Orion Digital (ORIO) Q2 2026 earnings summary

Executive summary

• Adjusted EBITDA rose 115% sequentially and 70% year-over-year to $3.3 million, with margin expanding to 19.5% from 9.1% in Q1 2026.

• Wealth assets under management grew 18% year-over-year to $545.3 million, and Wealth revenue increased 14% to $4.1 million.

• Core operating cash generation reached $5.1 million, up 29% year-over-year excluding a prior-year non-recurring receipt.

• Commercial launch of Intelligent Investing, an AI-powered, commission-free investing platform, occurred after quarter-end, shifting focus to commercialization and customer engagement.

• Total revenue was $16.9 million, nearly flat year-over-year, as Wealth growth offset lower Payments and Lending revenue.

Financial highlights

• Gross profit increased to $12.6 million from $12.2 million, with gross margin expanding to 75% from 72% year-over-year.

• Adjusted net income was $1.1 million ($0.04/share) versus an adjusted net loss of $0.4 million (–$0.02/share) in Q2 2025.

• Net loss was $0.7 million, compared to net income of $13.5 million in Q2 2025, which included a significant non-operating revaluation gain.

• Cash provided by operating activities was $2.7 million, up from $900,000 year-over-year.

• Payments revenue declined 9% year-over-year to $2.4 million due to lower non-recurring services revenue.

Outlook and guidance

• Second-half 2026 Adjusted EBITDA is expected to be lower than the first half due to increased lending deployment and marketing investment.

• Full-year Adjusted EBITDA is expected to trend toward or exceed the upper end of the $6.0–$7.0 million guidance range.

• Consolidated revenue for 2026 is expected to be modestly lower than 2025.

• Focus remains on commercializing Intelligent Investing, expanding Carta capabilities, and disciplined lending deployment.