Pagaya Q2 revenue $250M record, adj. EBITDA $50M; raises full-year outlook

Pagaya Technologies Ltd.

2024-Q2 EPS reported -$1.41 revenue$495,620,000

Record total revenue $250M (+28% YoY), record FRLPC $97M (+49% YoY), record adj. EBITDA $50M (+194% YoY).
Network volume $2.3B (+19% YoY); FRLPC margin 4.2% (up 84 bps), target raised to 3.5-4.5%.
Signed $1B forward flow with Castlelake, new enterprise partnerships (OneMain, top 5 bank), AAA rating on ABS.
Full-year outlook raised: revenue $975M-$1,050M, adj. EBITDA $180M-$210M; on track for cash flow positive in 2025.
GAAP operating income $5M positive; adjusted net income $7M positive; core opex cut by $25M annualized.

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