Mogo Inc. Reports Growth in Revenue and User Base
Company Announcements

Mogo Inc. Reports Growth in Revenue and User Base

Mogo Finance Technology ( (MOGO) ) has released its Q3 earnings. Here is a breakdown of the information Mogo Finance Technology presented to its investors.

Mogo Inc. is a leading Canadian digital finance company offering a range of services, including stock trading, digital loans, and payment solutions, with a focus on helping Canadians achieve financial freedom. In the third quarter of 2024, Mogo reported a revenue increase to $17.7 million, marking its third consecutive quarter of growth across its wealth, payments, and lending businesses. The company’s net loss improved from $9.5 million to $8.1 million compared to the previous year, while assets under management rose by 22% year-over-year. In addition, Mogo’s digital payment solutions processed nearly $3 billion in payments, up 23% from the previous year. Mogo continues to expand its member base, reaching 2.17 million members, driven by new product adoption and strategic partnerships. Looking ahead, Mogo expects to see continued growth in subscription and services revenue, with a forecasted adjusted EBITDA increase for fiscal 2024 and positive adjusted net income in 2025.

Related Articles
TheFlyMogo valuation warrants more attention, says H.C. Wainwright
TheFlyMogo price target lowered to $6 from $8 at H.C. Wainwright
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App