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 technology and ecosystem fees, origination, gain on sale, servicing, and interest income.

• Expanded product suite includes interest-bearing stablecoin (YLDS), digital asset-backed loans, and a blockchain-based public equity network (OPEN).

• Partners include mortgage originators, banks, credit unions, and non-bank finance companies, with 246 active partners as of September 30, 2025.

Financial performance and metrics

• Net revenue for the nine months ended September 30, 2025: $347 million, up 35% year-over-year.

• Net income for the nine months ended September 30, 2025: $119 million, compared to $14 million in the prior year period.

• Adjusted EBITDA for the nine months ended September 30, 2025: $170 million, up from $86 million in the prior year period.

• Total assets as of September 30, 2025: $2.16 billion; total stockholders' equity: $1.18 billion.

• HELOC originations for 2024: $5 billion, up 51% from 2023; cumulative originations since 2018: $18 billion.

• Ecosystem volume for the nine months ended September 30, 2025: $6.04 billion.

Use of proceeds and capital allocation

• Proceeds from the sale of blockchain stock are used to purchase Class A common stock from underwriters; selling stockholders receive all proceeds.

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