Mogo (TSX:MOGO)(NASDAQ:MOGO) is a Vancouver-based financial technology company. Shares of Mogo have climbed 26.7% in 2019 so far, and the stock has surged 9.2% over the past month. The company gained nice momentum after the release of its second quarter 2019 results.
Core revenue at Mogo rose 41% year-over-year to $16.4 million with consumer lending continuing to stand out as a strong point. The company achieved net income of $7.5 million compared to a $6.1-million loss in Q2 2018. Adjusted EBITDA soared 116% from the prior year to $1.6 million.
Active members at Mogo increased 32% year-over-year to 865,000. Average core revenue per member (Core ARPM) climbed 6% year over year. Mogo is well-positioned to be malleable looking ahead.
The completion of the Difference Capital acquisition grants Mogo access to approximately $40 million in cash. Mogo intends to announce a partner on its lending platform in the near term, so this is something to watch out for in the coming months.
Shares of Mogo have slipped in the summer, but this is yet another positive quarter that should keep it on your radar. It has expanded to Saskatchewan and the three territories with MogoProtect, MogoCrypto, and its free credit score monitoring service.
Mogo has gobbled up members in consecutive quarters and has improved their failure as we enter the back half of 2019. I still like it as a pick up in the late summer.
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