Business
Pagaya Reports First Quarter 2023 Results
Exceeded first quarter guidance on all metrics Network Volume grew 12% year-over-year to $1.85 billion; Total Revenue and Other Income grew 9% year-over-year
About this update from Pagaya Technologies Ltd.
[{"type":"text","content":"\nExceeded first quarter guidance on all metrics\n\n\nNetwork Volume grew 12% year-over-year to $1.85 billion; Total Revenue and Other Income grew 9% year-over-year to $186.6 million; Adjusted EBITDA of $2.0 million\n\n\nCompany raises adjusted EBITDA guidance for full-year 2023\n\n\n NEW YORK & TEL AVIV, Israel--(BUSINESS WIRE)--\nPagaya Technologies Ltd. (NASDAQ: PGY) (“Pagaya”, the “Company” or “we”), a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, today announced financial results for the first quarter ending March 31, 2023 and raised its adjusted EBITDA guidance for 2023.\n\n\n“Our results in 1Q23 were another proof point of our ability to execute through market volatility,” said Gal Krubiner, Chief Executive Officer of Pagaya. “The strength of our AI technology and resilient business model enables us to deliver consistent value for our partners and asset outperformance for investors. Our new partners are growing rapidly, and we are seeing improving economics as our network expands. We continue to consistently raise funding and grow our investor base as the number one issuer of personal loan ABS transactions in the U.S. We remain focused on driving sustainable profitability through continued network expansion, increased monetization of our network and operating efficiency, which resulted in a return to positive adjusted EBITDA this quarter. We are raising our adjusted EBITDA guidance for the full-year 2023, as we remain confident in our ability to continue to drive profitable growth.”\n\n\nFirst Quarter 2023 Financial Highlights\n\n\nAll comparisons are made versus the same period in 2022 unless otherwise stated\n\n\n\nNetwork volume increased 12% to $1.85 billion, reflecting continued growth of existing partners and products and ramp-up of newer partners who joined the Pagaya network in the past 12 months\n\n\n\nTotal revenue and other income increased 9% to $186.6 million, driven by higher AI integration and contract fees, offsetting the impact of ongoing capital markets volatility\n\n\n\nAdjusted EBITDA of $2.0 million, reflecting continued volume growth, increased fee revenue and cost-savings initiatives. Excluding the impact of the Company’s recent acquisition of Darwin, adjusted EBITDA is $4.7 million\n\n\n\nNet loss attributable to Pagaya shareholders of $61....