Pagaya guides to GAAP profitability in Q2 2025; Q4 revenue $279M, EBITDA $64M beat

Pagaya Technologies Ltd.

2024-FY EPS reported -$5.66 revenue$1,032,248,000

Q4 network volume $2.6B (high-end guidance), +9% YoY; full-year $9.7B +17%.
Q4 revenue $279M (above outlook $257-272M), +28% YoY; record FRLPC $117M, 4.5% of volume.
Q4 adjusted EBITDA $64M (above outlook $49-59M), +88% YoY; GAAP net loss $238M on non-cash impairments.
Investment portfolio marked down $156M; company says 2021-2023 vintages no longer material.
Guides to GAAP net income profitability in Q2 2025; FY25 GAAP net income ($10M)-$40M.

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