# EDGAR Filing Document

**Accession Number:** 0001602842
**File Stem:** 0001193125-26-210354
**Filing Date:** 2026-5
**Character Count:** 164066
**Document Hash:** 6743641946f0b0c73977e48b7ec376a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210354.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210354

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20260507

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Orion Digital Corp.
- **CENTRAL INDEX KEY:** 0001602842
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38409
- **FILM NUMBER:** 26950877

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 516 - 409 GRANVILLE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1T2
- **BUSINESS PHONE:** 604-659-4380

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 516 - 409 GRANVILLE STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1T2

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mogo Inc.
- **DATE OF NAME CHANGE:** 20190621

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mogo Finance Technology Inc.
- **DATE OF NAME CHANGE:** 20140317

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mogo Finance Technology, Inc.
- **DATE OF NAME CHANGE:** 20140317

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of May **2026**

Commission File Number: **001-38409**

**Orion Digital Corp.**

(formerly Mogo Inc.)

**516-409 Granville St.**

**Vancouver, British Columbia**

**V6C 1T2, Canada**

(*Address of principal executive office*s)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or

Form 40-F.

☒Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): 

------

**Form 6-K Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Document Description** |
| 99.1 | [<u>Unaudited interim condensed consolidated financial statements for the three months ended March 31, 2026</u>](mogo-ex99_1.htm) |
| 99.2 | [<u>Management's discussion and analysis for the three months ended March 31, 2026</u>](mogo-ex99_2.htm) |
| 99.3 | [<u>Form 52-109F2 - Certificate of Interim Filings (CEO)</u>](mogo-ex99_3.htm) |
| 99.4 | [<u>Form 52-109F2 - Certificate of Interim Filings (CFO)</u>](mogo-ex99_4.htm) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Orion Digital Corp.** | **Orion Digital Corp.** |
| Date: May 7, 2026 | By: | /s/ Gregory Feller |
|  |  | Name: Gregory Feller |
|  |  | Title: President & Chief Financial Officer |

---

------

## Exhibit 99.1

Exhibit 99.1

---

| | |
|:---|:---|
|  | Page |
| [<u>Interim Condensed Consolidated Statements of Financial Position as at March 31, 2026 and December 31, 2025</u>](#consolidated_statement_financial_positio) | F-2 |
| [<u>Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2026 and 2025</u>](#consolidated_statement_operations_compre) | F-3 |
| [<u>Interim Condensed Consolidated Statements of Changes in Equity (Deficit) for the</u>](#consolidated_statement_changes_in_equity)[<u>three months ended March 31, 2026 and 2025</u>](#consolidated_statement_operations_compre) | F-4 |
| <u>Interim Condensed Consolidated Statements of Cash Flows for the</u> <u>three months ended March 31, 2026 and 2025</u> | F-5 |
| [<u>Notes to the Interim Condensed Consolidated Financial Statements</u>](#notes_to_the_interim_fs) | F-6 |

---

------

**Orion Digital Corp.**

**Interim Condensed Consolidated Statements of Financial Position**

*(Unaudited)*

(Expressed in thousands of Canadian Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **March 31, <br>2026** | December 31, <br>2025 |
| **Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalent |  | **23742** | 17702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | **1823** | 2462 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 5 | **4659** | 14591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loans receivable, net | 4 | **60446** | 60650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other receivables |  | **6768** | 6495 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment portfolio | 13 | **5147** | 6484 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment |  | **169** | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in sublease, net and right-of-use assets |  | **616** | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 6 | **24869** | 25996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill |  | **38355** | 38355 |
| **Total assets** |  | **166594** | 173634 |
| **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accruals and other |  | **15938** | 16461 |
| &nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities |  | **854** | 1020 |
| &nbsp;&nbsp;&nbsp;&nbsp;Credit facility | 7 | **51448** | 51713 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debentures | 8 | **31477** | 31886 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liability |  | **134** | 233 |
| **Total liabilities** |  | **99851** | 101313 |
| **Equity** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share capital | 15a | **388670** | 388730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus |  | **39346** | 39117 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation reserve |  | **(1418)** | (1483) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deficit |  | **(359855)** | (354043) |
| **Total equity** |  | **66743** | 72321 |
| **Total equity and liabilities** |  | **166594** | 173634 |

---

**Approved on Behalf of the Board**

*<u>Signed by "Greg Feller"</u> , Director*

*<u>Signed by "Christopher Payne"</u> , Director*

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

------

**Orion Digital Corp.**

**Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)**

*(Unaudited)*

(Expressed in thousands of Canadian Dollars, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Three months ended** | **Three months ended** |
|  | **Note** | **March 31, <br>2026** | March 31, <br>2025 |
| **Revenue** |  |  |  |
| Subscription and services |  | **10536** | 10731 |
| Interest revenue |  | **6320** | 6599 |
|  | 9,10a | **16856** | 17330 |
| **Cost of revenue** |  |  |  |
| Provision for loan losses, net of recoveries | 4 | **4638** | 4814 |
| Transaction costs |  | **579** | 904 |
|  |  | **5217** | 5718 |
| **Gross profit** |  | **11639** | 11612 |
| **Operating expenses** |  |  |  |
| Technology and development |  | **2972** | 2782 |
| Marketing |  | **963** | 1147 |
| Customer service and operations |  | **2578** | 2603 |
| General and administration |  | **3598** | 4030 |
| Stock-based compensation | 15c | **229** | 475 |
| Depreciation and amortization | 6 | **2026** | 1954 |
| **Total operating expenses** | 11 | **12366** | 12991 |
| **Loss from operations** |  | **(727)** | (1379) |
| **Other expenses (income)** |  |  |  |
| Credit facility interest expense | 7 | **1372** | 1446 |
| Debenture and other financing expense | 816 | **746** | 913 |
| Accretion related to debentures | 8 | **131** | 154 |
| Revaluation loss | 12 | **2863** | 7662 |
| Other non-operating expense |  | **72** | 416 |
|  |  | **5184** | 10591 |
| **Net loss before tax** |  | **(5911)** | (11970) |
| Income tax recovery |  | **(99)** | (99) |
| **Net loss** |  | **(5812)** | (11871) |
| **Other comprehensive loss:** |  |  |  |
| *Items that are or may be reclassified subsequently to profit or loss:* |  |  |  |
| Foreign currency translation reserve gain (loss) |  | **65** | (762) |
| **Other comprehensive income (loss)** |  | **65** | (762) |
| **Total comprehensive loss** |  | **(5747)** | (12633) |
| **Net loss per share** |  |  |  |
| Basic loss per share |  | **(0.24)** | (0.49) |
| Weighted average number of basic and fully diluted common shares (in 000s) |  | **23848** | 24383 |
| Weighted average number of fully diluted common shares (in 000s) |  | **23848** | 24383 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

------

**Orion Digital Corp.**

**Interim Condensed Consolidated Statements of Changes in Equity (Deficit)**

*(Unaudited)*

(Expressed in thousands of Canadian Dollars, except share amounts)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>shares, net of treasury shares (000s)** | **Share<br>capital** | **Contributed<br>surplus** | **Foreign currency translation reserve** | **Deficit** | **Total** |
| **Balance, December 31, 2025** | **23752** | **388730** | **39117** | **(1483)** | **(354043)** | **72321** |
| Net loss |  |  |  |  | (5812) | (5812) |
| Purchase of common shares for cancellation (Note 15a) | (49) | (70) |  |  |  | (70) |
| Foreign currency translation reserve |  |  |  | 65 |  | 65 |
| Stock-based compensation (Note 15c) |  |  | 229 |  |  | 229 |
| Other equity adjustment |  | 10 |  |  |  | 10 |
| **Balance, March 31, 2026** | **23703** | **388670** | **39346** | **(1418)** | **(359855)** | **66743** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>shares, net of treasury shares (000s)** | **Share<br>capital** | **Contributed<br>surplus** | **Foreign currency translation reserve** | **Deficit** | **Total** |
| **Balance, December 31, 2024** | **24281** | **389717** | **37424** | **(416)** | **(345508)** | **81217** |
| Net loss |  |  |  |  | (11871) | (11871) |
| Foreign currency translation reserve |  |  |  | (762) |  | (762) |
| Stock-based compensation (Note 15c) |  |  | 475 |  |  | 475 |
| **Balance, March 31, 2025** | **24281** | **389717** | **37899** | **(1178)** | **(357379)** | **69059** |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

------

**Orion Digital Corp.**

**Interim Condensed Consolidated Statements of Cash Flows**

*(Unaudited)*

(Expressed in thousands of Canadian Dollars

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Three months ended** | **Three months ended** |
| **Cash provided by (used in) the following activities:** | **Note** | **March 31, <br>2026** | March 31, <br>2025 |
| **Operating activities** |  |  |  |
| Net loss |  | **(5812)** | (11871) |
| **Items not affecting cash and other items:** |  |  |  |
| Depreciation and amortization | 6 | **2026** | 1954 |
| Provision for loan losses | 4 | **4638** | 4833 |
| Credit facility interest expense | 7 | **1372** | 1446 |
| Debenture and other financing expense | 816 | **749** | 913 |
| Accretion related to debentures | 8 | **131** | 154 |
| Stock-based compensation expense | 15c | **229** | 475 |
| Revaluation loss | 12 | **2863** | 7662 |
| Other non-operating expense |  | **—** | 37 |
| Income tax recovery |  | **(99)** | (99) |
|  |  | **6097** | 5504 |
| Changes in: |  |  |  |
| Net issuance of loans receivable |  | **(4434)** | (3210) |
| Prepaid expenses, and other receivables and assets |  | **(263)** | 5896 |
| Accounts payable, accruals and other |  | **(428)** | (4813) |
| Restricted cash |  | **639** | (709) |
| Net investment in sub-lease |  | **112** | 112 |
|  |  | **1723** | 2780 |
| Interest paid |  | **(2142)** | (2220) |
| **Net cash (used in) provided by operating activities** |  | **(419)** | **560** |
| **Investing activities** |  |  |  |
| Investment in intangible assets | 6 | **(815)** | (454) |
| Proceeds from sale of investment portfolio |  | **—** | 715 |
| Proceeds from sale of marketable securities |  | **8387** | 1732 |
| Purchases of property and equipment |  | **(65)** | (4) |
| **Net cash provided by investing activities** |  | **7507** | 1989 |
| **Financing activities** |  |  |  |
| Lease liabilities – principal payments |  | **(167)** | (159) |
| Repayments on debentures | 8 | **(556)** | (536) |
| Advances on credit facility | 7 | **—** | 1920 |
| Repayments on credit facility | 7 | **(257)** | (2471) |
| Repurchase of common shares | 15a | **(70)** |  |
| **Net cash used in financing activities** |  | **(1050)** | (1246) |
| Effect of exchange rate fluctuations on cash and cash equivalents |  | **2** | (13) |
| **Net increase in cash and cash equivalent** |  | **6040** | 1290 |
| Cash and cash equivalent, beginning of period |  | **17702** | 8530 |
| **Cash and cash equivalent, end of period** |  | **23742** | 9820 |

---

The accompanying notes are an integral part of these interim condensed consolidated financial statements.

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**1.** **Nature of operations**

On December 29, 2025 Mogo Inc. changed its name to Orion Digital Corp ("Orion Digital," "Orion" or the "Company").

Mogo Inc. was incorporated under the Business Corporations Act (British Columbia) on June 21, 2019 following the combination with Mogo Finance Technology Inc. The address of the Company's registered office is Suite 1700, Park Place, 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8. The Company's common shares (the "Common Shares") are listed on the Toronto Stock Exchange ("TSX") and the Nasdaq Capital Market under the symbol " ORIO".

Orion Digital Corp. is a financial technology company operating digital platforms across wealth and payments, supported by a consumer lending business in Canada. The Company's Wealth platform, Intelligent Investing, provides long-term investing solutions to the Canadian market. Orion also operates a consumer lending business in Canada. The Company's Payments business is operated through Carta Worldwide ("Carta"), a wholly owned subsidiary that provides issuer processing, program management, and regulated payment orchestration services across Europe. The Company allocates capital to support growth in its Wealth and Payments platforms and to maintain balance sheet flexibility.

**2.** **Basis of presentation**

**Statement of compliance**

These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board<sup>®</sup> and should be read in conjunction with the Company's last annual consolidated financial statements as at and for the year ended December 31, 2025. They do not include all of the information required for a complete set of financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board<sup>®</sup>. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Company's financial position and performance since the last annual financial statements.

The Company presents its interim condensed consolidated statements of financial position on a non-classified basis in order of liquidity.

These interim condensed consolidated financial statements were authorized by the Board of Directors (the "Board") to be issued on May 7, 2026.

The Company continues to adopt a going concern basis in preparing the consolidated financial statements.

**Functional and presentation currency**

These interim condensed consolidated financial statements are presented in Canadian dollars. The functional currency of each subsidiary is determined based on the currency of the primary economic environment in which that subsidiary operates. The functional currency of each subsidiary that is not in Canadian dollars is as follows: Carta Financial Services Ltd. (GBP), Carta Solutions Processing Services Cyprus Ltd. (EUR), Carta Solutions Processing Services Corp. (MAD), Carta Solutions Singapore PTE. Ltd. (SGD), Moka Financial Technologies Europe (EUR).

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**3.** **Material accounting policies**

The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company's annual consolidated financial statements for the year ended December 31, 2025.

**Significant accounting judgements, estimates and assumptions**

The preparation of the interim condensed consolidated financial statements requires management to make

estimates, assumptions and judgments that affect the reported amount of assets and liabilities, the disclosure of

contingent assets and liabilities and the reported amount of revenues and expenses during the period. The critical accounting estimates and judgments have been set out in the notes to the Company's consolidated financial statements for the year ended December 31, 2025.

On May 31, 2024, the Government of Canada amended section 347 of the Criminal Code effective January 1, 2025. Under the amended section 347 certain revolving line of credit agreements executed prior to January 1, 2025 bearing an APR of approximately 47% qualify under the transitional provisions and continue to accrue interest at the contractual rate.

