Pagaya raises FY24 adj. EBITDA guidance to $160-200M, cites $25M cost savings

Pagaya Technologies Ltd.

Workforce reduction and other initiatives expected to reduce annual core operating expenses by ~$25M.
FY2024 Adjusted EBITDA guidance raised by $10M to $160M-$200M from prior $150M-$190M.
Full-year 2024 network volume and total revenue and other income outlook unchanged.
A portion of cost savings will be reinvested into key growth areas.
Full impact of cost savings expected to be realized in 2025.

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