Mogo (MOGO.TO) was at last look up 4.5% from near 52 week lows early Wednesday on the TSX as it reported a loss for the third quarter on lower than expected revenues, but it raised 2024 guidance and said it expects positive adjusted net income for 2025.
The company reported a Q3 2024 adjusted net loss of C$0.5 million on Wednesday, which was in line with last year's numbers. But according to Capital IQ an EPS normalized of $0.10 for the quarter beat its forecast.
Revenue for the quarter that ended Sept. 30 was $17.7 million, up 9% year over year, but missed a consensus forecast of $18.05 million
Mogo updated its 2024 outlook, forecasting subscription and services revenue growth of approximately 10% for the fiscal year and adjusted EBITDA between $6 million and $7 million, an increase from previous guidance of $5 million to $6 million.
For fiscal 2025, Mogo forecasts high-single-digit subscription and services revenue growth, resulting in overall revenue growth. Mogo projects adjusted EBITDA of $10 million to $12 million, a 69% increase from the midpoint of both ranges. Mogo also expects to generate positive adjusted net income in 2025.
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Mogo Up 4.5% From Near 52 Week Lows On TSX As Reports Q3 Loss, But Raised 2024 Guidance and Expects Positive Adjusted Net Income For 2025
MT Newswires2024-11-06
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