During 2025, the United States government announced tariffs on imported goods, increasing uncertainty regarding their potential impact on the economies in which the Company operates. This uncertainty has been considered in the evaluation of expected credit losses as at March 31, 2026. The scenarios used reflect the uncertainty inherent in the potential imposition of tariffs and other macroeconomic variables. The Company considers a range of macroeconomic scenarios, including the possibility of a more severe recession resulting from the imposition of tariffs, and the weighting of these scenarios reflects the downside risks and uncertainty known as at December 31, 2025. Changes to these forecasts and related estimates will be reflected in future periods as new information becomes available.

**New and amended standards and interpretations**

The Company assessed the amendments to IFRS 9 and IFRS 7 effective January 1, 2026, including clarifications related to the assessment of contractual cash flow characteristics of financial assets and the derecognition of financial liabilities in electronic payment systems. Based on this assessment, the Company determined that these amendments did not have a material impact on the classification or measurement of its financial assets and liabilities, nor on its disclosures.

Certain other new or amended standards and interpretations became effective on January 1, 2026, but do not have an impact on the interim condensed consolidated financial statements of the Company.

**Standards issued but not yet effective**

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements and sets out requirements for the presentation and disclosure of information in general purpose financial statements. The standard applies to annual reporting periods beginning on or after January 1, 2027 and is to be applied retrospectively, with early adoption permitted. The Company expects the adoption of IFRS 18 to primarily affect the presentation and disclosure of information in the consolidated financial statements. The Company does not expect the standard to significantly affect the recognition or measurement of amounts recognized in the consolidated financial statements. The Company continues to assess the detailed impact of IFRS 18 ahead of its adoption.

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**4.** **Loans receivable**

Loans receivable represent lines of credit advanced to customers in the normal course of business. The following table provides a breakdown of gross loans receivable and allowance for loan losses by aging bucket, which represents the Company's assessment of credit risk exposure and by their IFRS 9 – *Financial Instruments* expected credit loss measurement stage. The entire loan balance of a customer is aged in the same category as its oldest individual past due payment, to align with the stage groupings used in calculating the allowance for loan losses under IFRS 9. Stage 3 gross loans receivable include net balances outstanding and still anticipated to be collected for loans previously charged off (March 31, 2026 - $3,544, December 31, 2025 - $3,517). These are carried in gross receivables at the net expected collectable amount with no associated allowance.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2026** | **As at March 31, 2026** |
| **Risk Category** | **Days past due** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Strong | Not past due | 62163 |  |  | 62163 |
| Lower risk | 1-30 days past due | 3318 |  |  | 3318 |
| Medium risk | 31-60 days past due |  | 1062 |  | 1062 |
| Higher risk | 61-90 days past due |  | 983 |  | 983 |
| Non-performing | 91+ days past due or bankrupt |  |  | 10350 | 10350 |
|  | Gross loans receivable | 65481 | 2045 | 10350 | 77876 |
|  | Allowance for loan losses | (9481) | (1699) | (6250) | (17430) |
|  | **Loans receivable, net** | **56000** | **346** | **4100** | **60446** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** | **As at December 31, 2025** |
| **Risk Category** | **Days past due** | **Stage 1** | **Stage 2** | **Stage 3** | **Total** |
| Strong | Not past due | 61350 |  |  | 61350 |
| Lower risk | 1-30 days past due | 4173 |  |  | 4173 |
| Medium risk | 31-60 days past due |  | 1147 |  | 1147 |
| Higher risk | 61-90 days past due |  | 898 |  | 898 |
| Non-performing | 91+ days past due or bankrupt |  |  | 10064 | 10064 |
|  | Gross loans receivable | 65523 | 2045 | 10064 | 77632 |
|  | Allowance for loan losses | (9481) | (1634) | (5867) | (16982) |
|  | **Loans receivable, net** | **56042** | **411** | **4197** | **60650** |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**4.** **Loans receivable** *(Continued from previous page)*

In determination of the Company's allowance for loan losses, internally developed models are used to factor in credit risk related metrics, including the probability of defaults, the loss given default and other relevant risk factors. Management also considered the impact of key macroeconomic factors and determined that historic loan losses are mostly correlated with unemployment rate, inflation rate, bank prime rate and GDP growth rate. These macroeconomic factors were used to generate various forward-looking scenarios used in the calculation of allowance for loan losses. If management were to assign 100% probability to a pessimistic scenario forecast, the allowance for credit losses would have been $1,667 higher than the reported allowance for credit losses as at March 31, 2026 (December 31, 2025 – $1,002 higher).

Overall changes in the allowance for loan losses are summarized below:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Balance, beginning of the period | **16982** | 14076 |
| Provision for loan losses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Originations | **902** | 670 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments | **(282)** | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;Re-measurement | **4824** | 4513 |
| Charge offs | **(4996)** | (3930) |
| Balance, end of the period | **17430** | 14979 |

---

**5. Marketable securities**

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, <br>2026** | December 31, <br>2025 |
| WonderFi Technologies Inc. | **—** | 8698 |
| Bitcoin ETFs | **2798** | 3563 |
| Others | **1861** | 2330 |
| Total | **4659** | 14591 |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**6. Intangible assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Internally<br>generated technology– <br>completed** | **Internally<br>generated technology–<br>in progress** | **Software<br>licenses** | **Acquired technology assets** | **Customer relationships** | **Brand** | **Regulatory licenses** | **Total** |
| **Cost** |  |  |  |  |  |  |  |  |
| Balance, December 31, 2024 | 26780 | 2087 | 498 | 21000 | 8900 | 1000 | 6800 | 67065 |
| Additions |  | 2609 |  |  |  |  |  | 2609 |
| Impairment |  | (34) |  |  |  |  |  | (34) |
| Derecognition – fully amortized assets |  |  | (535) |  |  |  |  | (535) |
| Transfers | 2295 | (2295) |  |  |  |  |  |  |
| Foreign exchange translation |  | 5 | 37 |  |  |  |  | 42 |
| Balance, December 31, 2025 | 29075 | 2372 |  | 21000 | 8900 | 1000 | 6800 | 69147 |
| Additions |  | 815 |  |  |  |  |  | 815 |
| Transfers | 507 | (507) |  |  |  |  |  |  |
| **Balance, March 31, 2026** | **29582** | **2680** | **—** | **21000** | **8900** | **1000** | **6800** | **69962** |
| **Accumulated amortization** |  |  |  |  |  |  |  |  |
| Balance, December 31, 2024 | 17966 |  | 408 | 8022 | 4622 |  | 4967 | 35985 |
| Amortization | 3047 |  | 96 | 2101 | 1065 |  | 1361 | 7670 |
| Disposals |  |  | (535) |  |  |  |  | (535) |
| Foreign exchange translation |  |  | 31 |  |  |  |  | 31 |
| Balance, December 31, 2025 | 21013 |  |  | 10123 | 5687 |  | 6328 | 43151 |
| Amortization | 810 |  |  | 525 | 266 |  | 340 | 1941 |
| Foreign exchange translation | 1 |  |  |  |  |  |  | 1 |
| **Balance, March 31, 2026** | **21824** | **—** | **—** | **10648** | **5953** | **—** | **6668** | **45093** |
| **Net book value** |  |  |  |  |  |  |  |  |
| Balance, December 31, 2025 | 8062 | 2372 |  | 10877 | 3213 | 1000 | 472 | 25996 |
| **Balance, March 31, 2026** | **7758** | **2680** | **—** | **10352** | **2947** | **1000** | **132** | **24869** |

---

Amortization of intangible assets of $1,941 for the three months ended March 31, 2026 (March 31, 2025 – $1,867) is included in depreciation and amortization in the interim condensed consolidated statements of operations and comprehensive income (loss).

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**7. Credit facility**

The credit facility consists of a $60,000 senior secured credit facility. On February 26, 2025, the Company amended its credit facility to extend the maturity date by three years, from January 2, 2026 until January 2, 2029. As part of the amendment, certain financial covenants were modified, and the interest rate was reduced by 100 basis points to 7% plus the greater of i) 2% and ii) the Secured Overnight Financing Rate ("SOFR"). There is a 0.33% fee on the available but undrawn portion of the $60,000 facility. Availability under the facility is determined monthly based on the level of eligible loan receivables. Borrowing capacity fluctuates with the amount of eligible loans, and any borrowings in excess of the eligible loan receivables must be repaid in accordance with the terms of the agreement. The principal and interest balance outstanding for the credit facility as at March 31, 2026 was $51,448 (December 31, 2025 – $51,713).

The credit facility is subject to certain covenants and events of default. As at March 31, 2026 and December 31, 2025, the Company was in compliance with these covenants. Interest expense on the credit facility for the three months ended March 31, 2026 was $1,372 (March 31, 2025 – $1,446) is included in credit facility interest expense in the interim condensed consolidated statements of operations and comprehensive income (loss).

The Company has provided its senior lenders with a general security interest in all present and after acquired personal property of the Company, including certain pledged financial instruments, cash and cash equivalents.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, <br>2026** | December 31, 2025 |
| Balance, beginning of the period | **51713** | 48792 |
| Advances from credit facility | **—** | 4942 |
| Payments on credit facility | **(257)** | (2499) |
| Interest payable | **(8)** | 478 |
| Balance, end of the period | **51448** | 51713 |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**8. Debentures**

The Company's debentures pay interest at a coupon rate between 8 - 10% per annum. Payments of interest and principal are made to debenture holders on a quarterly basis on the first business day following the end of a calendar quarter, at the Company's option either in cash or Common Shares.

The debenture repayments are payable in either cash or Common Shares, at Orion's option. The number of Common Shares required to settle the repayments is variable based on the Company's share price at the repayment date.

The Company's debentures balance includes the following:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, <br>2026** | December 31, <br>2025 |
| Principal balance | **32194** | 32685 |
| Discount | **(1374)** | (1501) |
|  | **30820** | 31184 |
| Interest payable | **657** | 702 |
|  | **31477** | 31886 |

---

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, <br>2026** | December 31, <br>2025 |
| Balance, beginning of the period | **31886** | 35287 |
| Principal repayments | **(556)** | (2333) |
| Discount accretion | **131** | 553 |
| Modification | **—** | (1345) |
| Other | **16** | (276) |
| Balance, end of the period | **31477** | 31886 |

---

The debentures are secured by the assets of the Company, governed by the terms of a trust deed and, among other things, are subject to a subordination agreement to the credit facility which effectively extends the individual maturity dates of the debentures to January 2, 2029 being the maturity date of the credit facility.

As at March 1, 2025, the Company adjusted the amortised cost of the debentures to give effect to the amended maturity date of the Company's senior secured credit facility from January 2, 2026 to January 2, 2029. The Company determined this constituted a non-substantial modification of the existing debentures and the amortised cost of the debentures was recalculated by discounting the revised estimated future cash flows at the existing effective interest rate. The impact of the modification was recorded in revaluation gain (loss) in the interim condensed consolidated statements of operations and comprehensive income (loss).

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**8. Debentures** *(Continued from previous page)*

The outstanding debenture principal repayment dates, after giving effect to the subordination agreement referenced above, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal component of quarterly payment** | **Principal due on maturity** | **Total** |
| 2026 | 1706 |  | **1706** |
| 2027 | 2438 |  | **2438** |
| 2028 | 2639 |  | **2639** |
| 2029 | 663 | 24748 | **25411** |
|  | **7446** | **24748** | **32194** |

---

**9. Revenue**

The following table is a provides a breakdown of the Company's total revenues:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Interest revenue | **6320** | 6599 |
| Wealth revenue | **3891** | 3481 |
| Payments revenue | **2307** | 2555 |
| Other Subscription and Services revenue | **4338** | 4695 |
| Total revenue | **16856** | 17330 |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**10. Geographic information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Revenue

Revenue presented below has been based on the geographic location of customers.

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Canada | **14549** | 15022 |
| Europe | **2307** | 2308 |
| Total | **16856** | 17330 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Non-current assets

Non-current assets presented below has been based on geographic location of the assets. Intangible assets are allocated based on the location of their legal registration.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, <br>2026** | December 31, <br>2025 |
| Canada | **63878** | 65134 |
| Europe | **92** | 100 |
| Other | **39** | 16 |
| Total | **64009** | 65250 |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**11. Expense by nature and function**

The following table summarizes the Company's operating expenses by nature:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Personnel expense | **5323** | 5886 |
| Depreciation and amortization | **2026** | 1954 |
| Hosting and software licenses | **1785** | 1297 |
| Marketing | **909** | 1110 |
| Professional services | **826** | 681 |
| Stock-based compensation | **229** | 475 |
| Insurance and licenses | **367** | 375 |
| Credit verification costs | **274** | 190 |
| Premises | **183** | 201 |
| Others | **444** | 822 |
| Total | **12366** | 12991 |

---

The following table summarizes the Company's operating expenses by function including stock-based compensation and depreciation and amortization from the interim condensed consolidated statements of operations and comprehensive income (loss):

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Technology and development | **4281** | 4134 |
| Marketing | **966** | 1162 |
| Customer service and operations | **2618** | 2706 |
| General and administration | **4501** | 4989 |
| Total | **12366** | 12991 |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**12. Revaluation loss (gain)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Realized loss (gain) on investment portfolio and marketable securities | **311** | (257) |
| Unrealized loss on investment portfolio and marketable securities | **2697** | 10090 |
| Unrealized loss (gain) on debentures | **5** | (1367) |
| Realized foreign exchange (gain) loss | **(11)** | 14 |
| Unrealized foreign exchange gain | **(139)** | (818) |
| Total | **2863** | 7662 |

---

**13. Fair value of financial instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Accounting classifications and fair values

