The earnings call presented a positive outlook with strong financial performance in 2024, record FRLPC, and adjusted EBITDA growth. The company is expanding its partnerships and improving funding mechanisms. However, significant fair value adjustments and high risk retention from past vintages impacted results. Despite these challenges, the guidance for GAAP profitability in 2025 suggests a positive trajectory.

Company Guidance

During the Pagaya Technologies' earnings call for the fourth quarter and full year 2024, the company provided its financial guidance for the first quarter and full year of 2025, highlighting a robust performance and optimistic outlook. The company reported an annual revenue exceeding $1 billion for 2024, reflecting a 27% year-over-year increase. Key metrics included a fee revenue less production costs (FRLPC) of $407 million, up 54% year-over-year, and adjusted EBITDA of $210 million, marking a 156% increase year-over-year. Pagaya is targeting GAAP net income profitability by the second quarter of 2025, reflecting confidence in consistent growth and operational efficiency. The company anticipates network volume for 2025 to range between $10.25 billion and $11.75 billion, with total revenue projected between $1.15 billion and $1.275 billion, and adjusted EBITDA between $265 million and $315 million. The guidance underscores Pagaya's strategic efforts to enhance its financial structure, optimize funding mechanisms, and bolster its lending partner network, positioning the company for sustained profitability and growth in 2025.

Strong Financial Performance in 2024

Annual revenue exceeded $1 billion, up 27% year-over-year, with FRLPC of $407 million, up 54% year-over-year, and adjusted EBITDA of $210 million, up 156% year-over-year.

Record FRLPC and Adjusted EBITDA Growth

FRLPC as a percent of network volume reached a record 4.5%, and adjusted EBITDA grew 88% year-over-year, indicating strong monetization and operating leverage.

Significant Funding and Partner Expansion

Announced a forward flow agreement with Blue Owl Capital to purchase up to $2.4 billion in consumer loans. Completed onboarding of OneMain Financial, and expanded partnerships with Klarna and U.S. Bank’s Elavon.

Positive Outlook for 2025

Guidance for GAAP net income profitability by Q2 2025 with expected network volume growth and diversified funding sources.

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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
May 20, 2025	2025 (Q1)	-0.17 / -	-0.33	―	―	―
Feb 13, 2025	2024 (Q4)	-0.52 / -3.20	-0.24	-1233.33% (-2.96)
Nov 12, 2024	2024 (Q3)	-0.19 / -0.93	-0.36	-158.33% (-0.57)
Aug 09, 2024	2024 (Q2)	-0.01 / -1.04	-0.48	-116.67% (-0.56)
May 09, 2024	2024 (Q1)	0.15 / -0.33	-1.08	69.44% (+0.75)
Feb 21, 2024	2023 (Q4)	-0.10 / -0.24	-0.6	60.00% (+0.36)
Nov 02, 2023	2023 (Q3)	-0.22 / -0.36	-1.32	72.73% (+0.96)
Aug 10, 2023	2023 (Q2)	-0.34 / -0.48	-2.88	83.33% (+2.40)
May 16, 2023	2023 (Q1)	-0.43 / -1.08	0.147	-834.69% (-1.23)
Feb 15, 2023	2022 (Q4)	-0.81 / -0.60	-1.046	42.64% (+0.45)

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
Feb 13, 2025	$11.78	$14.64	+24.28%
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%

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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