Mogo Inc. (NASDAQ:MOGO) Q1 2024 Earnings Conference Call May 9, 2024 2:00 PM ET

Company Participants

Craig Armitage - Investor Relations
Dave Feller - Chief Executive Officer
Greg Feller - Chief Financial Officer

Conference Call Participants

Scott Buck - H.C. Wainwright
Adhir Kadve - Eight Capital

Operator

Good afternoon, ladies and gentlemen, and welcome to the Mogo Q1 2024 Financial Results Conference Call. [Operator Instructions] This call is being recorded on Thursday, May 9, 2024. I would now like to turn the conference over to Craig Armitage, Investor Relations. Please go ahead.

Craig Armitage

Thank you, operator, and good afternoon, everyone. Thanks for joining us today. 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 Q1 filings as well as periodic filings with regulators in Canada and the United States which you’ll find on SEDAR, EDGAR and you can access to the investor – the Mogo Investor Relations website as well.

Secondly, today’s session will include several adjusted financial measures such as – or non-IFRS measures, excuse me. Please consider these as a supplement to and not a substitute for the IFRS measures. You’ll see that we’ve included reconciliations to those in the press release and in the investor deck.

And with that, I’ll turn it over to Dave Feller to get us started. Dave?

Dave Feller

Thanks, Craig. Good afternoon, and welcome to Mogo’s first quarter fiscal 2024 results call. I’m joined today by Greg Feller, our President and CFO.

I’ll cover some of the key operating highlights, and Greg will dig deeper on the financial results and outlook. It was a solid start to 2024 for Mogo, both from a financial perspective and a product perspective. Q1 revenue was a quarterly record of $17.9 million. We exceeded $400 million in AUM, and we continued to generate positive adjusted EBITDA while, we invest in our products and marketing to achieve long-term growth in our business.

Wealth payments and crypto form the key pillars of our business today. I’ll walk through wealth and Greg will talk about payments in crypto. Our excitement around the long-term potential in wealth starts with the overall market size and the opportunity for innovation and disruption given the dominance of the big banks. The Canadian wealth market is measured in the trillions and is expected to grow from over $6 trillion today to over $11 trillion by the end of 2032. Within this, there’s an estimated $2 trillion in high fee mutual funds alone, along with annual contributions to RRSP and TFSAs of around $100 billion a year.