Pagaya Technologies (NASDAQ: PGY) announced its Q1 results with an adjusted loss of $0.02 per diluted share in the first quarter versus $0.01 in the same period last year while analysts were expecting the company to report a loss of $0.04 per share.
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The company posted revenues of $186.6 million, up by 9% year-over-year, driven by “higher AI integration and contract fees,” and beating analysts’ expectations of $179.3 million.
Looking forward, the management now expects the second quarter revenues to be between $180 million and $190 million with adjusted EBITDA projected to range from $5 million to $10 million. In FY23, PGY has projected to be between $775 million and $825 million, and adjusted EBITDA is expected to range from $15 million to $30 million.
Analysts are cautiously optimistic about PGY stock with a Moderate Buy consensus rating based on two Buys and two Holds.