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 DisclosureThis 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 FigureFigure 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 ...
