Mogo, Inc. (NASDAQ:MOGO) Q1 2023 Earnings Conference Call May 11, 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 Q1 2023 Earnings Conference Call. [Operator Instructions]. This call is being recorded on Thursday, May 11, 2023. I would now like to turn the conference over to Craig Armitage. Please go ahead.
Craig Armitage
Thank you, and good afternoon, everyone. Thanks for joining us. Just a few notes before we get started that 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 our Q1 filings as well as periodic filings with regulators in Canada and the U.S., which you'll find on SEDAR, EDGAR and through the Investor Relations website. Second, today's discussion will include some adjusted financial measures and non-IFRS measures. You should consider these as a supplement to and not as a substitute for the IFRS measures, and we included reconciliations both in our filings and the investor deck for those measures. Lastly, the amounts today are discussed in Canadian dollars, unless we indicate otherwise.
I'll now turn it over to Dave Feller to get us started. Dave?
David Feller
Thanks, Craig. Thank you. Good afternoon, and welcome to Mogo's First Quarter 2023 Results Call. I'm joined today by Greg Feller, our President and CFO. I can't emphasize enough how pleased I'm with the progress our team made in Q1 as we continue to reengineer Mogo into a leaner and more profitable company. The level of engagement and focus that we're seeing from our team is truly amazing, and it's been reflected in our results.
When the macro picture began to look worse in early 2022, we took quick and decisive action to accelerate our path to profitability with a stated goal of achieving adjusted EBITDA positive in Q4 of 2023. As we discussed in March, we managed to achieve this goal in Q4 of 2022 one year earlier than planned. It's hard to overstate the level of transformation we have made in the last 12 months, going from negative $5.5 million adjusted EBITDA to positive $1 million in just 4 quarters. This progress gives us confidence in our ability to get to our targeted EBITDA run rate by the end of the year, which Greg will discuss in the outlook.