The following table shows the carrying amount and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. During the three months ended March 31, 2026, there have not been any transfers between fair value hierarchy levels.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| **March 31, 2026** | **Note** | **FVTPL** | **Financial asset at<br>amortized cost** | **Other financial<br>liabilities** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |  |
| Marketable securities | 5 | 4659 |  |  | **4659** | 4659 |  |  | **4659** |
| Investment portfolio |  | 5147 |  |  | **5147** |  |  | 5147 | **5147** |
|  |  | **9806** | **—** | **—** | **9806** |  |  |  |  |
| **Financial assets not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalent |  |  | 23742 |  | **23742** | 23742 |  |  | **23742** |
| Restricted cash |  |  | 1823 |  | **1823** | 1823 |  |  | **1823** |
| Loans receivable | 4 |  | 60446 |  | **60446** |  |  | 60446 | **60446** |
| Other receivables |  |  | 5119 |  | **5119** |  |  | 5119 | **5119** |
|  |  |  | **91130** |  | **91130** |  |  |  |  |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Accounts payable, accruals and other |  |  |  | 15823 | **15823** |  |  | 15823 | **15823** |
| Credit facility | 7 |  |  | 51448 | **51448** |  | 51448 |  | **51448** |
| Debentures | 8 |  |  | 31477 | **31477** |  |  | 28823 | **28823** |
|  |  | **—** | **—** | **98748** | **98748** |  |  |  |  |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**13. Fair value of financial instruments** *(Continued from previous page)*

(a) Accounting classifications and fair values *(Continued from previous page)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Carrying amount** | **Fair value** | **Fair value** | **Fair value** | **Fair value** |
| **As at December 31, 2025** | **Note** | **FVTPL** | **Financial asset at amortized cost** | **Other financial liabilities** | **Total** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Financial assets measured at fair value** |  |  |  |  |  |  |  |  |  |
| Marketable securities | 5 | 14591 |  |  | **14591** | 14951 |  |  | **14951** |
| Investment portfolio |  | 6484 |  |  | **6484** |  |  | 6484 | **6484** |
|  |  | **21075** |  |  | **21075** |  |  |  |  |
| **Financial assets not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Cash and cash equivalent |  |  | 17702 |  | **17702** | 17702 |  |  | **17702** |
| Restricted cash |  |  | 2462 |  | **2462** | 2462 |  |  | **2462** |
| Loans receivable | 4 |  | 60650 |  | **60650** |  |  | 60650 | **60650** |
| Other receivables |  |  | 4846 |  | **4846** |  |  | 4846 | **4846** |
|  |  | **—** | **85660** | **—** | **85660** |  |  |  |  |
| **Financial liabilities not measured at fair value** |  |  |  |  |  |  |  |  |  |
| Accounts payable, accruals and other |  |  |  | 16298 | **16298** |  |  | 16298 | **16298** |
| Credit facility | 7 |  |  | 51713 | **51713** |  | 51713 |  | **51713** |
| Debentures | 8 |  |  | 31886 | **31886** |  |  | 29735 | **29735** |
|  |  | **—** | **—** | **99897** | **99897** |  |  |  |  |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**13. Fair value of financial instruments** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Measurement of fair values:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Valuation techniques and significant unobservable inputs*

The following tables show the valuation techniques used in measuring Level 3 fair values for financial instruments in the interim condensed consolidated statements of financial position, as well as the significant unobservable inputs used.

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Valuation technique** | **Significant unobservable inputs** | **Inter-relationship between significant unobservable inputs and fair value** |
| **Investment portfolio: Equities Unlisted** | &nbsp;&nbsp;• Price of recent investments in the investee company<br>• Implied multiples from recent transactions of the underlying investee companies<br>• Offers received by investee companies<br>• Revenue multiples derived from comparable public companies and transactions<br>• Option pricing model | &nbsp;&nbsp;• Third-party transactions<br>• Revenue multiples (1.7-2.7, 2025: 2.3-2.7)<br>• Balance sheets and last twelve-month revenues for certain of the investee companies<br>• Equity volatility (50-110%, 2025: 50-110%)<br>• Time to exit events<br>• Discount for lack of marketability (5-10%, 2025: 5-10%)<br>| &nbsp;&nbsp;• Increases in revenue multiples increases fair value<br>• Increases in equity volatility can increase or decrease fair value depending on class of shares held in the investee company<br>• Increases in estimated time to exit event can increase or decrease fair value depending on class of shares held in the investee company<br>|
| **Partnership interest and others** | &nbsp;&nbsp;• Adjusted net book value<br>| &nbsp;&nbsp;• Net asset value per unit<br>• Change in market pricing of comparable companies of the underlying investments made by the partnership | &nbsp;&nbsp;&nbsp;• Increases in net asset value per unit or change in market pricing of comparable companies of the underlying investment made by the partnership can increase fair value |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**13. Fair value of financial instruments** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Measurement of fair values *(Continued from previous page)*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *Valuation techniques and significant unobservable inputs (Continued from previous page)*

The following table presents the changes in fair value measurements of the Company's investment portfolio recognized at fair value at March 31, 2026 and December 31, 2025 and classified as Level 3:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **March 31, <br>2026** | December 31, <br>2025 |
| Balance, beginning of the period | **6484** | 11991 |
| Disposal | **—** | (715) |
| Transfer to Level 1 marketable securities | **—** | (2600) |
| Unrealized exchange (loss) gain | **69** | (353) |
| Unrealized loss on investment portfolio | **(1406)** | (1839) |
| Balance, end of the period | **5147** | 6484 |

---

In 2025, one of the Company's investments was reclassified from Level 3 to Level 1 following their public listing through a reverse takeover. The investment is now measured using quoted market prices and presented as a marketable security.

The fair value of the Company's current loans receivable, other receivables, and accounts payable, accruals and other approximates its carrying values due to the short-term nature of these instruments. The fair value of the Company's credit facility approximates its carrying amount due to its variable interest rate, which approximates a market interest rate. The fair value of the Company's debentures was determined based on a discounted cash flow analysis using observable market interest rates for instruments with similar terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii) Sensitivity analysis*

For the fair value of equity securities, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have the following effects.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Profit or loss** | **Profit or loss** |
|  |  | **Increase** | **Decrease** |
| **Investment portfolio:** | **Investment portfolio:** |  |  |
| March 31, 2026 | Adjusted market multiple (5% movement) | 257 | (257) |
| December 31, 2025 | Adjusted market multiple (5% movement) | 324 | (324) |

---

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**14. Nature and extent of risk arising from financial instruments**

***Risk management policy***

In the normal course of business, the Company is exposed to financial risk that arises from a number of sources. Management's involvement in operations helps identify risks and variations from expectations. As a part of the overall operation of the Company, Management takes steps to avoid undue concentrations of risk. The Company manages these risks as follows:

***Credit risk***

Credit risk is the risk of financial loss to the Company if a customer or counter-party to a financial instrument fails to meet its contractual obligations and arises primarily from the Company's loans receivable. The maximum amount of credit risk exposure is limited to accounts receivable, brokerage firm receivables and the gross carrying amount of the loans receivable disclosed in these consolidated financial statements.

The Company acts as a lender of unsecured consumer loans and lines of credit and has little concentration of credit risk with any particular individual, company or other entity, relating to these services. However, the credit risk relates to the possibility of default of payment on the Company's loans receivable. The Company performs on-going credit evaluations, monitors aging of the loan portfolio, monitors payment history of individual loans, and maintains an allowance for loan loss to mitigate this risk.

The credit risk decisions on the Company's loans receivable are made in accordance with the Company's credit policies and lending practices, which are overseen by the Company's senior management. Credit quality of the customer is assessed based on a credit rating scorecard and individual credit limits are defined in accordance with this assessment. The consumer loans receivable is unsecured. The Company develops underwriting models based on the historical performance of groups of customer loans which guide its lending decisions. To the extent that such historical data used to develop its underwriting models is not representative or predictive of current loan book performance, the Company could suffer increased loan losses.

The Company cannot guarantee that delinquency and loss levels will correspond with the historical levels experienced and there is a risk that delinquency and loss rates could increase significantly.

***Interest rate risk***

Changes in market interest rates may have an effect on the cash flows associated with some financial assets and liabilities, known as cash flow risk, and on the fair value of other financial assets or liabilities, known as price risk. The Company is exposed to interest rate risk primarily relating to its credit facility that bears interest fluctuating with the Secured Overnight Financing Rate ("SOFR"). The credit facility does not have a SOFR floor. As at March 31, 2026, SOFR is 3.57% (December 31, 2025 – 3.87%). The debentures have fixed rates of interest and are not subject to variability in cash flows due to interest rate risk.

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**14. Nature and extent of risk arising from financial instruments** *(Continued from previous page)*

***Liquidity risk***

The Company's accounts payable and accruals are substantially due within 12 months. The maturity schedule of the Company's credit facility and debentures is described below. The debentures are subordinated to the credit facility, which has the effect of extending their maturity to the maturity date of the credit facility. Accordingly, the effective maturity of the debentures is linked to that of the credit facility.

The Company has the ability, at its discretion and subject to the terms of the debentures, to settle principal and interest obligations in cash or Common Shares. This feature applies to quarterly debenture payments and can provide flexibility in managing associated cash outflows.

Based on the current contractual terms of its debt arrangements and expected cash flows, the Company does not have material debt maturities within the next 12 months other than scheduled interest and principal payments. The maturity schedule of the Company's credit facility and debentures is presented below. See Notes 7 and 8 for further details.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2026** | **2027** | **2028** | **2029** |
| ***Commitments - operational*** |  |  |  |  |
| Lease payments | 1085 | 605 |  |  |
| Accounts payable | 3352 |  |  |  |
| Accruals and other | 12471 |  |  |  |
| Other purchase obligations | 585 | 390 |  |  |
| Interest – Credit facility (Note 7) | 4607 | 5515 | 5515 | 30 |
| Interest – Debentures (Note 8)<sup>(1)</sup> | 1943 | 2424 | 2217 | 520 |
|  | 24043 | 8934 | 7732 | 550 |
| ***Commitments – principal repayments*** |  |  |  |  |
| Credit facility (Note 7) |  |  |  | 50977 |
| Debentures (Note 8) <sup>(1)</sup> | 1706 | 2438 | 2639 | 25411 |
|  | 1706 | 2438 | 2639 | 76388 |
| **Total contractual obligations** | **25749** | **11372** | **10371** | **76938** |

---

<sup>(1)</sup> The debenture repayments are payable in either cash or Common Shares at the Company's option. The number of Common Shares required to settle the repayments is variable based on the Company's share price at the repayment date, and accordingly the timing and amount of associated cash outflows may vary. Quarterly debenture payments include both principal and interest components.

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**15. Equity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Share capital

The Company's authorized share capital is comprised of an unlimited number of Common Shares with no par value and an unlimited number of preferred shares issuable in one or more series. The Board is authorized to determine the rights and privileges and number of shares of each series of preferred shares.

As at March 31, 2026, there were 23,894,826 (December 31, 2025 – 23,943,550) Common Shares and no preferred shares issued and outstanding.

For the three months ended March 31, 2026, the Company repurchased 48,724 Common Shares for cancellation under the share repurchase program at an average price of CAD $1.44 per share, for a total repurchase cost of $70.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Treasury share reserve

The treasury share reserve comprises the cost of the shares held by the Company. As at March 31, 2026, the Company held 190,706 Common Shares in reserve (December 31, 2025 – 190,706).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Options

The Company has a stock option plan (the "Plan") that provides for the granting of options to directors, officers, employees and consultants. The exercise price of an option is set at the time that such option is granted under the Plan. The maximum number of Common Shares reserved for issuance under the Plan is the greater of i) 15% of the number of Common Shares issued and outstanding, and ii) 1,266,667.

Each option entitles the holder to receive one Common Share upon exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither right to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of expiry. Options issued under the Plan have a maximum contractual term of eight years and options issued under the Prior Plan have a maximum contractual term of ten years.

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**15. Equity** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Options *(Continued from previous page)*

A summary of the status of the stock options and changes in the period is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Options outstanding (000s)** | **Weighted average grant date fair value $** | **Weighted average exercise price $** | **Options exercisable (000s)** | **Weighted average exercise price $** |
| **Balance, December 31, 2024** | **2760** | **—** | **2.69** | **1543** | **3.06** |
| Options issued | 890 | 1.32 | 1.86 |  |  |
| Exercised | (19) | 4.51 | 1.86 |  |  |
| Forfeited | (239) | 5.20 | 1.87 |  |  |
| **Balance, December 31, 2025** | **3392** |  | **2.55** | **1951** | **2.93** |
| Options issued | 15 | 1.01 | 1.30 |  |  |
| Forfeited | (23) | 16.08 | 9.50 |  |  |
| **Balance, March 31, 2026** | **3384** |  | **2.50** | **2032** | **2.84** |

---

The above noted options have expiry dates ranging from May 2026 to March 2034.

With the exception of performance-based stock options, the fair value of each option granted was estimated using the Black-Scholes option pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | March 31, <br>2025 |
| Risk-free interest rate | **3.09%** | 2.76% |
| Expected life | **5 years** | 5 years |
| Expected volatility in market price of shares | **83%** | 88% |
| Expected dividend yield | **0%** | 0% |
| Expected forfeiture rate | **0% - 15%** | 0% - 15% |
| Weighted average share price | **1.30** | 1.29 |

---

These options generally vest monthly over a four-year period after an initial one-year cliff.

Volatility of the above options is based on the Company's market share price over the last 5 years.

Total stock-based compensation costs related to options for the three months ended March 31, 2026 was $229 (March 31, 2025 – $475).

------

**Orion Digital Corp.**

**Notes to the Interim Condensed Consolidated Financial Statements**

*(Unaudited)*

*(Expressed in thousands of Canadian dollars, except per share amounts)*

*For the three months ended March 31, 2026 and 2025*

**15. Equity** *(Continued from previous page)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Warrants

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Warrants outstanding (000s)** | **Weighted average exercise price $** | **Warrants exercisable (000s)** | **Weighted average exercise price $** |
| Balance, December 31, 2024 | 769 | 5.02 | 402 | 7.59 |
| **Balance, December 31, 2025** | **769** | **5.02** | **769** | **5.02** |
| Warrants expired | (89) |  | (89) |  |
| **Balance, March 31, 2026** | **680** | **5.32** | **680** | **5.32** |

---

The 679,630 warrants outstanding noted above have expiry dates ranging from September 2026 to August 2027 and do not include the stock warrants accounted for as a derivative financial liability.

