Pagaya Technologies Ltd Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
Pagaya Technologies Ltd. Reports Second Quarter 2024 Financial Results
Pagaya Technologies Ltd. (NASDAQ: PGY) announced its financial results for the second quarter of 2024, ending June 30, 2024.
Key Financial Metrics:
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY Change (%) | QoQ Change (%) | Consensus Estimate (Q2 2024) |
|---|---|---|---|---|---|---|
| Total Revenue | $250 million | - | $195.31 million | +28% | - | $239.25 million |
| Earnings Per Share (EPS) | -$0.01 | - | -$0.03 | -66.67% | - | -$0.01 |
| Adjusted Net Income/Loss | $7 million | - | -$10 million | -170% | - | - |
| Adjusted EBITDA | $50 million | - | $17 million | +194.12% | - | $42.5 million |
Interpretation: Pagaya Technologies Ltd. exceeded revenue expectations with a record revenue of $250 million, surpassing its outlook of $235 million to $245 million, and achieving a year-over-year increase of 28%. The company also reported significant improvements in adjusted EBITDA, reaching $50 million compared to $17 million the previous year. EPS matched the market's expectations at -$0.01, reflecting improved performance.
Revenue Performance by Segment:
| Segment | Q2 2024 Revenue | Previous Guidance | Comparison to Guidance |
|---|---|---|---|
| Network Volume | $2.3 billion | $2.2 billion - $2.4 billion | In Line |
| Fees Less Production Costs (FRLPC) | $97 million | - | - |
| FRLPC % (as a percentage of network volume) | 4.2% | - | - |
Interpretation: Pagaya's network volume of $2.3 billion was within the expected range, showcasing strong engagement with top lenders. The company's revenue from fees less production costs (FRLPC) was $97 million, marking a 49% year-over-year increase. This indicates efficient cost management and effective revenue generation.
Comments from Company's Officers: Gal Krubiner, the co-founder and CEO, emphasized that the company delivered on all ambitious goals set for the year. Krubiner highlighted record financial results, expansion with top lenders, and improved funding capacity. He expressed confidence in the company's strong momentum heading into the second half.
Forward Guidance: Pagaya has raised its full-year outlook and will hold a webcast to discuss its projections for the third quarter and the full year of 2024. The company refrained from providing a detailed, specific forward guidance in the earnings release.
Stock Price Movement: After the earnings release, Pagaya's stock experienced a 10.42% increase, indicating a positive reception from investors.
For more detailed information, Pagaya encourages stakeholders to view the full financial results on their website and join the scheduled webcast.
The report has been organized into a clear and concise format suitable for investors.
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