Revenue growth has turned negative with a 4.1% year-over-year decline in 2025Q3, while the company continues to struggle with operational scale, evidenced by a -3.4% operating margin.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 69.27M | 71.21M | 65.22M | 68.95M | 57.52M | 44.24M | 59.8M | 61.28M | 48.68M | 49.87M | 43.53M | 23.4M | 6.02M | 6.18M |
| Revenue Growth % | -1.49% | 9.18% | -5.41% | 19.87% | 30% | -26.02% | -2.4% | 25.87% | -2.38% | 14.56% | 86.03% | 288.76% | -2.62% | - |
| Cost of Goods Sold | 22.3M | 24.53M | 18.56M | 22.71M | 11.48M | 8.75M | 18.79M | 22.43M | 15.87M | 19.16M | 16.41M | 8.58M | 0 | 0 |
| COGS % of Revenue | - | 34.44% | 28.46% | 32.94% | 19.96% | 19.77% | 31.41% | 36.6% | 32.6% | 38.42% | 37.69% | 36.65% | - | - |
| Gross Profit | 46.97M | 46.68M | 46.66M | 46.24M | 46.04M | 35.5M | 41.02M | 38.85M | 32.81M | 30.71M | 27.13M | 14.82M | 6.02M | 6.18M |
| Gross Margin % | 67.8% | 65.56% | 71.54% | 67.06% | 80.04% | 80.23% | 68.59% | 63.4% | 67.4% | 61.58% | 62.31% | 63.35% | 100% | 100% |
| Gross Profit Growth % | - | 0.04% | 0.91% | 0.44% | 29.7% | -13.46% | 5.58% | 18.42% | 6.84% | 13.21% | 82.98% | 146.29% | -2.62% | - |
| Operating Expenses | 49.65M | 50.39M | 50.53M | 79.81M | 81.57M | 34.36M | 44.67M | 43.08M | 35.78M | 34.4M | 37.7M | 19.3M | 11.6M | 9.53M |
| OpEx % of Revenue | - | 70.76% | 77.48% | 115.76% | 141.82% | 77.65% | 74.7% | 70.3% | 73.5% | 68.99% | 86.6% | 82.47% | 192.74% | 154.11% |
| Selling, General & Admin | 20.12M | 20.46M | 20.27M | 40.12M | 44.95M | 14.63M | 20.9M | 19.95M | 17.14M | 17.06M | 21.32M | 9.55M | 5.78M | 5.54M |
| SG&A % of Revenue | - | 28.73% | 31.09% | 58.18% | 78.16% | 33.07% | 34.94% | 32.56% | 35.22% | 34.21% | 48.98% | 40.82% | 95.96% | 89.69% |
| Research & Development | 10.96M | 10.63M | 10.59M | 12.97M | 10.67M | 5.13M | 14.99M | 14.75M | 11.37M | 10.11M | 7.6M | 3.9M | 1.26M | 718.02K |
| R&D % of Revenue | - | 14.94% | 16.24% | 18.82% | 18.55% | 11.6% | 25.06% | 24.07% | 23.36% | 20.28% | 17.45% | 16.68% | 20.97% | 11.62% |
| Other Operating Expenses | 4M | 19.3M | 19.67M | 26.73M | 25.95M | 14.59M | 8.79M | -37.84M | -16.76M | -13.4M | -10.77M | -8.59M | 0 | 0 |
| Operating Income | -2.68M | -3.71M | -3.88M | -33.58M | -35.53M | 1.14M | -3.65M | -4.23M | -2.97M | -3.69M | -10.57M | -4.47M | -4.98M | -3.34M |
| Operating Margin % | -3.87% | -5.21% | -5.94% | -48.7% | -61.77% | 2.57% | -6.11% | -6.9% | -6.11% | -7.41% | -24.29% | -19.12% | -82.81% | -54.11% |
| Operating Income Growth % | - | 4.33% | 88.46% | 5.51% | -3219.58% | 131.17% | 13.58% | -42.26% | 19.55% | 65.06% | -136.36% | 10.26% | -49.03% | - |
| EBITDA | 5.26M | 4.71M | 5.19M | -20.94M | -22.8M | 9.55M | 4.39M | 72.21M | 65.5M | 49.78M | -8.88M | -3.07M | 0 | 0 |
| EBITDA Margin % | 7.6% | 6.62% | 7.96% | -30.37% | -39.63% | 21.59% | 7.35% | 117.84% | 134.56% | 99.82% | -20.4% | -13.12% | - | - |
| EBITDA Growth % | 5.14% | -9.25% | 124.79% | 8.15% | -338.63% | 117.36% | -93.91% | 10.23% | 31.59% | 660.59% | -189.31% | - | - | - |
| D&A (Non-Cash Add-back) | 7.95M | 8.42M | 9.07M | 12.64M | 12.74M | 8.41M | 8.05M | 76.43M | 68.48M | 53.47M | 1.69M | 1.4M | 4.98M | 3.34M |
| EBIT | 13.66M | -6.63M | -11.27M | -160.13M | -28.08M | -6.29M | 8.96M | -4.63M | -5.05M | -4.71M | -10.47M | -4.47M | 1.12M | 1.72M |
