PGY
Pagaya Technologies Ltd.22.31
+0.85+3.96%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Q&A details partner caution, product shifts
Q&A drilled deeper into the prepared pullback from higher-risk volumes, attributing it to lending partners shifting from aggressive credit expansions to caution amid market volatility and geopolitical noise, rather than credit deterioration. Executives emphasized momentum in higher-margin products like direct marketing, affiliate optimizers, and dual looks, with superior economics versus traditional decline monetization. A record 7-8 new partners are slated by Q2 end to offset the $100-150M monthly volume trim across personal and auto. Funding demand proved resilient despite private credit headlines. Partners applaud stability over speed. Guidance holds firm. Watch partner ramps versus uncertainty.
Key Stats
Market Cap
1.79BP/E (TTM)
-Basic EPS (TTM)
-2.76Dividend Yield
0%Recent Filings
10-K
FY2025 results
Pagaya delivered FY2025 revenue of $1.3B, up 26% y/y, with Network Volume hitting $10.5B, a 9% rise, as Q4 momentum accelerated growth across personal loans and auto. FRLPC margins expanded to 4.9% from 4.2%, fueled by AI integration fee improvements and 26% fee revenue surge, while production costs tracked 25% higher volume. Q4 marked peak efficiency, with ABS funding diversified—top five investors dropping to 46% share. Issued $500M 8.875% notes due 2030 and $160M exchangeable notes due 2029; repurchased $14.3M notes at discounts. Cash swelled to $288M. Yet AI model bias scrutiny threatens quarterly lending flows.
8-K
Pagaya posts record profits
Pagaya crushed Q4 2025 with $34M GAAP net income—up $272M YoY—on $335M revenue (20% growth) and $2.7B network volume, while Adjusted EBITDA hit $98M, up 53%. Full-year revenue soared 26% to $1.3B, flipping to $81M profit. New partners onboarded; funding diversified via $350M revolving ABS. Q1'26 outlook tempers volume growth amid risk cuts. Profitability locked in.
8-K
Pagaya repurchases discounted notes
8-K
Pagaya files S-3SAR for warrants
Pagaya filed an S-3SAR registration statement on December 5, 2025, to register Class A Ordinary Shares issuable upon exercise of outstanding warrants from its 2022 public listing, fulfilling obligations under a prior Registration Rights Agreement after its F-3 expired. Exhibit 99.1 provides retrospective unclassified balance sheet presentation for 2024 and 2023 from the original 10-K filed March 12, 2025, solely reflecting this balance sheet change without updating other information. No securities are being offered or sold.
8-K
Pagaya smashes Q3 records
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