Orion Digital Corp.

What they do

Orion Digital Corp. operates as a finance services company incorporated in British Columbia, Canada. In June 2019, the company completed a plan of arrangement with Mogo Finance Technology Inc., changed its name from Difference Capital Financial Inc. to Mogo Inc., and the arrangement was accounted for as a reverse acquisition. Following the arrangement, the company's financial statements reflect the continuing operations of Mogo Finance. The company's principal executive offices are located at 516 - 409 Granville St, Vancouver BC, Canada.

Revenue drivers

• Finance services operations — Following the June 2019 arrangement with Mogo Finance, the company's revenue is generated from the continuing operations of Mogo Finance, though specific segment breakdowns are not provided in the excerpts.
• Loan interest — Forward-looking statements reference 'revenue (including loan interest),' indicating that loan interest is a component of revenue, though its relative size is not disclosed.

Recent performance

The company reported annual revenue of CAD 19.1 million in 2020, down from CAD 25.3 million in 2019. Revenue had grown from CAD 9.5 million in 2017 to CAD 21.6 million in 2018 before peaking in 2019. The 2020 figure represents a decline of approximately 24.5% compared to 2019. The company's 20-F filing for the fiscal year ended December 31, 2025 was dated April 30, 2026, and the financial statements are presented in Canadian dollars.

Strategy

The company's stated direction includes expectations regarding revenue (including loan interest), expenses, key performance indicators, and provision for loan losses. Management's plans include expansion of products and services and future growth plans. The company also focuses on protecting, maintaining, and enforcing its intellectual property, and on resolving legal matters or disputes. The company anticipates cash needs and potential additional financing, including funding costs and the ability to extend or refinance outstanding amounts under a Credit Facility and debentures.

Risks

• Credit facility renewal risk — The company may need to extend or refinance outstanding amounts under its Credit Facility and debentures, and failure to do so could impact operations.
• Intellectual property infringement — The company faces third-party claims of infringement or violation of, or other conflicts with, intellectual property rights, which could result in litigation or losses.
• Revenue and expense volatility — The company's revenue, expenses, and loan loss provisions are subject to expectations that may not materialize, affecting financial results.
• Legal and regulatory risk — The resolution of legal matters or disputes could adversely affect the company's financial condition or operations.

Outlook

Management's forward-looking statements indicate expectations regarding revenue, expenses, and key performance indicators, but these are subject to risks and uncertainties. The company anticipates potential needs for additional financing and may seek to extend or refinance outstanding debt. Plans include expanding products and services and pursuing growth, though no specific guidance or targets are provided in the excerpts.