The Q2 results show improving underlying profitability (Adjusted EBITDA +70%) and a stronger revenue mix toward Wealth/Payments, but the flat top line and expected H2 moderation in EBITDA suggest the stock may already price in the guidance raise. Watch for the pace of lending deployment and Intelligent Investing user growth in H2 to validate whether the earnings improvement is sustainable.
Price Chart
Executive Summary
Orion Digital Corp. reported Q2 2026 results showing revenue essentially flat at $16.9M (down 0% YoY) but swung to operating income of $1.3M from a -$0.6M loss, driven by lower loan loss provisions and reduced marketing spend. Adjusted EBITDA surged 70% YoY to $3.3M, and management raised its full-year Adjusted EBITDA guidance toward the upper end of $6-7M. However, total revenue declined 2% for the first half, net loss was $0.7M vs. a $13.5M gain in Q2 2025 (driven by non-recurring revaluation gains), and the company expects H2 EBITDA to moderate as lending and marketing ramp up.
Key Facts
- Q2 2026 revenue was $16.9M, flat vs. $16.9M YoY (0% change).
- Operating income was $1.3M, improving from a -$0.6M loss in Q2 2025.
- Adjusted EBITDA was $3.3M, up 70% from $1.9M YoY.
- Net loss was $0.7M vs. net income of $13.5M in Q2 2025, primarily due to a $13.6M non-operating revaluation gain in the prior year.
- Management expects full-year 2026 Adjusted EBITDA to trend toward the upper end of, and potentially exceed, its $6.0-7.0M guidance.
- Wealth revenue grew 14% YoY to $4.1M; Payments revenue declined 9% to $2.4M.
- Gross margin expanded to 75% from 72% YoY.
- Cash and restricted cash totaled $25.1M, up 24% from Dec 2025.
- The company repurchased 113,628 shares in Q2 at an average price of CAD $1.32.
- Management expects H2 2026 Adjusted EBITDA to be lower than H1 as lending and marketing investment increase.
Financial Impact
Q2 2026 revenue flat at $16.9M; operating income improved to $1.3M from -$0.6M; Adjusted EBITDA up 70% to $3.3M; net loss of $0.7M vs. $13.5M income in Q2 2025.
Risk Factors
- H2 2026 Adjusted EBITDA expected to decline as lending and marketing ramp up.
- Total revenue declined 2% in H1 2026 vs. H1 2025, and management expects full-year revenue to be modestly lower.
- Consumer lending faces headwinds from Canada's 35% APR rate cap and macroeconomic uncertainty.
- High leverage: $49.8M credit facility + $31.1M debentures vs. $65.8M equity.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 8 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001193125-26-336755 |
| Document: mogo-ex99_2.htm | 0001193125-26-336755 |
| Document: orion_6k_q2_2026.htm | 0001193125-26-336755 |
| Document: mogo-ex99_4.htm | 0001193125-26-336755 |
| Document: mogo-ex99_3.htm | 0001193125-26-336755 |
| Document: 0001193125-26-336755-index-headers.html | 0001193125-26-336755 |
| Document: 0001193125-26-336755-index.html | 0001193125-26-336755 |
| Document: 0001193125-26-336755.txt | 0001193125-26-336755 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 28, 2026 29d ago | 6-K | $0.9800 $1.04 | ▲ +6.12% | ▲ +4.17% | $0.8700 (−11.22%) |
Aug 6, 2026 11w ago | 6-K | $0.6725 $0.8907 | ▲ +32.45% | ▲ +31.23% | $0.8700 (+29.37%) |
Jun 26, 2026 17w ago | 6-K | $0.8689 $0.8649 | ▲ +0.46% | ▲ +1.85% | $0.8700 (−0.13%) |
Jun 23, 2026 18w ago | 6-K | $0.8715 $0.8074 | ▼ −7.36% | ▼ −9.06% | $0.8700 (−0.17%) |
May 7, 2026 24w ago | 6-K | $1.03 $0.9410 | ▼ −8.64% | ▼ −10.15% | $0.8700 (−15.53%) |
Apr 2, 2026 29w ago | 6-K | $0.9400 $1.00 | ▲ +6.38% | ▲ +2.76% | $0.8700 (−7.45%) |
US Market Status
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