Mogo Reports First Quarter 2024 Financial Results

Record quarterly revenue of $17.9 million, up 13% year-over-year, accelerating for second consecutive quarter

Total AUM increased 22% year-over-year to over $400 million (MogoTrade Assets up 150% year-over-year) Quarterly payments volume increased 18% year-over-year to $2.6 billion Ended Q1 with $53.4 million of cash, marketable securities & investments2 Mogo reports in Canadian dollars and in accordance with IFRS

VANCOUVER, British Columbia, May 09, 2024— () () (“Mogo” or the “Company”), a digital wealth and payments business, today announced its financial and operational results for the first quarter ended March 31, 2024. “It was a solid start to 2024 as we generated record quarterly revenue, including a 13% increase in our Subscription & Services revenue, driven by growth in our wealth and payments businesses” “As we focused on increasing the profitability and efficiency of the business last year, we were also hard at work driving improvements to our digital wealth platform which resulted in the relaunch of the Moka and Mogo apps during the first quarter.” said David Feller, Mogo’s Founder and CEO. “The vast majority of Canadians are nowhere close to being on a path to retirement, and a lot of this is due to investing products that are designed primarily to drive revenue for the companies and not to optimize returns for investors. Our products are designed to help the next generation of investors dramatically improve their performance through discipline, patience and smart investing, rather than trade excessively or speculate on high-risk stocks. We have started to ramp up our marketing and are seeing good early results which is contributing to our accelerated revenue growth in the quarter.” Key Financial Highlights for Q1 2024

Revenue increased in Q1 2024 to a record $17.9 million, up 13% over the prior year and by 4% sequentially, reflecting an acceleration of growth in the Company’s core products including wealth and payments. Subscription & Services revenue grew 13% over the prior year to $10.7 million in Q1 2024. Gross profit was $11.6 million in Q1 2024, versus $11.9 million in Q1 2023. Operating expenses for Q1 2024 decreased to $13.4 million, compared to $13.5 million in Q1 2023, reflecting the Company’s continued efficiency efforts which also resulted in a significant improvement in revenue per employee of 23% during the same period. Cash flow from operating activities before investment in gross loans receivable1 was positive for the sixth consecutive quarter, reaching $1.8 million in Q1 2024, a 2,609% increase over Q1 2023. Adjusted EBITDA1 was $1.0 million in Q1 2024 (5.8% margin), compared with $1.0 million (6.4% margin) in Q1 2023. Net loss improved to $3.6 million in Q1 2024, compared with net loss of $6.9 million in Q1 2023. Adjusted net loss1 was $4.0 million in Q1 2024 compared with adjusted net loss of $3.9 million in Q1 2023. Cash, Marketable Securities & Investments totaled $53.4 million as of March 31, 2024, versus $55.6 million at the end of 2023. This included combined cash and restricted cash of $13.8 million, marketable securities of $28 million and investment portfolio of $11.6 million. Total share buybacks in Q1 2024 were 17,093. Since 2022, under its share buyback program on NASDAQ and its normal course issuer bid on the Toronto Stock Exchange, Mogo has repurchased 1,091,446 common shares, representing 4.5% of the Company’s current outstanding common shares. Bitcoin & Bitcoin ETFs were added to Mogo’s treasury management strategy during the quarter with an authorization for an initial investment of up to $5.0 million. During the quarter, the Company invested less than $1.0 million in Bitcoin ETFs.

“It was a solid start to 2024 as we generated record quarterly revenue, including a 13% increase in our Subscription & Services revenue, driven by growth in our wealth and payments businesses,” said Greg Feller, President & CFO. “The Subscription & Services revenue growth, along with our 6% Adjusted EBITDA margin resulted in the second consecutive increase in our Subscription & Services Rule of 40 to 19% (up from 14.5% in Q4 2023). We also ended the quarter with a strong balance sheet including marketable securities and investment portfolio of roughly $40 million, from which we expect to see monetization opportunities over the next 12 months.” Business & Operations Highlights

Continued growth in payments volume – Mogo’s digital payment solutions business, Carta Worldwide, processed over $2.6 billion of payment volume in Q1 2024, an increase of 18% compared to Q1 2023. Assets under management exceed $400 million – Assets under management in the Company’s Wealth businesses increased 22% year-over-year to $403 million, with assets within our MogoTrade product up 150% year over year. Mogo members increased to 2.1 million at quarter end, up 5% from Q1 2023. Mogo announces the launch of – In March 2024, the Company announced the launch of, the next generation of its wealth-building app with significant updates and enhancements designed to help the next generation of Canadians get on a real path to becoming millionaires and achieving financial freedom.4 Mogo launches “Buffett Mode” – Mogo launched its redesigned and enhanced self-directed investing app, Mogo, which is built to help the next generation of Canadians approach investing with the discipline, patience and approach of Warren Buffett.

Financial Outlook The outlook that follows supersedes all prior financial outlook statements made by Mogo, constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Mogo’s control. Please see “Forward-looking Statements” below for more information. Coming out of a period where the Company successfully accelerated its path to profitability, in fiscal 2024 Mogo is shifting the balance toward accelerating revenue growth while at the same time continuing to generate positive Adjusted EBITDA3. The Company will increase growth investments to drive acceleration in Subscription & Services revenue growth from its Wealth and Payments businesses where it sees significant opportunity for expansion. Specifically, for 2024 Mogo expects accelerating Subscription & Services revenue growth with an overall Subscription & Services revenue growth rate in the mid-teens for the full year. 1 Non-IFRS measure. For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see “Non-IFRS Financial Measures” in the Company’s MD&A for the period ended March 31, 2024. 2 Includes combined cash and restricted cash of $13.8 million, marketable securities of $28.0 million, and investment portfolio of $11.6 million. 3 Adjusted EBITDA is a non-IFRS measure. Management has not reconciled this forward-looking non-IFRS measure to its most directly comparable IFRS measure, net loss before tax. This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain IFRS components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs,