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UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue        
Revenue from fees (including related party revenues of $148,198 and $162,686 for the three months ended June 30, 2023 and 2022, respectively, and $301,991 and $321,011 for the six months ended June 30, 2023 and 2022) $ 185,685 $ 163,302 $ 360,939 $ 321,627
Other Income        
Interest income 10,193 17,252 20,590 29,461
Investment income (loss) [1] (266) 995 721 995
Total Revenue and Other Income 195,612 181,549 382,250 352,083
Production costs 120,613 104,980 245,670 197,260
Research and development 17,663 65,110 38,794 88,736
Sales and marketing 14,558 50,604 28,858 63,650
General and administrative 53,016 111,479 104,142 163,073
Total Costs and Operating Expenses 205,850 332,173 417,464 512,719
Operating Loss (10,238) (150,624) (35,214) (160,636)
Other income (loss), net [2] (16,895) 6,300 (83,875) 6,613
Loss Before Income Taxes (27,133) (144,324) (119,089) (154,023)
Income tax expense (2) [2] 5,006 19,725 11,673 19,539
Net Loss Including Noncontrolling Interests (32,139) (164,049) (130,762) (173,562)
Less: Net income (loss) attributable to noncontrolling interests (842) 11,213 (38,494) 19,972
Net Income (Loss) Attributable to Pagaya Technologies Ltd. (31,297) (175,262) (92,268) (193,534)
Per share data:        
Net loss attributable to Pagaya Technologies Ltd. shareholders (31,297) (175,262) (92,268) (193,534)
Less: Undistributed earnings allocated to participating securities 0 5,531 0 12,205
Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders $ (31,297) $ (180,793) $ (92,268) $ (205,739)
Net loss per share attributable to Pagaya Technologies Ltd.:        
Basic (in dollars per share) [3] $ (0.04) $ (0.71) $ (0.13) $ (0.89)
Diluted (in dollars per share) [3] $ (0.04) $ (0.71) $ (0.13) $ (0.89)
Weighted average shares outstanding:        
Basic (in shares) [3] 715,317,456 255,474,778 712,643,696 230,180,474
Diluted (in shares) [3] 715,317,456 255,474,778 712,643,696 230,180,474
[1] Includes income from proprietary investments.
[2] Amounts for the three and six months ended June 30, 2022 include certain adjustments for the second quarter of 2022 relating to deferred tax assets and warrant liability, which were not originally recorded as of and for the three and six months ended June 30, 2022.
[3] Prior period amounts have been retroactively adjusted to reflect the 1:186.9 stock split effected on June 22, 2022.