Orion Digital posts Q2 adjusted EBITDA of C$3.3M, up 70% YoY

Orion Digital Corp. (NASDAQ: ORIO) reported second-quarter results for the period ended June 30, 2026, with adjusted EBITDA of C$3.3 million, up 70% year-over-year and 115% sequentially from Q1 2026, according to a company press release. The result came in near the top of the company's previously issued guidance range of C$2.5 million to C$3.5 million.

Adjusted EBITDA margin expanded to 19.5% from 9.1% in Q1 2026. Total revenue was C$16.9 million, compared with C$17.0 million in Q2 2025. Gross profit rose to C$12.6 million from C$12.2 million, with gross margin expanding to 75% from 72%.

Wealth assets under management grew 18% year-over-year to C$545.3 million, while wealth revenue increased 14% to C$4.1 million. Payments revenue from Carta Worldwide declined 9% to C$2.4 million, while European transaction volume was flat at C$2.8 billion. Wealth and payments combined represented 38% of total revenue, up from 36% in the prior-year quarter.

Cash provided by operating activities was C$2.7 million, compared with C$0.9 million in Q2 2025. Core operating cash generation, a non-IFRS supplemental measure, was C$5.1 million. The company posted a net loss of C$0.7 million, compared with net income of C$13.5 million in Q2 2025, which included a non-recurring revaluation gain. Adjusted net income was C$1.1 million, or C$0.04 per share.

Gross loans receivable in the Mogo lending segment declined to C$75.4 million at June 30, 2026 from C$77.9 million at March 31, 2026. The company held C$23.3 million in cash at quarter-end, with total cash, restricted cash, marketable securities and investments of C$34.8 million.

The company commercially launched its Intelligent Investing platform on July 27, 2026, after the quarter closed. Management stated it expects second-half adjusted EBITDA to be lower than the first half as lending deployment and marketing investment increase. Full-year adjusted EBITDA guidance of C$6.0 million to C$7.0 million was maintained, with management indicating results could trend toward the upper end of or potentially exceed that range.

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