By Connor Hart

Shares of Pagaya Technologies climbed after the company swung to a profit and logged higher revenue in the third quarter, prompting it to lift its full-year outlook.

The stock rose 20% to $29.23 in premarket trading Monday. Shares had more than doubled so far this year through Friday's close, despite falling 13% over the past three months.

The technology company, which provides artificial-intelligence infrastructure for financial ecosystems, posted a profit of $22.5 million, or 23 cents a share, compared with a loss of $67.5 million, or 93 cents a share, a year earlier.

Stripping out certain one-time items, earnings were $1.02 a share. Analysts surveyed by FactSet expected adjusted earnings of 71 cents a share.

Revenue jumped 36% to $350.2 million and topped Wall Street views for $338.4 million.

"Our pipeline has never been stronger as lenders across asset classes recognize the unique and powerful value proposition the Pagaya network provides," Chief Executive Gal Krubiner said.

For the current quarter, Pagaya guided for net income of $25 million to $35 million on revenue of $333 million to $358 million. Analysts were looking for net income of $24 million on revenue of $352.4 million.

For the year, the company now expects net income between $72 million and $82 million, up from a prior outlook of $55 million to $75 million. It raised the low end of its revenue outlook to $1.3 billion from $1.25 billion, while maintaining the high end at $1.33 billion.

Wall Street modeled full-year net income of $63.4 million on sales of $1.3 billion.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

November 10, 2025 08:23 ET (13:23 GMT)

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