The derivative financial liabilities are comprised of 1,018,519 USD stock warrants with an expiry date of June 2026 and a weighted average exercise price of $17.88. The stock warrants are classified as a liability under IFRS by the sole virtue of their exercise price being denominated in USD. As such, the warrants are subject to revaluation under the Black Scholes model at each reporting date, with gains and losses recognized to the interim condensed consolidated statements of operations and comprehensive income (loss). The balance for the current period is $nil (December 2025 - $nil).

**16. Related party transactions**

Related party transactions during the three months ended March 31, 2026 include transactions with debenture holders that incur interest. The related party debentures balance as at March 31, 2026, totaled $133 (December 31, 2025 – $126). The debentures bear annual coupon interest of 8.0% (December 31, 2025 – 8.0%) with interest expense for the three months ended March 31, 2026, totaling $3 (March 31, 2025 – $3). The related parties involved in such transactions include shareholders, officers, directors, and management, close members of their families, or entities which are directly or indirectly controlled by close members of their families. The debentures are ongoing contractual obligations that are used to fund our corporate and operational activities.

------

## Exhibit 99.2

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

---

Exhibit 99.2

**ORION DIGITAL CORP.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE QUARTER ENDED MARCH 31, 2026**

**DATED: MAY 7, 2026**

1 **\|** Page

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

---

---

| | |
|:---|:---|
| **Table of Contents** |  |
| [**<u>Caution Regarding Forward-looking Statements</u>**](#caution_regarding_fwd_looking_stmts) | **4** |
| [**<u>Company Overview</u>**](#company_overview) | **5** |
| [**<u>Business Developments</u>**](#business_developments) | **5** |
| [**<u>Financial Highlights</u>**](#financial_highlights) | **7** |
| [**<u>Financial Outlook</u>**](#financial_outlook) | **10** |
| [**<u>Financial Performance Review</u>**](#financial_performance_review) | **11** |
| [**<u>Results of Operations</u>**](#results_of_operations) | **15** |
| [**<u>Non-IFRS Financial Measures</u>**](#non_ifrs_measures) | **23** |
| [**<u>Liquidity and Capital Resources</u>**](#liquidity_capital_resources) | **27** |
| [**<u>Risk Management</u>**](#risk_management) | **31** |
| [**<u>Critical Accounting Estimates</u>**](#critical_accounting_estimates) | **32** |
| **<u>Changes in Accounting Policies</u>** | **32** |
| **<u>Controls and Procedures</u>** | **32** |

---

2 **\|** Page

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**MANAGEMENT'S DISCUSSION AND ANALYSIS**

*This Management's Discussion and Analysis ("****MD&A****") is current as of May 7, 2026, and presents an analysis of the financial condition of Orion Digital Corp. and its subsidiaries (collectively referred to as "****Orion Digital****", "****Orion****" or the "****Company****") as at and for the three months ended March 31, 2026 compared with the corresponding periods in the prior year. This MD&A should be read in conjunction with the Company's interim condensed consolidated financial statements and the related notes thereto for the three months ended March 31, 2026. The financial information presented in this MD&A is derived from our interim condensed consolidated financial statements prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board. The Company was continued under the Business Corporations Act (British Columbia) on June 21, 2019.*

*This MD&A is the responsibility of management. The board of directors of Orion (the "****Board****") has approved this MD&A after receiving the recommendation of the Company's Audit Committee, which is comprised exclusively of independent directors, and the Company's Disclosure Committee.*

*Unless otherwise noted or the context indicates otherwise "we", "us", "our", the "Company", "Orion" or "Orion Digital" refer to Orion Digital Corp. and its direct and indirect subsidiaries. The Company presents its consolidated financial statements in Canadian dollars. Amounts in this MD&A are stated in Canadian dollars unless otherwise indicated. Unless otherwise noted, financial information in this MD&A has been rounded to the nearest thousand in tables and to the nearest million in narrative discussion. As a result, certain totals, subtotals and percentages may not reconcile due to rounding.*

*This MD&A may refer to trademarks, trade names and material which are subject to copyright, which are protected under applicable intellectual property laws and are the property of Orion. Solely for convenience, our trademarks, trade names and copyrighted material referred to in this MD&A may appear without the* <sup>®</sup> *or© symbol, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks, trade names and copyrights. All other trade-marks used in this MD&A are the property of their respective owners.*

*The Company's continuous disclosure materials, including interim filings, audited annual consolidated financial statements, annual information form and annual report on Form 20-F can be found on SEDAR+ at* www.sedarplus.com*, with the Company's filings with the United States Securities and Exchange Commission at* www.sec.gov*, and on the Company's website at* www.orion-digital.com

*This MD&A makes reference to certain non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement the IFRS financial measures contained herein by providing further metrics to understand the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS financial measures, including adjusted revenue, adjusted subscription and services revenue, adjusted payments revenue, adjusted other subscription and services revenue, adjusted EBITDA, adjusted net income (loss) and cash provided by (used in) operating activities before investment in gross loans receivable, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We also use non-IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. See "Key Performance Indicators" and "Non-IFRS Financial Measures".* 

3 **\|** Page

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

---

**Caution Regarding Forward-Looking Statements**

This MD&A contains forward-looking statements that relate to the Company's current expectations and views of future events. In some cases, these forward-looking statements can be identified by words or phrases such as "outlook", "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "predict" or "likely", or the negative of these terms, or other similar expressions intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, among other things, statements relating to the Company's expectations (including our financial outlook) regarding its revenue, expenses and operations, key performance indicators, provision for loan losses (net of recoveries), anticipated cash needs and its need for additional financing, completion of announced transactions, funding costs, ability to extend or refinance any outstanding amounts under the Company's credit facility, ability to protect, maintain and enforce its intellectual property, plans for and timing of expansion of its product and services, future growth plans, ability to attract new members and develop and maintain existing customers, ability to attract and retain personnel, expectations with respect to advancement of its product offering, competitive position and the regulatory environment in which the Company operates, anticipated trends and challenges in the Company's business and the markets in which it operates, third-party claims of infringement or violation of, or other conflicts with, intellectual property rights, the resolution of any legal matters, and the acceptance by the Company's consumers and the marketplace of new technologies and solutions.

Forward-looking statements, including our financial outlook, are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that actual results will be consistent with these forward-looking statements. Our financial outlook is intended to provide further insight into our expectations for results in 2026 and may not be appropriate for other purposes. This outlook involves numerous assumptions, particularly around member growth and take up of products and services, and we believe it is prepared on a reasonable basis reflecting management's best estimates and judgements. However, given the inherent risks, uncertainties and assumptions, any investors or other users of this document should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors that are discussed in greater detail in the "Risk Factors" section of the Company's current annual information form available at www.sedarplus.com and at www.sec.gov, which risk factors are incorporated herein by reference.

The forward-looking statements made in this MD&A relate only to events or information as of the date of this MD&A and are expressly qualified in their entirety by this cautionary statement. Except as required by law, we do not assume any obligation to update or revise any of these forward-looking statements to reflect events or circumstances after the date of this MD&A, including the occurrence of unanticipated events. An investor should read this MD&A with the understanding that our actual future results may be materially different from what we expect.

[The rest of this page left intentionally blank]

4 **\|** Page

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Company Overview**

Orion Digital Corp. is a financial technology company focused on platforms for the next generation of financial services. The Company operates two distinct growth platforms: Intelligent Investing in Canadian digital wealth and Carta Worldwide in European payments infrastructure. Both platforms are supported by a consumer lending portfolio that generates operating cash flow funding investment in the Wealth and Payments platforms.

Intelligent Investing is built around a thesis the broader retail investing industry has largely abandoned: that long-term wealth is created through disciplined capital allocation, not through the frequency of decisions. The dominant model in retail investing today is optimized for engagement-combining real-time trading, leveraged instruments, and increasingly speculative features designed to maximize user activity rather than long-term outcomes. As financial systems become increasingly automated, the differentiation between platforms designed for compounding and platforms designed for engagement becomes increasingly relevant. Intelligent Investing is built for the first model. It emphasizes structured portfolio construction and behavioral discipline, supporting recurring assets under management and long-term investor outcomes. Intelligent Investing represents the Company's primary long-term growth initiative.

Carta Worldwide is the Company's European payments infrastructure platform, operating within the authorization layer of payment networks - providing the systems that authorize transactions, enforce program rules, and connect payment activity to regulated settlement networks. The authorization layer is an important component of financial systems, particularly as transaction flows become more automated.

The Company also operates a consumer lending portfolio in Canada with over two decades of operating history. The lending portfolio is managed for cash flow rather than for origination growth, generating the operating cash flow that funds investment in the Wealth and Payments platforms. The lending business operates with disciplined underwriting and risk control under Canada's revised 35% APR regime.

Orion Digital's capital allocation framework prioritizes reinvestment in the Wealth platform, followed by investment in the Payments platform, opportunistic share repurchases where appropriate, and retention of liquidity to support operating flexibility through cycles.

**Business Developments**

*Corporate Development*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•On December 30, 2025, The Company announced its corporate name change to Orion Digital Corp., reflecting the Company's evolution toward a multi-platform digital financial infrastructure business operating across wealth and payments. The Company's common shares began trading under the new ticker symbol "ORIO" on Nasdaq and TSX on January 2, 2026.

*Wealth Platform Developments*

Intelligent Investing is the Company's unified wealth platform, built around a single objective: improving capital allocation decisions for individual investors over time. It brings managed and self-directed investing together within one system, anchored by a core S&P 500 portfolio and structured to align user behavior with long-term outcomes rather than short-term activity.

The platform is being delivered in two phases. In Q4 2025, the Company completed Phase 1, which established the managed investing foundation, expanded portfolio transparency, enhanced suitability processes, goal-setting and planning tools, and a redesigned user experience. The Company is currently in the midst of Phase 2, with completion expected this quarter, consistent with its previously communicated first-half 2026 timeline. Phase 2 introduces self-directed investing within the same unified platform as managed investing, completing the foundational architecture of Intelligent Investing.

This is not an incremental product expansion. It is a different model for individual investing.

Most platforms are structurally aligned with activity - more trades, more engagement, more volume - regardless of whether those behaviors improve investor outcomes. Intelligent Investing is built around a different objective: improving capital allocation decisions over time.

5 **\|** Page

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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The system rests on three principles:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•A core S&P 500 portfolio as the default foundation, reflecting the long-run reality that most investors and most professional managers underperform the market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Self-directed investing as a disciplined layer, where capital allocation is measured against the S&P 500 benchmark and earned through demonstrated performance, not assumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•An environment intentionally designed to reduce emotional, reactive decision-making and reinforce structured, long-term thinking through allocation frameworks, behavioral constraints, and performance feedback.

The result is a unified system that aligns user behavior with long-term outcomes - shifting the focus from activity to decision quality, and from short-term engagement to long-term compounding.

Phase 2 establishes the foundation for the Company's long-term objective: to build the most effective capital allocation system for individual investors.

Assets under management (AUM) on the Wealth platform were $495.6 million at March 31, 2026, up 14% from $436.3 million at March 31, 2025.

*Payments Platform Developments*

In Q1 2026, Carta processed $2.7 billion in European transaction volume, up 12% from $2.4 billion in Q1 2025. Adjusted Q1 2026 payments revenue<sup>(1)</sup> was consistent with Q1 2025 at $2.3 million. Full-year 2025 European volume was $11.1 billion.

The Company is also evaluating stablecoin-based infrastructure within the Carta payments platform for selected cross-border payment flows where the technology may improve settlement speed, transparency, and cost efficiency, subject to applicable regulatory, partner, and risk-management requirements.

*Strategic Portfolio Monetizations and Capital Allocation*

In January 2026, the Company exited its remaining equity position in WonderFi Technologies Inc. ("WonderFi"). Combined with the partial monetization of approximately $13.8 million in August 2025, the Company has now fully exited its WonderFi position. The proceeds from the WonderFi exit increased the Company's cash position materially, supporting balance sheet flexibility for continued reinvestment in the Wealth and Payments platforms.

In Q1 2026, the Company repurchased 48,724 common shares under its share repurchase program. As March 31, 2026, Orion had repurchased a total of 1,715,909 common shares since June 2022, representing approximately 7.2% of its outstanding shares. The Company maintains a Nasdaq share repurchase authorization of up to $10 million.

The Company continues to hold a Bitcoin position acquired under its previously announced treasury strategy. Management views current exposure as consistent with the Company's long-term capital allocation framework. Near-term capital allocation priorities are focused on reinvestment in the Wealth and Payments platforms and opportunistic share repurchases.

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

6 **\|** Page

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

---

*Regulatory and Market Developments*

Effective January 1, 2025, Orion Digital has been operating under Canada's revised maximum allowable interest rate of 35% APR. The Company implemented product changes for compliance and continues to manage the loan portfolio with disciplined underwriting and risk control.

Continued macroeconomic uncertainty associated with global trade developments and tariffs announced in 2025 may affect economic conditions in Canada. The Company continues to monitor these conditions in the management of its lending portfolio.

**Financial Highlights**

Q1 2026 results reflect continued execution on Orion Digital's strategy of building platforms for the next generation of financial services, with operating performance consistent with the Company's full-year trajectory.

*Revenue*

Total revenue was $16.9 million in Q1 2026 compared to $17.3 million in Q1 2025. Excluding revenue from non-core businesses exited during 2025, adjusted revenue<sup>(1)</sup> increased 2% year-over-year to $16.9 million, reflecting growth in the Wealth and Payments platforms as well as growth in adjusted other subscription and services revenue<sup>(1)</sup>.

Subscription and services revenue totaled $10.5 million in Q1 2026, representing 63% of total revenue. This compares to $10.7 million or 62% in Q1 2025. The year-over-year change reflects the Company's exit from the legacy institutional brokerage business and Canadian payments operations during 2025. Excluding revenue from these exited businesses, adjusted subscription and services revenue<sup>(1)</sup> increased 7% to $10.5 million.

