Pagaya Technologies Ltd. Class A Ordinary Shares Q3 2025 Earnings Recap

Pagaya Technologies Ltd. reported strong third quarter results, achieving consistent GAAP net income profitability and setting an annualized exit rate of over $120 million, reflecting robust growth and strategic operational execution.

Key Takeaways

• Record quarterly network volume reached $2.8 billion, with a 12% sequential application flow growth, indicating strong scalability.
• Successful expansion of partner relationships, with the onboarding of up to eight new partners, maximizing product engagement across diverse asset classes.
• Issued $1.8 billion in ABS across multiple transactions, bolstering capital efficiency and expanding funding diversity.
• Consistent application-to-funding conversion rate held at 1%, demonstrating effective pipeline management and solid conversion strategies.
• Progress towards multi-year contracts with key partners, enhancing long-term revenue stability and positioning Pagaya as a fundamental utility for U.S. lenders.