Published on 12 May 2024 on GuruFocus.com via Yahoo Finance

Pagaya Technologies Ltd. (PGY) Exceeds First Quarter 2024 Revenue and EBITDA Forecasts

Revenue: Reported $245 million, a 31% increase year-over-year, surpassing estimates of $225.97 million.Net Income: Net loss improved to $21 million from a loss of $61 million in the previous year, and is misaligned with the estimated net loss of $3.41 million.Adjusted EBITDA: Achieved a record $40 million, exceeding the forecast range of $32 million to $38 million.EPS: Reported a GAAP EPS loss of $0.33, with an adjusted non-GAAP EPS of $0.20.Cash Flow: Operating cash flow was positive at $20 million, marking the third consecutive quarter of positive operating cash flow.Network Volume: Reached a record $2.42 billion, a 31% increase year-over-year, exceeding the outlook of $2.2 billion to $2.4 billion.Capital Raising: Raised $330 million from corporate debt and equity offerings, enhancing financial stability.

Warning! GuruFocus has detected 2 Warning Sign with PGY.