Figure Technology Solutions Reports Third Quarter 2025 Results

About this update from Figure Technology Solutions, Inc.

NEW YORK , Nov. 13, 2025 (GLOBE NEWSWIRE) -- Figure Technology Solutions (Nasdaq: FIGR), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets, today announced financial results for the quarter ended September 30, 2025 . “We recently completed our successful initial public offering and are pleased to report a strong first quarter as a public company. The continued success of Figure’s marketplace approach to tokenized consumer loan origination drove significant growth in earnings, with Net Income increasing 227% year-over-year while also achieving an Adjusted EBITDA margin of 55%, underscoring the scalability of our blockchain-based model. Alongside margin expansion, we delivered solid performance across our key metrics, consumer loan marketplace volume, Adjusted Net Revenue, and growth across our blockchain ecosystem pillars, positioning Figure to finish 2025 with continued momentum.”- Michael Tannenbaum , CEO Q3 2025 Financial Highlights Consumer Loan Marketplace volume was $2.5 billion in the quarter, a 70% increase from the prior year. This included Figure Connect volume of $1.1 billion , up from $767 million in the second quarter. The Figure Connect platform was launched in June 2024 . Net Revenue increased 55% year-over-year. Adjusted Net Revenue was $156 million , up 42% from third quarter 2024. Net Income increased 227% year-over-year to $90 million . Adjusted EBITDA increased 75% year-over-year to $86 million ; Adjusted EBITDA margin reached 55%, up 10 percentage points year-over-year. The company completed its initial public offering of its shares on September 12, 2025 , issuing 36 million shares, including 28 million primary shares, for net proceeds of $663 million . Q3 2025 Financial Highlights $000s unless noted Q3 Q3 9M YTD 9M YTD Q3 9M YTD (Unaudited) 2025 2024 2025 2024 YoY % YoY% GAAP Results Net Revenue 156,365 101,007 346,952 257,030 55% 35% Net Income 89,822 27,427 119,203 14,026 227% 750% Earnings per Share - Basic $0.42 $0.09 $0.48 $0.00 367% - Earnings per Share - Diluted $0.34 $0.09 $0.38 $0.00 278% - Non-GAAP Results Adjusted Net Revenue 156,034 110,034 357,172 262,546 42% 36% Adjusted EBITDA 86,386 49,437 169,827 85,988 75% 98% Adjusted EBITDA Margin 55.4% 44.9% 47.5% 32.8% +10.5 p.p. +14.7 p.p. Selected Metrics $ Millions unless noted Q3 Q3 9M YTD 9M YTD Q3 9M YTD (Unaudited) 2025 2024 2025 2024 YoY % YoY% Ecosystem Volume 2,538 1,837 6,040 4,344 38% 39% Consumer Loan Marketplace Volume 2,469 1,450 5,673 3,957 70% 43% Figure Connect Volume 1,131 - 2,376 - - - Net Take Rate 4.4% 5.3% 4.1% 4.4% -0.9 p.p. -0.3 p.p. Q3 2025 Business Highlights Figure Connect volume reached 46% of Consumer Loan Marketplace volume in the quarter. First-lien volume as a percentage of Consumer Loan Marketplace volume increased 650 bps to 17% compared to the third quarter of 2024. Volume from new product categories exceeded $80 million in the third quarter, including Crypto Backed Loans, Small/Medium Business Loans, Debt Service Coverage Ratio Loans and HELOC for Seniors Interest-Only Mortgage Loans. Figure ended the quarter with 246 active partners in its ecosystem and added one of the largest loan servicers in the United States . Democratized Prime now includes three different classes: HELOC, Crypto-Backed Loans, and Exchange Margin. Synergy One, an existing Figure mortgage partner, joined the Democratized Prime platform, representing the platform’s first institutional client. $YLDS balance as of November 13, 2025 is approaching $100 million , up from $4 million in the second quarter. Figure recently partnered with both Sui Foundation and Solana Foundation to drive further growth. Webcast Information Figure will host a conference call and webcast at 8:30 a.m. Eastern Time , Friday, November 14, 2025 to discuss its results and outlook. A link to the live discussion and accompanying presentation will be made available on the Company’s investor relations website at https://investors.figure.com/ . A replay will also be made available following the discussion at the same website. Forward-Looking Statements Disclosure This press release contains forward‑looking statements intended to be covered by the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this press release, including without limitation statements regarding our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, ability to determine reserves, and ability to remain profitable; our ability to maintain, expand, and enter into new relationships with partners and loan purchasers on the secondary market, our ability to broaden our network of partners; and our ability to successfully execute our business and growth strategy; and anticipated trends, growth rates, and challenges in our business, the cryptoeconomy, the price, and market capitalization of digital assets and in the markets in which we operate