The earnings call reflects a largely positive sentiment with significant highlights, such as strong financial metrics, growth in partnerships, and improved unit economics, outweighing the lowlights mainly associated with past credit impairments. The company showcased robust demand for its products and anticipated sustainable growth and profitability into 2025.

Company Guidance

During the Pagaya Q3 2024 earnings call, the company outlined its strong financial performance and future guidance, showcasing significant growth and profitability metrics. Pagaya reported approximately $1 billion in annual revenue, $400 million in fee revenue less production costs (FRLPC), and $220 million in adjusted EBITDA. The company aims to achieve positive cash flow and GAAP profitability by 2025. In Q3 alone, Pagaya achieved a network volume of $2.4 billion, total revenue of $257 million, and adjusted EBITDA of $56 million. The FRLPC reached a record 4.3% of network volume, with personal loans achieving a 6.6% FRLPC. Pagaya's financial strategy focuses on improving unit economics, operating leverage, and capital efficiency. The company is optimistic about its ability to sustain growth, driven by its expanding network and robust demand for its lending technology solutions, expecting to reach sustainable GAAP profitability in 2025.

Strong Revenue and Profitability Metrics

Pagaya is at an approximate annual rate of $1 billion in revenues, $400 million of fee revenue less production costs, and $220 million in adjusted EBITDA, indicating significant scale and profitability advancements.

Growth in Network and Partnerships

The company added over $24 billion in loans, with approximately 2 million new customers added or retained. Notable partnerships include Elavon and a top 5 bank in the point-of-sale vertical.

Improved Unit Economics

Third quarter fee revenue less production costs was a record $100 million at 4.3% of network volume, with increased fees across multiple partners and channels.

Positive Adjusted Net Income

Adjusted net income was positive $33 million, showcasing the underlying earnings power of the business.

Record Application Volume

Surpassed a record $200 billion of quarterly application volume, indicating strong demand and network growth.

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Pagaya Technologies Ltd (PGY) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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PGY Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 16, 2022	2022 (Q2)	- / -2.88	―	―	―	―
Nov 10, 2022	2022 (Q3)	-0.36 / -1.32	-4.535	70.89% (+3.21)
Feb 15, 2023	2022 (Q4)	-0.81 / -0.60	-1.046	42.64% (+0.45)
May 16, 2023	2023 (Q1)	-0.43 / -1.08	0.147	-834.69% (-1.23)
Aug 10, 2023	2023 (Q2)	-0.34 / -0.48	-2.88	83.33% (+2.40)
Nov 02, 2023	2023 (Q3)	-0.22 / -0.36	-1.32	72.73% (+0.96)
Feb 21, 2024	2023 (Q4)	-0.10 / -0.24	-0.6	60.00% (+0.36)
May 09, 2024	2024 (Q1)	0.15 / -0.33	-1.08	69.44% (+0.75)
Aug 09, 2024	2024 (Q2)	-0.01 / -1.04	-0.48	-116.67% (-0.56)
Nov 12, 2024	2024 (Q3)	-0.19 / -0.93	-0.36	-158.33% (-0.57)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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PGY Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$16.89	$10.88	-35.58%
Aug 09, 2024	$15.10	$14.22	-5.83%
May 09, 2024	$10.50	$12.60	+20.00%
Feb 21, 2024	$15.60	$16.56	+6.15%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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