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MOGO INC.

NASDAQ: MOGO / TSX: MOGO

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Company: Mogo Inc.
Ticker: Nasdaq: MOGO / TSX: MOGO
Sector: Technology
Investor Contact: Ben Shamsian
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Mogo Inc. Financials

Financials – Current & Historical

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
v3.24.1.u1
Consolidated Statements of Financial Position - CAD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Assets    
Cash and cash equivalent $ 16,133 $ 29,268
Restricted cash 1,737 1,578
Loans receivable, net 61,717 56,841
Prepaid expenses, and other receivables and assets 13,067 12,391
Investment portfolio 37,768 12,520
Investment accounted for using the equity method 0 24,989
Property and equipment 526 1,101
Right-of-use assets 670 2,622
Investment in sublease, net 1,228 0
Intangible assets 36,562 41,829
Carrying value of goodwill 38,355 38,355
Total assets 207,763 221,494
Liabilities    
Accounts payable, accruals and other 24,082 20,982
Lease liability 2,709 3,280
Credit facility 49,405 46,180
Debentures 36,783 38,266
Derivative financial liabilities 34 419
Deferred tax liability 1,026 1,481
Total liabilities 114,039 110,608
Equity    
Share capital 389,806 391,243
Contributed surplus 35,503 33,025
Foreign currency translation reserve 243 559
Deficit (331,828) (313,941)
Total equity 93,724 110,886
Total equity and liabilities $ 207,763 $ 221,494
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)
v3.24.1.u1
Consolidated Statements of Operations and Comprehensive Income (Loss) - CAD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue      
Subscription and services $ 38,785 $ 41,741 $ 34,408
Interest revenue 26,436 27,208 23,111
Total revenue 65,221 68,949 57,519
Cost of revenue      
Provision for loan losses, net of recoveries 13,208 14,730 7,540
Transaction costs 5,354 7,979 3,940
Cost of revenue 18,562 22,709 11,480
Gross profit 46,659 46,240 46,039
Operating expenses      
Technology and development 10,591 12,973 10,667
Marketing 3,340 11,208 15,629
Customer service and operations 10,602 14,089 13,214
General and administration 14,457 20,197 17,642
Stock-based compensation expense 2,478 8,712 11,683
Depreciation and amortization 9,067 12,636 12,736
Total operating expenses 50,535 79,815 81,571
Loss from operations (3,876) (33,575) (35,532)
Other expenses (income)      
Credit facility interest expense 6,064 4,640 4,109
Debenture and other financing expense 3,519 3,225 3,841
Accretion related to debentures 958 1,249 1,252
Share of loss in investment accounted for using the equity method 8,267 78,832 278
Revaluation (gain) loss (9,628) 2,375 (15,671)
Impairment of goodwill 0 31,758 0
Other non-operating expense 5,231 10,360 4,100
Other expenses (income) 14,411 132,439 (2,091)
Net loss before tax (18,287) (166,014) (33,441)
Income tax recovery (400) (336) (232)
Net loss (17,887) (165,678) (33,209)
Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]      
Unrealized revaluation (loss) gain on digital assets 0 (468) 468
Foreign currency transaction reserve gain (316) 101 458
Other comprehensive (loss) income (316) (367) 926
Total comprehensive loss $ (18,203) $ (166,045) $ (32,283)
Net loss per share      
Basic loss per share $ (0.72) $ (2.17) $ (0.53)
Diluted loss per share $ (0.72) $ (2.17) $ (0.53)
Basic weighted average number of shares (in 000s) 24,853 25,442 21,002
Weighted average number of fully diluted common shares (in 000s) 24,853 25,442 21,002
CONSOLIDATED STATEMENTS OF CASH FLOWS
v3.24.1.u1
Consolidated Statements of Cash Flows - CAD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (17,887) $ (165,678) $ (33,209)
Items not affecting cash and other items:      
Depreciation and amortization 9,067 12,636 12,736
Provision for loan losses 13,778 15,383 8,476
Credit facility interest expense 6,064 4,640 4,109
Debenture and other financing expense 3,518 3,225 3,841
Accretion related to debentures 958 1,249 1,252
Share of loss in investment accounted for using the equity method 8,267 78,832 278
Stock-based compensation expense 2,478 8,712 11,683
Revaluation (gain) loss (9,628) 2,375 (15,671)
Impairment of goodwill 0 31,758 0
Other non-operating expense 3,408 7,509 1,954
Income tax recovery (400) (336) (285)
Cash flows from (used in) operations before changes in working capital 19,623 305 (4,836)
Changes in:      
Net issuance of loans receivable (18,655) (16,392) (17,081)
Prepaid expenses, and other receivables and assets (2,167) (2,003) (2,537)
Accounts payable, accruals and other 1,901 (805) 2,784
Restricted cash (159) (132) (1,446)
Net investment in sub-lease 13 0 0
Cash (used in) provided by operating activities 556 (19,027) (23,116)
Interest paid (9,668) (7,906) (7,974)
Income taxes paid (55) (76) 0
Net cash used in operating activities (9,167) (27,009) (31,090)
Investing activities      
Investment in intangible assets (3,206) (7,482) (7,503)
Cash invested in investment portfolio 0 (1,837) (3,698)
Proceeds from sale of (investment in) digital assets 0 625 (1,250)
Proceeds from sale of investment 334 0 4,878
Purchases of property and equipment (214) (455) (464)
Cash invested in investment using the equity method 0 0 (32,396)
Cash acquired upon acquisition of subsidiary 0 0 839
Net cash used in investing activities (3,086) (9,149) (39,594)
Financing activities      
Lease liabilities – principal payments (571) (668) (660)
Repayments on debentures (2,393) (2,050) (2,053)
