Pagaya Technologies Reports Strong Q3 2024 Growth
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Pagaya Technologies Reports Strong Q3 2024 Growth

Pagaya Technologies Ltd. ( (PGY) ) has released its Q3 earnings. Here is a breakdown of the information Pagaya Technologies Ltd. presented to its investors.

Pagaya Technologies Ltd. is a global technology company specializing in artificial intelligence infrastructure for the financial ecosystem, with offices in New York and Tel Aviv.

In its latest earnings report for the third quarter and nine months ended 2024, Pagaya Technologies announced significant growth, with strong financial performance metrics aligning with its strategic focus on profitable and sustainable growth.

The company’s network volume reached $2.4 billion, representing an 11% increase year-over-year, and total revenue and other income hit a record $257 million, marking a 21% growth driven by a 24% rise in fee revenue. Adjusted EBITDA saw a remarkable increase to $56 million, up $28 million from the previous year, with a margin improvement of 846 basis points to 21.8%. Despite these gains, the company reported a net loss attributable to shareholders of $67 million, largely affected by non-cash items.

Pagaya continues to enhance its operations by reducing risk through structural improvements in its ABS program, broadening funding sources, and undertaking transactions to de-risk the balance sheet. The company is optimistic about reaching GAAP profitability and cash flow generation in 2025.

Looking forward, Pagaya Technologies remains committed to executing its 2024 strategy, with expectations for network volume and total revenue to continue growing, ultimately delivering long-term value for its stakeholders.

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TipRanks Auto-Generated NewsdeskPagaya Technologies Reports Strong Q3 2024 Financial Performance
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