- Pagaya Technologies Ltd. PGY reported first-quarter FY23 revenue growth of 9.4% year-on-year to $186.64 million, beating the consensus of $179.36 million.
- The financial technology company registered an Adjusted EPS loss of $(0.02), beating the analyst consensus loss of $(0.03).
- Quarterly results gained from higher AI integration and contract fees, continued network expansion and monetization, investor base growth, and operating efficiency.
- Network Volume increased 12% to $1.85 billion, reflecting the continued growth of existing partners and products and the ramp-up of newer partners.
- Adjusted EBITDA fell 53.4% to $2.05 million.
- CEO Gal Krubiner said, "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."
- The company exited Q1 with cash and equivalents worth $316.76 million.
- Outlook: Pagaya sees Q2 revenue of $180 million - $190 million (consensus $192.25 million). Network volume is expected to be between $1.8 billion and $1.9 billion.
- The company reiterated its FY23 revenue of $775 million - $825 million (consensus $797.97 million). Network volume is expected to be between $7.5 billion and $8.0 billion.
- Price Action: PGY shares traded lower by 9.6% at $0.8400 on the last check Tuesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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