Mogo Inc. (MOGO) stock soared 20.60% in the current-market trading session at the price of $2.93 after announcing its earnings report for the fourth quarter and fiscal year 2021.
MOGO, located in Canada, is a top financial technology firm. The company empowers its 1.9M customers with digital solutions to help them manage their financial health.
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MOGO Q4 2021 Financial Highlights
On 23rd March 2022, MOGO published its financial results and operational updates for the quarter and fiscal year ended 31st December 2021. The company ended the quarter with US$193M in cash and investments.
Net loss totaled US$29.6M for Q4 of 2021. The company reported a net loss of US$2.8M in Q4 of the previous year. Revenue was US$17.0M for Q4 of 2021. It represents a 70 percent growth from the same quarter of 2020. Adjusted EBITDA loss was US$3.7M in Q4 of 2021, compared to a gain of US$1.1M in Q4 of 2020.
MOGO 2021 Financial Summary
MOGO has total revenue of US$57.5M for fiscal 2021. It represents a 30 percent gain from the prior year. In 2021, adjusted EBITDA loss totaled US$11.1M. The company has a net loss of US$33.2M for fiscal 2021. Net loss was US$13.4M in the previous year.
CEO of MOGO, David Feller, commented that it was an impressive year for the company as they witnessed record revenue growth that demonstrates their stability and diversification. They will keep investing to build the top digital wealth forum for Canadians.
During Q4 of 2021, MOGO has launched the first of its kind version of Mogo-Trade, the base of its digital wealth strategy. They promote their mission to provide customers with the best digital solutions to gain financial freedom while creating a positive social influence.
MOGO Financial Outlook
For fiscal 2022, MOGO expects its revenues to range from US$75M to US$80M. The company will improve the adjusted EBITDA as a percentage of total revenue by the second half of fiscal 2022.