Pagaya Technologies Ltd. announced its first quarter 2025 financial results, reporting GAAP net income attributable to shareholders of $8 million. This marks the company's first GAAP profitable quarter as a public company, achieved earlier than its previous outlook of breakeven to ($20) million. Total revenue and other income reached $290 million, an 18% increase year-over-year, landing at the high end of guidance.
The company's Fee Revenue Less Production Costs (FRLPC) grew by 26% year-over-year to $116 million, with FRLPC as a percentage of network volume reaching a historical high of 4.8%. Adjusted EBITDA doubled year-over-year to $80 million, surpassing the outlook of $65 million to $75 million. Network volume for the quarter was $2.4 billion.
Pagaya raised its full-year 2025 guidance, now expecting GAAP Net Income between $10 million and $45 million, up from previous projections. The company also expanded its funding network by three new investors in Q1, bringing the total to 135 funding partners, and secured $1.4 billion across three transactions during the quarter.
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