Financial Data and Key Metrics Changes - Q4 revenue increased by 32% year-over-year to CAD 14.5 million, with total revenue for the year at CAD 68.6 million [4][16] - Adjusted EBITDA for the year was CAD 7.1 million, reflecting a 7% year-over-year increase [18] - The company ended the year with CAD 41 million in cash and investments, more than doubling its cash position [19] Business Line Data and Key Metrics Changes - The wealth segment's AUM grew by 70% year-over-year, contributing CAD 24.4 million in revenue, up 27% year-over-year [4] - Subscription and services now account for 62% of total revenue, indicating a shift towards recurring revenue [4][18] - Payments infrastructure processed CAD 12 billion in volume, up 4% year-over-year, with adjusted payments revenue increasing by 23% for the year [15][18] Market Data and Key Metrics Changes - The wealth platform's assets under management increased to CAD 498 million, up from CAD 428 million in 2024 [17] - The payment infrastructure, Carta, supports up to 7 million end users and processed CAD 11 billion in transaction volume [15] Company Strategy and Development Direction - The company is focused on building a trusted system for long-term compounding through its Intelligent Investing platform [5][6] - The next phase of the platform will be driven by the rollout of Intelligent Investing Phase Two, expected in the first half of 2026 [17][20] - Capital allocation priorities include reinvestment in the wealth platform, development of payments infrastructure, and share repurchases when appropriate [19][20] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of maintaining discipline in capital allocation and the impact of behavioral factors on investment outcomes [8][9] - The company expects consolidated revenue to remain stable in 2026, reflecting disciplined management of the consumer lending portfolio [20][21] - Adjusted EBITDA is projected to be in the range of CAD 7 million to CAD 8 million for fiscal year 2026 [21] Other Important Information - The company has exited two unprofitable businesses, which impacted revenue but allowed for a focus on more profitable segments [16] - The company is cautious about the lending side, managing it primarily for cash flow rather than growth [29][32] Q&A Session Summary Question: What is the outlook for the lending platform? - Management clarified that the guidance does not indicate a significant pullback but rather a focus on managing the loan book for cash flow, not growth, due to the rate cap impact [28][29] Question: What does Phase Two of Intelligent Investing entail? - Phase Two will unify the self-directed investing experience under the Intelligent Investing brand, phasing out the MogoTrade app [36][38] Question: How is the company prioritizing its repurchase program versus investments? - The order of capital allocation priorities is wealth, payments, and then share repurchases [39] Question: Is the company considering M&A in the wealth sector? - Management remains open to opportunities that enhance the platform but emphasizes the importance of focus on the rollout of Intelligent Investing [41][42]

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Market Overview - Stocks are currently higher, with the market showing resilience despite recent fluctuations [1][2] - The Dow is close to its all-time highs, with discussions around the potential for reaching 50,000 in the future [3] Investment Strategy - Emphasis on building wealth over short-term trading; investing should focus on long-term growth rather than speculative trading [4][5] - Successful investing requires time, patience, and a willingness to accept mistakes [6][10] Stock Picking - The importance of stock picking is highlighted, with a distinction made between intelligent investing and merely following trends [7][10] - Long-term holding of stocks is recommended, with some stocks held for over 20 years [9] Market Indicators - The Dow transports are making new highs, which is seen as a positive indicator for the market's direction over the next 3 to 6 months [12] - Seasonal trends suggest buying undervalued stocks in December, despite the risks associated with tax selling [13] Sector Focus - A shift in market focus from tech to other sectors is noted, with airlines and financials being favored due to current market conditions [16][17] - Airlines are seen as a favorable investment due to low energy prices and high passenger traffic [17] - Financials, particularly Bank of America, are considered undervalued [18] - Interest in healthcare stocks, including big pharma and CVS, is also expressed, with a focus on dividend-paying stocks [18] Specific Stock Recommendations - Meta is highlighted as a stock to continue buying despite recent challenges [19]

