MOGO - Mogo Q2 top line beat on spending cuts member base jump

• Mogo ( NASDAQ: MOGO ) turned in stronger-than-expected Q2 revenue Wednesday as the Canadian fintechs' cost savings plan reduced operating expenses and its member base surpassed the 2M milestone.
• "We are currently managing our growth investment spend assuming total revenue growth for 2023 in the range of 10-15%, with a goal of being Adjusted EBITDA positive by Q4 2023,” said CFO and President Greg Feller.
• Revenue of $17.3M at June 30 exceeded the average analyst estimate of $13.7M and climbed 27% a year ago.
• Adjusted EBITDA loss for Q2 was $4.1M, compared with -$2.9M in Q2 2021.
• Q2 adjusted net loss widened to $9.5M from $8.1M in Q2 of last year.
• Total member base of 2,007,000 at the end of June rose from 1,695,000 at June 30, 2021.
• The company reiterated its full-year guidance, which called for revenue of $69M-72M, representing a Y/Y increase of 20%-25%.
• Conference call at 3:00 p.m. ET.
• Earlier, Mogo reported Q2 results .

For further details see: