Figure Technology Solutions, Inc.

Latest Report Overview

Figure Technology Solutions Inc $FIGR reported Full Year 2025 net income of $134.3 million and Adjusted EBITDA of $251.2 million, compared to $19.9 million and $101.4 million in 2024, respectively (net income attributable to Figure: $133.9 million vs $17.2 million). Total net revenue reached $506.9 million for the year ended December 31, 2025, driven by a 62% increase in HELOC lending volume to $8.3 billion and expanded partner adoption of the DART platform, which underpinned 87% of all LOS originations. Cash and cash equivalents surged to $1.2 billion, supported by the $663.4 million net proceeds from the September 2025 IPO. The company's performance was bolstered by a significant shift in revenue mix, with ecosystem and technology fees growing 326.7% YoY as Figure Connect marketplace activity scaled. Despite this, gain on sale of loans remained a critical revenue driver at $180.0 million. Management highlighted the February 2026 launch of OPEN (On-Chain Public Equity Network) as a strategic expansion to modernize public equity infrastructure. The company reported a total stockholders' equity of $1.2 billion and total debt of $557.2 million as of year-end 2025, maintaining a net debt position of negative $640.9 million, underscoring a strong liquidity profile for future growth and capital allocation.

Key Takeaways for Figure Technology Solutions Inc

• Figure completed a major corporate restructuring (Recombination) and a successful IPO in 2025, raising $663.4 million in net proceeds.
• The company achieved significant profitability, reporting $134.3 million in net income for FY 2025 ($133.9 million attributable to Figure) compared to $19.9 million ($17.2 million attributable) in 2024.
• Adoption of the proprietary DART blockchain-based registry for loan servicing and ownership accelerated dramatically, covering 87% of loan originations in 2025 vs 2% in 2024.
• Figure launched the On-Chain Public Equity Network (OPEN) in February 2026, aiming to modernize public equity issuance and trading.
• The company faces concentrated revenue risk, with top partners and loan purchasers contributing a significant portion of origination and trading volumes.
• Management identified the potential for increased regulatory scrutiny on its digital asset products and stablecoin (YLDS) as a major risk factor to the business model.
• Figure's Board authorized a $200 million share repurchase program on February 25, 2026, signaling confidence in liquidity.

What Does Figure Technology Solutions Inc Do?

Figure Technology Solutions, Inc. is a financial technology company that utilizes proprietary blockchain-based technology to provide lending, trading, and investing solutions. Its core offering is a vertically-integrated, blockchain-powered infrastructure that aims to displace legacy processes in capital markets with greater transparency, speed, and liquidity. The company's primary products include home equity lines of credit (HELOCs), digital asset-backed personal loans, and a digital asset marketplace (Figure Exchange). Figure also provides the DART electronic registry for recording servicing rights and ownership of loans on the Provenance Blockchain. The company serves a diverse customer base, including direct-to-consumer borrowers, financial institution partners (such as banks, credit unions, and other lenders), and capital market participants. By enabling partners to originate and service loans using Figure's LOS and marketplace (Figure Connect), the company facilitates activity in the consumer credit and digital asset markets. Headquartered in Reno, Nevada, the company has scaled rapidly, employing over 600 full-time staff and holding over 180 lending and servicing licenses in the United States, alongside being an SEC-registered broker-dealer.