Mogo, Inc. (NASDAQ:MOGO) Q2 2023 Earnings Conference Call August 10, 2023 3:00 PM ET
Company Participants
Craig Armitage - IR
David Feller - Founder, CEO & Chairman
Gregory Feller - President, CFO & Director
Conference Call Participants
Adhir Kadve - Eight Capital
Scott Buck - H.C. Wainwright & Co.
Operator
Good afternoon, ladies and gentlemen, and welcome to the Mogo Q2 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded on Thursday, August 10, 2023.
I would now like to turn the conference over to Craig Armitage. Please go ahead.
Craig Armitage
Thank you, Joanna, and good afternoon, everyone. Thanks for joining us. Just a few notes before we get started. Today's call will contain forward-looking statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected. The company undertakes no obligation to update these statements, except as required by law. Information about the risks and uncertainties are included in Mogo's Q2 filings as well as periodic filings with regulators in Canada and the United States, which you'll find on SEDAR, EDGAR and through the Investor Relations website.
Secondly, today's discussion will include some adjusted financial measures such as non-IFRS measures. Please consider these as a supplement to and not as a substitute for the IFRS measures, and we've included reconciliations to those both in the filings and the investor deck.
I'll now turn it over to Dave Feller to get started. Dave?
David Feller
Thanks, Craig. Thank you, and good afternoon. Welcome to our second quarter 2023 results call. I'm joined today by Greg Feller, our President and CFO.
Over the past year, we focused our team and resources on accelerating the path to profitability, narrowing our product focus and building a more efficient operating platform, one that will allow us to scale Mogo profitably over time, while also driving long-term organic growth in our three core pillars. As you can see, we're continuing to make solid progress. We continue to significantly improve adjusted EBITDA, which went from negative $4.1 million last year to positive $1.8 million this quarter. Cash flow from operations before investment in loan book improved from negative $2.5 million last year and roughly breakeven last quarter to positive $2.1 million this quarter. Although revenue was down slightly from last year due primarily to the elimination of unprofitable products, gross profit increased from $11.3 million to $11.9 million. Our progress goes beyond efficiencies as we are also seeing growth in our three key business segments, which we will touch on. As part of this, we increased our full year adjusted EBITDA guidance to range of $7 million to $9 million.