dailynewsnblog
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We expect to continue investing selectively in Carta while expanding the platform’s capabilities. Carta’s existing infrastructure gives us a foundation to add capabilities over time, including in stablecoin-enabled payments, and we will invest in those opportunities where the expected returns meet our capital allocation criteria.
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Following the deliberate reduction in Mogo’s lending deployment during the first half of 2026, management expects to gradually increase lending deployment while continuing to evaluate new originations against expected risk-adjusted returns, capital payback objectives, liquidity requirements and overall capital allocation priorities.
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Consistent with the guidance outlined earlier this year, management currently expects Adjusted EBITDA7 during the second half of 2026 to be lower than the first half as we ramp up origination volume again and increase marketing investment following the commercial launch of Intelligent Investing. Management does not view the second quarter as establishing a new earnings run rate, but rather as demonstrating the underlying earnings and cash-generation capacity of the business under the Company’s current capital allocation framework.
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Based on the Company’s stronger-than-expected operating performance during the first half of 2026, management believes Orion is well positioned relative to its previously communicated full-year Adjusted EBITDA7 guidance of $6.0 million to $7.0 million. While second-half Adjusted EBITDA7 is expected to moderate as the Company increases investment in future growth, management currently expects full-year Adjusted EBITDA7 to trend toward the upper end of, and potentially exceed, its previously communicated guidance range.
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Management also continues to expect consolidated revenue for 2026 to be modestly lower than 2025.
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1Non-IFRS measure. For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures” in the Company’s MD&A for the period ended June 30, 2026. |
2Non-IFRS measure. Core operating cash generation represents cash generated by the Company’s operating businesses before growth and platform investment, net capital deployed in the lending portfolio, portfolio investment activity, and corporate financing and shareholder capital allocation activities. It includes asset-level financing costs, such as interest on the credit facility that directly funds the lending portfolio. Cash interest paid on debentures ($0.7 million and $0.8 million for the three months ended June 30, 2026 and 2025, respectively; $1.4 million and $1.5 million for the six months ended June 30, 2026 and 2025, respectively) is included in Corporate financing and shareholder capital allocation activities, and net issuance of loans receivable is included in Net capital deployed in the lending portfolio. |
3Investments in intangible assets and property and equipment. |
4Net corporate capital used by the lending portfolio represents the combined cash impact of changes in loans receivable together with net advances from or repayments to the credit facility that directly funds the lending portfolio. The measure therefore reflects Orion Digital’s net capital invested in (or released from) the lending portfolio after associated asset-level financing. During periods when the lending portfolio contracts, the measure may include repayment of related credit-facility borrowings and therefore does not necessarily indicate growth in gross loans receivable. |
5Net cash flows from purchases and sales of marketable securities and investment portfolio monetizations. |
6Corporate financing and shareholder capital allocation activities are related to debenture principal and interest payments, share repurchases, lease principal payments and foreign exchange effects. |
7Adjusted EBITDA is a non-IFRS measure. Management has not reconciled these forward-looking non-IFRS measures to their most directly comparable IFRS measure, net loss before tax. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain IFRS components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable IFRS measures. |
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Conference Call & Webcast
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Orion Digital will host a conference call to discuss its Q2 2026 financial results today, Thursday, August 6, 2026 at 11:00 a.m. ET. The call will be hosted by David Feller, Founder and CEO, and Greg Feller, President and CFO. To participate in the call, dial (289) 514-5100 or (800) 717-1738 (International) using conference ID: 67332. The webcast can be accessed at orion-digital.com/events. Listeners should access the webcast or call 10-15 minutes before the start time to ensure they are connected. A replay is available at (289) 819-1325 or (888) 660-6264 until August 13, 2026; Playback code 67332#.