Advances on credit facility 5,344 2,548 7,507
Repayments on credit facility (2,119) (1,351) (168)
Proceeds from issuance of common shares, net 0 0 113,329
Repurchase of common shares (1,122) (1,627) 0
Proceeds from exercise of warrants 0 0 6,375
Proceeds from exercise of options 0 69 1,534
Net cash provided by (used in) financing activities (861) (3,079) 125,864
Effect of exchange rate fluctuations on cash and cash equivalents (21) 743 463
Net (decrease) increase in cash and cash equivalent (13,135) (38,494) 55,643
Cash and cash equivalent, beginning of period 29,268 67,762 12,119
Cash and cash equivalent, end of period $ 16,133 $ 29,268 $ 67,762
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT)
v3.24.1.u1
Consolidated Statements of Changes in Equity (Deficit) - CAD ($)
shares in Thousands, $ in Thousands
Total
Carta Solutions Holding Corporation [Member]
Fortification [member]
Moka Finance Technologies Inc [Member]
At The Market Arrangement [Member]
Registered Direct Offerings [Member]
Share capital
Share capital
Carta Solutions Holding Corporation [Member]
Share capital
Fortification [member]
Share capital
Moka Finance Technologies Inc [Member]
Share capital
At The Market Arrangement [Member]
Share capital
Registered Direct Offerings [Member]
Contributed surplus
Contributed surplus
Registered Direct Offerings [Member]
Revaluation reserve
Foreign currency translation reserve
Deficit
Beginning balance, Shares at Dec. 31, 2020             10,910                    
Beginning balance, Amount at Dec. 31, 2020 $ 5,236           $ 106,730           $ 13,560       $ (115,054)
Net loss (33,209)                               (33,209)
Treasury shares reserve (Note 25b), Shares             (107)                    
Treasury shares reserve (Note 25b), Amount (2,364)           $ (2,364)                    
Foreign currency translation reserve 458                             $ 458  
Revaluation reserve 468                           $ 468    
Stock-based compensation (Note 25c) 11,683                       11,683        
Options and RSUs exercised or converted, Shares             280                    
Options and RSUs exercised or converted, Amount 1,534           $ 2,674           (1,140)        
Shares issued                     508 3,820          
Shares issued value         $ 16,804 $ 72,252         $ 16,804 $ 71,475   $ 777      
Shares issued on acquisition               3,333 25 1,545              
Shares issued on acquisition value   $ 54,800 $ 396 $ 47,207       $ 54,800 $ 396 $ 47,207              
Shares issued - replacement awards             122                    
Shares issued for purchase of investment accounted for using the equity method (Note 25), Shares             2,756                    
Shares issued on investment accounted for using the equity method, Amount 77,780           $ 77,780                    
Shares issued - Convertible debentures, Shares             1,060                    
Shares issued - Convertible debentures, Amount 8,783           $ 8,783                    
Equity settled share-based payment, Shares             6                    
Equity settled share-based payment, Amount 164           $ 164                    
Warrants issued for broker services, Amount 1,410                       1,410        
Warrants exercised, Shares             1,206                    
Warrants exercised, Amount 6,375           $ 8,179           (1,804)        
Ending balance, Shares at Dec. 31, 2021             25,464                    
Ending balance, Amount at Dec. 31, 2021 269,777           $ 392,628           24,486   468 458 (148,263)
Net loss (165,678)                               (165,678)
Purchase of common shares for cancellation, Shares             (600)                    
Purchase of common shares for cancellation, Amount (1,627)           $ (1,627)                    
Cancellation of replacement awards             (1)                    
Foreign currency translation reserve 101                             101  
Revaluation reserve (468)                           $ (468)    
Stock-based compensation (Note 25c) 8,712                       8,712        
Options and RSUs exercised or converted, Shares             29                    
Options and RSUs exercised or converted, Amount 69           $ 242           (173)        
Ending balance, Shares at Dec. 31, 2022             24,892                    
Ending balance, Amount at Dec. 31, 2022 110,886           $ 391,243           33,025     559 (313,941)
Net loss (17,887)                               (17,887)
Purchase of common shares for cancellation, Shares             (474)                    
Purchase of common shares for cancellation, Amount (1,193)           $ (1,193)                    
Cancellation of replacement awards             (3)                    
Treasury shares reserve (Note 25b), Shares             (90)                    
Treasury shares reserve (Note 25b), Amount (244)           $ (244)                    
Foreign currency translation reserve (316)                             (316)  
Stock-based compensation (Note 25c) 2,457                       2,457        
Warrants issued for broker services, Amount 21                       21        
Ending balance, Shares at Dec. 31, 2023             24,325                    
Ending balance, Amount at Dec. 31, 2023 $ 93,724           $ 389,806           $ 35,503     $ 243 $ (331,828)

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