Pagaya Technologies raises full-year 2026 guidance after Q1 earnings beat, with shares trading below $14.

Pagaya Technologies (NASDAQ:PGY) reported Q1 2026 EPS of $0.73 versus a $0.56 estimate, revenue of $317.944 million (up 12.47% year over year), and net income of $24.694 million (up 212.86% year over year). Management raised full-year 2026 outlook to $1.4 to $1.575 billion in revenue and $110 to $160 million in GAAP net income.

The company runs an AI-driven consumer credit network using proprietary AI models to pre-qualify and match consumer loans across personal, auto, and point-of-sale verticals. It onboarded Global Lending Services, Upstart, Sezzle, and Flex Pay year to date, and its Auto vertical reached a $2.30 billion annualized run rate. Pagaya achieved five consecutive quarters of GAAP profitability and received a first AAA Fitch rating on a $368 million personal-loan resecuritization.

Shares closed below $14, down 13.29% since the Q1 earnings filing and 35.69% year to date. Risks include $38 million in losses on loans and securities in the quarter, application-to-volume conversion below 1%, and elevated cost of capital squeezing fee revenue.