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FinTech Company Mogo Reports Results for Q2 2023 and Share Consolidation
Monday, August 21, 2023Company Profile | Follow Company
Vancouver, BC, August 21, 2023--(T-Net)--Mogo Inc. (NASDAQ:MOGO) (TSX:MOGO), a leading financial technology company, today announced its financial and operational results for the second quarter ended June 30, 2023.
"Over the past year, we focused our team and resources on accelerating the path to profitability, narrowing our product focus and building a more efficient operating platform - one that will allow us to scale Mogo profitably over time while competing as a low-cost provider in our markets," said David Feller, Mogo's Founder and CEO.
"We have made excellent progress to date, highlighted by a significant year-over-year improvement in Adjusted EBITDA. At the same time, we have our sights on future growth as we emerge from this period, with each of the three core pillars - Wealth, Payments, and Lending - expected to be profitable growth drivers for the business. In each of these areas, we believe we have differentiated products that can win share in large addressable markets."
Key Financial Highlights for Q2 2023
"While revenue has remained relatively steady through this restructuring period, our second quarter results showed increased gross profit and gross profit margin and continued meaningful growth in Adjusted EBITDA year-over-year to $1.8 million in the quarter, highlighting the underlying profitability of our model," said Greg Feller, President & CFO. "Our progress gives us increased confidence in reaching our target of a combined EBITDA margin and revenue growth rate of at least 40% in the second half of 2024."
Business & Operations Highlights
Financial Outlook
In recent quarters, Mogo has focused on accelerating its path to profitability by placing an emphasis on cost efficiency and building financial resiliency in light of challenging financial market conditions. As a result of these initiatives, total operating expenses decreased by $8.1 million, or 38%, in Q2 2023 compared to Q2 2022.
For fiscal 2023, the Company will continue to focus on accelerating its path to profitability with a specific emphasis on increasing its adjusted EBITDA. For 2023, Mogo is focused on achieving :
About Mogo
Mogo, one of Canada's leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom.
Mogo's trade app, MogoTrade, offers commission-free stock trading that helps users make a positive impact with every investment and together with Moka, Mogo's wholly-owned subsidiary bringing automated, fully-managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform.
Mogo also offers digital loans and mortgages. Through Mogo's wholly-owned subsidiary, Carta Worldwide, we also offer a digital payments platform that powers the next-generation card programs from innovative fintech companies in Europe and Canada. To learn more, please visit mogo.ca or download the mobile app (iOS or Android).
1 Non-IFRS measure. 1 Non-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. [ MORE ] |
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