Mr. Greg Feller reports

MOGO COMMENTS ON RECENT SHARE PRICE VOLATILITY

Mogo Inc. is not aware of any material events impacting its business or operations that would cause the recent share price volatility.

"While we typically do not comment on our stock price -- and while we appreciate there has been significant instability in equity markets -- we are disappointed with the decline in stock price Mogo has experienced in recent weeks, which we believe is disconnected from our business fundamentals," said Greg Feller, president and chief financial officer. "With a solid balance sheet, five quarters of sequential increases in adjusted EBITDA [earnings before interest, taxes, depreciation and amortization], improving cash flow and a seasoned management team, we are well positioned to withstand periods of market volatility. In addition, we believe the investments we have been making in our core wealth, payments and lending businesses put us on track to achieve our previously stated target of a combined adjusted EBITDA margin and revenue growth rate of at least 40 per cent in the second half of 2024."

Management reiterated the key financial and operational highlights from its Q2 2023 financial results. The company will report its Q3 2023 financial results on Nov. 9, 2023.

Financial and operating highlights:

• Q2 revenue of $16-million, up from $15.9-million in Q1 2023 and down 7 per cent over the prior year, mainly reflecting the company's decision to narrow its strategic focus, and exit certain subscale and unprofitable products.
• Q2 gross profit increased to $11.9-million (75-per-cent margin) compared with $11.3-million (66-per-cent margin) in Q2 2022.
• During 2023, Mogo continued to focus on cost-efficiency and improving its cash flow. As a result of these initiatives, total operating expenses for Q2 2023 decreased by $8.1-million, or 38 per cent, compared with Q2 2022. These efficiency initiatives resulted in an improvement in cash flows from operations (before investment in loan portfolio) from negative $2.5-million in Q2 2022 to positive $2.1-million in Q2 2023.
• Mogo reported a material improvement in adjusted EBITDA, which reached $1.8-million in Q2 2023, compared with an adjusted EBITDA loss of $4.1-million in Q2 2022.
• Net loss decreased to $10-million in Q2 2023, compared with net loss of $51.9-million in Q2 2022.
• Adjusted net loss improved to negative $2.9-million in Q2 2023 from negative $9.5-million in Q2 2022.
• Ended Q2 with cash and total investments of $52.3-million. This included combined cash and restricted cash of $22.1-million, investment portfolio of $13.5-million, and Mogo's 87 million common shares (approximately 13-per-cent ownership interest) in WonderFi Technologies Inc.
• Mogo's digital payment solutions business, Carta Worldwide, processed over $2.5-billion of payments volume in Q2 2023, an increase of 51 per cent compared with Q2 2022.
• Mogo is continuing to repurchase common shares under its common share buy back program on Nasdaq and its normal course issuer bid on the Toronto Stock Exchange. For the fiscal year to date, the company has repurchased 254,456 common shares under both buy back programs, and the company has repurchased a total of 587,789 shares over the past 12 months (approximately 2 per cent of current shares outstanding). Mogo currently has 24.7 million common shares issued and outstanding.

With its Q2 2023 financial results, Mogo also reiterated its financial targets for fiscal 2023. Mogo is focused on achieving:

• Full-year adjusted EBITDA of $7-million to $9-million; and
• Exiting 2023 with an annual adjusted EBITDA run rate of $10-million to $14-million (based on a Q4 2023 adjusted EBITDA target of $2.5-million to $3.5-million).

For further details on the above financial figures, see the company's interim consolidated financial statements for the three and six months ended June 30, 2023, and accompanying MD&A (management's discussion and analysis), both available at SEDAR+ and SEC.

About Mogo Inc.

Mogo, one of Canada's leading digital finance companies, is empowering its members with simple digital solutions to help them build wealth and achieve financial freedom. Mogo's trade app, MogoTrade, offers commission-free stock trading that helps users make a positive impact with every investment and together with Moka, Mogo's wholly owned subsidiary bringing automated, fully managed flat-fee investing to Canadians, forms the heart of Mogo's digital wealth platform. Mogo also offers digital loans and mortgages. Through Mogo's wholly owned subsidiary, Carta Worldwide, it also offers a digital payments platform that powers the next-generation card programs from innovative financial technology companies in Europe and Canada.

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