| Net Interest Income | -6.46M | -7.39M | -10.54M | -5.89M | -9.2M | 0 | -19.79M | -17.39M | -14.68M | -12.38M | -9.74M | -8.11M | 0 | 0 |
| Interest Income | 0 | 0 | -3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 15.59M | 8.06M | 1.32M | 0 | 0 |
| Interest Expense | 6.46M | 7.39M | 7.02M | 5.89M | 9.2M | 0 | 19.79M | 17.39M | 14.68M | 12.38M | 9.73M | 7.43M | 0 | 0 |
| Other Income/Expense | 9.88M | -10.31M | -14.41M | -132.44M | 2.09M | -14.58M | -7.17M | -17.79M | -16.82M | -13.4M | -10.77M | -8.59M | -6.7M | 0 |
| Pretax Income | 7.2M | -14.02M | -18.29M | -166.01M | -33.44M | -13.45M | -10.82M | -22.02M | -19.73M | -17.09M | -21.35M | -13.07M | -5.58M | -3.34M |
| Pretax Margin % | 10.39% | -19.69% | -28.04% | -240.78% | -58.14% | -30.39% | -18.1% | -35.94% | -40.53% | -34.27% | -49.04% | -55.84% | -92.74% | -54.11% |
| Income Tax | -322K | -341K | -400K | -336K | -232K | 0 | 0 | 0 | -1K | 515 | 3.35K | 5.25K | 10.68K | 0 |
| Effective Tax Rate % | -4.47% | 2.43% | 2.19% | 0.2% | 0.69% | 0% | 0% | 0% | 0.01% | -0% | -0.02% | -0.04% | -0.19% | 0% |
| Net Income | 7.52M | -13.68M | -17.89M | -165.68M | -33.21M | -13.45M | -10.82M | -22.02M | -19.73M | -17.09M | -21.35M | -13.07M | -5.59M | -3.34M |
| Net Margin % | 10.86% | -19.21% | -27.43% | -240.29% | -57.74% | -30.39% | -18.1% | -35.94% | -40.53% | -34.27% | -49.05% | -55.87% | -92.91% | -54.11% |
| Net Income Growth % | 148.33% | 23.52% | 89.2% | -398.89% | -147% | -24.2% | 50.84% | -11.62% | -15.43% | 19.95% | -63.33% | -133.75% | -67.21% | - |
| Net Income (Continuing) | 7.52M | -13.68M | -17.89M | -165.68M | -33.21M | -13.45M | -10.82M | -22.02M | -19.73M | -17.09M | -21.35M | -13.07M | -5.59M | -3.34M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 109.02M | 69.09M | 67.41M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.32 | -0.56 | -0.72 | -6.51 | -1.58 | -2.80 | -2.57 | -2.91 | -3.22 | -2.81 | -4.88 | -5.11 | -2.52 | -1.51 |
| EPS Growth % | 148.44% | 22.22% | 88.94% | -312.03% | 43.57% | -8.95% | 11.68% | 9.63% | -14.59% | 42.42% | 4.5% | -102.78% | -66.89% | - |
| EPS (Basic) | - | -0.56 | -0.72 | -6.51 | -1.59 | -2.83 | -2.57 | -2.91 | -3.22 | -2.81 | -4.88 | -5.11 | -2.52 | -1.51 |
| Diluted Shares Outstanding | 23.87M | 24.4M | 24.85M | 25.44M | 21M | 9.62M | 8.52M | 7.57M | 6.13M | 6.08M | 4.38M | 2.56M | 2.22M | 2.22M |
| Basic Shares Outstanding | 23.87M | 24.4M | 24.84M | 25.44M | 20.89M | 9.54M | 8.52M | 7.57M | 6.13M | 6.08M | 4.38M | 2.56M | 2.22M | 2.22M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent operating cash burn
As reported in recent financial filings, Mogo's revenue growth has shifted into negative territory, with the most recent quarter showing a 4.1% year-over-year decline, suggesting that the company's transition toward higher-margin B2B services has yet to offset the contraction in its legacy consumer-facing product lines.
The consistent revenue contraction over the last three quarters indicates that the firm is struggling to find a sustainable growth engine in a saturated Canadian fintech market. Investors should monitor whether the current pivot to B2B infrastructure can eventually stabilize the top line or if the company remains trapped in a cycle of declining consumer engagement.
