Pagaya Technologies Ltd. reported third‑quarter 2025 results that surpassed analyst expectations, with revenue reaching $350.17 million—an increase of 36 % from the $257 million recorded in Q3 2024. GAAP net income swung to $23 million from a $67 million loss in the same quarter last year, and earnings per share rose to $1.02 versus the consensus estimate of $0.18.
The revenue growth was driven primarily by the Auto and Point‑of‑Sale verticals, which expanded due to higher loan volumes and improved pricing. The Personal‑Loan segment also contributed, benefiting from a broader customer base and more efficient underwriting. Cost controls and a tighter provisioning policy helped keep operating margins healthy, enabling the company to convert revenue gains into a positive net income.
Management raised its full‑year guidance, projecting total revenue of $1.30 billion to $1.325 billion—up from the prior $1.28 billion to $1.29 billion range. Adjusted EBITDA guidance was increased to $372 million to $382 million from $360 million to $370 million, reflecting confidence in continued margin expansion and the scaling of its AI‑driven underwriting platform.
CEO Gal Krubiner highlighted that the company’s pipeline is “stronger than ever” and that lenders across asset classes recognize the value of Pagaya’s network. He emphasized the firm’s commitment to bridging Main Street and Wall Street, underscoring the strategic importance of its AI platform in driving growth.
Investors responded positively to the results, citing the significant earnings and revenue beats and the upward revision of guidance as key factors that reinforce confidence in Pagaya’s growth trajectory and margin outlook.
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