Orion Digital Corp (ORIO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Orion Digital Q1 2026 earnings conference call. (Operator Instructions) This call is being recorded today, Thursday, May 7, 2026. I would now like to turn the conference call over to Craig Armitage, Investor Relations. Please go ahead.

各位女士、各位先生，早安，歡迎參加 Orion Digital 2026 年第一季財報電話會議。(接線員指示) 本通話將於今日（2026 年 5 月 7 日，星期四）錄音。現在我想把電話會議交給投資人關係部的 Craig Armitage。請開始。

Thank you, John, and good morning, everyone. Before we begin, I'd like to cover a few brief items. Today's call will include forward-looking statements based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially. The company undertakes no obligation to update these statements, except as required by law.

謝謝你，John，各位早安。在開始之前，我想先簡要說明幾點。今天的電話會議將包含以前瞻性陳述為主的內容，係基於目前假設，並受可能導致實際結果與所述內容有重大差異的風險與不確定性影響。除法律要求外，公司不承擔更新這些陳述的義務。

Additional information about these risks is included in Orion Digital's Q1 filings, and its periodic filings with Canadian and US regulators, which you can find on SEDAR+, EDGAR and the Orion Investor Relations website. In addition, today's discussion will include certain non-IFRS or adjusted financial measures.

關於這些風險的更多資訊，已載於 Orion Digital 的第一季申報文件，以及其向加拿大與美國監管機構提交的定期申報文件中；您可在 SEDAR+、EDGAR 以及 Orion 投資人關係網站查閱。此外，今天的討論也將包含若干非 IFRS 或經調整的財務衡量指標。

These should be considered as a supplement to and not as a substitute for IFRS results. We've included reconciliations to these measures or for these measures in the Q1 press release and filings. With that, I'll turn the call over to Dave Feller. Dave?

這些指標應視為 IFRS 結果的補充，而非替代。我們已在第一季新聞稿與申報文件中提供與這些指標的對帳（reconciliations）。接下來我把電話交給 Dave Feller。Dave？

Thanks, Craig, and thank you to everyone joining us today. I'm joined by our President and CFO, Greg Feller. This is our first quarter operating under the Orion Digital name following our rebrand from Mogo earlier this year. The new name reflects the company we are building, a financial technology company focused on platforms for the next generation of financial services.

謝謝你，Craig，也感謝今天加入我們的各位。與我一同出席的是我們的總裁兼財務長 Greg Feller。這是我們在今年稍早由 Mogo 更名（rebrand）為 Orion Digital 之後，以 Orion Digital 名稱營運的第一個季度。新名稱反映了我們正在打造的公司樣貌：一家專注於下一代金融服務平台的金融科技公司。

We operate two distinct growth platforms, Intelligent Investing in Canadian digital wealth and Carta Worldwide in European payments infrastructure. These platforms are supported by a consumer lending portfolio that generates cash flow to fund continued investment in the business.

我們營運兩個不同的成長平台：加拿大數位財富管理的 Intelligent Investing，以及歐洲支付基礎設施的 Carta Worldwide。這些平台由一個消費者放款投資組合所支撐，該組合產生現金流，以資助我們持續投資於業務。

Before walking you through Q1 results, I want to spend a few minutes on Intelligent Investing, why we're investing in it and why we believe it is one of the most significant opportunities in front of Orion. The retail investing industry has spent the last two decades telling a story of democratization, easier access, lower cost empowerment.

在帶各位回顧第一季業績之前，我想先花幾分鐘談談 Intelligent Investing：我們為何投資它，以及我們為何相信它是 Orion 目前面前最重要的機會之一。過去二十年，零售投資產業一直在講述一個「普及化」的故事：更容易取得、更低成本、賦能投資人。

The product that was actually built behind the story was optimized for activity, engagement and frequent decision-making because the activity is what generates revenue under the prevailing business models. That is why prediction markets are showing up next to retirement accounts. That is why trading interfaces keep adding leverage and frictionless speculation.