Within subscription and services revenue:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Wealth revenue increased 12% year-over-year to $3.9 million reflecting continued AUM growth and increasing platform adoption following the Phase 1 rebuild.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Payments revenue was $2.3 million, with adjusted payments revenue<sup>(1)</sup>(excluding the exited Canadian payments operations) consistent year-over-year, reflecting strong Q1 2026 European transaction volume growth of 12% offset by program mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Other subscription and services revenue was $4.3 million; excluding the exit of the legacy institutional brokerage business, adjusted other subscription and services revenue<sup>(1)</sup> grew 6% year-over-year.

*Profitability and Cash Flow*

Gross profit was $11.6 million in Q1 2026 consistent with the same period in the prior year. Gross margin expanded from 67% in Q1 2025 to 69% in Q1 2026, reflecting the continued shift in revenue mix toward higher-margin platform revenue and the disciplined exit of lower-margin non-core revenue streams.

Adjusted EBITDA<sup>(1)</sup> was $1.5 million in Q1 2026 and increase of 46% from $1.1 million in Q1 2025.

Cash flow from operating activities before investment in gross loans receivable<sup>(1)</sup> was $4.0 million in Q1 2026, a 6% increase compared to the same period last year.

Net loss was $5.8 million in Q1 2026 compared to $11.9 million in Q1 2025, an improvement of 51% with the variance primarily driven by a non-operating revaluation loss recorded in the prior period.

------

(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

7 **\|** Page

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Balance Sheet and Liquidity**

The Company ended Q1 2026 with $35.4 million in cash, marketable securities and investments, comprising:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Cash and restricted cash** of $25.6 million, an increase of 97% year-over-year from $13.0 million at Q1 2025, reflecting both ongoing operating cash generation and the conversion of non-core holdings to operating liquidity, including the August 2025 January 2026 monetizations of the Company's WonderFi position

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Marketable securities** of $4.7 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Investment portfolio** of $5.1 million

Total cash, marketable securities and investment portfolio of $35.4 million as at March 31, 2026, compared to $38.8 million as at March 31, 2025, reflecting the conversion of investment portfolio holdings into operating cash.

**Q1 2026 KPI Scorecard**

In conjunction with Q1 results, the Company is including a KPI scorecard to provide visibility into the operating performance of each platform alongside corporate-level metrics.

---

| | | | |
|:---|:---|:---|:---|
| ($000s unless otherwise indicated; percentages in %) |  |  |  |
|  | **Q1 2026** | **Q1 2025** | **Change %** |
| ***Wealth Platform*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Assets under management (millions) | 495.6 | 436.3 | 14% |
| &nbsp;&nbsp;&nbsp;&nbsp;Wealth revenue | 3891 | 3481 | 12% |
| ***Payments Platform*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;European transaction volume (billions) | 2.7 | 2.4 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted payments revenue<sup>(1)</sup> | 2307 | 2306 | 0% |
| ***Lending and Other*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operations before investment in gross loans receivable<sup>(1)</sup> | 4015 | 3770 | 6% |
| ***Corporate*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and restricted cash | 25565 | 13037 | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash, marketable securities and investment portfolio | 35371 | 38832 | (9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA<sup>(1)</sup> | 1528 | 1050 | 46% |

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Financial Outlook**

The outlook that follows constitutes forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks. Actual results could vary materially as a result of numerous factors, including certain risk factors, many of which are beyond Orion's control. Please refer to page 4 for more information on forward-looking statements.

We are providing updated guidance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Q2 2026 Adjusted EBITDA**<sup>(1)</sup>**:** approximately $2.5 million to $3.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Full-year 2026 Adjusted EBITDA**<sup>(1)</sup>**:** approximately $6.0 million to $7.0 million,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Consolidated revenue:** modestly lower year-over-year

We are reducing Q2 loan originations by approximately 50% from Q1 levels. We want investors to see clearly what the business produces under this scenario. With reduced new origination activity, the existing loan book generates cash without the offsetting customer acquisition and incremental provision costs we incur at full deployment pace. The Q2 Adjusted EBITDA guide reflects that. This is a temporary modulation, not a run rate.

We are guiding second-half Adjusted EBITDA lower than the first half as we ramp up origination volume again and increase marketing investment, including for Intelligent Investing following its Phase 2 roll out.

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1. Adjusted EBITDA is a non-IFRS measures. Management has not reconciled these forward-looking non-IFRS measure to their most directly comparable IFRS measure, net income (loss). This is because the Company cannot predict with reasonable certainty and without unreasonable efforts the ultimate outcome of certain IFRS components of such reconciliations due to market-related assumptions that are not within our control as well as certain legal or advisory costs, tax costs or other costs that may arise. For these reasons, management is unable to assess the probable significance of the unavailable information, which could materially impact the amount of the future directly comparable IFRS measures.

10 **\|** Page

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| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Financial Performance Review**

The following provides insight on the Company's financial performance by illustrating and providing commentary on its key performance indicators and operating results.

**Key Performance Indicators**

The key performance indicators that we use to manage our business and evaluate our financial results and operating performance consist of: Orion members, revenue, subscription and services revenue, net (loss) income, net cash used in operating activities, adjusted revenue<sup>(1)</sup>, adjusted subscription and services revenue<sup>(1)</sup>, adjusted payments revenue<sup>(1)</sup>, adjusted other subscription and services revenue<sup>(1)</sup>,adjusted EBITDA<sup>(1)</sup>, adjusted net income (loss)<sup>(1)</sup>and cash provided by operating activities before investment in gross loans receivable<sup>(1)</sup>. We evaluate our performance by comparing our actual results to prior period results.

The tables below provide a summary of key performance indicators for the applicable reported periods:

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| | | | |
|:---|:---|:---|:---|
|  | **As at** | **As at** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| ***Key Business Metrics*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Orion members (000s) | 2370 | 2221 | 7% |

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| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| ***IFRS Measures*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $16856 | $17330 | (3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Subscription and services revenue | 10536 | 10731 | (2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wealth revenue | 3891 | 3481 | 12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments revenue | 2307 | 2555 | (10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | (5812) | (11871) | (51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash (used in) provided by operating activities | (419) | 560 | n/a |
| ***Key Performance Indicators***<sup>(1)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted revenue | 16856 | 16490 | 2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted subscription and services revenue | 10536 | 9891 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted payments revenue | 2307 | 2306 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | 1528 | 1050 | 46% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net loss | (721) | (1463) | (51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash provided by operations before investment in gross loans receivable | 4015 | 3770 | 6% |

---

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Key Performance Indicators**

These measures are used by management and the Board to understand and evaluate our core operating performance and trends. Management considers cash provided by operating activities before investment in gross loans receivable to be a useful measure in understanding the cash flow trends inherent to our existing scale of operations, by separating out the portion of cash flows related to investment in portfolio growth.

***Orion members***<sup>(1)</sup>

Our total member base grew to 2,370,000 members as at March 31, 2026, from 2,221,000 members as at March 31, 2025, representing an increase of approximately 7% or 149,000 net members. From Q4 2025, net members increased by 42,000 in Q1 2026. The growth in our member base reflects the continued adoption of our products by new members.

***Adjusted revenue***<sup>(1)</sup>

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Adjusted revenue was $16.9 million for the three months ended March 31, 2026, an increase of $0.4 million compared to $16.5 million in the same period last year. The increase was primarily driven by growth in the Company's wealth platform, supported by continued activity within the payments infrastructure business.

***Adjusted subscription and services revenue***<sup>(1)</sup>

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Adjusted subscription and services revenue was $10.5 million for the three months ended March 31, 2026, an increase of $0.6 million compared to $9.9 million in the same period last year. Within this category, wealth revenue increased 12% year-over-year, reflecting continued adoption of the Intelligent Investing platform, while adjusted payments revenue remained consistent at $2.3 million.

***Adjusted payments revenue***<sup>(1)</sup>

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Adjusted payments revenue was $2.3 million for the three months ended March 31, 2026, consistent with the same period last year, reflecting steady demand and continued activity within the payments infrastructure business.

***Adjusted EBITDA***<sup>(1)</sup>

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Adjusted EBITDA was $1.5 million for the three months ended March 31, 2026, an increase of $0.4 million compared with an adjusted EBITDA of $1.1 million in the same period last year. The improvement was driven by a reduction in cost of revenue that more than offset the decline in revenue, leading to higher gross profit, along with lower operating expenses, resulting in improved overall profitability. The Company continues to demonstrate operating discipline, with cost reductions and efficiency initiatives supporting improved margins.

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Adjusted net loss***<sup>(1)</sup>

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Adjusted net loss was $0.7 million for the three months ended March 31, 2026, an improvement of $0.8 million compared with an adjusted net loss of $1.5 million in the same period last year. The improvement reflects the same factors driving adjusted EBITDA, including higher gross margin from lower cost of revenue and reduced operating expenses, as well as lower interest and financing expenses in the current period.

***Cash provided by operating activities before investment in gross loans receivable***<sup>(1)</sup>

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Cash provided by operating activities before investment in gross loans receivable was $4.0 million for the three months ended March 31, 2026, an increase of $0.2 million compared to $3.8 million in the same period last year. This increase was primarily driven by improved operating performance and a greater contribution from non-cash items in the current period compared to the prior year.

**IFRS Measures**

***Revenue***

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Total revenue decreased to $16.9 million for the three months ended March 31, 2026 compared to $17.3 million in the same period last year. The decreased primarily reflects the Company's exit from the legacy institutional brokerage business and Canadian payments operations as previously announced, as well as lower interest revenue following the implementation of the 35% rate cap on consumer lending in Canada and the Company's disciplined management of its lending portfolio.

These declines were offset by continued growth in the Company's Wealth platform, along with stable performance in its Payments business.

***Subscription and services revenue***

Subscription and services revenue represents the Company's platform-based revenue streams, including wealth management services, payments infrastructure revenue, and other subscription-related products.

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Subscription and services revenue decreased to $10.5 million for the three months ended March 31, 2026 compared to $10.7 million in the same period last year.

Within this category, wealth revenue increased to $3.9 million, representing growth of 12% or $0.4 million compared to $3.5 million in the same period last year, reflecting continued growth in the Intelligent Investing platform.

Payments revenue decreased to $2.3 million compared to the same period last year reflecting exit of the Canadian operations in 2025.

Other subscription and services revenue decreased compared to the same period in the prior year primarily due to the Company's exit from the legacy institutional brokerage business in the year.

(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Net loss***

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Net loss was $5.8 million for three months ended March 31, 2026, compared to $11.9 million in the same period last year. The decrease in net loss is primarily due to the $8.3 million non-operating revaluation loss on marketable securities in the same period in the prior year.

***Net cash provided by (used in) operating activities*** 

*<u>Three months ended Q1 2026 vs Q1 2025</u>*

Net cash used in operating activities was ($0.4) million for the three months ended March 31, 2026, compared to net cash provided by operating activities of $0.6 million in the same period last year. The change was primarily due to an increase in cash invested in loans receivable and changes in working capital management.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Results of Operations**

The Company's results of operations for the three months ended March 31, 2026 reflect the continued evolution of Orion Digital's business model toward platform-based revenue streams. Growth during the period was primarily driven by expansion of the Company's Wealth platform, Intelligent Investing, and continued development of its payments infrastructure through Carta. At the same time, total revenue was affected by the strategic exit of the legacy institutional brokerage business and lower interest revenue following the implementation of the consumer lending rate cap in Canada. The Company's lending portfolio continues to operate as a stable cash-generating asset that supports the Company's broader capital allocation strategy while management prioritizes investment in its Wealth platform and payments infrastructure.

The following table sets forth a summary of our results of operations for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| ($000s, except per share amounts) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Total revenue | $16856 | $17330 |
| Cost of revenue | 5217 | 5718 |
| **Gross profit** | 11639 | 11612 |
| Technology and development | 2972 | 2782 |
| Marketing | 963 | 1147 |
| Customer service and operations | 2578 | 2603 |
| General and administration | 3598 | 4030 |
| Stock-based compensation | 229 | 475 |
| Depreciation and amortization | 2026 | 1954 |
| **Total operating expenses** | 12366 | 12991 |
| **Loss from operations** | (727) | (1379) |
| Credit facility interest expense | 1372 | 1446 |
| Debenture and other financing expense | 746 | 913 |
| Accretion related to debentures | 131 | 154 |
| Revaluation loss | 2863 | 7662 |
| Other non-operating expense | 72 | 416 |
|  | 5184 | 10591 |
| **Net loss before tax** | (5911) | (11970) |
| **Income tax recovery** | (99) | (99) |
| **Net loss** | (5812) | (11871) |
| **Other comprehensive loss:** |  |  |
| Foreign currency translation reserve gain (loss) | 65 | (762) |
| **Other comprehensive income (loss)** | 65 | (762) |
| **Total comprehensive loss** | (5747) | (12633) |
| Adjusted EBITDA<sup>(1)</sup> | 1528 | 1050 |
| Adjusted net loss<sup>(1)</sup> | (721) | (1463) |
| Basic income (loss) per share | (0.24) | (0.49) |
| Diluted income (loss) per share | (0.24) | (0.49) |

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(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Key Income Statement Components**

***Total revenue***

The following table summarizes total revenue for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Subscription and services revenue | $10536 | $10731 | (2)% |
| Interest revenue | 6320 | 6599 | (4)% |
| Total revenue | 16856 | 17330 | (3)% |

---

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Subscription and services revenue |  |  |  |
| &nbsp;&nbsp;Wealth revenue | $3891 | $3481 | 12% |
| &nbsp;&nbsp;Payments revenue | 2307 | 2555 | (10)% |
| &nbsp;&nbsp;Other Subscription and Services revenue | 4338 | 4695 | (8)% |
| Total subscription and services revenue | 10536 | 10731 | (2)% |
| Interest revenue | 6320 | 6599 | (4)% |
| Total revenue | 16856 | 17330 | (3)% |

---

*Subscription and services revenue* – represents the Company's platform-based revenue streams, including wealth management services, payments infrastructure revenue and other subscription-related products. Wealth revenue includes fees related to Orion Digital's Intelligent Investing platform and also includes portfolio management fees from our asset management business. Payments revenue consists of the transaction processing fees and other charges related to Carta. Other subscription and services revenue includes premium account fees, loan insurance revenue, referral fee revenue, partner lending fees, legacy institutional brokerage revenue and other fees and charges.

