Q2 2024 Mogo Inc Earnings Call Transcript
Key Points
- Mogo Inc (MOGO) generated positive cash flow from operations for the quarter.
- Revenue increased by 10% year over year to $17.6 million.
- Carta's payment volume grew by 12% to $2.8 billion, indicating strong performance in the payments business.
- The company achieved a milestone of positive overall cash flow after investing in financing activities.
- Mogo Inc (MOGO) introduced a new 'Buffett Mode' feature in its self-directed investing app to promote long-term value investing.
- Adjusted EBITDA was down modestly from the same period last year, despite a 40% sequential increase.
- Marketing spend was down in Q2, indicating a cautious approach to growth.
- The company is still in the early stages of its journey in the wealth space, suggesting potential challenges in gaining market share.
- Mogo Inc (MOGO) has a relatively flat loan book, indicating limited growth in the lending business.
- The company's crypto-related investments, while significant, currently contribute 0% to revenue.
Good morning, ladies and gentlemen, and welcome to the Mogo Finance Technologies second-quarter results conference call. (Operator Instructions) I would now like to turn the conference over to Craig Armitage, Investor Relations. Please go ahead.
Thank you, and good afternoon, everyone. Thanks for joining us today. Just a few quick notes before we get started. Todayâs call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that 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 Q2 filings as well as periodic filings with regulators in Canada and the United States, which you'll find on SEDAR, and you can access via the Investor Relations website as well.
And lastly, today's session will include several adjusted financial measures or non-IFRS measures.
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