Business
Mogo Announces Fourth Quarter & Full-Year 2019 Financial Results & Provides Update Related to COVID-19
Mogo Announces Fourth Quarter & Full-Year 2019 Financial Results & Provides Update...
About this update from Orion Digital Corp.
[{"type":"text","content":"\n\n\n\nMogo Announces Fourth Quarter & Full-Year 2019 Financial Results & Provides Update Related to COVID-19\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nMogo Announces Fourth Quarter & Full-Year 2019 Financial Results & Provides Update Related to COVID-19\nCanada NewsWire\nVANCOUVER, March 27, 2020\n\n\n\nMogo surpasses 1 million members Full-year Core Revenue increases 33% to $47.2 millionFull-Year Adjusted EBITDA up 73% to $7.2 millionCompany taking immediate cost reduction initiatives to accelerate path to positive cash flow \nMogo reports in Canadian dollars and in accordance with IFRS\n VANCOUVER, March 27, 2020 /CNW/ - Mogo Inc. (TSX:MOGO) (NASDAQ:MOGO) (\"Mogo\" or the \"Company\"), one of Canada's leading financial technology companies, today announced its financial and operational results for the fourth quarter and full-year ended December 31, 2019. The Company also commented on the impact of the COVID-19 pandemic on its business and operations and management's plans to address the current economic uncertainty.   \n\"Now more than ever, financial stress is a huge issue for Canadians, and in 2019 we made progress improving our technology platform, products and user experience to help our members improve their financial health,\" said David Feller, Mogo's Founder and CEO. \"Our focus during these challenging times will be on leveraging our digital products and solutions to help minimize the impact to our members' financial lives, especially those who have been most affected. We believe that our products, including our new MogoSpend, will be instrumental in helping members manage their financial health during this time.\"\nGreg Feller, President and CFO, added: \"In 2019, we continued to fundamentally transition our business toward a capital-light model versus on balance sheet lending. We move forward with a stronger balance sheet following the recent $31.5 million sale of our MogoLiquid portfolio, which provided additional cash while significantly reducing our leverage and cr...