Hello and welcome to the Mogo Company webcast. My name is Ben Shamsian, I'm the Vice President of Lytham Partners, and today Greg Feller, Co-Founder and President of Mogo, will be taking us through their slide presentation, as well as answering some questions. Mogo trades under the ticker MOGO on the NASDAQ. With that, let's get started. Greg, the floor is yours. Great, thanks Ben. As Ben mentioned, President and Co-Founder of Mogo. For those who are new to our story, Mogo is a Canadian fintech platform focused on long-term wealth building, powered by a unique combination of innovative financial products and wealth, payments, and lending, along with a disciplined capital strategy anchored by Bitcoin. We're building what we believe will be one of the most distinctive investing platforms in North America. Today I'll walk you through our recent Q2 results and give you an update on how we're executing on that strategy. Just starting with our Q2 results, we had a very strong quarter, profitable, high margin, and very much aligned with our strategy. We reported positive net income of CAD 13.5 million. Our wealth revenue was up 48% year- over- year, payments up 23%, positive adjusted EBITDA margin of 11%, positive cash flow, and we ended the quarter with a book value of CAD 81.6 million, which is about CAD 3.41 a share. Just a reminder, all figures are in Canadian dollars here. We had cash, securities, and investments of over CAD 50 million on our balance sheet at the end of the quarter. I think what makes Mogo unique in the market, and there's obviously a lot of Bitcoin treasury companies out there, but I don't think there's any Bitcoin treasury company out there that's doing what Mogo's doing, which is this focus on a dual compounding strategy of a high-growth fintech with focus on wealth and payments, looking to really have a dual compounding strategy of a Bitcoin treasury business alongside there. Our target is 50/50 in terms of building both those businesses in parallel. I think that ultimately that's going to drive a longer-term flywheel to enable us to both monetize and continue to invest in Bitcoin. We did launch, and we are not new to Bitcoin. We actually were the third publicly listed company on NASDAQ to put Bitcoin on our balance sheet after MicroStrategy and Block. This is in 2020 and before Tesla. We then launched a more formal Bitcoin treasury program in 2024. Recently we started executing on that as we started to monetize the largest position in our investment portfolio, WonderFi, which was a Canadian crypto exchange that we helped create and recently announced that it was being acquired by Robinhood for over CAD 200 million. As part of that, Mogo is going to be getting just under CAD 30 million of proceeds from that transaction. In fact, we monetized about CAD 14 million of those proceeds recently post-quarter end. On the Intelligent Investing side, our wealth business is anchored by our platform that we call Intelligent Investing, and that is the brand name. It is a subscription-based platform designed to help members build long-term wealth through consistent contributions and disciplined holding. It is really built on a simple insight that most investors underperform the market not because they lack access to the right investments, but because they lack the right behavior. We believe fundamentally that a lot of these platforms are actually built for speculative gambling type behavior. We believe a majority of investors, of the retail investors on these platforms, and you know there are a lot of these platforms out there right now, are actually losing money. That is not just underperforming the market with a positive return, but underperforming, that is actually losing money. We really see these platforms as sort of top of the funnel where those investors that have gone on there, lost a lot of their money and realized that it is very difficult to beat the market, are looking for an alternative solution. That is really where we come in. We are rebuilding our platform, I should say, from the ground up to be AI native, leveraging a number of AI native tools like Cursor. Again, our model is built to reinforce discipline, not engagement. It is a subscription-based model, meaning that there is no incentive to push trading, to push speculation. As Buffett and Munger like to say, "Show me the incentive and I'll show you the outcome." We are aligning our incentive with what we believe is the right long-term outcome for our customers. In July, we announced that we were starting the process to get full crypto trading regulatory approval at Mogo. Today we are regulated for equities trading. If we are successful at getting this done, which we believe we will be at this stage, we would become only the second company in Canada to have both crypto and equities trading. Canada is still dominated by the big Canadian banks who are more conservative than the U.S. banks. We still believe it will be a while before they get into crypto. That just creates a big opportunity for players like Mogo. That is going to be a big focus for us over the next six plus months here. Turning to our payments business, Carta Worldwide, this business is today exclusively focused on Europe. That business is scaling organically nicely at about 15% on volume, and revenue has been growing at over 20%. We recently completed a full migration to Oracle Cloud, which will help improve scalability and cost efficiency. We also see an opportunity to bring stablecoin payments into the Carta platform, and we're investigating that right now. We have a number of multinational clients that we believe could benefit from this. We think Carta is well positioned in the European market to play a role in that space as well. Turning to our financials, as I already touched on some of this, we had a really strong quarter in both showing wealth and payments growth. Gross margin expanded to 72%, positive operating cash flow, and positive EBITDA margin. This really was one of our most structurally aligned quarters, high quality revenue growth paired with strong margin performance. This is just really highlighting that in more detail, you can see where the growth came from. We report both interest revenue and subscription and services revenue. If you sort of dig into the subscription and services revenue, you can see where our main focus is on payments and wealth. We're seeing strong growth in those products. Our lending related business is coming down this year due to a recent rate reduction the Canadian government put in place. We believe that headwind will really dissipate as we move into 2026, and we can have lending not be a drag on our overall corporate growth. As I mentioned, positive adjusted EBITDA and positive cash flow from operations as well. A very strong quarter