Mogo Inc. changed its corporate name to Orion Digital Corp. on December 29, 2025, and the new ticker symbol ORIO will begin trading on Nasdaq and TSX on January 2, 2026. The transition is part of a broader strategy to reposition the company as a founder‑led, multi‑engine digital finance platform that integrates wealth, payments, and digital assets.
In its Q3 2025 earnings release, Orion Digital reported revenue of CAD 16.96 million, a 2% year‑over‑year increase that beat analyst expectations by CAD 0.24 million. The company posted a net loss of CAD 4.51 million, largely driven by a CAD 3.0 million revaluation loss on marketable securities and private investments. Adjusted EBITDA rose to CAD 1.97 million, maintaining an 11.6% margin that matched the prior quarter. Earnings per share were CAD 0.19, missing the consensus estimate of CAD 0.05 by CAD 0.14, a miss attributable to the one‑time investment loss. Management raised its full‑year 2025 adjusted EBITDA guidance from CAD 5–6 million to CAD 6–7 million, citing the monetization of its WonderFi stake and confidence in scaling its wealth and payments businesses.
Segment analysis shows that wealth revenue grew 27% year‑over‑year to CAD 3.7 million, driven by strong demand for the Intelligent Investing platform and higher client acquisition. Payments revenue increased 11% to CAD 2.4 million, supported by growth in the Carta Worldwide infrastructure and expanding merchant volume. The Bitcoin treasury segment saw holdings surge over 300% quarter‑over‑quarter, reflecting the company’s continued commitment to a $50 million treasury authorization and the broader institutional interest in digital assets. Assets under management reached a record CAD 498 million, up 22% year‑over‑year, underscoring the platform’s ability to attract and retain investor capital.
Co‑founder and President Greg Feller said the rebrand “reflects who we are now and where we’re going,” emphasizing the company’s focus on high‑leverage businesses across wealth, payments, and Bitcoin. CEO David Feller highlighted the Intelligent Investing platform as a key growth engine, noting that the company is “building durable businesses that create lasting value.” The statements signal a strategic shift from a legacy lender to a high‑growth fintech platform, with an emphasis on disciplined execution and scalable revenue streams.
The announcement was met with a muted market reaction; on the day of the announcement, the company’s shares traded down in pre‑market sessions, and the year‑to‑date decline of over 24% reflected investor concerns about the company’s ongoing net loss and EPS miss. The negative reaction underscores that, while the rebrand and segment growth are positive, investors remain focused on the path to profitability and the impact of one‑time losses on earnings. The raised EBITDA guidance suggests management confidence in future cash generation, but the persistent net loss and EPS miss highlight the need for continued cost discipline and revenue acceleration to achieve profitability.
The rebrand and Q3 results together paint a picture of a company in transition. Revenue growth is modest overall but strong in high‑margin wealth and payments segments, while the Bitcoin treasury adds a unique value proposition. Management’s guidance signals optimism, yet the net loss and EPS miss reveal that the company is still investing heavily in growth and managing investment volatility. Investors will likely monitor the company’s ability to convert revenue gains into profitability, the sustainability of its Bitcoin strategy, and the execution of its multi‑engine platform as key indicators of long‑term success.
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