08:59 AM EDT, 08/08/2024 (MT Newswires) -- Mogo ( MOGO ) , a digital wealth and payments business, on Thursday reported an adjusted loss for the second quarter that was about half that expected, boosted by slightly better than expected revenues.

The company also flagged adjusted EBITDA for the full year that is above expectations.

The adjusted net loss widened to $3.6 million in Q2 compared with about $3 million in Q2 2023. The Capital IQ forecast was for a loss of about $6.27 million

Revenue increased to $17.6 million, up 10% over the prior year. The Capital IQ forecast was $17.49 million

For Fiscal 2024, Mogo ( MOGO ) reiterated that it expects Subscription & Services revenue growth in the mid-teens for the full year. The company also expects Adjusted EBITDA of $5.0 to $6.0 million in Fiscal 2024. This is higher than a Capital IQ forecast of nearer $4.97 million.

"We continued to see strong improvement in cash flow in the second quarter with cash flow from operations before investment in loan book increasing 78% year-over-year to $3.8 million and we also reached an important milestone of overall positive cash from operations, reflecting our emphasis on operating efficiencies across the company," said President and CFO Greg Feller.