overall. Turning to our balance sheet, very strong balance sheet, CAD 50 million of cash and investments. The majority of that right now dominated by our investment in WonderFi, which as we mentioned is in the process of being acquired by Robinhood. We actually monetized just under half of that stake in the open market to really sort of get that liquidity on our balance sheet sooner rather than later. We've started to deploy some of that liquidity into Bitcoin. WonderFi and Robinhood expect the transaction to close before year end. We expect the rest of that monetization to come in by then as well. As I mentioned, we see a big disconnect obviously in the market in terms of valuation, even relative to our book value. That's quite frankly why my brother and I have been buying the stock pretty regularly over the last 18 to 24 months and why the company has also been buying back the stock. On our Bitcoin treasury strategy, as I mentioned, this really is a dual compounding strategy. We really think this is a unique strategy. This is not a Bitcoin only treasury strategy. This is not an operating company that's going to be dominated 90%+ by Bitcoin treasury either. We did get a CAD 50 million authorization and we've started to execute against that. We really see the foundation of the company built around our Bitcoin treasury strategy. That will become and is now our Bitcoin is our hurdle rate, which means that effectively any investment in Mogo or anywhere else will be compared against the expected return of Bitcoin. That's how we will keep that discipline and manage the investment either in Mogo or Bitcoin. You sort of layer on the regulated multi-asset platform of equities and crypto, and then the product integration we have on our roadmap, as I mentioned, looking at stablecoins on the payment side. We're looking at bringing in a 60/40 S&P Bitcoin allocation in our wealth platform, which we really believe is increasingly the right target mix for the next generation. The ones just coming out of college, my kids, et cetera, should have a much, we believe, should have a lot more aggressive mix into Bitcoin and alongside of an S&P strategy. We're also looking at a Bitcoin loan on our lending business. We really see crypto, Bitcoin, and the broader crypto ecosystem as a foundational level infrastructure, an asset class, a reserve asset class, global asset class that the next generation wants to get access to. Mogo wants to be at the heart of that, especially for Canadians. Ultimately, we see this as a strategic compounding loop where that platform integration helps drive user growth, which helps grow operating income. Ultimately, that enables us to continue to invest and expand our Bitcoin treasury operations and the cycle continues. That's really the goal with this dual compounding strategy. We're super excited about the future. With that, Ben, I'll pause and see if, you know, turn it over to you for any questions. Thanks, Greg. I want to talk about the crypto strategy as it relates to your wealth management business. What intelligence are you getting vis-à-vis your wealth business that helps you better develop the crypto business? I think, look, our wealth business is really focused on the next generation of Canadians. It is focused on, there's CAD 3 trillion in assets right now sitting in mutual funds in Canada, paying 2% management fees, earning half the return of the S&P 500. As we say, the issue is not that Canadians are not actually saving for retirement. The issue is they're being put into bad products, right? These mutual funds dramatically underperform the S&P. The difference over a lifetime of compounding at 5% or 10% is the difference between being able to retire and not retire. It's over a 10x differential. Our initial focus has been really getting that next generation into the S&P 500. Anybody even putting in CAD 100 a month can retire with millions if they start early enough. Now we really see, because we're focused on that next generation, that obviously that generation understands crypto, understands Bitcoin and its role as sort of digital gold. They want access to this asset class, and the traditional banks just aren't providing it. We obviously think we're well positioned to be able to do that. Now with the regulatory clarity that we've got in the U.S., we see that spilling over more into Canada. We think now is the time for Mogo to expand our capabilities into crypto. All right, that's helpful. Just staying on the wealth business, it was up 48% in the second quarter. What is the draw, you know, that's bringing customers to this business? It's mainly younger people. What base are you capturing and why do you think you're seeing the success here? Yeah, I mean, I think, as I mentioned, what's happening is platforms like Robinhood and others have really brought in a lot more retail traders into the market. They have sort of changed the game for investing and for retail investing, and they continue to expand that funnel. There are a lot of other players out there, eToro, others, et cetera, doing the same. What we believe is actually happening is a large cohort of those users ultimately are speculating, gambling, and not really adhering to sort of Buffett Munger type strategy of long-term investing. That's resulting in not just underperforming, but in losses for a very large chunk of those users. Those users then are getting disillusioned and realize they have no real path under that strategy to make money. We can put them on a path with very little money to be on track to be millionaires by the time they retire. If you kind of look at the deck that we went through, you'll see that we actually have some of these people on our platform that are on track for CAD 100 million, CAD 200 million, CAD 400 million. That's what's getting them excited. We sort of see the top of our funnel, those users that have already realized that it's not that easy to beat the market, and they're looking for an alternative solution. We're not trying to convince those users that want to go and speculate and gamble on some of these other platforms that, no, you're better off doing the right long-term investing strategy. Instead, we're really going after those users that have already tried that and failed. There's an increasingly large cohort of those users doing that, and really, nobody else is going after that segment. That's really what we're positioned to do. Okay. Greg, thank you for your time here. Thank you everyone for watching. If you have any questions or would like to schedule a meeting with Mogo, please send me an email at shamsian@lythampartners.com. S-H-A-M-S-I-A-N at lythampartners.com. We have additional presentations and fireside chats coming up next, so please stick around for more. Thank you everyone and have a great rest of the day.