PGYWWHIGH SIGNALFINANCIAL10-K

PGYWW achieved a dramatic turnaround from a $401M net loss to $81M net profit while growing revenue 26% and significantly strengthening operations.

This represents a fundamental transformation in the company's financial performance, with operating income surging nearly 295% and operating cash flow increasing 259%, indicating the business has achieved sustainable profitability. The removal of reverse stock split language and references to the EJFA merger suggests the company has moved past earlier financial distress and completed its restructuring phase.

Comparing 2026-03-02 vs 2025-03-12View on EDGAR →
FINANCIAL ANALYSIS

PGYWW delivered exceptional financial performance with revenue growing 26% to $1.3B while achieving a remarkable turnaround from significant losses to profitability across all key metrics. Operating income exploded 295% to $264M and operating cash flow surged 259% to $239M, demonstrating strong operational leverage and cash generation capabilities. The balance sheet strengthened considerably with stockholders' equity increasing 47% to $480M and cash growing 25% to $235M, though the 161% increase in current liabilities warrants monitoring for potential liquidity pressures.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+294.7%
$66.8M→$263.8M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Operating Cash Flow
Cash Flow
+258.7%
$66.5M→$238.6M

Operating cash flow surged 258.7% — exceptional cash generation, highest quality earnings signal.

Current Liabilities
Balance Sheet
+160.9%
$74.9M→$195.5M

Current liabilities surged 160.9% — significant near-term obligations; verify ability to meet short-term debt.

Net Income
P&L
+120.3%
-$401.4M→$81.4M

Net income grew 120.3% — bottom-line growth signals improving overall business health.

Net Interest Income
P&L
+50%
$32.3M→$48.4M

Net interest income grew 50% — benefiting from rate environment or loan book expansion.

Stockholders Equity
Balance Sheet
+47%
$326.5M→$480.0M

Equity base grew 47% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+26.1%
$1.0B→$1.3B

Revenue growing 26.1% — solid top-line momentum, watch margins for quality of growth.

Cash & Equivalents
Balance Sheet
+25.2%
$187.9M→$235.3M

Cash grew 25.2% — improving liquidity position supports investment and shareholder returns.

Total Liabilities
Balance Sheet
+23.9%
$775.3M→$960.5M

Liabilities increased 23.9% — monitor debt-to-equity ratio and interest coverage.

Capital Expenditure
Cash Flow
-21.6%
$17.7M→$13.9M

Capex reduced 21.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

LANGUAGE CHANGES
NEW — 2026-03-02
PRIOR — 2025-03-12
ADDED
The Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant s fiscal year ended December 31 , 2025 .
Management's Discussion and Analysis of Financial Condition and Results of Operations 64 Item 7A.
SELECTED DEFINITIONS 2030 Notes refer to the 8.875% Senior Unsecured Notes due 2030.
Adjusted EBITDA means net income (loss) attributable to Pagaya Technologies Ltd., excluding share-based compensation expense, change in fair value of warrant liability, change in fair value of contingent liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, non-recurring expenses associated with mergers and acquisitions and other one-time expenses, interest expense, depreciation expense, and provision (and benefit from) for income taxes.
Adjusted Net Income (Loss) means net income (loss) attributable to Pagaya Technologies Ltd., excluding share-based compensation expense, change in fair value of warrant liability, change in fair value of contingent liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, and non-recurring expenses associated with mergers and acquisitions and other one-time expenses.
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REMOVED
Share amounts on this cover page and throughout this Report have been updated, as appropriate, to reflect the Company s reverse share split, effective March 8, 2024.
Management's Discussion and Analysis of Financial Condition and Results of Operations 66 Item 7A.
SELECTED DEFINITIONS ABS refers to asset-backed securitizations.
Adjusted EBITDA means net income (loss) attributable to Pagaya Shareholders, excluding share-based compensation expense, change in fair value of warrant liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, non-recurring expenses associated with mergers and acquisitions, including the EJFA Merger, interest expense, depreciation expense, and provision (and benefit from) for income taxes.
Adjusted Net Income (Loss) means net income (loss) attributable to Pagaya Shareholders, excluding share-based compensation expense, change in fair value of warrant liability, impairment, including credit-related charges, restructuring expenses, transaction-related expenses, and non-recurring expenses associated with mergers and acquisitions, including the EJFA Merger.
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