The share price of Israeli fintech company Pagaya Technologies (Nasdaq: PGY) dipped today, after the company reported its first financial results since listing on Wall Street in June. Over the past month, Pagaya’s share price has risen 800% and is currently down 5%, giving a market cap of $14.08 billion.
Pagaya, which was founded in 2016 by CEO Gal Krubiner, CRO Yahav Yulzari, and CTO Avital Pardo, reported revenue of $181.5 million in the second quarter of 2022, up 83% from the corresponding quarter of 2021. The company reported a net loss of $146.3 million, mainly because of share-based compensation of $146 million. This compares with a loss of $5.3 million in the corresponding quarter of 2021.
RELATED ARTICLES
Pagaya founders’ paper wealth could soon become real
Pagaya: Israel’s three new billionaires are still under 40
Pagaya completes SPAC merger at $8.5b valuation
Pagaya provides solutions based on machine learning and big data that allow financial institutions to more accurately manage credit allocation procedures. The company sees total revenue of $700-725 million for the entire year and adjusted EBITDA ranging between minus $20 million and plus $10 million.
Krubiner said, “In our first quarter reporting as a public company, we are proud to report continued strong network volume and total revenue growth. These results reflect the strength of a proprietary AI network that drives better outcomes and a B2B2C business model that delivers consistent growth through macro cycles. Looking ahead, we will remain focused on our ambition to be the trusted AI partner for the banking system.”
It is unclear how concerned shareholders will be about the results. Market sources believe that Pagaya’s share price is so high because a ‘short squeeze’ has made few shares available and investors who took short positions on the company, shortly after its SPAC merger was completed in late June, have been compelled to pay high prices in order to pay back the shares they borrowed.
Published by Globes, Israel business news – en.globes.co.il – on August 16, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsAzi is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