但在這個故事背後真正被打造出的產品，卻是為了「活動量」、互動與頻繁決策而最佳化，因為在主流商業模式下，活動量才是產生營收的來源。這就是為什麼預測市場會出現在退休帳戶旁邊。這就是為什麼交易介面不斷加入槓桿與無摩擦的投機。

That is why every layer of the experience is tuned for engagement rather than outcome. We think AI changes the structure of this as research, analysis and decision support tools become broadly accessible. The question of what an investing platform is actually for becomes harder to avoid. Platforms designed around activity will continue to optimize for activity.

這也是為什麼體驗的每一層都被調校為追求互動，而不是追求結果。我們認為，隨著研究、分析與決策支援工具變得廣泛可得，AI 會改變這種結構。「投資平台究竟是為了什麼而存在」這個問題，將更難被迴避。以活動量為核心設計的平台，仍會持續為活動量而最佳化。

What many of them are really optimized for is the dopamine loop of engagement. The opportunity as we see it is to build a platform designed for what investing is actually supposed to do, compound capital over long periods of time. That is what Intelligent Investing is, not a better trading app, not a cheaper brokerage. It is a different category of product designed around a different objective with a different set of incentives embedded in it.

其中許多平台真正最佳化的，其實是互動所帶來的多巴胺循環。我們所看到的機會，是打造一個以投資本來應該達成的目標為設計核心的平台：在長時間中讓資本複利成長。這就是 Intelligent Investing——不是更好的交易 App，也不是更便宜的券商。它是一個不同類別的產品，圍繞不同的目標設計，並內建一套不同的誘因機制。

One of the most important financial principles in system design is that systems produce the outcomes they are designed to optimize. Trading platforms optimize activity, wealth managers optimize assets under management, financial media optimizes retention.

在系統設計中，最重要的金融原則之一是：系統會產生其被設計用來最佳化的結果。交易平台最佳化活動量、財富管理機構最佳化管理資產規模（AUM）、金融媒體最佳化留存率。

Intelligent Investing is designed around long-term compounding, and that principle shapes every layer of architecture, the environment, the decision process, the research tools, the incentives. The first thing you notice in the product is the design. It is intentionally minimalist and calm. Most investing apps are built around stimulation, price movement, charts, alerts, frequent prompts. We are building the opposite.

Intelligent Investing 的設計核心是長期複利，而這個原則塑造了架構的每一層：環境、決策流程、研究工具與誘因。你在產品中第一個注意到的是設計。它刻意採取極簡且沉穩的風格。多數投資 App 都圍繞刺激而打造：價格波動、圖表、提醒、頻繁提示。我們正在打造相反的東西。

The environment is designed to support disciplined thinking because the environment in which decisions are made shapes the quality of the decisions themselves. The second layer is research. Serious investing requires serious research, which is why we partnered with FinChat AI to give every member full access to its professional-grade research platform, a subscription that on its own costs over $90 a month.

我們的環境設計是為了支持有紀律的思考，因為做決策的環境會形塑決策本身的品質。第二層是研究。嚴肅的投資需要嚴肅的研究，因此我們與 FinChat AI 合作，讓每位會員都能完整使用其專業級研究平台；單就該訂閱本身，每月費用就超過 90 美元。

The third layer, which we're building towards, is decision architecture. Serious investors document the reasoning, they write investment memos, they capture the thesis before committing capital, do it afterwards. That process is what separates disciplined capital allocation from reactive trading and is one of the core areas we'll be developing on the platform in the quarters ahead.

第三層，也是我們正在建構的方向，是決策架構。嚴肅的投資人會記錄其推理過程：撰寫投資備忘錄，在投入資本前先捕捉投資論點，並在事後回顧。這個流程能將有紀律的資本配置與反應式交易區分開來，也是我們未來幾個季度將在平台上重點開發的核心領域之一。

As the foundational architecture comes into place through Phase 2 rollout, we will be positioned to release these capabilities and continue building on them in a regular cadence. Taken together, the environment, the research tools and the decision architecture we're building are designed around disciplined capital allocation and long-term compounding.

