Pagaya Technologies Ltd.
27.91-0.56 (-1.97%)
Oct 29, 4:00:00 PM EDT · NasdaqCM · PGY · USD
Key Stats
Market Cap
2.14BP/E (TTM)
-Basic EPS (TTM)
-3.96Dividend Yield
0%Recent Filings
8-K
Pagaya's Q2 profit surges
Pagaya Technologies reported Q2 2025 results on August 7, featuring record network volume of $2.6 billion, up 14% year-over-year, and total revenue of $326 million, surging 30%. GAAP net income hit $17 million, the second straight profitable quarter, while adjusted EBITDA climbed 72% to $86 million, showcasing operating leverage. The firm raised full-year guidance to $10.5-11.5 billion in network volume and $55-75 million in GAAP net income, yet one-time bond costs pose a short-term drag.
10-Q
Q2 FY2025 results
Pagaya Technologies swung to profitability in Q2 FY2025 ended June 30, 2025, with revenue from fees climbing 31% year-over-year to $317.7M on 13.6% Network Volume growth to $2.6B, while production costs rose in tandem but FRLPC margin expanded to 4.8% from 4.2%. Operating income surged to $56.5M from $5.0M, aided by lower G&A expenses, though other expenses narrowed to $34.9M mainly from reduced credit impairments on investments. Diluted EPS hit $0.20, aligning with 79.7M weighted shares after anti-dilution from exchangeable notes. Cash and equivalents stood at $183.0M with $242.0M total liquidity; total debt was $727.6M including $314.5M long-term at ~12% and $265.6M secured at ~15%, but post-quarter $500M Senior Notes issuance refinanced the term loan, trimming costs. The October 2024 Theorem acquisition added $17.5M in cash/stock consideration and $0.7M contingent liability. Yet competition in AI lending tech pressures partner retention.
8-K
Pagaya closes $500M notes
Pagaya Technologies' subsidiary issued $500 million in 8.875% senior notes due 2030 on July 28, 2025, to refinance higher-cost term loans and secured borrowings, while amending its credit agreement to permit the debt. This move cuts annual interest by about $12 million and eliminates $30 million in debt amortization, boosting cash flow while keeping net leverage flat. Strong demand marked the fintech's entry into unsecured markets. Covenants restrict further borrowing.
8-K
Pagaya prices $500M notes offering
Pagaya Technologies priced an upsized $500 million offering of 8.875% senior unsecured notes due 2030 through its subsidiary Pagaya US, boosted by strong demand from the initial $450 million target. Settlement is set for July 28, 2025, with net proceeds of about $491 million earmarked to repay all existing credit facilities, $100 million in secured borrowings, and fees, leaving the rest for general corporate purposes. The notes, guaranteed by Pagaya and key subsidiaries, carry semi-annual interest starting February 2026. Yet risks like market shifts could derail closing.
8-K
Pagaya proposes $450M notes offering
Pagaya Technologies announced on July 22, 2025, that its subsidiary Pagaya US plans to offer $450 million in unsecured senior notes due 2030 through a private placement to qualified institutional buyers, subject to market conditions. Proceeds will repay all outstanding credit facilities, $75 million in secured borrowings, related fees, with the rest for general corporate purposes; the notes are guaranteed by Pagaya and key subsidiaries. This refinancing bolsters liquidity but hinges on closing conditions. Forward-looking statements highlight risks from market volatility.
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