see "Non-IFRS Financial Measures" in our Management's Discussion and Analysis for the period ended June 30, 2024, which is available at www.sedarplus.com and at www.sec.gov.
The following tables present a reconciliation of each non-IFRS financial measure to the most comparable IFRS financial measure.
Adjusted EBITDA
($000s)
------------- ---------- ---------- ---------- ----------
Three months ended Six months ended
--------------------------- ---------------------------
June 30, June 30, June 30, June 30,
2024 2023 2024 2023
------------- ---------- ---------- ---------- ----------
Net loss
before tax $ (12,443) $ (10,038) $ (16,137) $ (17,090)
Depreciation
and
amortization 2,084 2,204 4,460 4,577
Stock-based
compensation 584 801 1,145 1,094
Credit
facility
interest
expense 1,733 1,493 3,388 2,948
Debenture and
other
financing
expense 953 831 1,759 1,609
Accretion
related to
debentures 169 234 347 507
Share of loss
in investment
accounted for
using the
equity
method -- 5,088 -- 8,267
Revaluation
loss (gain) 8,301 (255) 7,213 (1,508)
Other
non-operating
expense (9) 1,486 245 2,457
------- ------- ------- -------
Adjusted
EBITDA 1,372 1,844 2,420 2,861
------------- ------- ------- ------- -------
Adjusted Net Loss
($000s)
------------- ---------- ------------ ------------ ------------
Three months ended Six months ended
--------------------------- ---------------------------
June 30, June 30, June 30, June 30,
2024 2023 2024 2023
------------- ---------- ---------- ---------- ----------
Net loss
before tax $ (12,443) $ (10,038) $ (16,137) $ (17,090)
Stock-based
compensation 584 801 1,145 1,094
Share of loss
in investment
accounted for
using the
equity
method -- 5,088 -- 8,267
Revaluation
loss (gain) 8,301 (255) 7,213 (1,508)
Other
non-operating
expense (9) 1,486 245 2,457
------- ------- ------- -------
Adjusted net
loss (3,567) (2,918) (7,534) (6,780)
------------- ------- ------- ------- -------
Cash Provided by (used in) Operations before Investment in Gross Loans Receivable
($000s)
---------- ---------- ------------ ------------ ------------
Three months ended Six months ended
--------------------------- ---------------------------
June 30, June 30, June 30, June 30,
2024 2023 2024 2023
---------- ---------- ---------- ---------- ----------
Net cash
provided
by (used
in)
operating
activities $ 528 $ (1,813) $ (3,338) $ (2,812)
Net
issuance
of loans
receivable (3,249) (3,939) (8,930) (5,007)
---------- ------ ------ ------ ------
Cash
provided
by
operations
before
investment
in gross
loans
receivable 3,777 2,126 5,592 2,195
---------- ------ ------ ------ ------
Forward-Looking Statements
This news release may contain "forward-looking statements" within the meaning of applicable securities legislation, including statements regarding the Company's plan for accelerating revenue growth in 2024, monetization opportunities in the next 12 months, future investments to fuel growth and the Company's financial outlook for 2024. Forward-looking statements are typically identified by words such as "may", "will", "could", "would", "anticipate", "believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Mogo's growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Mogo's control, including the receipt of any required regulatory approval. For a description of the risks associated with Mogo's business please refer to the "Risk Factors" section of Mogo's current annual information form, which is available at www.sedarplus.com and www.sec.gov. Except as required by law, Mogo disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise.
About Mogo
Mogo Inc. (NASDAQ:MOGO; TSX:MOGO) is a digital wealth and payments company headquartered in Vancouver, Canada with more than 2 million members, $9.9B in annual payments volume and a 13% equity stake in Canada's leading Crypto Exchange WonderFi (TSX:WNDR). Mogo offers simple digital solutions to help its members dramatically improve their path to wealth-creation and financial freedom. MOGO offers commission-free stock trading that helps users thoughtfully invest based on a Warren Buffett approach to long-term investing -- while also making a positive impact with every investment. Moka offers Canadians a real alternative to mutual funds and wealth managers that overcharge and underperform with a fully managed investing solution based on the proven outperformance of an S&P 500 strategy, and at a fraction of the cost. Through its wholly owned digital payments subsidiary, Carta Worldwide, Mogo also offers a low-cost payments platform that powers next-generation card programs for companies across Europe and Canada. The Company, which was founded in 2003, has approximately 200 employees across its offices in Vancouver, Toronto, London & Casablanca.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808565883/en/
CONTACT: Craig Armitage
Investor Relations
investors@mogo.ca
US Investor Relations Contact
Lytham Partners, LLC
Ben Shamsian
New York | Phoenix
shamsian@lythampartners.com
(646) 829-9701
(END) Dow Jones Newswires
August 08, 2024 08:31 ET (12:31 GMT)
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