Figure Technology Solutions Announces Preliminary Fourth Quarter & Full Year 2025 Financial Results
MWN-AI** Summary
Figure Technology Solutions (Nasdaq: FIGR), a key player in the blockchain-native capital marketplace, reported impressive preliminary financial results for the fourth quarter and full year 2025, highlighting robust growth and operational momentum. The company’s Consumer Loan Marketplace volume surged to $2.7 billion in Q4, marking a remarkable 131% year-over-year increase. For the full year, this figure reached $8.4 billion, a growth of 63%.
Net revenue for Q4 is estimated between $158 million and $162 million, while full-year net revenue is projected between $505 million and $509 million. Adjusted net revenue for Q4 is expected to be between $155.5 million and $160.5 million, with an anticipated adjusted EBITDA between $80 million and $83 million, showcasing an adjusted EBITDA margin of 49.8% to 53.4%. For the entire year, adjusted EBITDA is estimated at $249 million to $252 million, reflecting a margin of 48.1% to 49.2%.
CEO Michael Tannenbaum expressed optimism about Figure’s growth trajectory, noting the expanding partner network and liquidity in the marketplace as key areas of focus. He emphasized the progress made in modernizing capital markets and advancing Figure's blockchain-native infrastructure. The company plans to discuss these results further on a conference call scheduled for February 26, 2026.
It’s important to note that these estimates are preliminary and unaudited. While they paint a picture of strong performance, they are subject to adjustments as the company completes its consolidated financial statements. Figure Technology Solutions is setting the stage for continued innovation and leadership in the tokenized asset market, having already established significant traction in this rapidly evolving landscape.
MWN-AI** Analysis
Figure Technology Solutions (Nasdaq: FIGR) recently announced its preliminary financial results for Q4 and the full year 2025, revealing robust growth driven by significant advances within its blockchain-native capital marketplace. With a staggering 131% year-over-year increase in Consumer Loan Marketplace volume, reaching $2.7 billion, and a full-year increase of 63% to $8.4 billion, the company's performance reflects a solid trajectory that resonates with market bullishness.
The company's net revenue expectations for Q4 at $158.0 to $162.0 million, alongside full-year projections of $505.0 to $509.0 million, indicate strong momentum. Furthermore, adjusted EBITDA margins hovering between 48.1% to 53.4% underscore an efficient operational model. Analysts should consider that Figure's ability to foster marketplace liquidity and expand its partner network could enhance its competitive edge in the evolving digital asset ecosystem.
Investors should pay careful attention to the upcoming conference call on February 26, 2026, which could clarify future guidance and strategic priorities. The preliminary unaudited results should be approached with caution, as they include forward-looking statements that may be influenced by market conditions, operational adjustments, and audit reviews.
Superficially, the company’s strong financial metrics and strategic moves underscore its potential for consistent growth. However, it remains imperative to observe external factors influencing blockchain technologies and regulatory environments that could affect Figure's business model and market expansion strategies.
Long-term investors may find FIGR attractive, especially given its position within the booming blockchain space as the largest non-bank provider of home equity financing. A focus on technological innovation, along with the unique features like Figure Connect and the utilization of DART, positions Figure Advantageously for future growth.
In summary, while the preliminary results are promising and suggest a bullish outlook, investors should conduct further diligence, particularly in anticipating market dynamics and regulatory developments that might impact Figure's operations.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
NEW YORK, Feb. 13, 2026 (GLOBE NEWSWIRE) -- Figure Technology Solutions (Nasdaq: FIGR), the leading blockchain-native capital marketplace for the origination, funding, sale and trading of tokenized assets, today announced preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025. Additionally, the Company filed a registration statement on Form S-1 that contained preliminary results of operations for the same periods.
“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.”
- Michael Tannenbaum, CEO
Fourth Quarter 2025 Preliminary Expected Results
- Consumer Loan Marketplace Volume of $2.7 billion, an increase of 131% year-over-year.
