CA - Mogo trades higher on strong FY22 revenue stable FY23 outlook

2023-03-23 13:30:24 ET

• Mogo ( NASDAQ: MOGO ) trades higher after the company saw a 20% Y/Y growth in FY22 revenue to C$68.9M which is at the high-end of the company's latest guidance.
• Q4 gross profit stood at C$11.7M compared to C$12.3M in prior year quarter and C$10.8M in Q3 2022.
• During Q4 2022, Mogo continued to focus on accelerating its path to profitability by placing an emphasis on cost efficiency and building financial resiliency.
• Adj. EBITDA stood at C$0.2M in Q4 2022 vs. adj. EBITDA of -C$3.7M in Q4 2021; its the first time the company saw a positive adj. EBITDA since FY20.
• Adj. net loss decreased to -C$4.3M in Q4 2022 from -C$9.7M in Q4 2021 and -C$8.4M in Q3 2022; net loss increased to -C$74.9M in Q4 2022, compared with net loss of -C$29.6M in Q4 2021.
• Ended 2022 with cash and total investments of C$68.4M, which included combined cash and restricted cash of C$30.8M, investment portfolio of C$12.5M.
• Outlook: For FY23, the company will continue to focus on accelerating its path to profitability with a specific focus on increasing its adj. EBITDA; FY23 adj. EBITDA is seen between C$6 to C$8M while existing 2023 with an annual adj. EBITDA run rate of C$10 to C$14M.

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