investing is actually very simple: it's compounding. Not activity, not trading, not reacting to the latest market narrative. The objective is to compound capital over long periods of time. And yet when you look at the way most investing platforms are designed today, very few of them are actually built around that objective.

We are currently seeing a broader shift happening across the entire software industry. Historically, software functioned primarily as a tool. Tools provided information and capabilities, but the user is still responsible for interpreting that information, making decisions.

Artificial intelligence is changing that. Increasingly, we are seeing systems that process large amounts of information, guide decision-making and ultimately produce better outcomes. Across industries, from logistics to cybersecurity to health care, the systems that are winning are the ones designed to generate outcomes, not simply provide tools. We believe that same shift will occur in investing.

Capital allocation is one of the most important decisions -- systems in the global economy. Every year, trillions of dollars are allocated through public markets. Those decisions determine long-term wealth creation, retirement security and how capital flows across the economy. And in an environment where technological change, particularly AI, is accelerating economic transformation, ownership of productive assets becomes even more important. That means the quality of capital allocation decisions becomes more important as well.

One of the most important realities in investing is that behavior has an enormous impact on outcomes. Long-term studies have consistently shown that investors significantly underperform the markets they invest in. The primary driver of that gap is behavioral: trading too frequently, reacting to short-term narratives, abandoning long-term strategies during periods of volatility.

This chart illustrates how even relatively small differences in behavior compound very large differences in lifetime wealth. A disciplined investor earning roughly 10% annually turns $10,000 into over $1 million over 50 years. A reactive investor earning closer to 6% ends up with a fraction of that. The difference is not intelligence or access to information, it's behavior.

This slide shows the architecture behind Intelligent Investing. At the top is the objective: maximum long-term compounding. That is the governing principle of the system. What makes this different from traditional investing platforms is that most of the industry has been optimized for activity, not outcomes. The incentives are built around engagement and transaction volume.

We are building around a very different objective: helping investors make better decisions over time. The middle layer is behavioral intelligence system. We believe one of the biggest causes of underperformance is emotional decision-making under pressure. So the environment itself is designed to support calmer, more disciplined investing. The bottom layer is the learning loop. Over time the platform can learn from each investor's behavior and improve the decision environment accordingly.

So when we talk about Intelligent Investing, we're not talking about a brokerage with a better branding. We're talking about a capital allocation system designed to get smarter over time in service of one goal: better long-term outcomes. If you look at the investing landscape today, investors actually have access to many different solutions: trading platforms, robo-advisors, wealth managers, mutual funds and ETFs.

Now these solutions generally fall into 2 categories. The first category is tools, platforms that provide access to markets and information, but leave the entire decision process to the investor. The second category is managed systems, but many of these are optimized primarily for the economics of the provider, whether that's assets under management, product distribution or trading activity. Very few systems are designed specifically to optimize for long-term investor outcomes.

One of the most important principles in system design is that systems produce the outcomes they are designed to optimize. Trading platforms tend to optimize activity, wealth managers tend to optimize assets under management, financial media tends to optimize attention. Intelligent Investing is designed to optimize one thing: long-term compounding. That principle influences everything, from the architecture of the platform to the behavioral design of the experience.

The first thing you'll notice when you look at the product is the design. It's intentionally minimalist and calm. Most investing apps are designed around stimulation, flashing prices, charts and constant activity. Our goal is the opposite. The environment is designed to support disciplined thinking.

Second is a system optimized for long-term compounding, not trading. Serious investors tend to follow structured processes. One of the most common is writing an investment memo. Documented thesis forces clarity and accountability around why capital is being allocated. Capturing that thinking inside the platform also allows the system to become a system of record for investment decisions. Traditional retail investing apps rarely capture this kind of process.

And finally, serious investing requires serious research and analysis. And that's why we're partnering with Fiscal.ai and include full access to their professional-grade research platform, a subscription that on its own costs over $90 a month.

Taken together, the environment, the decision processes and the research tools are all designed around one principle: disciplined capital allocation and long-term compounding. I think this side-by-side comparison helps you understand how different our platform is from a typical trading app.

Trading apps, again, are generally designed to stimulate activity: bright colors, constant price movement, promotions encouraging you to trade. Every decision pushes the investor towards short-term reactions. Fear when markets fall, excitement when prices rise. That environment produces a predictable outcome: activity. But activity is not the same as performance.

Now look at the environment we built: minimalist, quiet, deliberate. The system is designed to support disciplined thinking. The result is a fundamentally different operating environment, not a trading app. A capital allocation system designed for long-term compounding.

With that, I will turn the call over to Greg.

Thanks, Dave. Let me now spend a few minutes talking about our payments infrastructure platform, Carta Worldwide. From a financial systems perspective, Carta operates within the authorization layer of payment networks, the set of systems responsible for receiving authorization requests from card networks and applying program rules and balance checks. In other words, Carta sits at a critical point in the payment stack where transactions are actually authorized and governed. Carta supports a wide range of clients, including fintech platforms, enterprise programs and public sector programs, providing the infrastructure that connects the programs to global payment network. In terms of scale, we have up to 7 million end users and $11 billion in transaction volume.

Platform revenue mix has steadily transitioned towards a platform revenue model, with increasing contributions from Wealth and Payments. Importantly, our results exceeded the operating range we communicated to the market at the beginning of the year, driven by stronger-than-expected growth in both Wealth and Payments.

For the fourth quarter, total revenue was $17.4 million, compared to $18 million in Q4 of '24. And total revenue for the year was $68.6 million, compared to $71.2 million in '24. The decrease was driven by the exiting of 2 unprofitable businesses in Q1 as well as the impact of rate changes in Canada in '25. Adjusting for these exits, revenue actually increased 7% in the fourth quarter and 4% for the full year.

Turning to Wealth. Our Wealth platform showed continued growth, benefited by phase one rollout of our Intelligent Investing platform, growing 36% year-over-year to $14.5 million. Assets under management increased to $498 million, up from $428 million in '24 and $288 million in '22. As financial markets become increasingly automated and AI assisted, we believe platforms that help investors maintain discipline in capital allocation will become increasingly valuable.

The next phase of the platform will be driven by the rollout of Intelligent Investing phase two, which we expect in the first half of this year.

On the payment infrastructure side, Carta, we processed $11.9 billion in total for the year. Excluding the exit of Canada, it was $11.1 billion, which was up 14% year-over-year. And adjusted payments revenue increased 23% for the year and 12% for the quarter. Overall these results demonstrate the continued scaling of Carta and both in transaction activity and revenue.

On the platform economics side, adjusted subscription services revenue increased 12% to $41.5 million, up from $37 million in '24, representing now 62% of total revenue.

For the full year, gross margin was 70%. Adjusted EBITDA totaled $7.1 million, an increase of 7% year-over-year and above our increased guidance range that we gave last quarter. The results reflect improving operating leverage as recurring revenue becomes a larger share of the business.

In addition to strong platform growth, we also significantly strengthened our balance sheet during the year, including more than doubling our cash position as a result of portfolio monetizations along with capital discipline in the business. At year-end, we held approximately $20 million of cash and $21 million of marketable securities and other investments, for total cash and investments of $41.2 million. This liquidity was increased further post year-end following the monetization of our remaining [ 1-to-5 ] position in early '26.

Our consumer lending portfolio increased slightly, but we continue to manage this not as a growth engine, but as a stable cash-generating component of the business, supporting our broader capital allocation framework. For a point of reference, our total loan book has only increased about $7 million cumulatively over the last 3 years.

Our capital priorities remain consistent: reinvestment in the Wealth platform, continued development of our Payments infrastructure, share repurchases when appropriate and maintaining our balance sheet flexibility. We continue to have significant room on our share repurchase program of CAD 10 million.

