Q3 2024 Mogo Inc Earnings Call Transcript
Key Points
- Mogo Inc (MOGO) raised its 2024 EBITDA guidance and introduced 2025 guidance with an expected 69% growth at the midpoint.
- For the first time, Mogo Inc (MOGO) anticipates positive adjusted net income for 2025.
- The company reported a 23% year-over-year increase in payments volume, reaching $3 billion in Q3.
- Mogo Inc (MOGO) has introduced a wealth platform with a unique value proposition, aiming to outperform existing solutions.
- The company has partnered with FinChat.io to integrate AI capabilities, enhancing its wealth-building platform.
- Mogo Inc (MOGO) faces challenges with the new rate cap in Canada, which lowers the maximum APR from 47% to 34%.
- The company has been cautious with loan originations due to the rising rate environment, impacting interest revenue.
- Mogo Inc (MOGO) has been burning cash, although at a decreasing rate, and aims to achieve cash flow positivity.
- The deceleration in subscription and service revenue growth is expected to continue into 2025.
- Mogo Inc (MOGO) is still in the early stages of developing its wealth platform, indicating potential future challenges.
Good afternoon, ladies and gentlemen, and welcome to the Mogo Q3 earnings conference call. (Operator Instructions) This call is being recorded on Wednesday, November 6, 2024.
I would now like to hand the conference over to Craig Armitage, Investor Relations. Please go ahead.
Thank you, operator, and good afternoon, everyone. Thanks for joining us today. Just a few notes from me before we get started. Today's 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 Q3 filings as well as periodic filings with regulators in Canada and the United States, which you'll find, of course, on SEDAR, EDGAR, and you can access via the Mogo Investor Relations website.
Secondly, today's session will
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