secwatch.observer — SEC 8-K summary
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Issuer:     Pagaya Technologies Ltd. (PGY)
CIK:        0001883085
Form:       8-K
Filed at:   2025-05-07T23:59:59+00:00
Accession:  0001883085-25-000080
Event type: earnings
Sentiment:  positive
Materiality: 0.85
Item codes: 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1883085/000188308525000080/0001883085-25-000080-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1883085/000188308525000080/pgy-20250507.htm
  HTML page:      https://secwatch.observer/filing/0001883085-25-000080

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