---
schema_version: "secwatch.filing_event.v1"
accession: "0001883085-25-000080"
form_type: "8-K"
ticker: "PGY"
cik: "0001883085"
company_name: "Pagaya Technologies Ltd."
filed_at: "2025-05-07T23:59:59+00:00"
generated_at: "2026-05-22T09:18:08.040907+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001883085-25-000080
- form_type: 8-K
- ticker: PGY
- cik: 0001883085
- company_name: Pagaya Technologies Ltd.
- filed_at: 2025-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000080/0001883085-25-000080-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1883085/000188308525000080/pgy-20250507.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001883085-25-000080
- JSON: https://secwatch.observer/filing/0001883085-25-000080.json
- Plain text: https://secwatch.observer/filing/0001883085-25-000080.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.