Looking ahead to 2026, we expect a continued growth in subscription services revenue as Wealth expands and our Payments infrastructure continues to scale. Key drivers include the rollout of Intelligent Investing phase two in the first half of the year and expansion of existing European programs in the Carta platform.

Consolidated revenue is expected to remain relatively stable in '26, reflecting the continued disciplined management of our consumer lending portfolio, which we are managing for cash flow, not growth, as well as the impact of the rate change in Canada. Based on these trends, we expect adjusted EBITDA in the range of $7 million to $8 million for the fiscal year 2026.

In summary, 2025 represented another step forward in Orion's transition towards a platform-driven business model. Our Wealth platform continues to grow assets and revenue. Our Payments infrastructure provides additional strategic capability. And our lending portfolio provides stable cash flow and balance sheet support. We believe this combination positions Orion well as financial systems become increasingly digital and automated.

We'll now open up the line for questions.

[Operator Instructions] Your first question comes from Scott Buck with H.C. Wainwright.

A quick question and just kind of follow up there on your commentary on the lending platform. The language in the outlook seems to suggest significant pullback in lending this year. What are you seeing from the consumer? And longer term, how important is lending to the overall business?

Yes. I wouldn't -- first of all, I wouldn't characterize our guidance as a significant pullback. I would characterize it as probably a similar trend to what we saw in 2025. So we're trying -- our focus again on the loan book is to manage it for cash flow primarily, not as a growth platform. We do have the impact of the rate cap, which was implemented in '25, which is going to put pressure on interest revenue for the existing loan book.

And so our goal there, I would say, is to keep the loan book relatively flat. But because of the rate cap impact, that that would result in and a decline of interest revenue. I think by -- as we get to year-end, we think that that really stabilizes from a revenue perspective.

But look, I think we're -- we've always been cautious on the lending side just given our focus really on our Wealth and our Payments business. And so that's really where we want to allocate excess capital. And I think we're taking -- continue to take, as we have over the last couple of years, a cautious approach on the overall macro market. And quite frankly, the best way to do that is keep a flat book and not drive meaningful growth in it.

Yes. No, that makes sense. And long term, you think lending remains an important kind of component of the overall platform?

We think it's an important cash flow-generating component of the business today. Long term as it becomes a smaller percent of revenue, that strategic position could change. But I would just say that, in general, we believe a consumer-facing financial platform, having access to credit is important to customers. It's a core competency that we have. We've been doing it for 20 years in the Canadian market. So we think it's an asset and a valuable one that we have.

But we're just going to continue to be conservative as it relates to the loan book. And rather than focusing on putting capital into the loan book, we think we're going to get a higher ROI by putting capital into Wealth primarily and then Payments secondarily.

Okay. Perfect. I appreciate that. And David, I'm curious, could you give us a little bit of color on what phase two, what that rollout looks like, maybe what your timing could be, and maybe what customers are getting -- or members are getting access to through phase two?

Sure. So yes, phase one, remember, we essentially had 2 different brands, 2 different apps. Moka was our managed investing offering, and that was through a separate application. And then we launched MogoTrade, which is our self-directed investing app. And our goal was to unify these into one brand and one new platform called Intelligent Investing.

So phase one was effectively launching the new managed experience under Intelligent Investing. So now Moka is no longer -- all of those users are now on the new Intelligent Investing managed solution. And platform and brand and phase two is going to be essentially bringing in the new self-directed piece to that. So now we have one unified app, all under Intelligent Investing, all in this new user interface. And that will then eventually mean the sunsetting of the MogoTrade app and brand.

So that's phase two, and that's actually starting this month. We expect kind of in the next kind of 30 to 60 days, we expect that there'll be no more MogoTrade and all new users will be coming on the new Intelligent Investing unified platform. Does that make sense?

Okay. Yes. Perfect. That's great. And then I wanted to ask, given how well-capitalized the business is at this point, how are you prioritizing your repurchase program versus some additional investments in some of your more growthier verticals?

