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 and servicing fees, and gain on sale of loans.

• Provides both direct-to-consumer (Figure-branded) and partner-branded solutions, with 246 active partners as of September 30, 2025.

• All loan and asset transactions are recorded on the Provenance Blockchain, supporting transparency and efficiency.

Financial performance and metrics

• Net revenue for the nine months ended September 30, 2025 was $347 million, up from $257 million in the prior year period.

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

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

• Total assets as of September 30, 2025 were $2.16 billion, with cash and equivalents of $1.1 billion.

• HELOC originations comprised over 99% of total loan originations for the nine months ended September 30, 2025.

• Ecosystem volume for the nine months ended September 30, 2025 was $6.04 billion, with $2.38 billion traded on Figure Connect since June 2024.

Use of proceeds and capital allocation

• Proceeds from the blockchain stock offering will be 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 for general corporate purposes, including working capital, operating expenses, and capital expenditures.