Figure Technology Solutions, Inc. Class A Common Stock Q3 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Overview

  • Figure delivered a very strong Q3 2025, with major improvements across profitability, revenue, and loan marketplace volume.
  • Adjusted EBITDA reached $86 million, up 75% year-over-year (vs. Q3 2024), with margins expanding to 55% from 44.9% a year earlier.
  • Net income was nearly $90 million, more than triple last year's Q3 result.
  • Total consumer loan marketplace volume was almost $2.5 billion, a 70% year-over-year increase.
  • Figure Connect — the capital‑light marketplace launched in mid‑2024 — accounted for nearly half of all Q3 loan volume (compared to 0% in mid‑2024).

Key Drivers of Performance

  • Strong growth in partner originations with near 250 third‑party partners, up significantly from the prior quarter.
  • First lien lending volumes nearly tripled year-over-year, making it one of the fastest‑growing product categories.
  • New product categories contributed over $80 million in quarterly volume, including:
    • Crypto‑backed loans
    • Small and medium business (SMB) loans
    • DSCR loans (a major non‑QM category)
  • Figure continues to leverage blockchain for loan standardization, faster diligence, transparency, and capital‑markets efficiency — resulting in ~85 bps cost savings in securitization.

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Operator: Welcome to the Figure Technology Solutions Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Lastly, today's call is being recorded. I would now like to turn the call over to [ Craig Streem ] Investor Relations. Unknown Executive: Thank you, Nicky. Good morning, everybody. Welcome to our third quarter 2025 earnings call. This is [ Craig Streem ] in the Investor Relations team at Figure. Joining me on today's call are Mike Cagney, Executive Chairman and Co-Founder of figure; Michael Tannenbaum, our Chief Executive Officer; and Macrina Kgil, our Chief Financial Officer. In today's call, we will refer to certain non-GAAP measures, which are reconciled to GAAP measures in the earnings release we issued yesterday after the market closed and in the appendix to our supplemental slide presentation posted to our website. Non-GAAP measures are not intended to be a substitute for GAAP results. Certain statements made during today's call may contain forward-looking statements, which may vary materially from actual results. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings and set forth on Page 3 of the earnings presentation we've posted in the IR section of our website and in the risk factors we've identified in our third quarter 10-Q filed earlier today as well as in other SEC filings. We're not undertaking any commitment to update these statements if conditions change, excep

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