Figure Technology Solutions has reported a sharp rise in third-quarter revenue, as its blockchain-based loan marketplace handled far more volume than a year earlier. The company, listed on Nasdaq under the ticker FIGR, said net revenue reached $287 million for the three months to 30 September 2026, an increase of 84% on the same period in 2025.

Loan marketplace volume rose 135% year on year to $5.8 billion. Figure said $677 million of that total came from Kiavi, the property-lending business it acquired with effect from 1 September 2026. Its Figure Connect platform, which matches loans with buyers without Figure holding them on its own balance sheet, handled $4.3 billion of volume, or 72% of its standalone total.

Profit flat despite higher revenue

Higher revenue did not translate into higher profit. Net income was broadly flat at $89 million, compared with $90 million a year earlier, and the net income margin fell to 31% from 57%. Figure said the previous year’s figure included a one-time tax benefit of $31 million, which flattered the comparison.

Adjusted earnings before interest, tax, depreciation and amortisation, a measure the company uses to show underlying operating performance, rose 91% to $164 million. The adjusted EBITDA margin reached 58%, up three percentage points on a year earlier. Diluted earnings per share were $0.36, ahead of the $0.31 consensus estimate reported by market data providers.

Chief executive Michael Tannenbaum described the quarter as a record for the company, pointing to a further consecutive quarter of volume growth above 100% and the rapid expansion of its capital-light marketplace model. He said the Kiavi acquisition had added new types of loans to its platform and that Figure was working to bring more large institutional buyers onto its blockchain systems.

Shares rise after the results

Investors reacted positively to the update. Figure’s shares had closed at $24.19 before the results and opened at $25.34 on Thursday, with the stock trading at $25.86 in the session reported by Defense World. The shares have been volatile this autumn, and analysts are divided on the outlook: Zacks Research recently moved its rating to hold, while other firms have kept buy ratings in place.

Figure also gave guidance for the final quarter of 2026, forecasting loan marketplace volume of between $6.2 billion and $6.7 billion. Its board authorised a $200 million increase to its share buyback programme, taking the total authorisation to $400 million.

Cash and cash equivalents, excluding restricted cash, stood at $1.6 billion at the end of September, up $392 million, or 33%, on the end of 2025. The company said its partner base had grown to 612 standalone partners, or 894 including Kiavi, and that small and medium-sized business loan originations had passed a $500 million annual run rate.

What Figure does

Figure describes itself as a blockchain-native capital marketplace for the origination, funding, sale and trading of tokenised assets. Its main business is home equity lines of credit, alongside personal loans and, since the Kiavi deal, residential transition loans and loans for rental property investors.

The company also operates a stablecoin, YLDS, which it says is now used by 28 participants for marketplace transactions, and an AI-assisted loan officer tool developed with Sierra that it says has processed about $260 million in funded loans.

The results come at a busy time for financial technology firms, as investors weigh whether fast-growing lending platforms can keep expanding volumes while funding costs remain high and housing markets stay subdued. Figure’s answer, for this quarter at least, is that volume growth is continuing, even if profit margins are under pressure from the changing mix of its business.

Sources: GlobeNewswire and Defense World.