隨著第二階段（Phase 2）逐步推出、基礎架構到位，我們將具備條件釋出這些能力，並以固定節奏持續迭代與擴充。綜合而言，我們正在打造的環境、研究工具與決策架構，都是以有紀律的資本配置與長期複利為設計核心。

As Charlie Munger said, show me the incentive, and I will show you the outcome. The incentives embedded in our wealth platform are aligned with long-term investor outcomes. The activity maximizing platforms are competing for ground the market is leaving behind. We are building for what comes next.

正如 Charlie Munger 所說：給我看誘因，我就能告訴你結果。我們財富平台內建的誘因，與長期投資人的成果一致。那些以最大化活動量為目標的平台，正在爭奪市場逐漸留下的地盤。我們正在為下一步而打造。

On Q1, results for wealth specifically grew -- revenue grew 12% year-over-year to $3.9 million. Assets under management were $495.6 million at March 31, 2026, representing 14% growth year-over-year. We are progressing through the Phase 2 rollout, which expands the offering behind -- beyond the managed portfolio framework introduced in Phase 1 and introduces self-directed investing within the same unified platform.

就第一季而言，財富業務的表現具體成長——營收年增 12%，達到 390 萬美元。截至 2026 年 3 月 31 日，管理資產規模（AUM）為 4.956 億美元，年增 14%。我們正推進第二階段的推出，該階段在第一階段所導入的受管理投資組合框架之外，進一步擴展產品內容，並在同一個整合平台中導入自選式投資（self-directed investing）。

As Phase 2 deployment continues through the first half, the foundational architecture of Intelligent Investing is coming into place, and we expect it to roll out the new capabilities on a regular cadence as we build on that foundation. The platform rests on three principles.

隨著第二階段部署在上半年持續推進，Intelligent Investing 的基礎架構正逐步到位；我們預期在此基礎上，將以固定節奏推出新功能。該平台建立在三項原則之上。

First, the core S&P 500 portfolio is a default foundation, reflecting the long-run reality that most investors and most professional managers underperform the market. Second, self-directed investing in a disciplined layer, where capital allocation decisions can be measured against an S&P 500 benchmark over time.

首先，核心的標普 500 投資組合是預設的基礎，反映了長期現實：多數投資人與多數專業經理人的表現都落後於市場。其次，在一個有紀律的層級中進行自主投資，其資本配置決策可隨時間以標普 500 作為基準進行衡量。

Third, an environment intentionally designed to reduce emotional and reactive decision-making in favor of structured long-term thinking. That is the direction of Intelligent Investing. We are not building a faster trading app.

第三，刻意設計一個環境，以結構化的長期思維取代情緒化與反射式的決策。這就是智慧投資（Intelligent Investing）的方向。我們不是在打造一個更快的交易 App。

We are not building a cheaper brokerage. We are building a platform designed for the thing that investing is actually supposed to do, compound capital over the long run. And we believe that is where the next generation of investor value gets created. I'll now turn it over to Greg to cover Carta, the financial results and our 2026 outlook.

我們不是在打造一個更便宜的券商。我們正在打造一個平台，專為投資真正應該做的事而設計：在長期中讓資本複利成長。而我們相信，下一代投資人價值將在這裡被創造。接下來我把時間交給 Greg，請他說明 Carta、財務結果以及我們對 2026 年的展望。

Thanks, Dave. I'll cover three things today: our Q1 financial results and balance sheet, our '26 outlook and the platform driving our growth. Let me start with Q1 performance. Adjusted EBITDA grew 46% year-over-year to $1.5 million with gross margin expanding from 67% to 69% as our revenue mix continued to shift towards higher-margin platform revenue.