are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause actual results to differ materially from those expressed or implied by the forward‑looking statements. In some cases, you can identify forward‑looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these terms, and similar expressions. Forward‑looking statements are predictions based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These statements speak only as of the date of this press release. Important factors that could cause actual results to differ materially include, among others: our history of losses and the risk that we may not maintain profitability; our reliance on HELOCs and exposure to fluctuations in the HELOC market and housing values; our ability to attract and retain borrowers, partners, and loan purchasers and to drive adoption of Figure‑branded and Partner‑branded channels including Figure Connect; loan performance and default rates and the effect of credit performance on access to and pricing of warehouse facilities, whole‑loan sales, and securitizations; changes in interest rates and U.S. monetary policy that impact originations, funding costs, and investor demand; legal and regulatory risks affecting lending and mortgage‑related activities and the evolving framework for digital assets, including potential changes in the characterization or regulation of certain digital assets and related products; dependence on key third‑party providers including cloud, custodial, valuation, and data vendors and risks from outages or service disruptions; technology failures, cybersecurity incidents, or other operational disruptions; protection and enforcement of intellectual property; compliance with licensing, consumer protection, privacy, data security, and sanctions/AML laws, and shifting enforcement priorities at the federal and state levels; our ability to remediate previously identified material weaknesses and meet our post‑IPO public company reporting and internal control obligations; competition; macroeconomic and geopolitical conditions; our dual‑class structure and concentrated voting control and related impacts on corporate governance; equity market volatility affecting our Class A common stock; and the other risks described in “Risk Factors” in our final prospectus dated September 10, 2025 filed pursuant to Rule 424(b)(4), and in our other filings with the SEC . You should read this press release and the documents we reference in it with the understanding that actual future results may differ materially from our expectations. We qualify all forward‑looking statements in this press release by these cautionary statements. Except as required by law, we undertake no obligation to publicly update or revise any forward‑looking statements contained herein, whether as a result of new information, future events, changed circumstances, or otherwise. About Non-GAAP Financial Measures and Other Performance Metrics Financial Measures In order to better help understand our financial performance, we use several key performance metrics that should be viewed independently of GAAP items, as these metrics are not intended to be combined with those items. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP. Adjusted Net Revenue Adjusted Net Revenue is a non-GAAP financial measure used by our management to evaluate operating performance. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted Net Revenue provides a useful measure for period-to-period comparisons of our business, as it removes the effect of a non-cash, non-realized adjustment that is included in net revenue. Adjusted Net Revenue is defined as net revenue excluding the change in fair value of MSR associated with changes in our estimates that management has determined are not reflective of our operating performance. Adjusted EBITDA Adjusted EBITDA is a non-GAAP financial measure used by our management to evaluate operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash items, variable charges, non-recurring items, unrealized gains or losses or other similar non-cash items that are included in net income or expenses associated with the early stages of the business that are expected to ultimately terminate, pursuant to the terms of certain existing contractual arrangements or expected to continue at levels materially below the historical level, or that otherwise do not contribute directly to management’s evaluation of its operating results. Adjusted EBITDA is defined as net income excluding interest expense incurred in connection with our debt obligations other than debt associated with our funding of loans held for sale, income taxes, amortization and depreciation expense, stock-based compensation expense, non-cash changes in certain financial instruments, and other items that management has determined are not reflective of our operating performance. The following table presents a reconciliation of Net Revenue to Adjusted Net Revenue and Net Income to Adjusted EBITDA for the