Financial Data and Key Metrics Changes - In Q3, adjusted EBITDA was CAD 2 million, representing an 11.6% margin, with total cash investments ending the quarter at CAD 46 million, providing flexibility for growth [4][19] - Total adjusted revenue grew 2% year-over-year to CAD 17 million, with wealth revenue rising 27% and payments revenue increasing 11% [17][18] - Interest revenue decreased by 5% in the quarter due to a new rate cap, although it showed slight sequential growth [18] Business Line Data and Key Metrics Changes - Assets under management (AUM) reached a record CAD 498 million, up 22% year-over-year, driven by deeper adoption of managed portfolios [4][17] - Payments processing volume grew 12% year-over-year to CAD 2.8 billion, reflecting steady international demand [14][17] - Bitcoin holdings increased over 300% quarter-over-quarter, reaching CAD 4.7 million [15][17] Market Data and Key Metrics Changes - Total members in Canada reached 2.3 million, up 6% [17] - The composition of revenue growth is shifting towards higher quality recurring streams, with adjusted subscription services revenue growing by 7% [17] Company Strategy and Development Direction - The company is transitioning to a unified intelligent investing platform, combining managed and self-directed investing under one brand [5][6] - The strategy focuses on building a behavioral operating system for wealth that emphasizes discipline and long-term investing [8][9] - The company aims to grow its recurring revenue base while maintaining profitability and capital allocation focused on Bitcoin and hard asset value creation [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the rollout of the intelligent investing platform, expecting it to drive growth while maintaining EBITDA positivity [32][36] - The company reaffirmed its 2025 revenue guidance and raised its adjusted EBITDA outlook from CAD 5-6 million to CAD 6-7 million for the full year [19][20] - Management acknowledged the challenges posed by the current regulatory environment but is progressing towards offering crypto trading [44] Other Important Information - The company is sunsetting its legacy apps, MOCA and MogoTrade, as it fully transitions to the intelligent investing platform [6] - The intelligent investing platform includes features designed to enhance investor discipline and performance, such as a performance dashboard and a buy-gate investment memo [24][25] Q&A Session Summary Question: How does the company balance growth and margins? - Management stated the philosophy is to stay EBITDA positive while driving top-line growth, expecting offsetting growth from the rollout of intelligent investing [32] Question: What are the logistics for rolling out intelligent investing? - The rollout will start with the managed solution, transitioning existing users to the new platform, with plans to introduce the self-directed option subsequently [34][36] Question: How does the lending business fit with core wealth and payments? - Management indicated that while lending is not the primary growth focus, it remains a stable cash flow generator and will continue to contribute to overall business cash flow [39][40] Question: Update on regulatory process for crypto trading? - Management confirmed progress on the crypto path and partnership discussions, with announcements expected in 2026 [44]

Financial Data and Key Metrics Changes - In 2024, the company grew revenue by 9% to $71.2 million, driven by a 16% increase in wealth revenue and a 21% increase in payments revenue [6][10] - Adjusted EBITDA for the full year was $6.7 million, above the midpoint of the increased guidance [7][46] - The company ended the year with $49.1 million in cash, marketable securities, and investments, up from $36.2 million in Q3 [7][48] - Positive net income was reported at $10.4 million compared to $8.5 million in the prior period [46] Business Line Data and Key Metrics Changes - Wealth assets under management grew 22% year-over-year, reaching $428 million [7] - Wealth revenue reached a $12 million annual run rate, with a 19% increase in Q4 [8][45] - Payments revenue grew 21% in 2024, reaching $8.6 million, with total payments volume processing increasing 16% year-over-year to $11.5 billion [9][41] Market Data and Key Metrics Changes - The payments business, Carta Worldwide, saw a 14% year-over-year increase in payments volume to $3.2 billion in Q4, with revenue growing at a higher rate of 27% to $2.4 million [41] - The company anticipates 20% to 25% growth in wealth for 2025 and mid to high teens growth for payments [46][51] Company Strategy and Development Direction - The company is focusing on high-margin areas by exiting its institutional brokerage operations to streamline its business [10][49] - There is a significant opportunity in wealth management driven by AI, with a focus on scaling wealth and payments in a disciplined manner [10][34] - The company aims to transform the wealth management industry by applying first principles thinking and leveraging AI to align its business model with investor success [15][35] Management's Comments on Operating Environment and Future Outlook - Management expressed a cautious approach to lending due to economic uncertainties, particularly regarding U.S.-Canadian tariff disputes [52][66] - The company is prioritizing growth and investment in its key areas, with a focus on delivering better performance and lower costs through AI-driven platforms [35][54] - Management believes that the future of investing will be won by platforms that deliver the best results rather than those with the most features [29][36] Other Important Information - The company has monetized portions of its investment portfolio, including a stake in Canadian Crypto Exchange WonderFi, providing flexibility for future capital requirements [42][48] - The decision to exit the institutional brokerage business was made to eliminate distractions and focus on core objectives [60] Q&A Session Summary Question: Timing on the decision to leave the institutional brokerage business - Management indicated that the institutional brokerage business was a legacy operation that was never core to their strategy and was volatile, making it a distraction [58][60] Question: Potential acquisitions to scale wealth and payments - Management stated that while acquisitions are not a priority at the moment, they remain open to opportunities that align with their growth strategy [62] Question: Pulling back in the lending business - Management confirmed that the decision to be cautious in lending is proactive, influenced by macroeconomic uncertainties, particularly regarding tariffs [66]