NASDAQ$PGY
Pagaya Technologies Ltd · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Pagaya achieved record total revenue, FRLPC, and adjusted EBITDA, leading to an increased full-year outlook.
Pagaya reported record financial results for Q2 2024, driven by a 28% year-over-year increase in total revenue and other income to $250 million. The company expanded its network with top lenders, enhanced funding capacity, and achieved a record adjusted EBITDA of $50 million. GAAP operating income was $5 million, marking the fourth consecutive quarter of positive GAAP operating income.
- Network volume grew by 19% year-over-year to $2.3 billion.
- Total revenue and other income increased by 28% year-over-year to $250 million.
- Revenue from fees less production costs (FRLPC) increased by 49% year-over-year to $97 million.
- Adjusted EBITDA reached a record $50 million, compared to $17 million in the second quarter of 2023.
Headline financials
Revenue & EPS history
Pagaya · Revenue · Quarterly
$250M
Forward guidance
For the third quarter of 2024, Pagaya expects network volume between $2.3 billion and $2.5 billion, total revenue and other income between $250 million and $260 million, and adjusted EBITDA between $50 million and $60 million.
Tailwinds
- Network Volume Expected to be between $2.3 billion and $2.5 billion
- Total Revenue and Other Income Expected to be between $250 million and $260 million
- Adjusted EBITDA Expected to be between $50 million and $60 million
- Network Volume Expected to be between $9.25 billion and $10.25 billion
- Total Revenue and Other Income Expected to be between $975 million and $1,050 million
Headwinds
- The Company cannot reconcile its expected Adjusted EBITDA to expected Net Loss Attributable to Pagaya under “Full-Year 2024 Financial Outlook” without unreasonable effort because certain items that impact net income (loss) and other reconciling items are out of the Company's control and/or cannot be reasonably predicted at this time, which unavailable information could have a significant impact on the Company’s U.S. GAAP financial results.
- Changes in the political, legal and regulatory framework for AI technology, machine learning, financial institutions and consumer protection
- The financial performance of its partners, and fluctuations in the U.S. consumer credit and housing market
- Seasonal fluctuations in our revenue as a result of consumer spending and saving patterns
- Pending and future litigation, regulatory actions and/or compliance issues including with respect to the merger with EJF Acquisition Corp.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
-0.4%
Avg return
Earnings day
-2.8%
Avg return
5 days after
-8.5%
Avg return
30 days after
45%
9 / 20 earnings
Positive
+24.3%
Q4 2024
Best reaction
-39.7%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +3.3% | -8.9% | -1.8% | |
| Q4 2025 | -23.9% | -33.3% | -38.4% | |
| Q3 2025 | +12.7% | -2.2% | +1.0% | |
| Q1 2025 | -2.4% | +33.6% | +52.4% | |
| Q4 2024 | +24.3% | +43.9% | -10.4% | |
| Q3 2024 | -39.7% | -47.8% | -43.9% | |
| Q2 2024 | -21.5% | -18.8% | -18.7% | |
| Q1 2024 | +20.8% | +16.8% | +17.6% | |
| Q4 2023 | +15.4% | +15.4% | -34.4% | |
| Q3 2023 | +9.3% | +4.7% | +14.0% | |
| Q2 2023 | +9.1% | -9.5% | -7.4% | |
| Q1 2023 | -7.2% | -4.6% | +25.8% | |
| Q4 2020 | -2.6% | -9.3% | -3.1% | |
| Q4 2021 | -2.6% | -9.3% | -3.1% | |
| Q4 2022 | -3.7% | -8.2% | -26.1% | |
| Q3 2022 | +10.2% | +0.0% | -42.5% | |
| Q2 2022 | -9.0% | -17.6% | -51.4% | |
| Q1 2022 | -0.3% | -0.1% | -0.2% | |
| Q3 2021 | +0.2% | +0.2% | +1.2% | |
| Q2 2021 | -0.1% | -0.3% | -0.5% | |
| Q1 2021 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro