Pagaya Technologies Ltd.PGY

Pagaya Technologies Ltd. filed its 10-Q for the quarter ended 31 March 2026 with $299 million in customer revenue excluding tax, $317.9 million in total revenue, and $24.7 million in net income. Operating income clocked in at $80 million while the company burned just $3.2 million on property, plant and equipment and shelled out $15.9 million on research and development. The balance sheet shows $1.65 billion in assets against $1.02 billion in liabilities, leaving $529.3 million in stockholders’ equity and $317.8 million in cash and cash equivalents. Operating cash flow for the quarter was $43.2 million, or roughly $432 per diluted share if you split the cash equally across 96.7 million shares. EPS came in at $0.28 diluted.

Pagaya’s core pitch is an AI-driven credit decisioning platform that helps auto lenders, captives, banks and fintechs approve more qualified buyers and present better offers. The company’s product pages-Decline Monetization, Direct Marketing Engine, Dual Look-are all designed to nudge more applicants through the funnel. The visual rail is a generic “Personal Loans” stock image, which is polite code for: the real product is the algorithm and the partner network, not a physical widget. The platform claims it can say yes to applicants who fall outside traditional credit parameters, and it promises proactive firm offers with predictive intelligence. What the filings do not show is a single loan or guarantee backed by Pagaya itself under the $1.02 billion liability umbrella; instead, the company relies on partners to originate and hold the paper while Pagaya takes fees and data-driven insights.

On the governance front, the board pre-approved a framework of loans and guarantees in November 2022, a move disclosed in the 2026 proxy. The proxy also points readers to the 2025 annual report (filed as a 10-K/A on 30 April and 1 June 2026) for further detail, which is where Pagaya reminds investors it is actively evaluating strategic transactions-acquisitions, investments, new asset types, products and services-to let partners expand origination volumes. Shareholders may cheer the $24.7 million net profit, but they are also being asked to trust a balance sheet whose liabilities exceed its tangible equity and a board that has pre-approved a credit line it may never draw.

Pagaya’s SEC filings do not supply segment-level breakouts or forward guidance, so the revenue split between auto, personal loans and other products remains opaque. The company’s own product rails tout growing customer approvals and engagement, yet the 10-Q does not quantify how many of those approvals actually convert to funded loans or how much of the $299 million in revenue is recurring versus transactional. Insider filings show routine 4s in late June and early July 2026, but none of the disclosed trades materially affect the diluted share count of 96.7 million. Without clearer segment data or a disclosure of concentration risk, the file leaves investors guessing whether the next sharp uptick in approvals is a data moat or a partner concentration bet.

If you want a market mechanism view, Pagaya’s shares trade on the Tel Aviv Stock Exchange under the ticker PGY. Charting tools will show daily price action, but the company’s ADRs or GDRs are not registered with the SEC, so US investors relying on US charts are trading a synthetic proxy of a non-US issuer. The SEC filings remain the primary source of truth for the underlying business economics; anything else is a secondary layer draped over a Tel Aviv-listed company whose liabilities exceed its tangible equity.