8-K: Figure Tech Reports Strong Q4, Full Year 2025 Preliminary Results

Figure Technology Solutions announced preliminary unaudited financial results for Q4 and full year 2025, showing significant growth in loan marketplace volume and strong profitability.

Summary

• Figure Technology Solutions reported preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025.
• Fourth Quarter 2025 Consumer Loan Marketplace Volume reached $2.7 billion, marking a 131% increase year-over-year.
• Full Year 2025 Consumer Loan Marketplace Volume was $8.4 billion, an increase of 63% year-over-year.
• Preliminary Q4 2025 Net Revenue is expected to be between $158.0 million and $162.0 million, with Adjusted Net Revenue between $155.5 million and $160.5 million.
• Preliminary Q4 2025 GAAP Net Income is projected to be $12.5 million to $13.5 million, and Adjusted EBITDA between $80.0 million and $83.0 million, with an Adjusted EBITDA margin of 49.8% to 53.4%.
• Preliminary Full Year 2025 Net Revenue is expected to be $505.0 million to $509.0 million, with Adjusted Net Revenue between $512.5 million and $517.5 million.
• Preliminary Full Year 2025 GAAP Net Income is projected to be $131.5 million to $132.5 million, and Adjusted EBITDA between $249.0 million and $252.0 million, with an Adjusted EBITDA margin of 48.1% to 49.2%.
• The company experienced higher professional services and insurance costs in Q4 2025 as a newly formed public company.
• Stock-based compensation expense for Q4 2025 was approximately $40 million, representing about 64% of the full year's expense, primarily due to one-time fully vested grants and accelerated recognition for restricted stock units.

Sentiment

Score: 9

Explanation: StockSavvy.ai views this as a highly positive announcement, driven by exceptional growth in key business metrics, strong profitability, and significant validation of its blockchain-native financial products, despite the preliminary nature of the results.

Positives

• Achieved triple-digit year-over-year growth in Consumer Loan Marketplace volume for Q4 2025, reaching $2.7 billion (131% increase).
• Reported strong double-digit year-over-year growth in Consumer Loan Marketplace volume for the full year 2025, reaching $8.4 billion (63% increase).
• Demonstrated strong profitability with Q4 2025 Adjusted EBITDA margin expected between 49.8% and 53.4%, and Full Year 2025 Adjusted EBITDA margin between 48.1% and 49.2%.
• Increased adoption of Figure Connect and expanding activity within the blockchain ecosystem, reinforcing the diversity and scalability of the business model.
• The company's ecosystem is the largest non-bank provider of home equity financing, having originated over $22 billion of home equity to date.
• Figure is recognized as the market leader in real-world asset (RWA) tokenization.
• A recent securitization received a AAA rating from S&P and Moody's, a first of its kind for blockchain finance.

Negatives

• Experienced higher professional services and insurance costs during Q4 2025 due to being a newly formed public company.
• Stock-based compensation expense for Q4 2025 was significant at $40 million, making up approximately 64% of the full year's expense, driven by one-time grants and accelerated vesting.

Risks

• The financial results presented are preliminary and unaudited estimates, based on currently available information, and do not include all necessary information for a complete understanding of operating results.
• The independent registered public accounting firm has not audited, reviewed, or completed their procedures with respect to these preliminary operating results, and does not express an opinion or any other form of assurance.
• It is possible that the company or its independent registered public accounting firm may identify items requiring adjustments as consolidated financial statements are completed, and any resulting changes could be material.
• Undue reliance should not be placed on these preliminary estimates, as there is no assurance that the ranges are indicative of actual results for the periods reported or any future period.

Future Outlook

Management remains focused on expanding its partner network, deepening marketplace liquidity, and advancing its blockchain-native infrastructure to further accelerate the transformation of capital markets.

Management Comments

• "We are closing the year with strong fourth quarter results, reflecting growing momentum for Figure."
• "We achieved triple-digit year-over-year growth in Consumer Loan Marketplace volume, increased adoption of Figure Connect, and saw expanding activity within our blockchain ecosystem, reinforcing the diversity and scalability of our model."
• "Looking ahead, we remain focused on expanding our partner network, deepening our marketplace liquidity, and advancing our blockchain-native infrastructure."
• "This quarter's strong results reflect the meaningful progress we've already made in modernizing capital markets and position us to further accelerate that transformation."

Industry Context

StockSavvy.ai notes that Figure Technology Solutions is positioning itself as a leader in the nascent but rapidly growing blockchain-native capital markets space, particularly in real-world asset (RWA) tokenization. Its significant growth in consumer loan marketplace volume and status as the largest non-bank provider of home equity financing highlight its disruptive potential against traditional financial institutions. The company's focus on blockchain infrastructure like Figure Connect, Democratized Prime, DART, and $YLDS indicates a strategic move to capture market share in the digital asset economy, differentiating it from conventional fintech players.

Comparison to Industry Standards

• Figure's most recent securitization received a AAA rating from S&P and Moody's, which is a significant achievement and a strong validation of its blockchain-based finance model, placing it on par with the highest credit quality traditional financial instruments.
• The company's growth rates, with Q4 2025 Consumer Loan Marketplace Volume up 131% year-over-year and full year up 63%, significantly outpace many established players in the traditional lending and financial services sectors, indicating strong market penetration and adoption of its innovative platform.

Stakeholder Impact

• Shareholders are likely to benefit from the strong preliminary financial performance and growth trajectory, potentially leading to increased share value.
• Partners in the loan origination system and capital marketplace (over 200) will see continued growth and expanding opportunities within Figure's ecosystem.
• Customers benefit from the expanding offerings and liquidity in Figure's consumer credit and on-chain lend-borrow marketplaces.
• Employees may see positive impacts from a growing and successful company, though the significant stock-based compensation in Q4 could also indicate retention or incentive strategies.

Next Steps

• Figure will host a conference call and webcast on Thursday, February 26, 2026, at 4:30 p.m. Eastern Time to discuss its results and outlook.
• The company will complete the preparation of its consolidated financial statements for Q4 and full year 2025 following the completion of 'this offering'.

Key Dates

Recommendation

The preliminary results indicate exceptional growth in core business segments, particularly the Consumer Loan Marketplace volume, coupled with strong Adjusted EBITDA margins. Figure's leadership in blockchain-native capital markets and real-world asset tokenization, validated by a AAA rating for its securitization, positions it favorably in an innovative and high-growth sector. While the results are preliminary, the magnitude of growth and profitability suggests significant operational momentum and market adoption, making it an attractive investment for long-term growth-oriented investors.

Keywords

Figure Technology Solutions, FIGR, blockchain, capital marketplace, tokenized assets, consumer loans, home equity, RWA tokenization, financial results, Q4 2025, full year 2025, preliminary results, Adjusted EBITDA, Nasdaq