- Net Revenue of $158.0 to $162.0 million
- Adjusted Net Revenue of $155.5 to $160.5 million
- GAAP Net Income of $12.5 to $13.5 million
- Adjusted EBITDA of $80.0 to $83.0 million
- Adjusted EBITDA margin of 49.8% to 53.4%
Full Year 2025 Preliminary Expected Results
- Consumer Loan Marketplace Volume of $8.4 billion, an increase of 63% year-over-year.
- Net Revenue of $505.0 to $509.0 million
- Adjusted Net Revenue of $512.5 to $517.5 million
- GAAP Net Income of $131.5 to $132.5 million
- Adjusted EBITDA of $249.0 to $252.0 million
- Adjusted EBITDA margin of 48.1% to 49.2%
Webcast Information
Figure will host a conference call and webcast at 4:30 p.m. Eastern Time, Thursday, February 26, 2026 to discuss its results and outlook. A link to the live discussion and accompanying presentation will be made available on the Company’s investor relations website at https://investors.figure.com/. A replay will also be made available following the discussion at the same website.
Preliminary Unaudited Financial Data
We have presented above certain preliminary operating results representing our estimates for the fourth quarter and year ended December 31, 2025. These preliminary estimates are based on currently available information and do not present all information necessary for an understanding of our operating results as of and for the three months and year ended December 31, 2025. This information has been prepared by and is the responsibility of our management. Our independent registered public accounting firm has not audited, reviewed, or completed performing their procedures with respect to the preliminary operating results included below and does not express an opinion or any other form of assurance with respect thereto. We will complete the preparation of our consolidated financial statements as of and for the fourth quarter and year ended December 31, 2025 following the completion of this offering. Although we are currently unaware of any items that would require us to make adjustments to the information set forth below, it is possible that we or our independent registered public accounting firm may identify such items as we complete our consolidated financial statements, and any resulting changes could be material. Accordingly, undue reliance should not be placed on these preliminary estimates. There can be no assurance that the range of our preliminary estimates of total net revenue, net income, Adjusted Net Revenue, and Adjusted EBITDA for the three months and year ended December 31, 2025 are indicative of what our results will be for the three months and year ended December 31, 2025 or for any future period. These preliminary estimates should be read together with the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements” and our consolidated financial statements and related notes included elsewhere in this prospectus. Adjusted Net Revenue and Adjusted EBITDA are supplemental measures that are not calculated or presented in accordance with GAAP. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for more information about our non-GAAP measures.
About Non-GAAP Financial Measures and Other Performance Metrics
Financial Measures
In order to better help understand our financial performance, we use several key performance metrics that should be viewed independently of GAAP items, as these metrics are not intended to be combined with those items. Our determination and presentation of these metrics may differ from that of other companies. The presentation of these metrics is meant to be considered in addition to, not as a substitute for or in isolation from, our financial measures prepared in accordance with GAAP.
Adjusted Net Revenue
Adjusted Net Revenue is a non-GAAP financial measure used by our management to evaluate operating performance. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted Net Revenue provides a useful measure for period-to-period comparisons of our business, as it removes the effect of a non-cash, non-realized adjustment that is included in net revenue. Adjusted Net Revenue is defined as net revenue excluding the change in fair value of MSR associated with changes in our estimates that management has determined are not reflective of our operating performance.
Adjusted EBITDA
Adjusted EBITDA is a non-GAAP financial measure used by our management to evaluate operating performance, generate future operating plans, and make strategic decisions, including those relating to operating expenses and the allocation of internal resources. Accordingly, we believe this measure provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. In addition, Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the effect of certain non-cash items, variable charges, non-recurring items, unrealized gains or losses or other similar non-cash items that are included in net income or expenses associated with the early stages of the business that are expected to ultimately terminate, pursuant to the terms of certain existing contractual arrangements or expected to continue at levels materially below the historical level, or that otherwise do not contribute directly to management’s evaluation of its operating results. Adjusted EBITDA is defined as net income excluding interest expense incurred in connection with our debt obligations other than debt associated with our funding of loans held for sale, income taxes, amortization and depreciation expense, stock-based compensation expense, non-cash changes in certain financial instruments, and other items that management has determined are not reflective of our operating performance.
