Company: PGYWW
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001883085-25-000050
Chunk: 129

Company: Pagaya Technologies Ltd.
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1A
Chunk 129
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 our reputation from negative publicity;

•successfully compete with companies that are currently in, or may in the future enter, the business of providing technological services to enhance the access to credit for customers and funding services;

•enter into new markets and introduce new products and services to new or existing partners;

•comply with and successfully adapt to complex and evolving legal and regulatory environments in our existing markets and ones we may enter in the future;

•effectively secure and maintain the confidentiality of the information received, accessed, stored, provided and used across our systems;

•successfully obtain and maintain funding and liquidity to support continued growth and general corporate purposes;

•successfully manage rollover risk, and contractual and contingent liquidity outflow risks related to our financing facilities; 

•attract, integrate and retain qualified employees and independent contractors; and

•effectively manage, scale and expand the capabilities of our teams, outsourcing relationships, third-party service providers, operating infrastructure and other business operations.

If we are not able to timely and effectively address these risks and difficulties as well as those described elsewhere in this “Risk Factors” section, our business, financial condition and results of operations may be harmed.

Our revenue and FRLPC growth rate and financial performance in recent periods may not be indicative of future performance and such growth may slow over time. In addition, the historical returns attributable to the Financing Vehicles should not be indicative of the future results of the Financing Vehicles and poor performance of the Financing Vehicles would likely cause a decline in our revenue, net income and cash flow.

We have grown rapidly over the last several years, and our recent revenue and FRLPC growth rate and financial performance may not be indicative of our future performance. Our revenue and other income was $1,032.2 million and $812.1 million for the years ended December 31, 2024 and December 31, 2023, respectively, representing a 27% growth rate. For the years ended December 31, 2024 and December 31, 2023, we generated net loss attributable to shareholders of $401.4 million and $128.4 million, respectively, and Adjusted EBITDA of positive $210.4 million and negative $82.0 million, respectively. The Adjusted EBITDA increase for the year ended December 31, 2024 as compared to the prior year period reflects the impact of (i) FRLPC improvement initiatives we implemented in 2024, and (ii) disciplined cost management to improve operating efficiency and reduce vendor