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Non-IFRS Financial Measures
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This press release makes reference to certain non‑IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement the IFRS financial measures contained herein by providing further metrics to understand the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non‑IFRS financial measures, including adjusted revenue, adjusted subscription and services revenue, adjusted payments revenue, adjusted other subscription and services revenue, adjusted EBITDA, adjusted net income (loss), core operating cash generation and cash provided by (used in) operating activities before investment in gross loans receivable, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We also use non‑IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. For more information, please see “Non-IFRS Financial Measures” in our Management’s Discussion and Analysis for the period ended June 30, 2026, which is available at
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and at
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The following tables present a reconciliation of each non-IFRS financial measure to the most comparable IFRS financial measure.
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Adjusted EBITDA
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($000s) | ||||||||
Three months ended | Six months ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2026 | 2025 | 2026 | 2025 | |||||
Net (loss) income | $(744) | $13,509 | $(6,554) | $1,635 | ||||
Credit facility interest expense | 1,358 | 1,390 | 2,730 | 2,836 | ||||
Debenture and other financing expense | 728 | 813 | 1,473 | 1,727 | ||||
Accretion related to debentures | 130 | 134 | 261 | 288 | ||||
Stock-based compensation | 204 | 507 | 434 | 982 | ||||
Depreciation and amortization | 1,805 | 2,029 | 3,832 | 3,983 | ||||
Revaluation (gain) loss | (509) | (13,870) | 2,354 | (6,207) | ||||
Other non-operating expense (income) | 293 | (2,539) | 364 | (2,123) | ||||
Income tax expense (recovery) | 15 | (40) | (84) | (139) | ||||
Adjusted EBITDA | 3,280 | 1,933 | 4,810 | 2,982 | ||||
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Adjusted net income (loss)
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($000s) | ||||||||
Three months ended | Six months ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2026 | 2025 | 2026 | 2025 | |||||
Net (loss) income | $(744) | $13,509 | $(6,554) | $1,635 | ||||
Stock-based compensation | 204 | 507 | 434 | 982 | ||||
Depreciation and amortization | 1,805 | 2,029 | 3,832 | 3,983 | ||||
Revaluation (gain) loss | (509) | (13,870) | 2,354 | (6,207) | ||||
Other non-operating expense (income) | 293 | (2,539) | 364 | (2,123) | ||||
Income tax expense (recovery) | 15 | (40) | (84) | (139) | ||||
Adjusted net income (loss) | 1,064 | (404) | 346 | (1,869) | ||||
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Cash provided by (used in) operations before Investment in gross loans receivable
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($000s) | ||||||||
Three months ended | Six months ended | |||||||
June 30, | June 30, | June 30, | June 30, | |||||
2026 | 2025 | 2026 | 2025 | |||||
Cash provided by operating activities | $2,721 | $934 | $2,305 | $1,491 | ||||
Net issuance of loans receivable | (1,646) | (5,241) | (6,080) | (8,451) | ||||
Cash provided by operating activities before investment in gross loans receivable | 4,367 | 6,175 | 8,385 | 9,942 | ||||
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Forward-Looking Statements
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This news release contains “forward-looking statements” within the meaning of applicable securities legislation, including statements regarding the Company’s capital allocation strategy, Orion Digital’s strategic initiatives including in respect of its wealth management and payments platforms and financial outlook for 2026. Forward-looking statements are typically identified by words such as “may”, “will”, “could”, “would”, “anticipate”, “believe”, “expect”, “intend”, “potential”, “estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”, “goals” and similar expressions. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time of preparation, are inherently subject to significant business, economic and competitive uncertainties and contingencies, and may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual financial results, performance or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by those forward-looking statements and the forward-looking statements are not guarantees of future performance. Orion Digital’s growth, its ability to expand into new products and markets and its expectations for its future financial performance are subject to a number of conditions, many of which are outside of Orion Digital’s control, including the receipt of any required regulatory approval. For a description of the risks associated with Orion Digital’s business please refer to the “Risk Factors” section of Orion Digital’s current annual information form, which is available at