Full reconciliations of each historical adjusted measure to the most comparable GAAP financial measure are set forth below.
| Three Months Ended | ||||||||||||
| 2025 | 2024 | |||||||||||
| $ in thousands | Low (estimated) | High (estimated) | Actual | |||||||||
| Total Net Revenue | $ | 158,000 | $ | 162,000 | $ | 83,855 | ||||||
| Plus: Valuation Changes in Fair Value of MSRs | (2,500 | ) | (1,500 | ) | (7,219 | ) | ||||||
| Adjusted Net Revenue | $ | 155,500 | $ | 160,500 | $ | 76,636 | ||||||
| Net Income (A) | $ | 12,500 | $ | 13,500 | $ | 5,889 | ||||||
| Plus: Valuation Changes in Fair Value of MSRs | (2,500 | ) | (1,500 | ) | (7,219 | ) | ||||||
| Plus: Change in Fair Value of Digital Assets and Related Investments (B) | 9,000 | 9,000 | (2,686 | ) | ||||||||
| Plus: Impairment of Capitalized Software | — | — | — | |||||||||
| Plus: Impairment of Digital Assets | — | — | 8 | |||||||||
| Plus: Other Asset Impairment Charge | — | — | 4,970 | |||||||||
| Plus: Services exchanged for Issuance of Warrants | 2,000 | 2,000 | 2,565 | |||||||||
| Plus: Registration Costs (C) | 2,000 | 2,000 | — | |||||||||
| Plus: Restructuring Costs | — | — | 1 | |||||||||
| Plus: Stock-Based Compensation Expense (D) | 40,000 | 40,000 | 4,200 | |||||||||
| Plus: Amortization of Internally Developed Software Costs | 4,000 | 4,000 | 3,858 | |||||||||
| Plus: Non-Funding Interest Expense | 5,000 | 5,000 | 3,480 | |||||||||
| Plus: Income Tax Provision (E) | 8,000 | 9,000 | 389 | |||||||||
| Adjusted EBITDA | $ | 80,000 | $ | 83,000 | $ | 15,455 |
(A) During the three months ended December 31, 2025, the company experienced higher professional services and insurance costs as a newly formed public company.
(B) The change in fair value of digital assets and related investments consists of (i) the change in the fair value of digital assets, and (ii) the change in our ratable investment in the Domestic Solana Fund.
(C) Registration costs represent costs incurred in relation to this offering.
(D) Stock-based compensation expense for the 3 months ended December 31, 2025 makes up approximately 64% of stock compensation expense for the year ended December 31, 2025, primarily driven by one time fully vested grants to third party advisors and for certain of our restricted stock units that apply graded vesting which accelerates the recognition of stock based compensation expense to earlier years within the vesting period.
(E) During the three months ended September 30, 2025, the company recognized a one time tax benefit due to the Recombination of $32 million.
