Orion Digital (ORIO) Q3 2025 earnings summary

Executive summary

• Achieved record assets under management (AUM) of $498 million, up 22% year-over-year, and total members reached 2.3 million, up 6% year-over-year.

• Wealth revenue grew 27% year-over-year to $3.7 million, and payments revenue increased 11% year-over-year to $2.4 million, driven by international expansion.

• Launched Intelligent Investing platform, unifying managed and self-directed investing, replacing legacy Moka and MogoTrade apps, with rollout continuing into Q1 2026.

• Increased Bitcoin holdings by over 300% quarter-over-quarter to $4.7 million as part of a strategic treasury initiative funded by excess cash.

• Raised 2025 adjusted EBITDA guidance to $6–7 million on strong platform performance.

Financial highlights

• Adjusted total revenue grew 2% year-over-year to $17.0 million, with a shift toward recurring revenue streams.

• Adjusted subscription & services revenue rose 7% to $10.3 million.

• Adjusted EBITDA was $2.0 million (11.6% margin), up from $1.9 million in Q2 2025 and flat year-over-year.

• Adjusted net loss was $3.4 million, mainly due to a $3.0 million revaluation loss on marketable securities and private investments.

• Total cash and investments ended the quarter at $46.1 million, including $18.1 million in cash, $20.8 million in marketable securities, and $7.1 million in private investments.

Outlook and guidance

• 2025 revenue guidance reaffirmed; adjusted EBITDA outlook raised to $6–7 million for the full year.

• Subscription & services revenue expected to grow at a mid- to high single-digit rate in FY 2025, excluding exited brokerage business.

• Wealth revenue projected to increase 20–25% in 2025; payments business to grow in mid- to high teens percentages.

• Interest revenue from lending expected to decrease 8–10% due to a more cautious lending approach.

• Focused on profitable expansion into 2026, with next-generation wealth platform as a key growth driver.