Yes. So really, the order of priorities, from a capital allocation perspective, would be, number one, Wealth; number two, Payments; and then number three, share repurchases. That's the order.

Okay. Perfect. And would you guys look at potential M&A on the Wealth side? I know you guys have done deals in the past, but curious whether that's something that you would consider.

I'll let Dave comment on it too. But look, we're always open to opportunities that make sense. I think, to be honest, at this stage, we think what we're doing is pretty unique. And we believe a core part of success here on, especially rolling out a new product, is focus. So I think at this stage right now, we think staying focused on the rollout of Intelligent Investing is the right priority. But it doesn't mean if there's something that made sense to be part of Orion, that we wouldn't take a look at it.

Yes. Related to that, I would say on the Wealth side, things relating to enhancing and speeding up the rate of our new platform, so those types of opportunities, versus an existing wealth platform and/or product customer base where you've got to do the whole kind of legacy transitioning everybody over.

So obviously, our phase one and phase two, I mean, this is still what we consider kind of our MVP of Intelligent Investing. And as we talked about kind of that long-term capital allocation system, a lot of that, obviously, I mean, the entire road map is primarily focused on technology enhancements, AI, et cetera. So if there was a specific opportunity, it would really be around advancing the speed of which we brought more of that kind of capability into the experience, and we kind of speed that up and give us some unique opportunity there versus other kind of customer bases, if that makes sense.

Yes. No, that makes sense. Congrats the quarter and the year.

[Operator Instructions] There are no further questions at this time. I will now turn the call over to Dave for closing remarks.

Okay. Thanks again for joining us on our Q4 call. We look forward to giving you update post Q1. Thanks again.

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating, and ask that you please disconnect your lines.

Good morning, ladies and gentlemen, and welcome to the Mogo Third Quarter Earnings Conference Call. [Operator Instructions] This call is being recorded on Friday, November 7, 2025.

I would now like to turn the conference over to Craig Armitage. Please go ahead.

Thank you, and good morning, everyone. Just a few quick notes before we get started.

Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties. These 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 the risks and uncertainties are included in Mogo's Q3 filings as well as periodic filings with regulators in Canada and the United States, which you can find on SEDAR+, EDGAR and you can also access via the Mogo Investor Relations website.

Lastly, today's session will include several adjusted financial measures or non-IFRS measures. Please consider these as a supplement to and not a substitute for the IFRS measures. You'll see that we've included reconciliations to those in the press release and in the investor deck that accompanies the webcast. One last note, we understand there was some difficulty accessing the webcast on the Mogo IR page today. I believe that has been updated. So just refresh your screen if you're trying to access that and you hear this and certainly, the replay will be available there.

With that, I'll turn the call over to Dave Feller. Go ahead, Dave.

Thanks, Craig, and thanks, everyone, for joining today. Q3 was another quarter of disciplined execution and good performance across all the areas of the business. We continue to strengthen our financial foundation while advancing the most important strategic initiative in our history, the launch of our new intelligent investing platform. Key highlights include on wealth, AUM reached a record $498 million, up 22% year-over-year, and wealth revenue grew 27%. On the payments business, revenue grew 11% year-over-year, driven by continued strength in Europe. And our Bitcoin holdings rose more than 300% quarter-over-quarter.

Profitability, adjusted EBITDA was $2 million, 11.6% margin. And on the back of strong platform performance, we raised our 2025 EBITDA guidance. On the balance sheet, total cash investments ended the quarter at $46 million, providing flexibility to fund growth. It was a steady high-quality quarter across the 3 strategic pillars, wealth, payments and Bitcoin, each compounding value and read together. Over the past few years, we've been building both sides of our wealth business, Mogo focused on automated investing in MogoTrade, our self-directed trading platform. Each gave us a valuable insight into how investors behave, how they save, how they trade and how their decision impact long-term outcomes. And those insights made one thing clear, the future wasn't 2 separate experiences, it was one unified platform. And that's what we've built with Intelligent investing, a completely reimagined wealth platform that brings together our managed and self-directed investing under a single brand, a single architecture and a single philosophy.