three and nine months ended September 30, 2025 and 2024: Adjusted EBITDA Margin Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Adjusted Net Revenue. Three Months Ended September 30 , Nine Months Ended September 30 , ($ in thousands) 2025 2024 2025 2024 Total Net Revenue $ 156,365 $ 101,007 $ 346,952 $ 257,030 Plus: Valuation Changes in Fair Value of MSRs (331 ) 9,027 10,220 5,516 Adjusted Net Revenue $ 156,034 $ 110,034 $ 357,172 $ 262,546 Net Income (Loss) $ 89,822 $ 27,427 $ 119,203 $ 14,026 Plus: Valuation Changes in Fair Value of MSRs (331 ) 9,027 10,220 5,516 Plus: Change in Fair Value of Digital Assets and Related Investments (3,745 ) (1,658 ) 3,546 (7,988 ) Plus: Impairment of Capitalized Software — — — 8,591 Plus: Impairment of Digital Assets — 1 — 5,851 Plus: Services Exchanged for Issuance of Warrants 2,459 2,572 7,863 4,019 Plus: Registration Costs 2,430 — 4,277 — Plus: Restructuring Costs 689 — 3,672 2,497 Plus: Stock-Based Compensation Expense 17,469 4,533 22,730 34,526 Plus: Amortization of Internally Developed Software Costs 4,304 3,811 12,381 13,255 Plus: Non-Funding Interest Expense 4,752 2,471 12,811 3,907 Plus: Income Tax Provision (31,463 ) 1,253 (26,876 ) 1,788 Adjusted EBITDA $ 86,386 $ 49,437 $ 169,827 $ 85,988 Adjusted EBITDA Margin 55.4 % 44.9 % 47.5 % 32.8 % About Figure Figure Technology Solutions, Inc. (Nasdaq: FIGR) is the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets. More than 240 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $18 billion of loans to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC -registered yield-bearing stablecoin that operates as a tokenized money market fund. Figure is the market leader in real world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P and Moody’s, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn . FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)(in thousands, except share and per share data) September 30, 2025 December 31, 2024 Assets Current assets: Cash and cash equivalents $ 1,097,123 $ 287,256 Restricted cash 64,590 57,777 Loans held for sale, at fair value 389,032 395,922 Digital assets ( $101,408 and $76,362 at fair value) 102,913 77,862 Accounts receivable, net 46,238 20,998 Other current assets 59,828 14,875 Total current assets 1,759,724 854,690 Loan servicing asset, at fair value 100,000 88,497 Marketable securities, at fair value 239,694 163,489 Digital assets, non-current 7,272 9,704 Loan to related parties 9,927 9,372 Other non-current assets 40,172 33,826 Total assets $ 2,156,789 $ 1,159,578 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued liabilities $ 55,320 $ 37,217 Payables to third-party loan owners 336,547 212,619 Debt, current ( $18,962 and $— at fair value) 268,923 305,294 Other current liabilities 117,385 70,401 Total current liabilities 778,175 625,531 Debt, non-current 197,827 167,882 Lease liability, non-current 4,227 2,790 Total liabilities 980,229 796,203 Stockholders' equity: Convertible Preferred stock — no shares authorized, issued and outstanding at September 30, 2025 ; $0.00001 par value per share: 115,983,447 shares authorized, 111,900,495 issued and outstanding at December 31, 2024 , liquidation preference $528,566,000 — 2 Common stock — no shares authorized, issued and outstanding at September 30, 2025 ; $0.00001 par value per share: 240,820,153 shares authorized, 69,300,284 issued and outstanding at December 31, 2024 — 2 Preferred stock — $0.0001 par value per share: 100,000,000 shares authorized, no shares issued and outstanding at September 30, 2025 ; no shares authorized, issued and outstanding at December 31, 2024 — — Class A common stock — $0.0001 par value per share: 1,000,000,000 shares authorized, 174,853,649 shares issued and outstanding at September 30, 2025 ; no shares authorized, issued and outstanding at December 31, 2024 17 — Class B common stock — $0.0001 par value per share: 200,000,000 shares authorized, 37,893,047 shares issued and outstanding at September 30, 2025 ; no shares authorized, issued and outstanding at December 31, 2024 4 — Blockchain common stock — $0.0001 par value per share: 500,000,000 shares authorized, no shares issued and outstanding at September 30, 2025 ; no shares authorized, issued and outstanding at December 31, 2024 — — Additional paid-in capital 1,369,956 675,945 Accumulated deficit (202,153 ) (320,851 ) Total Figure Technology Solutions, Inc. stockholders' equity 1,167,824 355,098 Noncontrolling interests in consolidated subsidiaries 8,736 8,277 Total stockholders' equity 1,176,560 363,375 Total liabilities and stockholder's equity $ 2,156,789 $ 1,159,578 FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except share and per share data) Three Months Ended September 30 , Nine Months Ended September 30 , 2025 2024 2025 2024 Net Revenue Ecosystem and technology fees $ 35,691 $ 7,323 $ 79,445 $ 19,830 Servicing fees 7,882 6,483 22,537 18,389 Interest income 17,864 12,772 50,502 32,475 Origination