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Mar 31, 2024
Pagaya Q1 2024 Earnings Report
Pagaya exceeded guidance and delivered record results across key metrics, driven by disciplined execution and strategic partnerships.
Key Takeaways
Pagaya Technologies reported a record first quarter, exceeding guidance on all metrics. Key highlights include record network volume, total revenue, and adjusted EBITDA. The company also onboarded a bank partner in its point-of-sale product and strengthened its capital position through corporate debt and equity raises.
Record network volume of $2.42 billion, a 31% increase year-over-year.
Expanded POS business with a new bank partner set to go live in the second half of 2024.
Record total revenue and other income of $245 million, up 31% year-over-year.
Raised $330 million through corporate debt and equity raises, strengthening capital position.
Forward Guidance
For the second quarter of 2024, Pagaya expects Network Volume to be between $2.2 billion and $2.4 billion, Total Revenue and Other Income to be between $235 million and $245 million, and Adjusted EBITDA to be between $40 million and $45 million. For the full year 2024, Pagaya expects Network Volume to be between $9.0 billion and $10.5 billion, Total Revenue and Other Income to be between $925 million and $1,050 million, and Adjusted EBITDA to be between $150 million and $190 million.
Positive Outlook
- Network Volume Expected to be between $2.2 billion and $2.4 billion
- Total Revenue and Other Income Expected to be between $235 million and $245 million
- Adjusted EBITDA Expected to be between $40 million and $45 million
- Network Volume Expected to be between $9.0 billion and $10.5 billion
- Total Revenue and Other Income Expected to be between $925 million and $1,050 million
Challenges Ahead
- Cannot reconcile its expected Adjusted EBITDA to expected Net Loss Attributable to Pagaya under “Full-Year 2024 Outlook” without unreasonable effort
- because certain items that impact net income (loss) and other reconciling items are out of the Company's control
Historical Earnings Impact
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Avg. Return Before/After Earnings
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