This isn't an update or a redesign. It's a full new build from first principles, a new behavioral operating system for wealth designed to help investors perform better. Two legacy apps, Mogo and MogoTrade will now sunset as we transition fully into intelligent investing. It's a major evolution for our company, one platform, one brand and one mission to build the behavioral and technological infrastructure for disciplined generational wealth. The problem we're solving is structural. Most of the financial system is built around activity because that's what drives revenue for firms. Every trade, every fund switch, every notification is a profit event for the platform, but it usually hurts the investor.

After analyzing 3 years of real trading data across our own platforms, we sought firsthand. Most self-directed investors don't lose because of high fees. They lose because of the behavior. Buffett and Munger have warned for years that many modern training apps look more like casinos and investing platforms. And our data confirmed it. The industry's promise of democratizing investing through frictionless access, mission-free trading, hasn't improved outcomes. It has accelerate the problem. And with the rise of sports gambling and now prediction markets appearing alongside stocks, crypto and options trading, those same dopamine-driven mechanics are spreading faster than ever. The lines between investing, trading and betting are blurring and outcomes are getting worse.

For Mogo, that's the opportunity. We have both the data and the capability to build the system that corrects this, a platform that rewards discipline, not dopamine.

By unifying our managed and self-directed experience into intelligent investing, we are building what we believe will be the next dominant model in wealth: a platform where investors’ success drives business success. Our solution is intelligent investing, a behavioral operating system for wealth. It solves the biggest gap in modern investing. The lack of structure, feedback and discipline that keeps most investors from capturing the full power of compounding. The Investor with the right behavior, steady contributions, patience and conviction follows a calm upward compounding path that leads to generational wealth. Most platforms push the opposite, short-term speculation and reaction that erodes returns. Intelligent investing makes disciplined inevitable by combining automation, behavioral design and market intelligence.

The structure alone isn't enough. A key part of our strategy is to make this experience exciting and aspirational, to compete head-to-head with dopamine-fueled casinos. For our product and our brand, we are redefining what excitement investing means. We are making discipline the new adrenaline, patience the new dopamine, and mastery the new status. Our members will be active, but actively learning, developing, and patient, fully engaged, not by speculation but by progress.

Because the real thrill is watching discipline compound into wealth. That's what intelligent investing is built to deliver: the system that turns long-term thinking into long-term results. Today, we have members on our platform who are on track to over $50 million and $100 million. That'’s what we mean by generational wealth, what's possible with the right approach. I wanted to walk through a few of the unique behavioral features that differentiate intelligent investing from other platforms. We've made hundreds of improvements across the experience, all designed to help investors perform better. I'll highlight just a few that best capture our behavioral design and discipline that define the platform. Let'’s start with our flagship S&P 500 portfolios. These portfolios serve as a behavioral anchor, combining the proven performance of the S&P 500 with structure, automation, and consistency that drives better behavior. The edge isn't just being in the S&P 500, it is being in a managed disciplined way. When we compare...

You know what? It sounds like Dave got disconnected. So why don't I continue on? I'm going to turn to Slide 10, which is a discussion on Carta. So Dave was really just giving an update on our new wealth intelligent investing platform and giving you some of the exciting features that are coming up on that. I can tell you, everybody on the team is super excited about what we're seeing there. And I think the phrase that Dave coined of platforms being dopamine-fueled casinos are more real than ever, especially with the rise of prediction markets. So we really think the market is -- this is something that the market needs.

Now I just want to turn to Carta, which is our second pillar, payments, Carta Worldwide. Carta continues to be an important strategic component of our platform, business built on long-term contracts, recurring transaction volume and trust relationships with top tier enterprise clients. In Q3, processing volume grew 12% year-over-year on a like-for-like basis at $2.8 billion, reflecting steady international demand and continued growth from our major customers. Today, the platform supports over 7 million end users and processes more than $12 billion in annualized volume, providing card issuing, transaction processing and settlement across multiple networks, including Visa and Mastercard. What differentiates Carta is its API-first architecture built on the Oracle Cloud.

Looking ahead, we're exploring the integration of stablecoin payments within Carta's network that includes potential partnerships with leading stablecoin providers aimed at enabling faster, lower-cost, cross-border settlement and programmable payouts.

This is about future proofing our infrastructure to support clients who want to move value seamlessly across both fiat and digital rails. And we think Carta is well positioned to become a trusted gateway of stablecoin payments as adoption accelerates.

Turning to Bitcoin strategy, which represents the next evolution of our capital allocation, in July, our board approved a strategic initiative authorizing up to $50 million in Bitcoin allocation. During Q3, we increased our Bitcoin holdings by over 300%, from Q2 reaching $4.7 million, funded through excess cash from investment monetizations. Our wealth, payments, and Bitcoin initiatives together position Mogo at the crossroads of 2 very powerful trends: the digitization of value and the modernization of financial infrastructure. We believe this dual compounding focus of operating business and Bitcoin will be a long-term differentiator for Mogo.

Now, I’ll turn to our Q3 results. Q3 was another solid quarter of execution across our 3 main growth pillars of wealth, payments, and Bitcoin. Each advanced meaningfully: wealth achieved record assets under management, payments delivered double-digit growth, and Bitcoin treasury strategy accelerated. Our ecosystem continues to scale across both consumer and enterprise channels. Total members in Canada reached 2.3 million, up 6%. Assets under management hit a record $498 million, up 22%. On the B2B side, payments volume grew 12% year-over-year to $2.8 billion on a like-for-like basis. Adjusted total revenue grew 2% year-over-year to $17 million, but the composition of that growth continues to shift towards higher quality recurring streams. Wealth revenue rose 27%, driven by deeper adoption of managed portfolios and a higher AUM. Payments revenue increased 11%, reflecting steady transaction growth and long-term customer retention.

These 2 components helped drive overall growth and adjusted subscription services revenue of 7%, underscoring the strength and durability of our mostly recurring revenue-based model. As expected, interest revenue was down 5% in the quarter following the new rate cap implemented at the start of the year. However, interest revenue was up slightly on a sequential basis, demonstrating underlying portfolio growth.

Profitability remained central to our execution. In Q3, adjusted EBITDA was $2 million, representing an 11.6% margin, up sequentially from Q2 and roughly flat versus last year. Net cash flow before loan book was lower year-over-year due to timing of working capital items, which were a headwind this quarter versus the same period last year. On a consolidated basis, total cash increased in the quarter by almost $7 million, reflecting the impact of portfolio monetizations. Year-to-date, total EBITDA is $5 million, and total cash flow before investment and loan investments reached $13.6 million, up from $10.4 million for the first 9 months in 2024.

Bottom line is, we maintain cost control even as we continue investing in platform monetization and intelligent investing rollout. Our balance sheet remains a clear differentiator for Mogo. We ended the quarter with $46.1 million in total cash and investments, including $18 million in cash and restricted cash, $20.8 million in marketable securities, and $7.1 million in private investments. Book value stood at approximately $77.5 million, or CAD 3.24 per share, providing a strong capital foundation to execute our Bitcoin allocation strategy while maintaining liquidity and flexibility. We continue to optimize our capital structure with a focus on return on invested capital and balance sheet optionality. Turning to our outlook, we reaffirmed our 2025 revenue guidance and are raising our adjusted EBITDA outlook from $5 million to $6 million to $6 million to $7 million for the full year.

This improvement reflects the operating leverage in our model and continued execution across both wealth and payment pillars. As we move into Q4 and 2026, our priorities remain clear: grow our recurring revenue base, maintain profitability discipline and allocate capital with a long-term mindset anchored to Bitcoin and hard asset value creation. Mogo is entering 2026 with a focused strategy, a stronger balance sheet and a platform designed for intelligent sustainable growth.

