Business
Pagaya Reports Fourth Quarter and Full Year 2022 Results
Full Year 2022 Network Volume grew 49% year-over-year to $7.3 billion; Total Revenue and Other Income grew 58% to record $749 million, above high end of 2022
About this update from Pagaya Technologies Ltd.
[{"type":"text","content":"\nFull Year 2022 Network Volume grew 49% year-over-year to $7.3 billion; Total Revenue and Other Income grew 58% to record $749 million, above high end of 2022 guidance; Adjusted EBITDA of ($4.8) million\n\nFourth Quarter Network Volume grew 10% year-over-year to $1.8 billion; Total Revenue and Other Income grew 25% to $193 million; Adjusted EBITDA of ($9.0) million\n\nCompany provides 2023 financial outlook\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 fourth quarter and full year of 20221.\n\n“2022 was a record year for Pagaya,” said Gal Krubiner, Chief Executive Officer of Pagaya. “We reached over $7 billion in network volume and grew revenue by 58% to $749 million, approximately 7 times our revenue in 2020. We delivered near break-even adjusted EBITDA while operating in the most challenging credit and rate environment in our company’s history. We went public, strengthened our management team, onboarded large strategic partners, including Visa, Klarna and a top 3 auto lender and elevated our SFR offering with our first acquisition. As we continue the momentum into 2023, we will remain focused on driving further expansion and monetization of our network and achieving sustainable profitability on an adjusted EBITDA basis.”\n\nFull Year and Fourth Quarter 2022 Financial Highlights\n\nAll comparisons are made versus the same period in 2021 unless otherwise stated\n\n\nNetwork Volume increased 49% to $7.3 billion in FY22 and increased 10% to $1.8 billion in 4Q22, reflecting growth from existing partners and faster growth from newer products, including auto\n\n\nTotal revenue and other income increased 58% to $748.9 million in FY22 and increased 25% to $192.9 million in 4Q22, mainly due to increased fee revenue from Network Volume growth\n\n\nNet loss attributable to Pagaya shareholders of $302.3 million in FY22 and $34.0 million in 4Q22, impacted by share-based compensation expense in both periods of $241.7 million and $18.7 million, respectively. Adjusted net loss of $32.7 million in FY22 and $3.7 million in 4Q22, which excludes share-based compensation expense, a change in fair value of warrant liability...