Pagaya Technologies Ltd. Q1 FY2026 earnings call

Gal Krubiner noted another strong quarter with $25 million gap net income for five consecutive quarters. Sanjeev Das discussed diversifying the business through new partners, product expansion, and strong pipeline. Evangelos Peros mentioned financial results including revenue of $318 million, adjusted EBITDA of $94 million, etc.

Personal loan represents 63% of production this quarter. Auto loans business reached record performance with volumes hitting all-time highs at an annualized run rate of $2.3 billion. POS business embeds longer-term, larger ticket lending capabilities inside POS platforms.

Expect network volume growth driven by existing partners, new partners, and product initiatives. FRLPC margin expected between 4% - 5% for the year. Second quarter network volume in range of 2.875 billion to 3.075 billion, total revenue and other income 345 million to 365 million, adjusted EBITDA 100 to 115 million. Full year 2026 network volume 11.45 billion to 13 billion, total revenue and other income 1.4 billion to 1.575 billion, adjusted EBITDA 420 to 460 million, net income 25 to 45 million.

Factors like market volatility, changes in cost of capital, and geopolitical uncertainty could affect results. Also, risks related to reliance on single funding channels and potential mismatch in risk assumptions with rating agencies.

Q: How is Pagaya managing funding markets volatility?

A: Pagaya is well-positioned with access to deep institutional capital, diversifying funding across public and private markets, leaning into public ABS while remaining disciplined.

Q: How does expense management factor in?

A: Operating leverage is a key differentiator, with growth translating to adjusted EBITDA growth, and cost management well-controlled.