Based on the company's reported figures, Mogo maintains a gross margin of 69.5%, which reflects a relatively efficient delivery of digital services, though this metric remains structurally constrained by third-party transaction costs and the inherent cost of capital associated with its remaining lending operations.
While the gross margin profile appears healthy for a technology-driven firm, the inability to translate this into positive operating income suggests that the cost of maintaining the platform is disproportionately high relative to current transaction volumes. This margin structure warrants further investigation into whether the company can achieve the necessary scale to leverage its fixed costs effectively.
According to the income statement data, Mogo continues to report negative operating margins, with the most recent quarter at -3.4%, indicating that the company has not yet achieved the operational scale required to cover its fixed overhead and R&D investments through its current revenue base.
The persistent gap between gross profit and operating income suggests that SG&A and R&D expenses are not scaling efficiently with revenue growth. This lack of operating leverage implies that the business model may require a significant increase in transaction volume or a drastic reduction in overhead to reach a break-even point.
As evidenced by the significant fluctuations in net income, such as the $13.5M profit in 2025Q2 followed by a $4.5M loss in 2025Q3, Mogo's bottom line is heavily influenced by non-operating items, likely including fair value adjustments from its venture investment portfolio.
Investors should exercise caution when interpreting net income, as these non-cash adjustments often obscure the underlying cash-generating capability of the core business. The reliance on these volatile items to drive headline earnings suggests that the quality of reported net income remains low and does not reflect the true operational health of the firm.
Based on the provided financial snapshot, the company's relatively low cash position of $8.5M against a history of persistent operating losses suggests a potential vulnerability, as the firm may face liquidity pressures if it cannot reach self-sustaining profitability in the near term.
Short-sellers would likely focus on the company's limited cash runway and the recurring need for capital to fund operations. This situation warrants further investigation into whether management will be forced to pursue dilutive financing or asset divestitures to maintain its current strategic trajectory.
Quick answers to the most common questions about buying MOGO stock.
For fiscal year 2024, Mogo Inc. (MOGO) reported total revenue of $71.2M. This represents a 1052.0% increase compared to $6.2M in 2012.
Mogo Inc. (MOGO) reported a net loss of $13.7M for the fiscal year ending 2024.
Mogo Inc. (MOGO) reported an operating income of $-3.7M, resulting in an operating profit margin of -5.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Mogo Inc. (MOGO) generated $46.7M in gross profit for the year, representing a gross profit margin of 65.6%. This demonstrates the company's core pricing power and production efficiency.