Pagaya Q1 GAAP net income $8M, record EBITDA $80M; raises FY guidance

Pagaya Technologies Ltd.

2025-Q1 EPS reported $0.10 revenue$289,989,000

GAAP net income of $8M, up $29M YoY, ahead of ($20M) to breakeven outlook; first profitable quarter.
Record adjusted EBITDA $80M (+100% YoY), record total revenue $290M (+18%).
Network volume $2.4B flat YoY (missed guidance due to SFR pullback); personal loan + auto ex-SFR grew 26%.
FRLPC $116M (+26%); FRLPC margin 4.8% (+100bps); core opEx/FRLPC at record low 38%.
Raises FY25 guidance: GAAP NI $10-45M, Adj. EBITDA $290-330M, Revenue $1.175-1.3B.

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