Pagaya (PGY) Achieves Full-Year Profitability With 76% Adjusted EBITDA Growth

Financial Performance - Pagaya Technologies Ltd. reported a revenue increase of 26% year-over-year, reaching $1.3 billion for the full year 2025 [1] - The company achieved a GAAP net income of $81 million, marking a $483 million improvement over 2024 [1] - Adjusted EBITDA surged by 76% to $371 million [1] Growth Drivers - The growth was supported by a 9% increase in network volume, which reached $10.5 billion [2] - Major new partnerships were established, including collaborations with GLS and a leading North American buy-now-pay-later provider [2] Strategic Outlook - Pagaya is adopting a more conservative approach for 2026, focusing on risk management rather than aggressive market share expansion [2] - Management has tightened production and reduced exposure to higher-risk credit tiers due to macroeconomic uncertainties [2] - The company aims to maintain a fee-related performance margin between 4% and 5% while diversifying its funding and product offerings [2] Company Profile - Pagaya Technologies Ltd. is a product-focused technology company utilizing data science and proprietary AI technology for financial services and other service providers, as well as asset investors in the US, Israel, and the Cayman Islands [3]