Wealth AUM of $495.6M, +14% Year-over-Year
Wealth Revenue of $3.9M, +12% Year-over-Year
EU Payments Volume of $2.7B, +12% Year-over-Year
Total Cash, Marketable Securities and Investments of $35.4M
Orion Digital reports in Canadian dollars and in accordance with IFRS
VANCOUVER, British Columbia--(BUSINESS WIRE)--May 07, 2026--
Orion Digital Corp. (NASDAQ: ORIO; TSX: ORIO)("Orion Digital" or the "Company") today reported financial results for the first quarter ended March 31, 2026 - the Company's first quarter operating under the Orion Digital name following the rebrand from Mogo Inc. effective December 29, 2025.
Q1 2026 results reflect continued execution of Orion Digital's strategy of building platforms for the AI-driven financial system: Intelligent Investing in Canadian digital wealth and Carta Worldwide in European payments infrastructure, supported by a consumer lending portfolio that generates operating cash flow to fund investment in the platforms. The quarter saw Adjusted EBITDA(1) grow 46% year-over-year and the cash position strengthened by 97% year-over-year, reflecting the deliberate conversion of non-core holdings into operating capital. The Company also recently released the new Intelligent Investing app, an important milestone in the development of its next-generation wealth platform.
In conjunction with Q1 results, the Company is including a KPI scorecard to provide visibility into the operating performance of each platform alongside corporate-level metrics.
Q1 2026 KPI Scorecard
Q1 2026 Q1 2025 YoY Change
Wealth Platform
Assets under management (at March 31) $495.6M $436.3M +14%
Wealth revenue $3.9M $3.5M +12%
Payments Platform (Carta)
EU transaction volume $2.7B $2.4B +12%
Adjusted payments revenue(1) $2.3M $2.3M 0%
Lending & Other
Cash provided by operations before investment in
gross loans receivable(1) $4.0M $3.8M +6%
Corporate
Cash & restricted cash $25.6M $13.0M +97%
Total cash, marketable securities and
investments $35.4M $38.8M (9%)
Adjusted EBITDA $1.5M $1.1M +46%
Q1 2026 Financial Detail
Total revenue was $16.9 million in Q1 2026 compared to $17.3 million in Q1 2025. Excluding revenue from non-core businesses exited during 2025, adjusted revenue(1) increased 2% year-over-year, reflecting growth in the Wealth and Payments platforms as well as growth in other subscription-related revenue.
Subscription and services revenue totaled $10.5 million, representing 63% of total revenue. Excluding revenue from exited businesses, adjusted subscription and services revenue(1) increased 7% year-over-year.
-- Wealth revenue increased 12% year-over-year to $3.9 million
-- Payments revenue was $2.3 million, consistent year-over-year on an
adjusted basis excluding exited Canadian payments operations
-- Other subscription and services revenue was $4.3 million, growing 6%
year-over-year on an adjusted basis(1) (excluding the exited legacy
institutional brokerage business)
Gross profit was $11.6 million, with gross margin expanding from 67% to 69%. Adjusted EBITDA was $1.5 million, an increase of 46% from Q1 2025. Cash flow from operating activities before investment in gross loans receivable was $4.0 million, up 6%. Net loss was $5.8 million in Q1 2026 compared to $11.9 million in Q1 2025, an improvement of 51% year-over-year. This improvement primarily reflects a lower non-operating revaluation loss in Q1 2026 compared to Q1 2025.
Management Commentary
David Feller, Founder & CEO
"We recently released the new Intelligent Investing app - for us, this is the moment several years of platform building become operational. The release brings managed and self-directed investing into the same platform and lays the foundation for what we believe can be the most effective capital allocation system designed for long-term compounding. We view this release not as the completion of the product vision but as the transition from concept to a live operational system serving real users.
