Pagaya Technologies Ltd. - PGY STOCK NEWS

Pagaya's CEO, Gal Krubiner, has been honored as an Entrepreneur Of The Year® 2024 New York Award winner by Ernst & Young LLP (EY US). Recognized for his pioneering work in AI-driven lending solutions, Krubiner has played a important role in advancing financial inclusion in America, with Pagaya facilitating over $20 billion in loans. This accolade celebrates his innovation, entrepreneurial spirit, and significant impact on the financial ecosystem. As a New York award winner, Krubiner is now eligible for the national awards, set to be announced in November 2024.

Pagaya Technologies (NASDAQ: PGY) has joined the Mastercard Engage program to enhance installment financing solutions for banks and merchants. This collaboration aims to leverage Pagaya's AI technology to facilitate real-time credit decisions, thereby creating more installment loan opportunities at the point-of-sale (POS). The partnership is expected to deepen customer relationships and promote financial inclusion. The Engage program supports over 170 partners and has facilitated hundreds of commercial deals in 2023.

Pagaya Technologies (NASDAQ: PGY) has announced operational initiatives aimed at enhancing profitability and achieving positive net cash flow. The company expects to reduce annual core operating expenses by approximately $25 million, partly reinvesting in key growth areas. Consequently, Pagaya has increased its full-year 2024 Adjusted EBITDA outlook to $160 million-$200 million, up $10 million from prior forecasts. Despite these changes, the company's 2024 outlook for network volume and total revenue remains unchanged. Key executives, including President Sanjiv Das and CFO Evangelos Perros, emphasize the company's commitment to operational discipline and long-term sustainable growth.

Pagaya Technologies announced its participation in several upcoming investor conferences. The company's management team will be present at the TD Cowen Financial Services & Fintech Summit on June 7, 2024 (virtual), the Morgan Stanley US Financials, Payments, and CRE Conference on June 10, 2024 (New York, NY), the Mizuho Technology Conference 2024 on June 12, 2024 (New York, NY), and the Jefferies Global FinTech Conference on June 13, 2024 (New York, NY). Webcast replays of select presentations will be available on Pagaya's investor relations website.

Pagaya Technologies (NASDAQ: PGY) announced its inclusion in the Russell 2000® Index and the Russell 3000® Index, effective July 1st, as part of the annual reconstitution by FTSE Russell. This inclusion, confirmed on May 24, 2024, recognizes Pagaya among the largest U.S. stocks by market capitalization. CFO Evangelos Perros highlighted that the inclusion enhances marketability and aligns Pagaya with U.S. capital markets best practices, showcasing the company's strong financial performance.

Pagaya Technologies (NASDAQ: PGY) reported exceptional first-quarter 2024 results, surpassing guidance on all metrics. The company achieved a record network volume of $2.42 billion, total revenue of $245 million, and adjusted EBITDA of $40 million. Pagaya also onboarded a bank partner for its point-of-sale product, demonstrating strong growth in the U.S. consumer credit market. The company raised $1.9 billion across 5 transactions, expanded its funding network with 18 new investors, and strengthened its financial position. Pagaya's positive financial performance reflects its commitment to delivering financial opportunities for consumers.

Pagaya Technologies , a global technology company, will be participating in several upcoming investor conferences in May 2024. The company's management team will attend events such as the Oppenheimer 9th Annual Emerging Growth Conference, Needham 19th Annual Technology, Media & Consumer Conference, and more. Webcast replays will be available on the Pagaya investor relations website.

Pagaya Technologies (NASDAQ: PGY) has filed its first annual report on Form 10-K for the year ended December 31, 2023, aiming to enhance transparency and disclosure of its business and performance. The filing is part of a strategy to attract institutional ownership and improve marketability of its stock. Pagaya's officers, directors, and 10% shareholders will now also begin reporting on Forms 3, 4, and 5, including recent purchases of approximately $2 million of the Company's Class A ordinary shares. The Company's CFO highlighted the move as aligning with U.S. capital markets practices, providing investors with a comprehensive view of Pagaya's business. The Annual Report on Form 10-K is accessible on Pagaya's Investor Relations website, with first quarter 2024 results set to be disclosed on May 9, 2024.

Pagaya Technologies (NASDAQ: PGY) is set to announce its first quarter 2024 earnings on May 9, 2024, with a conference call scheduled for 8:30 a.m. ET / 3:30 p.m. IDT. Investors can register for the live webcast on Pagaya's IR website. The webcast replay will be accessible after the event.