Figure Technology Solutions (FIGR) Registration Filing summary

Company overview and business model

• Operates a blockchain-based platform for lending, trading, and investing, focusing on consumer credit and digital assets.

• Offers a proprietary loan origination system (LOS), a digital asset exchange, and a marketplace (Figure Connect) for loan trading.

• Revenue is generated from origination, gain on sale, servicing, and technology fees, with a growing share from marketplace and ecosystem fees.

• Expanded from direct-to-consumer home equity loans to partner-branded originations and digital asset-backed products.

• All assets and transactions are recorded on the Provenance Blockchain, providing transparency and efficiency.

Financial performance and metrics

• Net revenue for the nine months ended September 30, 2025: $347M (up from $257M in 2024); net income: $119M (up from $14M in 2024).

• Adjusted EBITDA for the nine months ended September 30, 2025: $170M (up from $86M in 2024).

• Total stockholders' equity as of September 30, 2025: $1.2B; accumulated deficit: $202M.

• For the year ended December 31, 2024: net revenue $341M, net income $20M, Adjusted EBITDA $101M.

• Ecosystem volume for the nine months ended September 30, 2025: $6.0B; HELOCs comprised 99% of total loan originations.

Use of proceeds and capital allocation

• Proceeds from the sale of blockchain stock are used to repurchase Class A common stock from underwriters.

• Share repurchase program of up to $30M to be funded with cash on hand.

• Net proceeds from the September 2025 IPO ($663.4M) allocated to general corporate purposes, working capital, operating expenses, and capital expenditures.