"Over the past two decades, much of the retail investment industry has been positioned around themes of democratization, access, and empowerment. The reality of the products has gone in a different direction. Prediction markets sit alongside retirement accounts. Trading interfaces add leverage and frictionless speculation. User experiences are designed for engagement rather than outcome. The product underneath has been hollowed out, and engagement is the only inventory left.
"Intelligent Investing is built around a different thesis. Long-term wealth is created through disciplined capital allocation, not through the frequency of decisions. AI is compressing the information edge that justified the trading-platform business model for two decades, and as that edge approaches zero, the distinction between platforms designed for compounding and platforms designed for engagement becomes the entire game. With this release now live, we are positioned to scale Intelligent Investing and we expect to increase marketing investment in the second half of the year. Phase 2 of the platform rollout is expected to be completed in line with our previously communicated first-half 2026 timeline. We are building for what comes next."
Greg Feller, President & CFO
"Q1 demonstrated meaningful operational progress across the business. Adjusted EBITDA grew 46% year-over-year to $1.5 million, with gross margin expanding from 67% to 69% as our revenue mix continues to shift toward higher-margin platform revenue. Wealth revenue grew 12% as Intelligent Investing scaled, European transaction volume at Carta grew 12%, and adjusted other subscription and services revenue grew 6%.
"The cash position strengthened materially in the quarter. The Company holds $35.4 million in total cash, marketable securities and investments at quarter-end. Within that, cash and restricted cash of $25.6 million is up 97% year-over-year primarily reflecting the deliberate conversion of non-core holdings into operating cash, including the monetization of our WonderFi position (WonderFi agreed to be acquired by Robinhood Markets $(HOOD)$ in 2025). 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."
Wealth Platform (Intelligent Investing)
Intelligent Investing represents the largest single growth opportunity in front of the Company. Recently, the Company released the new Intelligent Investing app on the App Store, marking an important milestone in the development of its next-generation wealth platform.
The current release establishes the foundational infrastructure for the broader Intelligent Investing system, including integrated managed and self-directed investing capabilities, enhanced portfolio infrastructure, improved performance and reliability, expanded portfolio insights, and the behavioral framework that will underpin future product development.
Over the coming quarters, the Company expects to continue expanding the platform with additional investing, research, calibration, and decision-support capabilities designed to improve long-term investor outcomes and capital allocation behavior.
The Intelligent Investing platform is being built around a fundamentally different philosophy than traditional trading platforms. Rather than optimizing for trading activity and short-term engagement, the Company's objective is to build a system designed to improve decision quality, investing discipline, and long-term wealth creation.
The Company expects Phase 2 of the platform rollout, including the continued expansion of self-directed investing functionality and additional core platform capabilities, to be completed in line with previously communicated first-half 2026 expectations.
Wealth revenue grew 12% year-over-year to $3.9 million in Q1 2026, with assets under management of $495.6 million at March 31, 2026 representing 14% growth year-over-year.
The Company expects to increase marketing investment in Intelligent Investing during the second half of 2026 to support continued platform expansion and adoption.
As Charlie Munger said: "Show me the incentive, and I will show you the outcome."
Payments Platform (Carta Worldwide)
European transaction volume in Q1 2026 reached $2.7 billion, growing 12% year-over-year from $2.4 billion in Q1 2025, with full-year 2025 European volume of $11.1 billion. Q1 2026 payments revenue was consistent with prior year on an adjusted basis at $2.3 million.
As payments increasingly become AI-mediated and agent-initiated, the authorization layer Carta operates in is positioned to be one of the most strategically important parts of the payments stack. Carta provides the infrastructure that authorizes transactions, enforces program rules, and connects payment activity to regulated settlement networks, the critical control point for risk, compliance, and program integrity in an increasingly automated payments environment.
Carta has a long history of supporting clients that have scaled meaningfully - UK-based Wise during earlier phases of its growth, and other anchor European programs that continue to operate at meaningful scale today. The Company believes Carta operates with a structurally competitive pricing position in European issuer processing and sees meaningful opportunity to expand both within its existing client base and selectively in new accounts on the basis of that pricing advantage.
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