Good morning. Figure Technology Solutions reported strong revenue growth and a significant increase in profitability in its first full quarter as a public company.
“We’re creating a capital marketplace powered by blockchain,” CFO Macrina Kgil said. The company offers blockchain-recorded home equity lines of credit (HELOCs), mortgages, consumer loans, and crypto-backed loans—making Figure the leading provider in tokenized private credit and asset-backed blockchain lending.
For Q3, Figure beat Wall Street expectations. Net income surged 227% year-over-year to $90 million, the company reported on Friday. And net revenue climbed 55% to $156 million, with adjusted net revenue up 42%. Adjusted EBITDA increased 75% to $86 million, and the margin improved by 10 percentage points to 55%.
Consumer loan marketplace volume hit $2.5 billion, up 70% from the prior year. This includes $1.1 billion for the Figure Connect platform, launched in June 2024.
Figure partners with major mortgage lenders, including Rate (formerly Guaranteed Rate), many fintech and mortgage originators, and also offers direct-to-consumer HELOCs.
