Pagaya Technologies Ltd. ( (PGY) ) has released its Q4 earnings. Here is a breakdown of the information Pagaya Technologies Ltd. presented to its investors.
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Pagaya Technologies Ltd., a global technology company specializing in artificial intelligence infrastructure for the financial ecosystem, has announced its financial results for the fourth quarter and full year 2024. The company is known for its AI-driven approach to consumer credit and real estate solutions, operating primarily in the technology and financial services sectors.
In its latest earnings report, Pagaya exceeded all previously guided operational metrics and announced its expectation to achieve GAAP profitability by the second quarter of 2025. Despite a markdown of $156 million in the fair market value of its investment portfolio and $229 million in credit-related impairments, the company reported a positive reclassification of $79 million in other comprehensive income.
Key highlights of the report include a record network volume of $2.6 billion in the fourth quarter, driven mainly by personal loans, and a total revenue of $279 million, representing a 28% increase year-over-year. The company also maintained its position as the leading personal loan asset-backed securities issuer in the US, raising $6 billion in 2024. Adjusted EBITDA reached a record $64 million in the fourth quarter, marking an 88% growth from the previous year.
Despite reporting a net loss of $238 million for the fourth quarter, Pagaya’s adjusted net income stood at $13 million, reflecting the exclusion of non-cash items such as share-based compensation. Looking ahead, the company forecasts network volume to be between $10.25 billion and $11.75 billion for the full year 2025, with revenue expectations ranging from $1.15 billion to $1.275 billion.
Pagaya’s management remains optimistic about the company’s future, emphasizing its fortified balance sheet, enhanced cash flow generation, and the potential for sustainable revenue growth. The company is positioned to deliver long-term value to its shareholders and partners in 2025 and beyond.