*Interest revenue* – represents interest earned on the Company's consumer lending products. The lending portfolio continues to operate as a stable, cash-generating asset that supports the Company's broader capital allocation strategy. Origination levels are actively managed based on risk conditions and capital allocation priorities.

Wealth revenue was $3.9 million for the three months ended March 31, 2026, representing an increase of $0.4 million compared to $3.5 million in the same period last year. The increase reflect continued adoption of the Company's Intelligent Investing platform following the rollout of Phase 1 of the platform, which introduced the new managed portfolio offering during the year.

Payments revenue was $2.3 million for the three months ended March 31, 2026, which is a decrease of $0.3 million compared to the same period last year reflecting exit of the Canadian operations in 2025.

Other subscription and services revenue was $4.3 million for the three months ended March 31, 2026, which is a $0.4 million decrease compared to $4.7 million in the same period last year. The decrease is primarily as a result of the Company exiting the low margin legacy institutional brokerage business in Q2 of the prior year.

Please refer to the "Key Performance Indicators" section for additional commentary on total revenue and subscription and services revenue.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Cost of revenue***

The following table summarizes the cost of revenue for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Provision for loan losses, net of recoveries | $4638 | $4814 | (4)% |
| Transaction costs | 579 | 904 | (36)% |
| Cost of revenue | 5217 | 5718 | (9)% |
| As a percentage of total revenue | 31% | 33% |  |

---

Cost of revenue consists of provision for loan losses, net of recoveries, and transaction costs. Provision for loan losses, net of recoveries, represents the amounts charged against income during the period to maintain an adequate allowance for loan losses. Our allowance for loan losses represents our estimate of the expected credit losses ("**ECL**") inherent in our portfolio and is based on various factors including the composition of the portfolio, delinquency levels, historical and current loan performance, expectations of future performance, and general economic conditions.

Transaction costs are expenses that relate directly to the onboarding and processing of new customers (excluding marketing), including expenses such as loan system transaction fees, transaction processing costs related to the Carta business and other transaction costs related to Intelligent Investing.

Cost of revenue was $5.2 million for the three months ended March 31, 2026, a decrease of $0.5 million compared to the same period in the prior year.

Provision for loan losses, net of recoveries, has decreased for the three months ended March 31, 2026 compared to the same periods in the prior year. The reduction was attributable to enhanced credit quality as well as adjustments to provisions based on evolving macroeconomic factors.

Transaction costs have decreased for the three months ended March 31, 2026 compared to the same periods in the prior year. The decrease is primarily as a result of the Company exiting the low margin legacy institutional brokerage business in the year.

<br>We believe we are adequately provisioned to absorb reasonably possible future material shocks to the loan book as a result of macroeconomic factors such as inflation and the interest rate environment. Please note that IFRS 9 requires the use of forward-looking indicators when measuring ECL, which can result in upfront recognition of expenses prior to any actual occurrence of a default event. We have applied a probability weighted approach in applying these forward-looking indicators to measure incremental ECL. This approach involved multiple stress scenarios and a range of potential outcomes. Factors considered in determining the range of ECL outcomes include varying degrees of possible length and severity of a recession, the effectiveness of collection strategies implemented to assist customers experiencing financial difficulty, and the level of loan protection insurance held by customers within our portfolio. We will continue to revisit assumptions under this methodology in upcoming quarters as economic conditions evolve.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Technology and development expenses***

The following table provides the technology and development expenses for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Technology and development | 2972 | 2782 | 7% |
| As a percentage of total revenue | 18% | 16% |  |

---

Technology and development expenses consist primarily of personnel and related costs associated with the Company's product development, business intelligence, artificial intelligence and machine learning initiatives, and information technology infrastructure teams. Associated expenses include hosting, software licenses, data acquisition, professional services, and costs related to the development, deployment, and maintenance of technology assets.

Technology and development expenses were $3.0 million for the three months ended March 31, 2026, representing an increase of $0.2 million compared to $2.8 million in the same period last year. These increases primarily reflect continued investment in the development and enhancement of the Company's Intelligent Investing platform and supporting infrastructure.

***Marketing expenses***

The following table provides the marketing expenses for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Marketing | $963 | $1147 | (16)% |
| As a percentage of total revenue | 6% | 7% |  |

---

Marketing expenses consist of salaries and personnel-related costs, direct marketing and advertising costs related to online and offline customer acquisition (paid search advertising, search engine optimization costs, and direct mail), public relations, promotional event programs and corporate communications.

Marketing expenses for the three months ended March 31, 2026 were $1.0 million, compared to $1.1 million for the corresponding period in the prior year, representing a decrease of $0.1 million. The decrease was primarily attributable to lower marketing expenditures during the period.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Customer service and operations expenses***

The following table provides the customer service and operations ("**CS&O**") expenses for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Customer service and operations | $2578 | $2603 | (1)% |
| As a percentage of total revenue | 15% | 15% |  |

---

CS&O expenses consist primarily of salaries and personnel-related costs for customer support, payment processing and collections employees. Associated expenses include third-party expenses related to credit data sources and collections.

CS&O expenses were consistent for the three months ended March 31, 2026 compared to the same period last year.

***General and administration expenses***

The following table provides the general and administration **(**"**G&A**"**)** expenses for the three months ended March 31, 2026 and 2025:

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| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| General and administration | $3598 | $4030 | (11)% |
| As a percentage of total revenue | 21% | 23% |  |

---

G&A expenses consist primarily of personnel-related costs, including salaries and benefits, for employees across general and administrative functions. Additional expenses include professional services, occupancy and office costs, public company expenses, and other general corporate expenses.

G&A expenses were $3.6 million for the three months ended March 31, 2026, which is a $0.4 million decrease compared to $4.0 million in the same period last year. These decreases were primarily attributable to lower operational costs as a result of ongoing efficiency initiatives and increased leverage of the Company's existing operating structure.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Stock-based compensation and depreciation and amortization***

The following table summarizes the stock-based compensation and depreciation and amortization. Expenses for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Stock-based compensation | $229 | $475 | (52)% |
| Depreciation and amortization | 2026 | 1954 | 4% |
|  | 2255 | 2429 | (7)% |
| As a percentage of total revenue | 13% | 14% |  |

---

Stock-based compensation represents the fair value of stock options granted to employees and directors measured using the Black-Scholes valuation model and amortized over the vesting period of the options. Depreciation and amortization is principally related to the amortization of intangible assets relating to internally capitalized development costs related to our technology platform, and technology, licenses and customer relationships acquired in the acquisitions of Carta, Moka and Fortification in 2021. Stock-based compensation and depreciation and amortization are all non-cash expenses.

Stock-based compensation decreased to $0.2 million in the three months ended March 31, 2026 compared to $0.5 million in the same period in the prior year. The decrease in stock-based compensation is driven by the granting of fewer options in the current year.

Depreciation and amortization remained consistent at $2.0 million in the three months ended March 31, 2026 compared to the same period last year.

***Credit facility interest expense***

The following table provides a breakdown of credit facility interest expense for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Credit facility interest expense | $1372 | $1446 | (5)% |
| As a percentage of total revenue | 8% | 8% |  |

---

Credit facility interest expense relates to the costs incurred in connection with our credit facility. It includes interest expense and the amortization of deferred financing costs.

Credit facility interest expense remained consistent for the three months ended March 31, 2026 compared to the same period in the prior year, as the impact of a lower interest rate was offset by a higher average outstanding balance.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Other expenses (income)*** 

The following table provides a breakdown of other expenses (income), excluding credit facility interest expense, by type for the three months ended March 31, 2026 and 2025:

---

| | | | |
|:---|:---|:---|:---|
| ($000s, except percentages) |  |  |  |
|  | **Three months ended** | **Three months ended** |  |
|  | **March 31, <br>2026** | **March 31, <br>2025** | **Change %** |
| Debenture and other financing expense | $746 | $913 | (18)% |
| Accretion related to debentures | 131 | 154 | (15)% |
| Revaluation loss | 2863 | 7662 | (63)% |
| Other non-operating expense | 72 | 416 | (83)% |
| Total other expense | 3812 | 9145 | (58)% |
| As a percentage of total revenue | 23% | 53% |  |

---

Total other expenses was $3.8 million for the three months ended March 31, 2026, which is a change of $5.3 million compared to $9.1 million for the same period last year. The change was primarily driven by a higher revaluation loss in the prior period.

Revaluation gains and losses relate primarily to non-operating items and do not reflect the underlying performance of the Company's core operating businesses. Revaluation loss was $2.9 million for the three months ended March 31, 2026 compared to a $7.7 million in the same period last year. The variance is primarily attributable to a loss in investment portfolio and marketable securities of $2.6 million in the current period, compared to $9.8 million in the same period last year.

Debenture and other financing expense primarily consists of interest expense related to our debentures and interest expense related to our lease liabilities. Debenture and other financing expense remained relatively consistent for the three months ended March 31, 2026.

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| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Selected Quarterly Information** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ($000s, except per share amounts) |  |  |  |  |  |  |  |  |
|  | **2026** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  | **First<br>Quarter** | **Fourth<br>Quarter** | **Third<br>Quarter** | **Second<br>Quarter** | **First<br>Quarter** | **Fourth<br>Quarter** | **Third<br>Quarter** | **Second<br>Quarter** |
| **Income Statement Highlights** |  |  |  |  |  |  |  |  |
| Total revenue | $16856 | $17391 | $16963 | $16933 | $17330 | $18042 | $17685 | $17553 |
| Loss from operations | (727) | (88) | (578) | (603) | (1379) | (124) | (398) | (1296) |
| Other (expenses) income, including taxes | (5085) | (5574) | (3931) | 14111 | (10492) | 10519 | (7714) | (11055) |
| Net (loss) income | (5812) | (5662) | (4509) | 13508 | (11871) | 10395 | (8112) | (12351) |
| Net (loss) income per common share (basic) | (0.24) | (0.24) | (0.19) | 0.56 | (0.49) | 0.43 | (0.33) | (0.51) |
| Net (loss) income per common share (fully diluted) | (0.24) | (0.24) | (0.19) | 0.56 | (0.49) | 0.43 | (0.33) | (0.51) |
| **Non-IFRS Financial Measures**<sup>(1)</sup> |  |  |  |  |  |  |  |  |
| Adjusted revenue | 16856 | 17391 | 16963 | 16933 | 16490 | 16213 | 16578 | 16065 |
| Adjusted EBITDA | 1528 | 2177 | 1968 | 1933 | 1050 | 2083 | 2147 | 1372 |
| Adjusted net loss | (721) | (130) | (332) | (404) | (1463) | (449) | (540) | (1483) |
| Cash provided by operations before investment in gross loans receivable | 4015 | 5995 | 3631 | 6175 | 3770 | 4120 | 4830 | 3777 |

---

(1)For more information regarding our use of these non-IFRS measures and, where applicable, a reconciliation to the most comparable IFRS measure, see "Non-IFRS Financial Measures".

***Key Quarterly Trends***

Over the eight quarters from Q2 2024 through Q1 2026, the Company's quarterly results reflect a period of deliberate strategic transition followed by improving operating performance. Mid-2024 was characterized by increased investment in the Company's wealth and payments businesses, alongside continued exposure to lower-margin legacy activities, which weighed on operating results despite stable revenue across core products.

Beginning in the second half of 2024, management initiated a series of actions to improve the quality and durability of earnings, with a renewed focus on operating efficiency. While these actions reduced reported revenue in certain quarters, they resulted in a revenue mix increasingly concentrated in the Company's core businesses, which management believes are more scalable and support more sustainable revenue generation over time.

Through 2025 and into Q1 2026, the Company continued to balance investment in product development with tighter cost discipline. Operating performance strengthened through the second half of 2025, driven by the benefits of prior restructuring actions, efficiency initiatives, and growth in the Company's core wealth and payments businesses. In Q1 2026, while revenue and adjusted EBITDA declined sequentially from Q4 2025, results continued to reflect a more streamlined cost structure and focus on core operations.

Net income (loss) over the periods presented exhibited some quarter-to-quarter variability. The reduction in net loss in Q1 2026 compared to Q3 and Q4 2025 reflects improvements in the Company's overall cost structure, including lower operating and financing expenses.

Overall, results in Q4 2025 and Q1 2026 represent a more normalized operating profile following the completion of strategic exits and repositioning initiatives undertaken in prior periods. Management believes these periods provide a more meaningful reference point for evaluating the Company's ongoing performance, notwithstanding typical quarter-to-quarter variability.

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| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Non-IFRS Financial Measures**

This MD&A makes reference to certain non-IFRS financial measures. Adjusted revenue, adjusted subscription and services revenue, adjusted payments revenue, adjusted other subscription and services revenue, adjusted EBITDA, adjusted net income (loss) and cash provided by operating activities before investment in gross loans receivable are non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company's results of operations from management's perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS.

We use non-IFRS financial measures to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures. We believe that securities analysts, investors and other interested parties frequently use non-IFRS financial measures in the evaluation of issuers.

Our management also uses non-IFRS financial measures in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our capital expenditure and working capital requirements. These non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for an analysis of our results under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus their nearest IFRS equivalents. Investors are encouraged to review our financial statements and disclosures in their entirety and are cautioned not to put undue reliance on any non-IFRS financial measure and view it in conjunction with the most comparable IFRS financial measures. In evaluating these non-IFRS financial measures, readers should be aware that in the future we will continue to incur expenses similar to those adjusted in these non-IFRS financial measures.

The following adjusted metrics are intended to provide insight into the performance of the Company's continuing platform businesses following the strategic exits completed in 2025.