With that, we will open it up to questions.

Dave, do you want to go back -- it's Craig here. Do you want to go back and do Slides 8 and 9 that...

Sure. Sorry about that. Apologies. Yes, I got cut off there. So I wanted to walk through just a few of the unique features in our new intelligent investing. One of them is our new performance dashboard, which we see as a professional grade view for active investors. Every member will now be able to see how they're performing against the S&P 500. So they always know how they stack up to a buy-and-hold strategy. Also breaks down what's driving the results. Winners and losers by count and weight portfolio turnover, volatility and drawdown and shows how their performance ranks also versus other members.

It also introduces a new behavioral score that connects processed outcomes, tracking things like consistency in the buy-gate process and patience in holding positions. This level of transparency is something that most platforms would never offer because it reduces training activity. But for us, it's a strategic advantage. It encourages patience, selectivity and long-term focus, the traits that drive performance and retention. It's what professionals track and now every investor can see it.

Next up, we have what we call the buy-gate investment memo, a professional-grade system for making better, more informed decisions. Before every purchase, members go through a structured process, the same checklist that best investors use for allocating capital: management assessment, moat and competitive advantage, investment thesis and key drivers, kill criteria, and bias check. Once complete, the platform creates an investment memo, a living record of their reasoning that can be revisited and refined over time. Even speculative buys are part of this framework, but now they’'re tracked and analyzed separately so investors can see what’'s working and what isn't. This is a system for turning decisions into data, bringing the same rigor and feedback loops used by professionals to every investor.

And these are just a few of the hundred improvements we’'ve made across the platform, each designed to make discipline inevitable and performance sustainable. We will begin the rollout of intelligent investing later this month and continue into Q1. We couldn't be more excited for our members and our new platform, and I personally am excited and proud of the great work the team has done, as they truly believe we've built a truly differentiated platform and one that really aligns with our view that the future of investing won't be won by those that deliver and drive the most activity, but ultimately, the platforms that actually deliver the best outcomes. So back to -- we'll go down to the -- back to the Q&A, Craig?

[Operator Instructions] Your first question comes from the line of Scott Buck from H.C. Wainwright.

I guess, first, I wonder if you could kind of walk us through how you see the balance between growth and margins as you work from kind of where you are today at 18 or so percent to that Rule of 40.

So yes, Scott, it's Greg. I think the -- our overall philosophy right now is to stay EBITDA positive, while looking to drive overall top line growth, right, I think -- and so as we roll out intelligent investing later this quarter and going into Q1, I think we are going to be in a position to have to make some more investments for that rollout. But obviously, the philosophy there is that we expect offsetting growth on any impact on EBITDA margin. But we think that's the right bias for it to drive accelerating growth, again, keeping that overall Rule of 40 framework where our goal there is to see that Rule of 40 number overall increase, again, Rule of 40 being revenue growth and adjusted EBITDA margin.

Great. That's helpful, Greg. And then on the rollout of intelligent investing, could you provide a little bit around the logistics of how you'll be rolling it out? And then you mentioned some likely increased spend. I assume that comes through the marketing line, but any additional color there would be helpful as well.

Sure. It's Dave. So we're starting first with rolling out our managed solution. So again, we're moving from essentially 2 platforms. We had Mogo, which was our managed solution, and we had MogoTrade, which is our self-directed. Both of those, obviously, are still the current platforms that our users, members are on. So phase one is going to be actually rolling out the managed first. So Mogo users and everybody with a managed account will essentially transition into this new app. So they'll literally go from one day updating from the old app to the new app, which is the new intelligent investing, starting with the managed, roll that out across our member base, and then introduce and roll out the new self-directed.

