Pagaya Technologies Ltd. develops AI-driven product solutions for the financial ecosystem, using machine learning, a data network, proprietary API integrations and capital solutions to support consumer credit products for partners, their customers and investors. Its recurring developments include lender and marketplace partnerships, embedded decisioning tools, personal loan and point-of-sale financing integrations, and updates on product adoption across its partner network.
Pagaya news also covers quarterly financial results, capital markets activity and asset-backed securitization transactions tied to personal loan, auto and point-of-sale programs. Additional company updates include investor events, senior leadership changes and disclosures related to funding strategy and disciplined risk management.
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.
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