secwatch.observer — SEC 8-K summary
======================================

Issuer:     Pagaya Technologies Ltd. (PGY)
CIK:        0001883085
Form:       8-K
Filed at:   2024-08-09T23:59:59+00:00
Accession:  0001883085-24-000086
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883085/000188308524000086/0001883085-24-000086-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883085/000188308524000086/pgy-20240809.htm
  HTML page:      https://secwatch.observer/filing/0001883085-24-000086

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer