NET LOSS PER SHARE

6 Months Ended

Jun. 30, 2024

Net income (loss) per share is presented in conformity with the two-class method required for multiple classes of ordinary share and participating securities.

The following tables set forth the calculation of basic and diluted net loss per share attributable to ordinary shareholders for the three and six months ended June 30, 2024 and 2023 (in thousands, except share and per share data):


	Three Months Ended June 30, 2024				Six Months Ended June 30, 2024
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(61,600)	$	(13,185)	$	(78,174)	$	(17,834)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	59,113,574		12,652,310		55,461,550		12,652,310
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(1.04)	$	(1.04)	$	(1.41)	$	(1.41)


	Three Months Ended June 30, 2023				Six Months Ended June 30, 2023
	Class A		Class B		Class A		Class B
Numerator:



Net loss attributable to Pagaya Technologies Ltd. ordinary shareholders, basic and diluted	$	(23,643)	$	(7,654)	$	(69,619)	$	(22,649)
Denominator:
Weighted average shares used for net loss per ordinary share, basic and diluted	45,031,922		14,577,866		44,809,108		14,577,866
Net loss per share attributable to ordinary shareholders, basic and diluted	$	(0.53)	$	(0.53)	$	(1.55)	$	(1.55)

The following potentially dilutive outstanding securities as of June 30, 2024 and 2023 were excluded from the computation of diluted net income (loss) per share because their effect would have been anti-dilutive for the periods:


	June 30,
	2024	2023
Share options	3,539,256	4,760,490
Options to restricted shares	20,025,410	20,113,280
RSUs	3,754,702	3,507,033

Ordinary share warrants	2,016,321	2,016,330
Redeemable convertible preferred shares	5,000,000	5,000,000
Net potential dilutive outstanding securities	34,335,689	35,397,133