***Adjusted revenue***

Adjusted revenue is a non-IFRS financial measure calculated as total revenue excluding revenue from the legacy institutional brokerage business and Carta Canada payments revenue, both of which were exited in Q1 2025.

Management believes this measure provides a more relevant view of the Company's ongoing operating performance by excluding revenue from businesses that have been exited and by better reflecting trends within the Company's core platform businesses.

Adjusted revenue is used by management and the Board to evaluate operating performance and to assess growth trends within the Company's continuing lines of business.

The following table presents a reconciliation of adjusted revenue to total revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Total revenue | $16856 | $17330 |
| Less: |  |  |
| Legacy institutional brokerage business revenue |  | (591) |
| Canadian payments revenue |  | (249) |
| Adjusted revenue | 16856 | 16490 |

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Adjusted subscription and services revenue***

Adjusted subscription and services revenue is a non-IFRS financial measure calculated as total subscription and services revenue excluding revenue from the legacy institutional brokerage business and Carta Canada payments revenue, both of which were exited in Q1 2025.

Management uses this measure to evaluate performance within the Company's core platform revenue streams, which include the Intelligent Investing wealth platform and the Carta payments infrastructure business.

The following table presents a reconciliation of adjusted subscription and services revenue to subscription and services revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Subscription and services revenue | $10536 | $10731 |
| Less: |  |  |
| Legacy institutional brokerage business revenue |  | (591) |
| Canadian payments revenue |  | (249) |
| Adjusted subscription and services revenue | 10536 | 9891 |

---

***Adjusted payments revenue***

Adjusted payments revenue is a non-IFRS financial measure calculated as total payments revenue excluding Canadian payments revenue, which was exited in Q1 2025 as part of the Company's decision to focus the Carta platform on European payments programs.

Management uses this measure to evaluate the performance and growth of the Company's continuing payments infrastructure operations.

The following table presents a reconciliation of adjusted payments revenue to payments revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Payments revenue | $2307 | $2555 |
| Less: |  |  |
| Canadian payments revenue |  | (249) |
| Adjusted payments revenue | 2307 | 2306 |

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Adjusted other subscription and services revenue***

Adjusted other subscription and services revenue is a non-IFRS financial measure calculated as total other subscription and services revenue excluding revenue from the legacy institutional brokerage business which was exited in Q1 2025.

Management uses this measure to evaluate performance within the Company as it provides a more relevant view of the ongoing operating performance by excluding revenue from businesses that have been exited and by better reflecting trends within the Company's core platform businesses.

The following table presents a reconciliation of adjusted other subscription and services revenue to other subscription and services revenue, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Other Subscription and Services revenue | $4338 | $4695 |
| Less: |  |  |
| Legacy institutional brokerage business revenue |  | (591) |
| Adjusted other Subscription and Services revenue | 4338 | 4104 |

---

***Adjusted EBITDA***

Adjusted EBITDA is a non-IFRS financial measure that we calculate as net (loss) income excluding depreciation and amortization, stock-based compensation, credit facility interest expense, debenture and other financing expense, accretion related to debentures, revaluation (gain) loss, other non-operating income (expense) and income tax recovery. Adjusted EBITDA is a measure used by management and the Board to understand and evaluate our core operating performance and trends.

The following table presents a reconciliation of adjusted EBITDA to net income (loss), the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Net loss | $(5812) | $(11871) |
| Credit facility interest expense | 1372 | 1446 |
| Debenture and other financing expense | 746 | 913 |
| Accretion related to debentures | 131 | 154 |
| Stock-based compensation | 229 | 475 |
| Depreciation and amortization | 2026 | 1954 |
| Revaluation loss | 2863 | 7662 |
| Other non-operating expense | 72 | 416 |
| Income tax recovery | (99) | (99) |
| Adjusted EBITDA | 1528 | 1050 |

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| | |
|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Adjusted net loss***

Adjusted net loss is a non-IFRS financial measure that we calculate as net income (loss) excluding stock-based compensation, depreciation and amortization, revaluation (gain) loss, other non-operating income (expense) and income tax recovery. This measure differs from adjusted EBITDA in that adjusted net income (loss) includes credit facility interest expense, debenture and other financing expense, and thus comprises more elements of the Company's overall net profit or loss. Adjusted net income (loss) is a measure used by management and the Board to evaluate the Company's core financial performance.

The following table presents a reconciliation of adjusted net income (loss) to net income (loss), the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Net loss | $(5812) | $(11871) |
| Stock-based compensation | 229 | 475 |
| Depreciation and amortization | 2026 | 1954 |
| Revaluation loss | 2863 | 7662 |
| Other non-operating expense | 72 | 416 |
| Income tax recovery | (99) | (99) |
| Adjusted net loss | (721) | (1463) |

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***Cash provided by operating activities before investment in gross loans receivable***

Cash provided by operating activities before investment in gross loans receivable is a non-IFRS financial measure that we calculate as cash used in operating activities, less net issuance of loans receivables. The Company requires net cash outflows in order to grow its gross loans receivable, which in turn generates future growth in interest revenue. These net cash outflows are presented within the operating activities section of the consolidated statement of cash flows, whereas the economic benefits are realized over the longer term. Consequently, we consider cash provided by operating activities before investment in gross loans receivable to be a useful measure in understanding the cash flow trends inherent to our existing scale of operations, by separating out the portion of cash flows related to investment in portfolio growth.

The following table presents a reconciliation of cash provided by operating activities before investment in gross loans receivable, the most comparable IFRS financial measure, for each of the periods indicated:

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Cash (used in) provided by operating activities | $(419) | $560 |
| Net issuance of loans receivable | (4434) | (3210) |
| Cash provided by operations before investment in gross loans receivable | 4015 | 3770 |

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***Orion members***

Orion members is not a financial measure. Orion members refers to the number of individuals who have signed up for one or more of our products and services including: MogoMoney, Intelligent Investing, our premium account subscription offerings, unique content, or events. People cease to be Orion members if they do not use any of our products or services for 12 months and have a deactivated account. Reported Orion members may overstate the number of unique individuals who actively use our products and services within a 12-month period, as one individual may register for multiple accounts whether inadvertently or in a fraudulent attempt. Customers are Orion members who have accessed.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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**Key Balance Sheet Components**

The following table provides a summary of the key balance sheet components as at March 31, 2026 and December 31, 2025:

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| | | |
|:---|:---|:---|
| ($000s) | **As at** | **As at** |
|  | **March 31, <br>2026** | **December 31, <br>2025** |
| Cash and cash equivalent | $23742 | $17702 |
| Loans receivable, net | 60446 | 60650 |
| Total assets | 166594 | 173634 |
| Total liabilities | 99851 | 101313 |

---

Total assets decreased by $7.0 million during the three months ended March 31, 2026. The decrease is primarily attributable to decreased in marketable securities and the continued amortization of intangible assets. Cash and cash equivalents increased due to the monetization of marketable securities.

Total liabilities decreased by $1.5 million during the three months ended March 31, 2026. The decrease is primarily due to a decrease in accounts payable, accruals as well as a decrease in debentures resulting from principal repayments. The Company's approach to its debentures is to maintain flexibility while gradually optimizing its cost of capital. This may include equity-based settlement depending on liquidity conditions.

The Company manages its capital structure on a net basis, taking into account both financial liabilities and the associated earning assets that support them. Gross loans receivable were $77.9 million as at March 31, 2026, compared to $77.6 million at December 31, 2025, reflecting loan originations partially offset by repayments and charge-offs. The allowance for loan losses was $17.4 million, representing 22.4% of gross loans receivable, compared to $17.0 million (21.9%) at December 31, 2025. The increase primarily reflects updated macroeconomic assumptions and portfolio performance. The allowance represents management's estimate of expected credit losses under IFRS 9. Further details are provided in Note 4.

**Liquidity and Capital Resources**

The Company's objectives when managing capital are to maintain financial flexibility in order to preserve its ability to meet financial obligations and continue as a going concern, and to deploy capital to provide future investment return to its shareholders. The Company's capital structure includes debentures that may be settled in cash or common shares at the Company's discretion, and which are subordinated to the Company's senior credit facility, resulting in an effective maturity that aligns with the maturity of that facility and reduces near-term refinancing requirements. A detailed description of the Company's approach to capital management and risk management policy for managing liquidity risk is outlined in Note 24 in the Company's annual consolidated financial statements for the year ended December 31, 2025. The Company has assessed that it has adequate resources to continue as a going concern for the foreseeable future, which management has defined as being at least the next 12 months. The Company monitors its cash position and cash flow on a regular basis, and may monetize certain marketable securities and investments in the next 12 months to reinforce its cash position, should management consider it necessary.

To date the Company has funded its lending and investing activities, expenses and losses primarily through the proceeds of its initial public offering which raised $50 million in 2015, subsequent issuances of common shares of the Company, convertible debentures, warrants, prior private placements of preferred shares, placements of debentures, credit facilities, and cash from operating activities. The business combination between the Company and Mogo Finance Technology Inc. in the second quarter of 2019 also added to the Company's capital resources and strengthened its financial position with an investment portfolio and marketable securities which the Company is actively seeking to monetize.

We manage our liquidity by continuously monitoring revenues, expenses and cash flow compared to budget. Our principal cash requirements are for working capital, loan capital and investing activities. Our future financing requirements will depend on many factors including our growth rate, product development investments, increase in marketing activities, investment levels in our gross loans receivables, the macroeconomic conditions and their impact on loan performance, and potential mergers, strategic investments and acquisitions activity. The Company does not face a near-term refinancing requirement with respect to its debentures or credit facility.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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In order to support its growth strategy, the Company gives consideration to additional financing options including accessing the capital markets for additional equity or debt, monetization of our investment portfolio and marketable securities, increasing the amount of long-term debt outstanding or increasing availability under existing or new credit facilities.

Although we are not currently party to any material undisclosed agreement and do not have any understanding with any third parties with respect to potential material investments in, or material acquisitions of, businesses or technologies, we may enter into these types of arrangements in the future, which could also require us to seek additional equity or debt financing. Additional funds may not be available on terms favourable to us or at all.

In February 2025, we amended our credit facility. The amendment changed the effective interest rate from 8% plus SOFR, to 7% plus SOFR, and extends the maturity date from January 2026 to January 2029. The Company's credit facility is secured by and directly tied to its loan receivables and represents matched funding of earning assets. Accordingly, this facility should be evaluated in the context of the associated loan receivables rather than as standalone corporate leverage.

**Economic Cash Flow Summary (Supplemental)**

In addition to the consolidated statement of cash flows prepared in accordance with IFRS, management reviews cash flow by grouping activities into operating cash generation, discretionary investment, balance sheet deployment and financing activities. The following summary is provided to illustrate the economic drivers of changes in cash during the period and reconciles to the consolidated statement of cash flows.

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Core operating cash generation (Before loan deployment and discretionary investments) <sup>(1)</sup> | $4740 | $4538 |
| Discretionary growth and platform investment <sup>(2)</sup> | (880) | (458) |
| Net deployment into loan receivables <sup>(3)</sup> | (4691) | (3761) |
| Portfolio investments and monetizations <sup>(4)</sup> | 8387 | 2447 |
| Net financing and capital allocation activities <sup>(5)</sup> | (1516) | (1476) |
| Net change in cash | 6040 | 1290 |

---

This table presents a management cash flow summary, which is not a standardized financial measure under IFRS Accounting Standards and may not be comparable to similar measures presented by other issuers. The net change in cash presented above reconciles to the net increase (decrease) in cash and cash equivalents reported in the consolidated statement of cash flows.

(1)Core operating cash generation represents operating cash flow excluding net issuance of loans receivable and cash interest paid on debentures of $0.7 million and $0.8 million for the three months ended March 31, 2026, and 2025 respectively. These amounts have been included in Net change in loans receivable and net financing and shareholder actions respectively.

(2)Investments in intangible assets and property and equipment.

(3)Net change in loans receivable, net advances and repayments on credit facility

(4)Net cash flows from purchases and sales of marketable securities and investment portfolio monetizations.

(5)Cashflow related to debenture principal and interest payments, share repurchases, lease principal payments and foreign exchange effects.

***Core operating cash generation***

Core operating cash generation was $4.7 million for the three months ended March 31, 2026, an increase of $0.2 million compared to $4.5 million in the same period in the prior year. The increase was primarily attributable to changes in working capital management.

***Discretionary growth and platform investment***

Discretionary growth and platform investment was $0.9 million for the three months ended March 31, 2026, a $0.4 million increase compared to $0.5 million in the same period last year. The increased investment reflects the Company's investment in the unified intelligent investing platform to be launched in 2026.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Net deployment into loan receivables***

Net balance sheet deployment was $4.7 million for the three months ended March 31, 2026, a $0.9 million increase compared to $3.8 million in the same period last year. This is primarily due to an increase in the Company's net issuance of loans receivable in the current year.

***Portfolio investments and monetizations***

Portfolio investments and monetizations was $8.4 million for the three months ended March 31, 2026. The increase was primarily attributable to the monetization of the Company's remaining equity position in WonderFi during the current period. The monetization of marketable securities reflects disciplined capital allocation and strengthens the Company's liquidity position.

***Net financing and shareholder actions***

Net financing and shareholder actions remained broadly consistent with the same period in the prior year at $1.5 million.

**Cash Flow Summary**

The following table provides a summary of cash inflows and outflows by activity for the three months ended March 31, 2026 and 2025

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| | | |
|:---|:---|:---|
| ($000s) |  |  |
|  | **Three months ended** | **Three months ended** |
|  | **March 31, <br>2026** | **March 31, <br>2025** |
| Cash provided by operating activities before changes in working capital <sup>(1)</sup> | $3955 | $3284 |
| Other changes in working capital <sup>(1)</sup> | 60 | 486 |
| Cash provided by operating activities before changes in loans receivable | 4015 | 3770 |
| Cash invested in loans receivable | (4434) | (3210) |
| Cash (used in) provided by operating activities | (419) | 560 |
| Cash provided by investing activities | 7507 | 1989 |
| Cash used in financing activities | (1050) | (1246) |
| Effect of exchange rate fluctuations | 2 | (13) |
| Net increase in cash for the period | 6040 | 1290 |

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(1)This is a non-IFRS measure. The above table includes a reconciliation to cash (used in) generated from operating activities which is the most comparable IFRS measure.

