09:06 AM EDT, 03/20/2024 (MT Newswires) -- Mogo Inc. ( MOGO ) ("Mogo" or the "Company"), a digital wealth and payments business, said Wednesday that it swung to fourth-quarter net income of $8.5 million, or $0.34 per fully diluted share, from a loss of $74.9 million, or $2.97 per fully diluted share, a year earlier.

Revenue for the quarter ended Dec. 31, 2023, was $17.2 million, up from $17.1 million a year earlier.

Adjusted net loss for Q4 was $2.6 million, narrower than a loss of $5.4 million a year ago. Adjusted EBITDA for the quarter was $2.7 million versus $248,000 a year earlier.

After year end, Mogo's ( MOGO ) board approved a change to its treasury management strategy to include Bitcoin and Bitcoin ETFs and authorized an initial investment of up to $5 million.

For fiscal 2024, Mogo ( MOGO ) expects to focus on accelerating revenue growth while continuing to generate positive adjusted EBITDA. The company will increase investments in marketing 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 ( MOGO ) expects accelerating Subscription & Services revenue growth during the year with an overall Subscription & Services revenue growth rate in the mid-teens for the full year.

The company's stock, which rose over 9% in Canada yesterday, fell 4.6% in premarket US trading on