Mogo (MOGO.TO) was at last look up 4.5% from near 52 week lows early Wednesday on the TSX as it reported a loss for the third quarter on lower than expected revenues, but it raised 2024 guidance and said it expects positive adjusted net income for 2025.

The company reported a Q3 2024 adjusted net loss of C$0.5 million on Wednesday, which was in line with last year's numbers. But according to Capital IQ an EPS normalized of $0.10 for the quarter beat its forecast.

Revenue for the quarter that ended Sept. 30 was $17.7 million, up 9% year over year, but missed a consensus forecast of $18.05 million

Mogo updated its 2024 outlook, forecasting subscription and services revenue growth of approximately 10% for the fiscal year and adjusted EBITDA between $6 million and $7 million, an increase from previous guidance of $5 million to $6 million.

For fiscal 2025, Mogo forecasts high-single-digit subscription and services revenue growth, resulting in overall revenue growth. Mogo projects adjusted EBITDA of $10 million to $12 million, a 69% increase from the midpoint of both ranges. Mogo also expects to generate positive adjusted net income in 2025.