Everybody with an existing Mogo account will essentially log in to their existing account, but it will obviously all be on the new platform, new interface, etc. And the same thing on the self-directed. Everybody on the self-directed platform will log in, and their account and everything will be on this new platform. And now it will be unified into one app so we expect that this process will start this month, and it will continue into Q1. Assuming everything is going well and we are -- —obviously, there is always feedback and adjustments, and that process will continue. But we would hope by Q1, at some point in Q1, we are beginning to start progressing on the marketing front and really starting to try to get back to accelerated growth there.

Great. David. That's helpful. And I want to ask about the -- how the lending business kind of fits in with the core wealth and payments at this point? Are you sourcing customers for wealth through lending? Or what -- I guess I'm trying to understand what the strategic fit is?

Greg, do you want to talk about that or I can talk a little bit about that.

Yes, go ahead.

I mean, I'll start and Greg can add. I mean, ultimately, I think what you're seeing with a lot of these platforms, right? You take a look at Robinhood, Wealthsimple, et cetera. Everybody usually starts with a product and then continues to evolve and start adding others, right? Wealthsimple initially launched a robo-adviser, then they got into self-directed investing. Now they're doing credit cards. Everybody eventually is getting into lending as well. So in the long run, you see lending as obviously, as I think, a key part of a lot of these platforms. And our big advantage is that we've been in the lending business from the beginning. So obviously, a lot of experience and a lot of data on the unsecured part.

Some of those -- there's no question that a lot of those members, I mean, ultimately, every single individual needs to get invested, right? So we -- our goal with on the lending side is to help people go from being in debt and actually getting on a path to saving and investing, especially those that are boring typically in kind of the subprime rate. But yes, I think long-term lending, I expect, is going to be a key component of all of these platforms. And -- but for now, for us, obviously, our main focus in terms of growth drivers of the business is going to continue to be really on the payments and on the Wealth side, right? But Greg, I don't know if you want to add little more color in there.

Yes. I would just say that our goal for lending, look, lending we've been doing for 20 years, it's been a stable cash flow generator for us. It's been one that as I've always said, because it's not our core growth focus, we can turn those dials up and down depending on our general view and outlook on the overall environment. So our book has stayed relatively stable for a few years. So we really haven't been meaningfully growing our book.

Our goal is that lending is -- right now, lending is a drag on overall revenue growth because of the rate cap impact in '25. Our goal is that revenue is not a drag on revenue growth as we moved into 2026. But that, by far, the primary driver of top line growth is coming from wealth and payments. So that's sort of how we look at it. So by definition, lending, we believe, will become a smaller and smaller percent of our overall business. But continue to be a contributor of cash flow to the overall business as well. And as Dave said, strategically, there probably isn't a fintech platform out there because if -- that doesn't have it because it really at the end of the day, as you broaden out and offer more and more services and you look at what Robinhood is doing, they effectively want to become your primary bank, right, and offer all of your financial products and you cannot do that if you don't actually do lending.

So lending is a strategic asset for sure in the space. What I would argue the hardest one to get into because it actually requires years and years of data and experience to be able to do that profitably. And I would say Mogo has one of the strongest databases in the sub-private space in Canada having been doing this for 20 years.

Great. That's fair. And I appreciate the added color there. One last one. Just curious if you guys have an update on where you stand on the regulatory process in terms of being able to offer crypto trading with the new wealth platform that's rolling out?

Yes. So we are progressing on the whole crypto path and including partnership discussions because basically everybody that really expands into this area builds partnerships because there's a pretty broad ecosystem there. So I would say, stay tuned as we go into 2026 for announcements around progress around bringing crypto into our platform.

[Operator Instructions] There are no further questions at this time. I'd like to turn the call back over to Dave Feller for closing comments. Sir, please go ahead.

Thank you. Thanks again for joining us on our Q3 call. We look forward to giving you an update in the next -- in Q1 on full year results. Thanks again.

Ladies and gentlemen, this concludes today's conference call. Thank you very much for your participation. You may now disconnect.