Orion Digital Corp

Good morning, ladies and gentlemen, and welcome to the MoGrow third quarter earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Friday, November 7, 2025. I would now like to turn the conference over to Craig Amatage. Please go ahead.

Thank you, and good morning, everyone. Just a few quick 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. These 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 Q3 filings. as well as periodic filings with regulators in Canada and the United States, which you can find on CDAR+, EDGAR, and you can also access via the MOGO Investor Relations website. Lastly, today's session will include several adjusted financial measures or non-IFRS measures. 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 that accompanies the webcast. One last note, we understand there was some difficulty accessing the webcast on the MoGo IR page today. I believe that has been updated, so just refresh your screen if you're trying to access that and you hear this, and certainly the replay will be available there. With that, I'll turn the call over to Dave Feller. Go ahead, Dave. Thanks, Craig.

Thank you. And thanks, everyone, for joining today. Q3 was another quarter of disciplined execution and good performance across all the areas of the business. We continued to strengthen our financial foundation while advancing the most important strategic initiative in our country, the launch of our new intelligent investing platform. Key highlights include on wealth, AUM reached a record $498 million, up 52% year-over-year, and wealth revenue grew 27%. On the payments business, revenue grew 11% year-over-year, driven by continued strength in Europe. And our Bitcoin holdings rose more than 300% quarter over quarter. Profitability, adjusted EBITDA was $2 million, 11.6% margin. And on the back of strong platform performance, we raised our 2025 EBITDA guidance. On the balance sheet, total cash investments ended the quarter at $46 million, providing flexibility to fund growth. It was a steady high-quality quarter across the three strategic pillars, wealth, payments, and Bitcoin, each compounding value. together. Over the past few years, we've been building both sides of our wealth business. Mocha focused on automated investing and Mogotrade our self-directed trading platform. Each gave us a valuable insight into how investors behave, how they save, how they trade, and how their decisions impact long-term outcomes. And those insights made one thing clear. The future wasn't two separate experiences. It was one unified platform. And that's what we built with Intelligent Investing, a completely reimagined wealth platform that brings together our managed and self-directed investing, under a single brand, a single architecture, and a single philosophy. This isn't an update or a redesign. It's a full rebuild from first principles, a new behavioral operating system for wealth designed to help investors perform better. Two legacy apps, Mocha and Mobitrade, will now sunset as we transition fully into intelligent investing. It's a major evolution for our company, one platform, one brand, and one mission, to build the behavioral and technological infrastructure for disciplined generational wealth. The problem we're solving is structural. Most of the financial system is built around activity because that's what drives revenue for firms. Every trade, every fund switch, every notification is a profit event for the platform, but it usually hurts the investor. After analyzing three years of real trading data across our own platforms, we saw it firsthand. Most self-directed investors don't lose because of high fees. They lose because of behavior. Buffett and Munger have warned for years that many modern trading apps look more like casinos than investing platforms. And our data confirmed it. The industry's promise of democratizing investing through frictionless access, mystery trading, has improved outcomes, has accelerated the problem. And with the rise of sports gambling and now prediction markets appearing alongside stocks, crypto, and options trading, those same dopamine-driven mechanics are spreading faster than ever. The lines between investing, trading, and betting are blurring, and outcomes are getting worse. For MoGo, that's the opportunity. We have both the data and the capability to build the system that corrects this, a platform that rewards discipline, not dopamine. By utilizing our managed and self-directed experience into intelligent investing, we're building what we believe will be the next dominant model in wealth, a platform where investors' success drives business success. Our solution is intelligent investing, a behavioral operating system for wealth. It solves the biggest gap in modern investing, the lack of structure, feedback, and discipline that keeps most investors from capturing the full power of compounding. The investor with the right behavior, steady contributions, patience, and conviction follows a calm upward compounding path that leads to generational wealth. Most platforms push the opposite, short-term speculation and reaction that erodes returns. Intelligent investing makes discipline inevitable by combining automation, behavioral design, and market intelligence. The structure alone isn't enough. A key part of our strategy is to make this experience exciting and aspirational, to compete head-to-head with dopamine-fueled casinos. For our product and our brand, we're redefining what excitement investing means. We're making discipline the new adrenaline, patience the new dopamine, and mastery the new status. Our members will be active, but actively learning, developing, and patient. Fully engaged, not by speculation, but by progress. Because the real thrill is watching discipline compound into wealth. That's when IntelliVest is built to deliver. The system that turns long-term thinking into long-term results. Today, we have members on our platform who are on track to over 50 and 100 million. That's what we mean by generational wealth, what's possible with the right approach. And I wanted to walk through a few of the unique behavioral features that differentiated Challenge Investing from other platforms. We've made hundreds of improvements across the experience, all designed to help investors perform better. But I'll highlight just a few that best capture our behavioral design and discipline that define the platform. Let's start with our flagship S&P 500 portfolios. These portfolios serve as a behavioral anchor, combining the proven performance of the S&P 500 with structure, automation, and consistency that drives better behavior. The edge isn't just being in the S&P 500.