Orion Digital is the renamed Mogo consumer-finance franchise trying to prove it is now a platform company, and the second-quarter print is the first clean look at that claim. Founders David and Greg Feller retired the old ticker at the turn of the year after years of shrinking the loan book, exiting Canadian payments, and building a Canadian wealth product they now call Intelligent Investing. The investment debate is whether the cash the existing businesses throw off can fund a real wealth franchise before listing risk and credit regulation catch up. Adjusted earnings of just over three million Canadian look like an inflection. They are also the product of a planned origination cut, not of a newly scaled platform.
The tension sits in the mix. Wealth assets under administration rose past half a billion Canadian, and wealth fees grew at a mid-teens pace, yet wealth and European payments still contribute well under half of sales. Carta Worldwide's European volume was flat in the quarter after a stronger first quarter, and payments fees slipped because non-recurring services dropped out. The loan book still funds the story: management cut new originations roughly in half so investors could see cash generation without acquisition cost and incremental provisions. That is a useful laboratory result. It is not a run-rate.
What changed after the quarter closed is the product, not the profit and loss. Intelligent Investing went live commercially in late July with a twenty-dollar monthly subscription, commission-free trading, and bundled Fiscal.ai research, commercialized off an already-regulated Canadian dealer and portfolio-manager stack. Nasdaq separately notified the company in late June that the bid had sat below the one-dollar continued-listing floor for thirty sessions, opening a compliance window through late December. The question for the second half is whether the new wealth product converts members fast enough to justify spending the cash the loan book just displayed, or whether marketing and provisions give that cash back while the listing clock runs.