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Dec 31, 2024
Pagaya Q4 2024 Earnings Report
Pagaya reported strong operating and financial results, exceeding guidance and addressing legacy issues.
Key Takeaways
Pagaya Technologies reported record total revenue of $279 million, a GAAP operating income of $32 million, and an adjusted EBITDA of $64 million for Q4 2024. The company exceeded its outlook for key metrics and initiated guidance on GAAP profitability for the full year 2025, expecting to be GAAP Net Income profitable in the second quarter of 2025. It also addressed legacy investment issues and is fully self-funded.
Record network volume of $2.6 billion, grew by 9% year-over-year, driven primarily by Personal Loans.
Continued partner growth and expanded enterprise relationships, including addition and expansion of the OneMain partnership and addition of Avvance, the POS lending solution offered by U.S. Bank and Elavon.
Record total revenue and other income of $279 million, increased 28% year-over-year, driven primarily by 31% growth in fee revenue.
Record adjusted EBITDA of $64 million, grew 88% year-over-year with adjusted EBITDA margin up 728 basis points to 23.0%.
Forward Guidance
Pagaya provided financial outlook for Q1 2025 and full year 2025.
Positive Outlook
- 1Q'25 Network Volume Expected to be between $2.5 billion and $2.7 billion
- 1Q'25 Total Revenue and Other Income Expected to be between $280 million and $295 million
- 1Q'25 Adjusted EBITDA Expected to be between $65 million and $75 million
- 1Q'25 GAAP Net Income Expected to be between $20 million and breakeven
- FY'25 GAAP Net Income Profitability expected in 2Q'25; between $10 million and $40 million for FY'25
Historical Earnings Impact
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Avg. Return Before/After Earnings
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