Company: PGYWW
Filing Date: 2025-08-07
Form Type: 10-Q
Source: 0001883085-25-000169
Chunk: 183

Company: Pagaya Technologies Ltd.
Filing Date: 2025-08-07
Form: 10-Q
Item: Part I, Item 8
Chunk 183
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 23 535 Non-recurring expenses2,184 — 5,906 276 Adjusted Net Income$50,624 $7,188 $103,813 $20,519 Adjusted to exclude the following:Interest expenses23,088 21,563 44,300 36,727 Income tax expenses4,978 14,512 2,438 19,515 Depreciation and amortization7,593 7,042 15,315 13,359 Adjusted EBITDA$86,283 $50,305 $165,866 $90,120 

Liquidity and Capital Resources

As of June 30, 2025 and December 31, 2024, the principal sources of liquidity were cash, cash equivalents, current and non-current restricted cash of $242.0 million and $226.5 million, respectively. We believe these sources will be sufficient to meet our current liquidity needs for the next twelve months, from the date of issuance of the unaudited condensed consolidated financial statements included elsewhere in this Form 10-Q, and be sufficient to support our future cash needs, however, we can provide no assurance that our liquidity and capital resources will meet future funding requirements. 

Our primary requirements for liquidity and capital resources are to purchase and finance risk retention requirements, invest in technology, data and product development and to attract, recruit and retain a strong employee base, as well as to fund potential 

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strategic transactions, including acquisitions, if any. We intend to continue to make strategic investments to support our business plans. 

We do not have capital expenditure commitments as the vast majority of our capital expenditures relate to the capitalization of certain compensation and non-compensation expenditures used in the development and improvement of our proprietary technology. 

There are numerous risks to the Company’s financial results, liquidity and capital raising, some of which may not be quantified in the Company’s current estimates. The principal factors that could impact liquidity and capital needs are a prolonged inability to adequately access funding in the capital markets or in bilateral agreements, including as a result of macroeconomic conditions such as rising interest rates and higher cost of capital, the timing and extent of spending to support development efforts, the expansion of sales and marketing activities, the introduction of new and enhanced products and the continuing market adoption of the Company’s network.

We expect to fund our operations with existing cash and cash equivalents, cash generated from operations, including cash flows from