08:47 AM EDT, 06/06/2024 (MT Newswires) -- Pagaya Technologies ( PGY ) said Thursday it is executing "operational initiatives" that aim to improve its profitability and achieve its target of reaching positive net cash flow.

The initiatives, which include a workforce reduction, are expected to result in roughly $25 million in annualized gross cost savings, the company said.

The company said that as a portion of the savings are anticipated to be reinvested in "key growth areas," it is increasing its 2024 guidance for adjusted EBITDA by $10 million to a range of $160 million to $200 million.

Pagaya ( PGY ) said it maintained is 2024 outlook for network volume and total revenue and other income.

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