Mr. Greg Feller reports
MOGO ANNOUNCES PRELIMINARY SECOND QUARTER 2020 FINANCIAL RESULTS
Mogo Inc. has provided a preliminary update on its financial results for the second quarter ended June 30, 2020.
Q2 2020 financial highlights
Mogo is expecting to report:
Revenue of $10.3 million to $10.5 million;
Adjusted EBITDA of $4.5 million to $5.0 million;
Positive operating cash flow net of investing activities of $6.5 million to $7.0 million.
"Given the continued uncertainty caused by COVID-19, we believe it is important to provide a preview of our Q2 results, which demonstrate the resiliency of our financial model, the impact of our actions to create a leaner, more efficient cost structure and the levers in our business we can manage to significantly increase operating cash flow," said Greg Feller, President and CFO. "These steps helped drive a material and better-than-expected sequential improvement in net cash generated from operating and investing activities, as well as our highest-ever Adjusted EBITDA. Our loan portfolio continues to demonstrate resiliency in these challenging economic times. The record-low default rates we experienced in April and May, continued in June, giving us now several months of encouraging data on this diverse portfolio."
"While we continue to navigate the current economic climate, we are moving forward with our strategies to enhance the product offering and value proposition to Mogo members, as well as the monetization of our more than 1 million members," added David Feller, Mogo's Founder and CEO. "In the very near term, we are broadly rolling out MogoSpend, our digital account that comes with a Mogo Visa* Platinum Prepaid Card, which includes a unique carbon offset feature that can help Canadians save money and the planet. Given everything that's going on in the world, we believe consumers are looking for simple ways to not only manage their financial health but to become a more sustainable consumer. In addition, we continue to make progress on new referral partnerships initiatives which we discussed during our Q1 results."
Q2 2020 Full Financial Results and Conference Call
Mogo will report its full second quarter 2020 results and provide additional updates on August 11, 2020. The Company will host a conference call at 5 p.m. ET. The call will be hosted by David Feller, Founder and CEO, and Greg Feller, President and CFO. To participate in the call, dial 833-968-2206 or 778-560-2782 (international). The webcast can be accessed at the company's website. Listeners should access the webcast or call 10 to 15 minutes before the start time to ensure they are connected.
Mogo -- a financial technology company -- offers a finance app that empowers consumers with simple solutions to help them get in control of their financial wellness. Financial wellness continues to be the No. 1 source of stress across all demographics and highest among millennials. At Mogo, users can sign up for a free account in only three minutes and begin to learn the 4 habits of financial health and get convenient access to products that can help them achieve their financial goals. The Mogo platform has been purpose-built to deliver a best-in-class digital experience, with best-in-class products all through one account. With more than one million members and a marketing partnership with Canada's largest news media company, Mogo continues to execute on its vision of becoming the go-to financial app for the next generation of Canadians.
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