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Earnings

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

By The Northwire Desk — AI Analysis Mar 12, 2026 · 07:30 ORIO · 1.45 ORION DIGITAL CORP
ORIO · Price

Executive Summary

  • Orion Digital reported FY 2025 Adjusted EBITDA of $7.1 M (up 7% YoY) and cash flow from operations before loan investments of $19.6 M (+35% YoY).
  • Wealth platform AUM grew to $498 M (+17% YoY) with wealth revenue up 36% to $14.5 M; European payments volume reached $11.1 B (+14% YoY).
  • The company highlighted a transition to a subscription‑driven model (62% of total revenue) and announced 2026 guidance for Adjusted EBITDA of $7–8 M.

Key Details

  • Revenue Highlights
  • Q4 2025 revenue: $17.4 M (‑4% reported, +7% adjusted).
  • FY 2025 total revenue: $68.6 M (‑4% reported, +4% adjusted).

  • Subscription & Services revenue: $42.3 M FY 2025 (‑2% reported, +12% adjusted).

  • Wealth Platform

  • Wealth revenue FY 2025: $14.5 M (+36% YoY).
  • Assets Under Management (AUM): $498 M (+17% YoY).

  • Intelligent Investing Phase 2 rollout planned H1 2026.

  • Payments Platform

  • Payments revenue FY 2025: $9.9 M (+15% reported, +23% adjusted).
  • European transaction volume: $11.1 B (+14% YoY); total volume $11.9 B.

  • Completed migration to Oracle Cloud Infrastructure (OCI) in 2025.

  • Profitability & Cash

  • Gross margin FY 2025: 70% (up from 66% in 2024).
  • Adjusted EBITDA Q4 2025: $2.2 M (+5% YoY); FY 2025: $7.1 M (+7% YoY).

  • Cash & marketable securities at year‑end: $41.3 M (Cash $20.2 M, Securities $21.1 M).

  • Liquidity & Capital Allocation

  • Nasdaq share repurchase authorization up to $10 M.

  • Monetized remaining WonderFi position in Jan 2026, adding liquidity.

  • Outlook 2026

  • Expected Adjusted EBITDA: $7–8 M.
  • Anticipated continued growth of subscription & services revenue driven by Wealth Phase 2 and European payments expansion.

  • Consolidated revenue expected to remain relatively stable, reflecting disciplined consumer‑lending management.

  • Conference Call

  • Date/Time: March 12 2026, 1:00 p.m. ET.
  • Hosts: David Feller (Founder & CEO) and Greg Feller (President & CFO).

Notable Quotes

“2025 marked an important step in our transition toward a platform‑driven business model… Subscription and services revenue now represents 62% of total revenue.” – David Feller, Founder & CEO

“Full‑year results exceeded previously communicated ranges, reflecting stronger‑than‑expected platform growth, stable lending performance, and continued operating discipline.” – Greg Feller, President & CFO

Read the original news release →

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