| Year Ended | ||||||||||||
| 2025 | 2024 | |||||||||||
| $ in thousands | Low (estimated) | High (estimated) | Actual | |||||||||
| Total Net Revenue | $ | 505,000 | $ | 509,000 | $ | 340,885 | ||||||
| Plus: Valuation Changes in Fair Value of MSRs | 7,500 | 8,500 | (1,703 | ) | ||||||||
| Adjusted Net Revenue | $ | 512,500 | $ | 517,500 | $ | 339,182 | ||||||
| Net Income (A) | $ | 131,500 | $ | 132,500 | $ | 19,915 | ||||||
| Plus: Valuation Changes in Fair Value of MSRs | 7,500 | 8,500 | (1,703 | ) | ||||||||
| Plus: Change in Fair Value of Digital Assets and Related Investments (B) | 12,500 | 12,500 | (10,674 | ) | ||||||||
| Plus: Impairment of Capitalized Software | — | — | 8,591 | |||||||||
| Plus: Impairment of Digital Assets | — | — | 5,859 | |||||||||
| Plus: Other Asset Impairment Charge | — | — | 4,970 | |||||||||
| Plus: Services exchanged for Issuance of Warrants | 9,500 | 9,500 | 6,584 | |||||||||
| Plus: Registration Costs (C) | 6,000 | 6,000 | — | |||||||||
| Plus: Restructuring Costs | 4,000 | 4,000 | 2,498 | |||||||||
| Plus: Stock-Based Compensation Expense (D) | 63,000 | 63,000 | 38,726 | |||||||||
| Plus: Amortization of Internally Developed Software Costs | 16,000 | 16,000 | 17,113 | |||||||||
| Plus: Non-Funding Interest Expense | 18,000 | 18,000 | 7,387 | |||||||||
| Plus: Income Tax Provision (E) | (19,000 | ) | (18,000 | ) | 2,177 | |||||||
| Adjusted EBITDA | $ | 249,000 | $ | 252,000 | $ | 101,443 |
(A) During the three months ended December 31, 2025, the company experienced higher professional services and insurance costs as a newly formed public company.
(B) The change in fair value of digital assets and related investments consists of (i) the change in the fair value of digital assets, and (ii) the change in our ratable investment in the Domestic Solana Fund.
(C) Registration costs represent costs incurred in relation to this offering and Figure’s initial public offering in September 2025.
(D) Stock-based compensation expense for the 3 months ended December 31, 2025 makes up approximately 64% of stock compensation expense for the year ended December 31, 2025, primarily driven by one time fully vested grants to third party advisors and for certain of our restricted stock units that apply graded vesting which accelerates the recognition of stock based compensation expense to earlier years within the vesting period.
(E) During the three months ended September 30, 2025, the company recognized a one time tax benefit due to the Recombination of $32 million.
About Figure Technology Solutions, Inc
Figure Technology Solutions, Inc. (Nasdaq: FIGR) is a blockchain-native capital marketplace that seamlessly connects origination, funding, and secondary market activity. More than 200 partners use its loan origination system and capital marketplace. Collectively, Figure and its partners have originated over $22 billion of home equity to date, among other products, making Figure’s ecosystem the largest non-bank provider of home equity financing. The fastest growing components are Figure Connect, its consumer credit marketplace, and Democratized Prime, Figure’s on-chain lend-borrow marketplace. Figure's ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and , an SEC-registered yield-bearing stablecoin that operates as a tokenized money market fund.
Figure is the market leader in real world asset (RWA) tokenization and its most recent securitization received a AAA rating from S&P and Moody’s, the first of its kind for blockchain finance. For more information, visit https://figure.com or follow Figure on LinkedIn.
Investor Contact: investors@figure.com
FAQ**
What specific strategies does Figure Technology Solutions plan to implement in 2026 to sustain the "triple-digit year-over-year growth" in Consumer Loan Marketplace volume, as highlighted in the recent announcement concerning "First Nb Groton Ny FIGR"?
How does Figure Technology Solutions intend to leverage its strong blockchain ecosystem for expanding marketplace liquidity in 2026, particularly concerning the "First Nb Groton Ny FIGR" partnership?
Can you elaborate on the expected impact of the recent Form S-1 registration regarding the preliminary financial results on future operations, especially in relation to "First Nb Groton Ny FIGR"?
What are the key risk factors that could potentially affect Figure's financial performance in 2026 following the 2025 results, and how do these relate to its initiatives with "First Nb Groton Ny FIGR"?
**MWN-AI FAQ is based on asking OpenAI questions about First Nb Groton Ny (OTC: FIGR).
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