Pagaya Technologies Ltd. (PGY) witnessed a remarkable 18.85% surge in its stock price during the pre-market trading session on Thursday, February 13, 2025. This surge came in response to the company's impressive fourth quarter and full-year 2024 financial results, which exceeded expectations across multiple key metrics.
The company reported record network volume of $2.6 billion in the fourth quarter, representing a 9% year-over-year increase, driven primarily by strong growth in personal loans. Total revenue and other income climbed 28% year-over-year to $279.4 million, while adjusted EBITDA soared 88% to a record $64.2 million.
Notably, Pagaya initiated guidance for GAAP profitability, expecting to achieve net income profitability in the second quarter of 2025. The company also addressed legacy investment issues, stating that it does not anticipate material impact from 2021-2023 vintages going forward.
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