The following is a summary of the Mogo Inc. (MOGO) Q2 2024 Earnings Call Transcript:
Financial Performance:
Mogo Inc. reported a 10% year-over-year revenue increase to $17.6 million.
Carta's payments volume rose 12% to $2.8 billion.
Positive cash flow from operations was reported, marking an important milestone.
Q2 adjusted EBITDA was $1.4 million, showing a 40% sequential increase from Q1.
The company expects subscription services revenue to grow in the mid-teens for FY 2024, with adjusted EBITDA guidance between $5 million to $6 million.
Business Progress:
Mogo continues to focus on wealth and payments sectors, emphasizing product improvements and strategic partnerships.
New features and partnerships in the wealth sector include collaboration with Tom Lee and Fundstrat.
Payments business expected to grow, specifically through its global partnerships and the cloud migration.
Mogo's wealth solutions align with long-term investment principles, focusing on educating and assisting Canadians in achieving financial freedom.
Opportunities:
Expansion of the wealth management platform and improved ARPU from wealth products to $180, significantly higher than the average.
Strategic partnerships aimed at educating consumers and promoting financial literacy to capture a larger market segment.
Risks:
Mogo's crypto-related investments currently do not generate revenue, representing a potential risk in changing market conditions or crypto-market volatility.
More details: Mogo Inc IR
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