08:33 AM EDT, 05/08/2025 (MT Newswires) -- Mogo Inc. ( MOGO ) was at last look down 0.9% in US premarket as it reported a net loss for the first quarter despite higher revenues, as it moves to become a fully AI-native company.

For Q1, Mogo ( MOGO ) had adjusted net loss of C$1.5 million compared with adjusted net loss of $1.6 million in Q1 2024. The company also reported net loss of $11.9 million in Q1 2025, compared with net loss of $3.6 million in Q1 2024. It said net loss in the current quarter includes an $8.3 million non-operating revaluation loss on marketable securities reflecting significant financial market volatility in the period.

Mogo ( MOGO ) recorded adjusted revenue growth of 2% from Q1 2024 to $16.7 million from $16.443 million a year earlier. It also had total revenue of $17.33 million in Q1 2025, a 3% decrease over the prior year's $17.925 million, reflecting the company's exit of the low margin legacy institutional brokerage. But it beat a FactSet forecast for Q1 2025 of $16.6 million.

"Our Q1 results were highlighted by continued strong double-digit growth from our Wealth and Payments businesses -- the two main growth priorities for Mogo ( MOGO )," said Greg Feller, Mogo's ( MOGO ) Chief Financial Officer.

"Given our current scale in these markets, and the massive opportunity for disruption through innovation, we are making disciplined investments in these businesses while maintaining positive Adjusted EBITDA. This is about scaling intelligently and with agility as we build for long-term growth, underpinned our new AI-native platform strategy. We increased our cash position from year end, and expect additional monetizations this year to further strengthen our balance sheet.

"This quarter we launched MOGO ( MOGO ) 3.0, our internal initiative to become a fully AI-native company," said David Feller, Mogo's ( MOGO ) Founder and CEO. "That means consolidating our platforms, automating core workflows, and embedding AI across wealth, lending, and operations. We've already begun executing on this transformation, and we believe it sets the foundation for stronger margins, faster product development, and smarter customer experiences going forward."