Pagaya Technologies Ltd. announced its financial results for the third quarter and nine months ended September 30, 2024. The company reported total revenue and other income of $257.234 million, an increase of 22% compared to $211.757 million in the third quarter of 2023. Revenue from fees also rose to $249.283 million from $201.447 million year-over-year.
Despite the revenue growth, Pagaya reported a net loss attributable to Pagaya Technologies Ltd. of $(67.476) million for Q3 2024, a widening from $(21.752) million in the same period last year. This was influenced by other expenses, net, totaling $(108.139) million. Adjusted net income per share was $0.46, exceeding analyst expectations of $0.22.
For the full year 2024, Pagaya provided guidance expecting Network Volume between $9.5 billion and $9.7 billion, and Total Revenue and Other Income between $1,010 million and $1,025 million. Adjusted EBITDA is projected to be between $195 million and $205 million. CEO Gal Krubiner addressed credit loss concerns, stating that charges were from 2023 transactions and future asset performance is strong.
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