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Pagaya Technologies Ltd. (PGY-1.44%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, reporting total revenue and other income of $1,032.2 million for the year, a 27% increase from the previous year. This growth was primarily driven by an increase in revenue from fees.
Revenue from fees, which includes network AI fees and contract fees, increased by 30% to $1,004.6 million. The increase was attributed to improved economics in AI integration fees and a 17% growth in Network Volume.
Interest income decreased by 17% to $32.3 million, primarily due to changes in the structure and composition of investments in loans and securities, as well as lower interest income on cash balances.
The company reported an investment loss of $4.6 million, reflecting an unfavorable impact from the change in valuation of certain proprietary investments.
Production costs increased by 17% to $597.7 million, correlating with the growth in Network Volume and new Partners onboarded to the network.
Technology, data, and product development expenses saw a slight increase of 3% to $76.6 million, driven by higher software depreciation expenses.
Sales and marketing expenses remained relatively flat at $50.4 million, with a minor increase due to contributions from the acquisition of Theorem Technology, Inc.
General and administrative expenses increased by 18% to $240.8 million, driven by higher losses from loan purchases and increased consulting expenses.
The company recorded a net loss attributable to Pagaya Technologies Ltd. of $401.4 million, compared to a net loss of $128.4 million in the previous year.
Pagaya's liquidity position included cash, cash equivalents, and restricted cash of $226.5 million as of December 31, 2024.
The filing also discusses the impact of macroeconomic conditions, including interest rates and geopolitical tensions, on the company's operations and financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pagaya Technologies Ltd. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.