Figure Technology Solutions . Class A Common Stock Stock Earnings Reports

Figure reported a strong Q1 2026 with rapid marketplace growth and continued roll-out of its blockchain-native capital markets strategy. Key financials: consumer loan marketplace (CLM) volume grew >110% YoY to ~$2.9B for the quarter, March was the company's first >$1B CLM month, adjusted net revenue grew 92% YoY to $167M, adjusted EBITDA was $83M (50% margin), and the company described operating at a “rule of 140.” Net take rate was 3.8% (in-line with prior guidance). Figure ended the quarter with ~$1.5B cash and is providing Q2 CLM volume guidance of $3.8B–$4.1B.

Business highlights and strategic priorities: Figure emphasizes three integrated verticals — (1) debt & structured finance (Figure Connect whole-loan marketplace and growth in first-lien small-balance mortgage origination), (2) equity & non-debt digital assets (OPEN, the on-chain public equity network / ATS), and (3) capital & financing markets (DeFi financing via Democratized Prime and the YLDS/Hastra token stack). Product innovations called out include Forge (converts whole loans into liquid on-chain participation units), Agora (first third-party Forge issuer; auto assets on Democratized Prime), and OPEN (native on-chain equities enabling wallet-native lending, stock-loans and 24/7 trading).

Commercial traction: adding 80 new partners (highest ever), onboarding large depositories (Flagstar Bank as the largest bank originator on the marketplace), upsells to Figure Connect (e.g., Mutual of Omaha saw 5x monthly volume after migrating to Connect), and growth in SMB / business-purpose lending (including Credibly and other third-party borrowers being added to Democratized Prime). Democratized Prime and YLDS balances grew sharply quarter-over-quarter (~80% QoQ growth cited). Figure has been selectively retaining inventory (~$350M loans held for sale / held) to seed Democratized Prime liquidity.

Operational & tech themes: heavy emphasis on blockchain as the rails and DeFi as the liquidity layer, plus AI to automate onboarding, underwriting validation and operations (recent hire of Head of AI). Management believes the business is long-duration and multiyear but with rapidly realizable economics as the marketplace scales.

Near-term guidance and risks: Q2 consumer loan marketplace volume guide of $3.8B–$4.1B. Management reiterated that take rate is an outcome of mix and not their primary north star; they are focused on contribution profit and EBITDA. Risks include regulatory uncertainty (SEC / transfer agent guidance for tokenized yields / securities), adoption timing of DeFi by TradFi capital, and the multiyear effort to scale blockchain-native capital markets.