Canada's Orion Digital Q4 revenue falls 4% yr/yr

Overview

• Canada digital wealth platform's Q4 revenue fell 4% yr/yr, up 7% adjusted for exited units

• Subscription and services revenue made up 62% of total revenue in 2025

• Q4 adjusted EBITDA rose 5% yr/yr

Outlook

• Orion Digital expects 2026 adjusted EBITDA between C$7.0 mln and C$8.0 mln

• Company sees continued growth in subscription and services revenue in 2026

• Wealth platform revenue growth expected from rollout of Intelligent Investing Phase 2

Result Drivers

• WEALTH PLATFORM GROWTH - Co said Q4 and full-year wealth revenue rose due to increased adoption of Intelligent Investing platform and expansion of subscription-based wealth services

• PAYMENTS PLATFORM EXPANSION - Payments revenue grew, supported by expansion of European programs and migration of payments infrastructure to Oracle Cloud, improving scalability and efficiency

• RECURRING REVENUE MIX - Subscription and services revenue accounted for 62% of total revenue as co continued transition to platform-driven recurring revenue

Company press release: ID:nBwblTPG3a

Key Details

Analyst Coverage

• The one available analyst rating on the shares is "buy"

• The average consensus recommendation for the financial technology (fintech) peer group is "buy"

• Wall Street's median 12-month price target for Orion Digital Corp is C$3.50, about 141.4% above its March 11 closing price of C$1.45

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