Orion Digital Reports Q4 and Full-Year 2025 Results; Wealth Revenue Grows 36% as Subscription & Services Reach 62% of Revenue

Core Insights - Orion Digital reported a significant growth in wealth revenue, which increased by 36% year-over-year, with subscription and services now accounting for 62% of total revenue in 2025 [1][2][3] Financial Performance - Q4 2025 revenue was $17.4 million, a decrease of 4% year-over-year, but adjusted revenue increased by 7% when excluding exited non-core businesses [1][2] - Full-year 2025 revenue totaled $68.6 million, down 4% reported but up 4% adjusted for exited operations [1][2] - Adjusted EBITDA for FY 2025 was $7.1 million, reflecting a 7% increase year-over-year [1][2] Wealth Platform (Intelligent Investing) - Wealth revenue reached $14.5 million in 2025, marking a 36% increase year-over-year, driven by the adoption of the Intelligent Investing platform [1][2] - Assets under management (AUM) grew to $498 million, up 17% year-over-year [1][2] Payments Platform (Carta) - Payments revenue for 2025 was $9.9 million, a 15% increase reported and 23% adjusted [2][3] - European payments volume was $11.1 billion, reflecting a 14% year-over-year growth [1][2] Balance Sheet and Liquidity - As of December 31, 2025, the company held $41.3 million in cash, marketable securities, and investments [2][3] - The monetization of the remaining WonderFi position in January 2026 further strengthened the balance sheet [2][3] 2026 Outlook - The company anticipates continued growth in subscription and services revenue, driven by the expansion of its Wealth platform and Payments infrastructure [2][3] - Expected Adjusted EBITDA for 2026 is projected to be between $7.0 million and $8.0 million [2][3]