Mogo Finance Technology Inc. (MOGO) Reports Q1 Loss of $0.17

Mogo Finance Technology Inc. (NASDAQ: MOGO) reported Q1 EPS of ($0.17). Revenue for the quarter came in at $14.3 million.

First-Quarter Financial Highlights

• Record total revenue of $14.3 million, up from $11.3 million in the first quarter of 2017, representing accelerating year-over-year growth to 27%.
• Subscription and services revenue had its fifth consecutive quarter of accelerating growth, increasing 110% to $5.0 million, primarily driven by the continued rapid growth in recurring subscription revenue, including premium account options such as MogoProtect.
• Total revenue, excluding loan fees related to the Company's legacy short-term loan product, increased by 60% to $10.4 million, up from $6.5 million in the comparable quarter in 2017.
• Gross profit increased 26% to $9.4 million (65% of revenue), compared with $7.5 million (66% of revenue) in the first quarter of 2017. Gross profit increased at a slower rate than revenue due to the impact of the adoption of IFRS 9 during the quarter (refer to Note 3 of the financial statements for further details on the adoption of IFRS 9).
• Adjusted EBITDA increased 18% to $0.3 million, versus the comparable period a year ago.
• Adjusted net loss for the first quarter of 2018 was $4.9 million, compared with $3.8 million in the comparable quarter in 2017.
• Net loss for the first quarter of 2018 was $3.9 million, or $0.17 per share, compared with $4.6 million, or $0.25 per share, for the first quarter of 2017
• At March 31, 2018, the Company had $35.7 million in cash and up to an additional $188.0 million, upon certain conditions, from undrawn facilities available to support future growth.

For earnings history and earnings-related data on Mogo Finance Technology Inc. (MOGO) click here.

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