Figure Technology Solutions (FIGR) Q3 2025 earnings summary

Executive summary

• Achieved record Q3 2025 results with adjusted EBITDA of $86.4M (up 75% YoY), net income of $90M for Q3 and $119.2M for the nine months, and net revenue up 55% YoY, driven by rapid growth in consumer loan marketplace volume and Figure Connect adoption.

• Completed IPO on September 12, 2025, raising $663.4M in net proceeds and converting all preferred stock to common stock.

• Expanded partner network to 246 active partners and launched new products including Figure Connect, Figure Exchange, and YLDS stablecoin, with YLDS AUM reaching $100M by November 2025.

• Transitioned to a capital-light, fee-based marketplace model, with Figure Connect comprising nearly half of total loan volume and facilitating $2.4B in transactions since June 2024.

• Announced confidential S-1 filing for a blockchain-native equity share class, marking a first in public equity markets.

Financial highlights

• Adjusted net revenue for Q3 2025 was $156M, up 42% YoY, and total net revenue for the nine months ended September 30, 2025, was $346.95M, up 35% YoY.

• Adjusted EBITDA was $86.4M for Q3 2025 (margin 55.4%, up from 44.9% YoY); nine-month Adjusted EBITDA was $169.8M (margin 47.5%).

• Net income for Q3 2025 was $90M, and for the nine months ended September 30, 2025, was $119.2M, up 749.9% YoY.

• Consumer loan marketplace volume reached $2.5B in Q3 2025, up 70% YoY.

• Cash and cash equivalents increased to $1.1B as of September 30, 2025, from $287.3M at year-end 2024.

Outlook and guidance

• Management expects continued growth in ecosystem and technology fees as Connect platform adoption expands, with adjusted EBITDA margin targeted above 60% as more activity shifts to Figure Connect and Democratized Prime.

• Sufficient liquidity and funding capacity to support planned growth for at least the next 12 months.

• Ongoing investment in technology, automation, and compliance to support new product launches and regulatory requirements.

• Expect typical seasonality in home equity loan originations in Q4 and Q1, with volumes trending below annual averages.

• Anticipate Figure Connect to comprise 60% of loan volume in the near to mid-term.