Figure Technology Solutions (FIGR) investor relations material

Executive summary

• Q3 Loan Marketplace Volume reached $5.8B, up 135% YoY; Adjusted Net Revenue was $283.3M, up 83%, and Adjusted EBITDA was $163.6M, up 91%.

• Figure Connect volume was $4.3B, representing 72% of standalone volume; Kiavi expanded the platform into investor-focused loan categories.

Financial highlights

• GAAP net revenue was $287.1M vs. $156.4M YoY; Adjusted Net Revenue was $283.3M vs. $155.1M.

• Net income was $89.3M vs. $89.8M; prior-year net income included a one-time $31M tax benefit.

• Adjusted EBITDA was $163.6M vs. $85.4M; margin was 57.7% vs. 55.1%.

• Ecosystem and technology fees were $109.8M, up 207% YoY; gain on servicing asset, excluding MSR revaluation, was $31.6M, up 251%.

• Gross take rate was 3.9% vs. 5.2% YoY; net take rate was 3.5% vs. 4.4%.

Outlook and guidance

• Q4 Loan Marketplace Volume guidance is $6.2B–$6.7B, with gross take rate guidance of 3.1%–3.4%.

• Seasonal Q3-to-Q4 volume declines of 10%–15% and Kiavi integration costs are expected to pressure Q4 Adjusted EBITDA margin.

• Q4 includes $18M–$23M of incremental adjusted expenses from Kiavi versus Q3; margins are expected to improve meaningfully in 2027 as synergies and operating leverage build.

• $30M of Kiavi's $35M run-rate cost-synergy target was actioned at close; remaining actions are planned over the following 12 months.

• Management expects continued rapid Q4 growth at attractive economics and identifies 2027 as a year of partner upsell.