fees 21,415 18,940 50,142 51,244 Gain on sale of loans, net 63,561 57,434 131,896 116,069 Gain (loss) on servicing asset, net 9,332 (2,057 ) 11,502 18,580 Other revenue 620 112 928 443 Total net revenue 156,365 101,007 346,952 257,030 Expenses General and administrative 36,366 15,890 71,603 78,428 Technology and product development 15,915 16,080 49,349 46,407 Operations and processing 18,217 11,333 45,342 33,275 Sales and marketing 22,144 15,031 54,077 40,979 Interest expense 12,450 14,761 35,798 41,951 Other (income) expense (1,445 ) 1,775 2,268 5,951 Total expenses 103,647 74,870 258,437 246,991 Operating income 52,718 26,137 88,515 10,039 Other income, net Other income, net 5,641 2,543 3,812 5,775 Total other income, net 5,641 2,543 3,812 5,775 Income before income taxes 58,359 28,680 92,327 15,814 Income tax provision (31,463 ) 1,253 (26,876 ) 1,788 Net income 89,822 27,427 119,203 14,026 Net income attributable to noncontrolling interests in consolidated subsidiaries 246 88 505 2,288 Net income attributable to Figure Technology Solutions, Inc. $ 89,576 $ 27,339 $ 118,698 $ 11,738 Net income per share of Class A and Class B common stock Basic $ 0.42 $ 0.09 $ 0.48 $ 0.00 Diluted $ 0.34 $ 0.09 $ 0.38 $ 0.00 Weighted-average Class A and Class B common shares outstanding Basic 103,571,820 68,568,542 80,896,185 63,700,455 Diluted 129,922,329 73,585,747 103,106,387 69,854,927 FIGURE TECHNOLOGY SOLUTIONS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)(in thousands) Nine Months Ended September 30 , 2025 2024 Operating Activities: Net income $ 119,203 $ 14,026 Adjustments to reconcile net loss to net cash flows used in operating activities: Gain on servicing asset, net (11,502 ) (18,580 ) Gain on sale of loans, net (126,130 ) (116,069 ) Loss (gain) on sale of digital assets (2,979 ) (7,065 ) Income from fund and equity method investments 475 296 Amortization of deferred financing costs 732 712 Amortization of internally developed software 12,381 13,255 Impairment of internally developed software costs — 8,591 Impairment of digital assets — 5,851 Services exchanged for issuance of warrants 7,863 4,019 Stock-based compensation expense 22,730 34,526 Losses on repurchased loans 2,268 5,951 Net change in operating assets and liabilities: Proceeds from loan sales, net of repurchases 4,599,255 3,553,500 Originations of loans held for sale (2,561,856 ) (2,409,864 ) Purchases of loans held for sale (2,221,013 ) (1,568,000 ) Principal payments on loans held for sale 324,568 334,777 Purchases of marketable securities (141,878 ) (81,622 ) Proceeds from sale of marketable securities — 872 Principal payments on marketable securities 62,517 8,342 Accounts receivable, net (25,240 ) 3,682 Other assets (54,528 ) (12,994 ) Accounts payable and other liabilities 42,431 11,429 Net cash provided by (used in) operating activities 49,297 (214,365 ) Investing activities: Capitalization of internally developed software costs (16,077 ) (12,498 ) Investment contributions (2,477 ) (3,314 ) Purchases of digital assets (9,938 ) (25,777 ) Proceeds from sales of digital assets 12,634 10,842 Loan receivable issued to related parties — (2,030 ) Payment on note receivable from related parties — 809 Distributions from investments 797 — Realized losses on futures (5,766 ) — Sale of internally developed software — 1,000 Net cash used in investing activities (20,827 ) (30,968 ) Financing activities: Proceeds from debt 4,169,636 3,459,213 Principal payments on debt (4,175,300 ) (3,217,322 ) Payments of deferred financing costs (1,494 ) (1,574 ) Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions 663,443 — Proceeds from servicing activity on behalf of third-party loan owners 123,086 60,390 Proceeds from issuance of preferred stock — 71,774 Distributions to shareholders — (2,765 ) Proceeds from exercises of stock options 8,737 867 Other financing activities 102 258 Net cash provided by financing activities 788,210 370,841 Net increase in cash, cash equivalents, and restricted cash 816,680 125,508 Cash, cash equivalents, and restricted cash, beginning of period 345,033 175,780 Cash, cash equivalents, and restricted cash, end of period $ 1,161,713 $ 301,288 Supplemental cash flow disclosures Cash paid during the period for interest $ 36,371 $ 41,117 Cash paid during the period for income taxes 8,015 48 Supplemental disclosures of non-cash investing and financing activities Stock-based compensation included in capitalized internally developed software 329 401 Contribution from related party — 1,500 Distribution of noncontrolling interest in fund — 8 Distributions from Onshore Solana Fund 1,759 — Transfers from held for sale to held for investment — 4,959 Other capital contributions — 2,958 Accrued issuance costs 3,533 1,025 Unrealized losses on futures 318 — Right of use assets obtained in exchange for operating lease liabilities 3,080 — Source: Figure Technology Solutions, Inc.

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