謝謝，Dave。今天我會談三件事：我們第一季的財務結果與資產負債表、我們對 2026 年的展望，以及推動我們成長的平台。我先從第一季表現開始。調整後 EBITDA 年增 46% 至 150 萬美元，毛利率也從 67% 擴大至 69%，因為我們的營收組合持續轉向毛利率較高的平台營收。

Wealth revenue grew 12% as Intelligent Investing scaled, while European transaction volume at Carta grew 12% to $2.7 billion and adjusted other subscriptions-related revenue grew 6%. Total revenue was $16.9 million in Q1 '26 compared to $17.3 million in Q1 of '25 with adjusted revenue up 2% year-over-year, excluding the noncore businesses we exited during '25.

隨著智慧投資規模擴大，財富管理營收成長 12%；同時，Carta 在歐洲的交易量成長 12% 至 27 億美元，調整後的其他訂閱相關營收成長 6%。2026 年第一季總營收為 1,690 萬美元，較 2025 年第一季的 1,730 萬美元略低；若排除我們在 2025 年退出的非核心業務，調整後營收年增 2%。

Net loss was $5.8 million in the quarter, an improvement of 51% year-over-year, primarily reflecting lower nonoperating revaluation loss compared to Q1 of 2025. Cash flow from operating activities before investment in gross loan receivables was $4 million, up 6%. I also want to spend a moment on our balance sheet, which strengthened materially during the quarter.

本季淨損為 580 萬美元，年減 51%，主要反映相較於 2025 年第一季，非營運的重估損失較低。在投資於總放款應收款項增加之前，營運活動現金流為 400 萬美元，成長 6%。我也想花一點時間談談我們的資產負債表，本季其實質性地強化。

We ended Q1 with $35.4 million in cash, marketable securities and investments. Within that cash and restricted cash of $25.6 million was up 96% year-over-year and 27% from year-end '25. The increase reflects the deliberate conversion of noncore holdings into operating cash, primarily from monetization of WonderFi position, which earlier in '25 agreed to be acquired by Robinhood Markets. This is one of the most significant balance sheet improvements in the company's recent history, and it positions us with meaningful operating flexibility going forward.

第一季末，我們持有的現金、可出售證券與投資合計為 3,540 萬美元。其中，現金與受限制現金為 2,560 萬美元，年增 96%，較 2025 年底增加 27%。這項增加反映我們有意將非核心持有部位轉換為營運現金，主要來自 WonderFi 持股的變現；WonderFi 於 2025 年稍早同意由 Robinhood Markets 收購。這是公司近年來最顯著的資產負債表改善之一，並使我們在未來具備相當的營運彈性。

Turning to our payments platform. I'd like to say a word about Carta. Carta operates within the authorization layer of European payments, providing a system that authorizes transactions, enforces program rules and connects payment activity. As payments increasingly become AI-mediated and agent-initiated, this position becomes increasingly strategic.

接著談我們的支付平台。我想先談談 Carta。Carta 運作於歐洲支付的授權層，提供一套系統用於授權交易、執行方案規則並串聯支付活動。隨著支付日益由 AI 介入媒合並由代理（agent）發起，這個位置變得愈發具有策略性。

Carta has a long history of supporting clients that have scaled meaningfully, including previously supporting UK-based Wise during earlier phases of its growth and current clients like Pluxee, one of the leading European employee benefits platforms, which remains an anchor client today.

Carta 長期以來支援許多已顯著擴張的客戶，包括在 Wise（英國）成長早期階段曾提供支援；以及目前的客戶如 Pluxee——歐洲領先的員工福利平台之一——至今仍是我們的重要核心客戶。

We believe Carta operates with a structurally competitive pricing position in Europe issuer processing, and we see a meaningful opportunity to expand within our existing client base and selectively into new accounts. We also are evaluating stablecoin-based infrastructure for selected cross-border payment flow where it can improve settlement speed, transparency and cost efficiency.

