Orion Digital Corp executives said the company closed the fourth quarter with momentum in its wealth business and a growing mix of recurring revenue, while maintaining a conservative stance on consumer lending and outlining a near-term product roadmap for its “Intelligent Investing” platform.
Quarterly performance and revenue mix
CEO David Feller said fourth-quarter results were “a solid quarter led by wealth,” citing assets under management (AUM) growth of 70% year-over-year and wealth revenue up 32% to CAD 14.5 million. He added that when combined with payments, the segment generated CAD 24.4 million, up 27% year-over-year.
President and CFO Gregory Feller provided consolidated figures, reporting Q4 total revenue of CAD 17.4 million compared with CAD 18.0 million in the prior-year quarter. For the full year, Orion generated CAD 68.6 million in revenue compared with CAD 71.2 million in 2024. He attributed the year-over-year decline to the exit of two unprofitable businesses in the first quarter and the impact of rate changes in Canada during 2025. Excluding those exits, he said revenue increased 7% in Q4 and 4% for the full year.
Wealth growth and the “Intelligent Investing” strategy
Management spent a significant portion of the call describing the company’s “Intelligent Investing” vision, framing it as a long-term, outcome-oriented approach designed to help investors compound wealth over decades. David Feller argued that many investing platforms are designed to drive activity, while Orion is building a system optimized for long-term compounding and investor discipline.
Gregory Feller said the wealth platform grew 36% year-over-year to CAD 14.5 million and that AUM increased to CAD 498 million, up from CAD 428 million in 2024 and CAD 288 million in 2022. He said the next phase of growth is expected to come from Intelligent Investing Phase Two, which Orion expects to roll out in the first half of the year.
During the Q&A, David Feller provided details on what Phase Two entails. He said Phase One unified Orion’s managed investing experience under the Intelligent Investing brand by migrating users from the company’s prior managed investing app, Moka. Phase Two is expected to bring the self-directed investing experience into the unified app and user interface, which he said would lead to the eventual sunsetting of the MogoTrade app and brand. He said Phase Two is starting “this month,” and that within the next 30 to 60 days, Orion expects MogoTrade to no longer be used for new user onboarding as new users come onto the unified Intelligent Investing platform.
Payments infrastructure: Carta Worldwide
Gregory Feller also discussed the company’s payments infrastructure platform, Carta Worldwide, describing it as operating within the authorization layer of payment networks where transactions are authorized and program rules and balance checks are applied. He said Carta serves clients across fintech, enterprise, and public sector programs and supports up to 7 million end users.
On volume, Gregory Feller said Carta processed CAD 11.9 billion for the year; excluding the company’s exit of Canada, processing volume was CAD 11.1 billion, up 14% year-over-year. He added that adjusted payments revenue increased 23% for the year and 12% for the quarter, which he said demonstrated continued scaling in transaction activity and revenue.
Profitability, balance sheet, and capital allocation
Gregory Feller said adjusted subscription services revenue increased 12% to CAD 41.5 million, up from CAD 37.0 million in 2024, and reiterated that it represents 62% of total revenue. For the full year, Orion posted a 70% gross margin and CAD 7.1 million in adjusted EBITDA, up 7% year-over-year and above the company’s increased guidance range provided last quarter, which he attributed to improving operating leverage.
On liquidity, management said Orion ended the year with approximately CAD 20 million of cash and CAD 21 million of marketable securities and other investments, totaling CAD 41.2 million. Gregory Feller added that liquidity increased further after year-end following the monetization of the company’s remaining WonderFi position in early 2026.
The company also reiterated its capital priorities and discussed share repurchases and potential M&A. Gregory Feller said Orion has CAD 10 million of capacity remaining on its share repurchase program, and he described the capital allocation order of operations as:
- Reinvesting in wealth
- Continuing development of payments infrastructure
- Share repurchases when appropriate
Asked about acquisitions, management said it remains open to opportunities that make sense, but emphasized focus on the Intelligent Investing rollout. They suggested that any potential deals would more likely be oriented toward accelerating technology capabilities—such as enhancements tied to AI—rather than acquiring customer bases that could require complex legacy migrations.
Lending outlook and 2026 guidance
Addressing questions about consumer lending, Gregory Feller pushed back on the idea that the company’s outlook implied a significant pullback, saying the expected trend is “probably similar” to what was seen in 2025. He said Orion is managing the loan book primarily for cash flow rather than growth, and noted the Canadian rate cap implemented in 2025 is expected to pressure interest revenue on the existing loan book. He said Orion’s goal is to keep the loan book “relatively flat,” and that as the year progresses the revenue impact should stabilize.
Gregory Feller added that lending remains an important cash-flow generating component today, though its strategic role could evolve as it becomes a smaller percentage of revenue. He said Orion views access to credit as important for customers and described lending as a core competency the company has operated in the Canadian market for 20 years.
For 2026, management said it expects continued growth in subscription services revenue as wealth expands and Carta continues to scale, with key drivers including Intelligent Investing Phase Two in the first half of the year and expansion of existing European programs on Carta. At the same time, the company expects consolidated revenue to remain relatively stable in 2026 due to its disciplined approach to consumer lending and the impact of the Canadian rate cap. Orion guided to adjusted EBITDA of CAD 7 million to CAD 8 million for fiscal 2026.
In closing remarks, David Feller said the company would provide another update following first-quarter results.
About Mogo (NASDAQ:MOGO)
Mogo Inc is a Vancouver-based financial technology company that offers a suite of digital banking and personal finance products through a mobile-first platform. The firm’s core mission is to empower consumers with tools to manage their money, monitor their credit, and guard against identity fraud, all delivered via a unified smartphone application. By integrating multiple financial services into one interface, Mogo aims to simplify day-to-day money management and foster healthier financial habits among its members.
The company’s flagship offering is a prepaid Visa card that links directly to its app, enabling users to track spending in real time without the risk of overdraft fees associated with traditional credit cards.