(2)Operating cash flow excluding changes in working capital and net issuance of loans receivable.

***Cash (used in) provided by operating activities***

Our operating activities consist of our subscription and services revenue inflows, our cash operating and interest expense outflows, as well as the funding and servicing of our loan products, including the receipt of principal and interest payments from our loan customers, and payment of associated direct costs and receipt of associated fees. Investment in loans receivable represents a discretionary deployment of capital and can be adjusted based on market conditions and capital allocation priorities.

Cash provided by operating activities before investment in gross loans receivables was $4.0 million for the three months ended March 31, 2026, which is a $0.2 million decrease compared to $3.8 million in the same period last year.

Cash invested in loans receivable was a $4.4 million outflow in the three months ended March 31, 2026 compared to a $3.2 million outflow in the same period last year. Management maintains complete discretion over the ability to manage this as either a usage of cash or an inflow of cash from period to period.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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Cash used in operating activities was ($0.4) million for the three months ended March 31, 2026 compared cash provided by operating activities of $0.6 million in the same period last year. The change was primarily due to an increase in cash invested in loans receivable and changes in working capital management.

***Cash provided by (used in) investing activities***

Our investing activities consist primarily of capitalization of software development costs, purchases of property, equipment and software, investment and sale of our digital assets, monetization of our investment portfolio and marketable securities. The cash flow may vary from period to period due to the timing of the expansion of our operations, changes in employee headcount and the development cycles of our internal-use technology.

Cash provided by investing activities in the three months ended March 31, 2026 was $7.5 million compared to $2.0 million in the same period last year. The increase in cash provided by investing activities is primarily due to inflows from the monetization of the Company's remaining equity position in WonderFi during the current period

***Cash provided by (used in) financing activities***

Historically, our financing activities have consisted primarily of the issuance of our common shares, debentures, convertible debentures, and borrowings and repayments on our credit facilities.

Cash used in financing activities in the three months ended March 31, 2026 was ($1.1) million compared to ($1.2) million for the same period last year. The decrease is due to $0.3 million of net draws on the Company's credit facility in current period compared to $0.6 million in the prior period as well as a decrease in principal repayments of lease liabilities. These were offset by a slight increase in principal repayments on debentures and increased share repurchases.

***Contractual Obligations***

The following table shows contractual obligations as at March 31, 2026. Management will continue to refinance any outstanding amounts owing under the credit facility or our long-term debentures as they become due and payable.

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| | | | | |
|:---|:---|:---|:---|:---|
| ($000s) | **2026** | **2027** | **2028** | **2029** |
| ***Commitments - operational*** |  |  |  |  |
| Lease payments | 1085 | 605 |  |  |
| Accounts payable | 3352 |  |  |  |
| Accruals and other | 12471 |  |  |  |
| Other purchase obligations | 585 | 390 |  |  |
| Interest – credit facility | 4607 | 5515 | 5515 | 30 |
| Interest – Debentures<sup>(1)</sup> | 1943 | 2424 | 2217 | 520 |
|  | 24043 | 8934 | 7732 | 550 |
| ***Commitments – principal repayments*** |  |  |  |  |
| Credit facility |  |  |  | 50977 |
| Debentures <sup>(1)</sup> | 1706 | 2438 | 2639 | 25411 |
|  | 1706 | 2438 | 2639 | 76388 |
| **Total contractual obligations** | **25749** | **11372** | **10371** | **76938** |

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(1)The debenture repayments are payable in either cash or common shares of Orion at Orion's option. The number of common shares required to settle the repayments are variable based on the Company's share price at the repayment date. The debentures are subordinated to the credit facility which has the effect of extending the maturity date of the debentures to the later of contractual maturity or the maturity date of the credit facility.

Actual cash outflows associated with debenture obligations may differ as the Company has the ability to settle such obligations in common shares at its discretion.

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|:---|:---|
| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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***Transactions with Related Parties***

Related party transactions during the three months ended March 31, 2026 include transactions with debenture holders that incur interest. The related party debentures balance as at March 31, 2026 totaled $0.1 million (March 31, 2025 – $0.1 million). The debentures bear annual coupon interest of 8.0% (March 31, 2025 – 8.0%) with interest expense for the three months ended March 31, 2026 totaling $3,000 (March 31, 2025 – $3,000). The related parties involved in such transactions include shareholders, officers, directors, and management, close members of their families, or entities which are directly or indirectly controlled by close members of their families. The debentures are ongoing contractual obligations that are used to fund our corporate and operational activities.

***Off-Balance Sheet Arrangements***

The Company has no off-balance sheet arrangements that have, or are likely to have, a current or future material effect on our consolidated financial position, financial performance, liquidity, capital expenditures or capital resources.

**Disclosure of Outstanding Shares**

The authorized capital of Mogo consists of an unlimited number of common shares without par value and an unlimited number of preferred shares, issuable in one or more series. As of November 7, 2025, no preferred shares have been issued and the following common shares, and rights to acquire common shares were outstanding:

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| | |
|:---|:---|
| **Class of Security** | **Number outstanding (in 000s) as at May 7, 2026** |
| Common shares | 23894826 |
| Stock options | 3382 |
| Restricted share units | - |
| Common share purchase warrants <sup>(2)</sup> | 1698 |

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(2)Common share purchase warrants include the 1,018,519 warrants accounted for as a derivative financial liability. These warrants expire in June 2026. Refer to Note 16 of the interim condensed consolidated financial statements for the three months ended March 31, 2026.

**Risk Management**

In the normal course of business, the Company is exposed to financial risk that arises from a number of sources. Management's involvement in operations helps identify risks and variations from expectations. As a part of the overall operation of the Company, management takes steps to avoid undue concentrations of risk. The Company's significant risks and related policies are described further in the notes to the Company's annual consolidated financial statements for the year ended December 31, 2025 and interim condensed consolidated financial statements for the three months ended March 31, 2026.

***Other risks***

As part of the Federal Budget released in March 2023, the Government of Canada announced its intention to amend section 347 of the Criminal Code and reduce the maximum allowable interest rate from 60% to 35% annual percentage rate ("APR"). On May 31, 2024, the governor general in counsel announced that the amendments would be effective January 1, 2025. Agreements entered into before the coming into force date of January 1, 2025, are not impacted. The new reduced rate is only applicable to agreements entered into as of January 1, 2025. The Company has made the necessary adjustments to product offerings to comply with the new rate requirements.

As changes in our business environment or investment strategy occur, we may adjust our strategies to meet these changes, which may include restructuring a particular business or asset or refocusing on different sectors of our investment portfolio and marketable securities. In addition, external events, including changing technology, changing consumer patterns, changing market sentiment, and changes in macroeconomic condition, including the volatility and uncertainty in financial markets (including cryptocurrency markets), may impair the value of some or all of our assets or require us to take a charge against such assets. When these changes or events occur, we may need to write down the value of certain assets or the overall value of our investment portfolio and marketable securities. We may also make investments in existing or new businesses in order to build on or diversify our investment portfolio and marketable securities. Some of these investments may have short-term returns that are negative or low and the ultimate prospects of those investments in our portfolio may be uncertain, volatile or may not

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| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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develop at a rate that supports our level of investment. In any of these events, we may have significant charges associated with the write-down of assets or certain investments.

Other risks facing our business, and that could cause actual results to differ materially from current expectations may include, but are not limited to, risks and uncertainties that are discussed in greater detail in the "Risk Factors" section of our current annual information form for the year ended December 31, 2025, and elsewhere in this MD&A.

***Capital management***

Our objective in managing our capital is financial stability and sufficient liquidity to increase shareholder value through organic growth and investment in technology, marketing and product development. Our senior management team is responsible for managing the capital through regular review of financial information to ensure sufficient resources are available to meet operating requirements and investments to support our growth strategy. The Board is responsible for overseeing this process. In order to maintain or adjust our capital structure, we may issue new shares, repurchase shares, approve special dividends, or issue debt.

**Critical Accounting Estimates**

The preparation of the consolidated financial statements requires management to make estimates, assumptions and judgments that affect the reported amount of assets and liabilities, and the reported amount of revenues and expenses during the period. Actual results may differ from these estimates. Estimates, assumptions, and judgments are reviewed on an ongoing basis. Revisions to accounting estimates are recognized on a prospective basis beginning from the period in which they are revised.

Significant estimates and judgments include the provision for loan losses, net of recoveries, fair value of privately held investments, and impairment testing of intangible assets and goodwill which are described further in the notes to the Company's consolidated financial statements for the year ended December 31, 2025 and interim condensed consolidated financial statements for the three months ended March 31, 2026.

**Changes in Accounting Policies including Initial Adoption**

***Material accounting policies*** 

The accounting policies are described in the Company's annual consolidated financial statements for the year ended December 31, 2025.

**New and amended standards and interpretations**

The Company assessed the amendments to IFRS 9 and IFRS 7 effective January 1, 2026, including clarifications related to the assessment of contractual cash flow characteristics of financial assets and the derecognition of financial liabilities in electronic payment systems. Based on this assessment, the Company determined that these amendments did not have a material impact on the classification or measurement of its financial assets and liabilities, nor on its disclosures.

Certain other new or amended standards and interpretations became effective on January 1, 2026, but do not have an impact on the interim condensed consolidated financial statements of the Company.

**Standards issued but not yet effective**

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 replaces IAS 1 Presentation of Financial Statements and sets out requirements for the presentation and disclosure of information in general purpose financial statements. The standard applies to annual reporting periods beginning on or after January 1, 2027 and is to be applied retrospectively, with early adoption permitted. The Company expects the adoption of IFRS 18 to primarily affect the presentation and disclosure of information in the consolidated financial statements. The Company does not expect the standard to significantly affect the recognition or measurement of amounts recognized in the consolidated financial statements. The Company continues to assess the detailed impact of IFRS 18 ahead of its adoption.

**Controls and Procedures**

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| ![img149928092_0.gif](img149928092_0.gif) | Management's Discussion and Analysis |

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The Company's Chief Executive Officer ("**CEO**") and Chief Financial Officer ("**CFO**") are responsible for establishing and maintaining disclosure controls and procedures for the Company. The Company maintains a set of disclosure controls and procedures designed to provide reasonable assurance that information required to be publicly disclosed is recorded, processed, summarized and reported on a timely basis. The CEO and CFO have evaluated the design of the Company's disclosure controls and procedures at the end of the quarter and based on the evaluation, the CEO and CFO have concluded that the disclosure controls and procedures are effectively designed.

***Internal Controls over Financial Reporting***

The Company's internal controls over financial reporting ("**ICFR**") are designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. The Company's management is responsible for establishing and maintaining adequate ICFR for the Company. Management, including the CEO and CFO, does not expect that the Company's ICFR will prevent or detect all errors and all fraud or will be effective under all future conditions. A control system is subject to inherent limitations and even those systems determined to be effective can provide only reasonable, but not absolute, assurance that the control objectives will be met with respect to financial statement preparation and presentation. The Company's management under the supervision of the CEO and CFO has evaluated the design of the Company's ICFR based on the Internal Control – Integrated Framework issued in 2013 by the Committee of Sponsoring Organizations of the Treadway Commission.

During the three months ended March 31, 2026, there were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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## Exhibit 99.3

Exhibit 99.3

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, ***David Feller, Chief Executive Officer of Orion Digital Corp.***, certify the following:

1. **Review**: I have reviewed the interim financial report and interim MD&A (together, the "Interim filings") of **Orion Digital Corp.** (the "issuer") for the interim period ended **March 31, 2026**.

2. **No misrepresentations**: Based on my knowledge, having exercised reasonable diligence, the Interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. **Fair presentation**: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. **Responsibility**: The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. **Design**: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 **Control framework**: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control – Integrated Framework (COSO Framework 2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 **ICFR - material weakness relating to design**: N/A

5.3 **Limitation on scope of design**: N/A

6. **Reporting changes in ICFR**: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2026** and ended on **March 31, 2026** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: May 7, 2026

*"David Feller"*

______________________

David Feller

Chief Executive Officer

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## Exhibit 99.4

Exhibit 99.4

**FORM 52-109F2**

**CERTIFICATION OF INTERIM FILINGS**

**FULL CERTIFICATE**

I, ***Gregory Feller, Chief Financial Officer of Orion Digital Corp.***, certify the following:

1. **Review**: I have reviewed the interim financial report and interim MD&A (together, the "Interim filings") of **Orion Digital Corp.** (the "issuer") for the interim period ended **March 31, 2026**.

2. **No misrepresentations**: Based on my knowledge, having exercised reasonable diligence, the Interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. **Fair presentation**: Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

4. **Responsibility**: The issuer's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as those terms are defined in National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings, for the issuer.

5. **Design**: Subject to the limitations, if any, described in paragraphs 5.2 and 5.3, the issuer's other certifying officer and I have, as at the end of the period covered by the interim filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed DC&P, or caused it to be designed under our supervision, to provide reasonable assurance that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared: and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed ICFR, or caused it to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

5.1 **Control framework**: The control framework the issuer's other certifying officer and I used to design the issuer's ICFR is the Internal Control – Integrated Framework (COSO Framework 2013) published by The Committee of Sponsoring Organizations of the Treadway Commission (COSO).

5.2 **ICFR - material weakness relating to design**: N/A

5.3 **Limitation on scope of design**: N/A

6. **Reporting changes in ICFR**: The issuer has disclosed in its interim MD&A any change in the issuer's ICFR that occurred during the period beginning on **January 1, 2026** and ended on **March 31, 2026** that has materially affected, or is reasonably likely to materially affect, the issuer's ICFR.

Date: May 7, 2026

*"Gregory Feller"* 

_______________________

Gregory Feller

Chief Financial Officer

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