我們相信，Carta 在歐洲發卡機構處理（issuer processing）領域具備結構性的競爭性定價優勢，並看到在既有客戶基礎內擴張、以及選擇性拓展新客戶的重大機會。我們也正在評估以穩定幣為基礎的基礎設施，用於特定跨境支付流程，以提升結算速度、透明度與成本效率。

Wealth platform metrics reflect early progress against the much larger opportunity that Phase 2 opens up. Wealth revenue grew 12% to $3.9 million and AUM grew 14% to $495.6 million in the quarter. We expect increased marketing investment in Intelligent Investing during the second half of Phase 2 rollout.

財富平台的指標反映出，我們在 Phase 2 所開啟的更大機會上已取得初步進展。本季財富管理營收成長 12% 至 390 萬美元，資產管理規模（AUM）成長 14% 至 4.956 億美元。我們預期在 Phase 2 推出下半段期間，將增加對智慧投資的行銷投入。

Now to our outlook. We are providing updated guidance for 2026, Q2 adjusted EBITDA of $2.5 million to $3.5 million, full year adjusted EBITDA of $6 million to $7 million and consolidated revenue modestly lower year-over-year. We are reducing Q2 loan originations by approximately 50% from Q1 levels.

接著談展望。我們提供 2026 年更新後的指引：第二季調整後 EBITDA 為 250 萬至 350 萬美元，全年調整後 EBITDA 為 600 萬至 700 萬美元，合併營收年比將小幅下降。我們將第二季放款承作量較第一季水準下調約 50%。

We want investors to see clearly what business produces under this scenario with reduced new origination activity. The existing loan book generates cash without the offsetting customer acquisition and incremental provision costs we incur at full deployment pace. The Q2 adjusted EBITDA guide reflects that.

我們希望投資人能清楚看到，在降低新增承作活動的情境下，業務會產生什麼樣的結果。既有貸款組合能產生現金流，而不需要承擔在全速部署時會發生的客戶取得成本與額外提存成本。第二季調整後 EBITDA 指引即反映了這一點。

This is a temporary modulation, not a run rate. We are guiding second half adjusted EBITDA lower than the first half as we step origination volume back up and increased marketing investment, including for Intelligent Investing following its Phase 2 launch. We believe these investments are aligned with our goal to compound per share value over multiyear periods.

這是暫時性的調節，而非長期常態水準（run rate）。我們指引下半年調整後 EBITDA 低於上半年，因為我們將承作量再度提高，並增加行銷投入，包括智慧投資在 Phase 2 上線後的推廣。我們相信，這些投資與我們在多年期間提升每股價值複利成長的目標一致。

We think the cash-generative characteristics of our portfolio when origination spend is dialed back are an important attribute of the model for investors to understand, particularly in environments where capital flexibility matters. Lastly, we continue to believe the public market current valuation does not fully reflect the economics of our business and our share repurchase program reflects that view.

我們認為，當承作支出下調時，我們投資組合所展現的現金創造特性，是投資人理解此商業模式的重要屬性，尤其是在資本彈性至關重要的環境中。最後，我們仍相信公開市場目前的估值未能充分反映我們業務的經濟性，而我們的股票回購計畫也反映了這一觀點。

We have retired 7% approximately of outstanding shares since June 2022. With that, we will open the line up for questions.

自 2022 年 6 月以來，我們已回收並註銷約 7% 的流通在外股份。接下來，我們將開放提問。

(Operator Instructions) There are no further questions at this time. I will now turn the call over to Dave Feller. Please continue.

（接線員指示）目前沒有其他問題。我現在把電話會議交回給 Dave Feller。請繼續。

Thank you again for joining us on our Q1 call. We look forward to updating you post Q2. Thanks again.

再次感謝各位參加我們的第一季電話會議。我們期待在第二季結束後向各位更新進展。再次謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。