Filing Flows › Pagaya Technologies (PGY) › Q1 2025
Pagaya Technologies (PGY) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
Pagaya Technologies (PGY) reported revenue of $290M for the first quarter 2025 (Q1 2025), +18% from a year earlier and +4% from the quarter before. Operating margin was 16.4%, net earnings $2.5M (0.9% of revenue).
Pagaya Technologies, Q1 2025: revenue $290M (+18% year over year), operating margin 16.4%, net earnings $2.5M, operating cash flow $34.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $290M | +4% | +18% |
| Operating profit | $47.7M | — | — |
| Net earnings | $2.5M | — | — |
| Operating cash flow | $34.4M | +159% | +94% |
| Free cash flow | $30.7M | +229% | +144% |
What changed
Revenue was $290.0M in Q1 2025, up 18% year over year and up 4% from the previous quarter. Network AI Fees was the largest line at 87% of revenue. Network AI Fees added $38.1M year over year (up 18%), 85% of the total change.
Operating profit was $47.7M, a 16.4% margin (up 13.3 points year over year). Of the extra revenue versus a year earlier, 89% reached operating profit, above the 3% margin then. Total costs grew 2% against revenue growth of 18%. The fastest-growing cost line was Cost of revenue (+15%). Net earnings were $7.9M ($2.5M including minority interests, which bore $5.4M of losses).
Operating cash flow was $34.4M (up 94% year over year), 1382% of net income including minority interests. Non-cash charges added back $7.7M of depreciation and amortization and $13.2M of share-based compensation. Working capital and other items added $11.0M. Capital expenditures of $3.8M left free cash flow of $30.7M.
Questions
What was Pagaya Technologies' revenue in the first quarter 2025?
Pagaya Technologies (PGY) reported revenue of $290M for the first quarter 2025 (Q1 2025), +18% from a year earlier and +4% from the quarter before.
Was Pagaya Technologies profitable in the first quarter 2025?
Operating profit was $47.7M (16.4% of revenue) and net earnings $2.5M.