NASDAQ$PGY
Pagaya Technologies Ltd · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Pagaya demonstrated strong financial performance with increased revenue and operating income.
Pagaya Technologies Ltd. reported strong Q3 2024 results, achieving record total revenue of $257 million, a GAAP operating income of $22 million, and an adjusted EBITDA of $56 million. The company focused on profitable, sustainable growth and is progressing towards GAAP profitability and cash flow generation in 2025.
- Network volume grew by 11% year-over-year, reaching $2.4 billion.
- Total revenue increased by 21% year-over-year to $257 million, driven by a 24% increase in revenue from fees.
- GAAP operating income grew by $22 million year-over-year.
- Adjusted EBITDA grew $28 million year-over-year, reaching $56 million with a margin of 21.8%.
Headline financials
Revenue & EPS history
Pagaya · Revenue · Quarterly
$257M
Forward guidance
Pagaya provided full year 2024 outlook, expecting network volume between $9.5 billion and $9.7 billion, total revenue and other income between $1,010 million and $1,025 million, and adjusted EBITDA between $195 million and $205 million.
Tailwinds
- Network Volume Expected to be between $9.5 billion and $9.7 billion
- Total Revenue and Other Income Expected to be between $1,010 million and $1,025 million
- Adjusted EBITDA Expected to be between $195 million and $205 million
- The company is well on the way to reaching GAAP profitability and cash flow generation during 2025
- Growth of existing partners led to personal loan network volume growth of 15% and point-of-sale (“POSˮ) network volume growth of 67% year-over-year.
Headwinds
- The Company cannot reconcile its expected Adjusted EBITDA to expected Net Loss Attributable to Pagaya under “Full-Year 2024 Financial Outlookˮ 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
- Net loss attributable to Pagaya shareholders of $67 million was impacted by non-cash items such as fair value adjustments and share-based compensation expense.
- Cash flow from operating activities of $2 million was impacted by one-time items.
- Other expense, net (108,139)
- Loss Before Income Taxes (85,755)
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 Q3 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 | — | — | — |
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