Figure Technology Solutions (FIGR) Soars 24% as Q3 2025 Earnings Beat and Tokenized Stock Plan Turbocharge Blockchain-Lending Story

Published: November 14, 2025

At a Glance: What Happened to FIGR Today

Figure Technology Solutions, Inc. (NASDAQ: FIGR) is firmly in the market spotlight today after a powerful reaction to its first earnings report as a public company and a bold move to take its equity on-chain.

FIGR stock jumped about 24% intraday on Friday, trading around the mid‑$42 range, after the company reported sharply higher Q3 revenue and earnings. ^[1]
In Q3 2025, net revenue reached roughly $156 million, up 55% year over year, while net income surged to about $90 million and diluted EPS hit $0.34, well above Wall Street expectations. ^[2]
Adjusted EBITDA grew 75% year over year to about $86 million with a 55% margin, underscoring the scalability of Figure’s blockchain‑native model. ^[3]
Consumer loan marketplace volume climbed 70% to around $2.5 billion, powered by Figure Connect and new product categories like crypto‑backed and SMB loans. ^[4]
The company confidentially filed a draft S‑1 for a tokenized share class (Series A Blockchain Common Stock) that will trade on Figure’s own alternative trading system and be convertible 1:1 into Class A common stock, in a non‑dilutive, 100% secondary offering. ^[5]
Bernstein reiterated an “outperform” view with a $54 price target, implying roughly 56% upside from Thursday’s close, calling Q3 a “massive beat” driven by tokenized loan growth. ^[6]

All of this comes less than two months after Figure’s September Nasdaq IPO, which raised about $787.5 million and valued the blockchain lender around $7.6 billion. ^[7]

Q3 2025: Big Beat in First Quarter as a Public Company

Figure’s Q3 2025 results (for the quarter ended September 30) are its first as a listed company—and they landed well above expectations.

According to the company’s official earnings release and 10‑Q filing:

Net revenue: $156.4 million, up 55% from $101.0 million in Q3 2024. ^[8]
Net income: about $89.8–$89.6 million attributable to the company, more than triple the prior‑year quarter (up roughly 227%). ^[9]
Diluted EPS: $0.34 versus $0.09 a year ago. ^[10]
Adjusted net revenue: about $156 million, up 42% year over year. ^[11]
Adjusted EBITDA: roughly $86 million, up 75% year over year, for an adjusted EBITDA margin of about 55%, more than 10 percentage points higher than Q3 2024. ^[12]

MarketBeat data show the company beat the consensus EPS estimate of $0.16 by $0.18, reflecting both stronger‑than‑expected revenue and significant margin expansion. ^[13]

Management framed Q3 as proof that Figure’s blockchain‑native, marketplace‑based model can scale profitably: CEO Michael Tannenbaum highlighted the combination of rapid revenue growth, a 55% EBITDA margin and more than triple net income as evidence that the company can expand while keeping costs in check. ^[14]

Blockchain Lending Engine: Volumes Jump 70% and the Ecosystem Deepens

Where is that profitability coming from? Largely from Figure’s role as a blockchain‑native capital marketplace rather than a traditional balance‑sheet lender.

Explosive growth in marketplace volumes

The Q3 release and subsequent coverage emphasize several key operating metrics:

Consumer loan marketplace volume hit roughly $2.5 billion in Q3, up about 70% year over year. ^[15]
Within that, Figure Connect volume reached about $1.1 billion, up from $767 million in Q2, and now makes up around 46% of total consumer loan marketplace volume. ^[16]
“Ecosystem volume” across the platform reached about $2.54 billion for the quarter. ^[17]

In an article on blockchain‑based credit, PYMNTS notes that first‑lien loan volumes nearly tripled and that new products—crypto‑backed loans, small‑ and medium‑business (SMB) loans, DSCR loans, and specialized senior HELOC products—contributed more than $80 million in Q3 volume. ^[18]

Figure says it now works with roughly 246 active ecosystem partners, including one of the largest loan servicers in the United States. ^[19]

From lender to marketplace infrastructure

Over the past few years, Figure has evolved from a single‑product fintech into a multi‑rail infrastructure provider:

The company’s platforms support HELOCs, cash‑out refis, DSCR loans and crypto‑backed loans, alongside its Figure Connect marketplace that lets banks, credit unions and other lenders originate and trade tokenized loans. ^[20]
Management repeatedly pointed to Democratized Prime, an on‑chain short‑term funding market that connects lenders and borrowers directly, as a key liquidity engine that can finance the same loans originated on the consumer side. ^[21]
Figure’s ecosystem also includes DART (Digital Asset Registry Technology) for asset custody and lien perfection, and $YLDS, an SEC‑registered yield‑bearing stablecoin that functions like a tokenized money market fund. ^[22]

In its Q3 materials, the company notes that Figure and its partners have originated more than $18 billion of loans to date, making it, by its own account, the largest non‑bank provider of home‑equity financing. ^[23]

On today’s earnings call, executives framed the opportunity as a more than $185 billion market across consumer credit and blockchain‑native real‑world assets (RWA), anchored by a home‑equity market they estimate around $35 trillion. ^[24]

Tokenized Stock: Figure’s Second “IPO” Moves Onto the Blockchain

Beyond Q3 numbers, one of the most significant announcements is Figure’s plan to tokenize its own equity.

On November 13, the company disclosed that it has confidentially submitted a draft S‑1 registration statement to the SEC for a proposed public offering of Series A Blockchain Common Stock, referred to as “Tokenized Stock.” ^[25]

Key details from the filing announcement:

The Tokenized Stock will not list on a traditional exchange. Instead, it will trade on Figure’s alternative trading system, with settlement to wallets on the Provenance blockchain. ^[26]
Each token will be convertible one‑for‑one into Figure Class A common stock, effectively creating an on‑chain mirror of the existing equity. ^[27]
The deal is 100% synthetic secondary, meaning existing shareholders will sell stock that is then exchanged into Tokenized Stock—no new shares are issued, so the transaction is explicitly non‑dilutive. ^[28]
The size and price range of the offering have not yet been determined and the deal remains subject to SEC review and market conditions. ^[29]

This would effectively be a second listing route for Figure equity, but one that lives entirely on‑chain. It fits squarely with the company’s positioning as a “blockchain‑native capital marketplace” and RWA tokenization leader, a description it uses in its own materials and that is echoed by multiple analyst and media reports. ^[30]

For investors watching tokenized securities, the move underscores Figure’s ambition to prove its own infrastructure by putting its cap table on it—but also introduces new questions around liquidity, investor access and regulatory treatment for blockchain‑traded equity.

How the Market Reacted: FIGR Stock Rallies Hard

Today’s session has turned FIGR into one of Nasdaq’s standout movers.

From after‑hours buzz to full‑blown rally

TIKR data show FIGR closed Thursday, November 13, at about $34.60, and the stock was already up roughly 5.5% in pre‑market trading Friday after earnings “crushed” revenue expectations. ^[31]
By early afternoon, MarketWatch and other outlets reported shares up around 24% at approximately $42.76, as investors digested both the Q3 beat and the tokenized‑stock plan. ^[32]
A detailed trading‑focused piece from StocksToTrade similarly notes that FIGR was up about 24.11% intraday, with the stock moving from recent lows near $35.47 to intraday highs around $43.62, and a quoted price of $42.74 around 12:14 p.m. ET. ^[33]
MarketBeat shows FIGR trading near $41.61, up just over 20%, as of around 1:22 p.m. Eastern, underscoring how volatile the stock has been throughout the day. ^[34]

Given FIGR’s relatively short trading history since its September IPO—and a 52‑week range from about $30.01 to $49.50—today’s move pushes the stock back toward the upper half of its post‑IPO band. ^[35]

Trading sentiment: from niche fintech to “infrastructure play”

Much of today’s coverage frames Figure less as a one‑off lender and more as picks‑and‑shovels infrastructure for tokenized credit:

TIKR’s earnings write‑up highlights the 55% adjusted EBITDA margin as unusually high for a fast‑growing fintech, arguing that the blockchain stack is generating real operating leverage. ^[36]
Commentators also point to Figure Connect’s rapid rise to nearly half of total marketplace volume as a sign that the company is evolving into a network‑effect platform, not just a direct lender. ^[37]
StocksToTrade notes that investors appear to be rewarding Figure for improving leverage and liquidity metrics, rising revenue per share, and better management of long‑term liabilities, all of which are interpreted as signs of financial discipline. ^[38]

Taken together, the message from the tape on November 14 is that markets are starting to assign Figure a higher multiple for its platform economics and tokenization leadership, rather than valuing it purely on loan growth.

What Analysts Are Saying: “Massive Beat” and 56% Upside

The fundamental beat and strong trading action have also drawn fresh attention from Wall Street and crypto‑focused strategists.

According to a report summarized across several crypto‑news aggregators, Bernstein has maintained its “outperform” rating on Figure with a $54 price target, which implies about 56% upside from Thursday’s closing price. ^[39]

The firm reportedly characterizes Q3 as a “massive beat” powered by tokenized loan growth, emphasizing:

The sharp rise in consumer loan marketplace volumes and the success of Figure Connect. ^[40]
The early but fast‑growing traction of blockchain‑native funding rails like Democratized Prime and the $YLDS stablecoin. ^[41]
The significance of Figure’s decision to bring a tokenized equity class to market, which could deepen investor interest in RWA tokenization more broadly. ^[42]

Other coverage, such as the MarketWatch/Dow Jones note and earnings‑call summaries from Investing.com and Quartr, echo the view that Figure is combining strong top‑line growth with unusual profitability for its stage, albeit with some caveats around seasonality and take‑rate compression as more volume shifts to partner channels. ^[43]

Key Takeaways From the Q3 Earnings Call

While the full transcript is still being digested, several themes stand out from the call and related analyses:

Capital‑light shift continues
Management emphasized that the fastest‑growing pieces of the business are fee‑based—technology, servicing and marketplace fees—rather than pure spread income, helping margins even as net take‑rate edges down with more partner‑branded flows. ^[44]
Democratized Prime as a bridge between consumer credit and digital assets
CEO Michael Tannenbaum and co‑founder Mike Cagney described Democratized Prime as the core liquidity venue that can finance both tokenized consumer loans and broader RWA, arguing it is positioned to benefit from a “liability flight” from banks to stablecoins and DeFi funding sources. ^[45]
Stablecoin flywheel gaining momentum
The $YLDS tokenized money‑market product has grown from about $4 million in Q2 balances to nearly $100 million as of mid‑November, helped by partnerships with the Sui and Solana foundations and the planned expansion of minting to the Solana network. ^[46]
Seasonality and macro caution into Q4 and Q1
CFO Macrina Kgil flagged typical year‑end seasonality in housing and consumer borrowing—fewer home‑equity projects and more holiday spending—which could temper origination volumes in Q4 2025 and early 2026 even as the longer‑term growth trajectory remains intact. ^[47]
Regulatory and execution risks still loom
Management and filings reiterate that growth in both crypto‑adjacent products and tokenized equity is dependent on evolving regulation and the company’s ability to maintain partner trust and platform performance at scale. ^[48]

Bigger Picture: What Today Means for FIGR and the Tokenization Theme

From an industry lens, Figure’s Q3 and today’s reaction highlight a few broader trends:

Real‑world asset tokenization is moving from pilot to scale. With AAA‑rated securitizations on blockchain rails, billions in originated loans and now a proposed tokenized equity class, Figure is one of the clearest live test cases for RWA beyond hype decks. ^[49]
Investors are starting to reward fintechs that show both growth and profitability. FIGR’s combination of 55%+ revenue growth, 75% EBITDA growth and a 55% margin is rare for a relatively young public fintech, which helps explain the aggressive re‑rating today—but it also sets a high bar for future quarters. ^[50]
Risk remains real. Figure is still exposed to housing‑linked credit cycles, interest‑rate swings, regulatory shifts around digital assets and the technical and market‑structure risks of on‑chain settlement. A tokenized share class, while innovative, also introduces new liquidity and custody questions for mainstream investors.

For now, though, November 14, 2025 will go down as a breakout session for FIGR stock, as Wall Street responds to a strong first outing as a public company and a deeper push into putting both loans and equity on‑chain.

As always, nothing in this article is investment advice. Anyone considering FIGR or related assets should do their own research, review the company’s SEC filings and risk disclosures, and consider speaking with a qualified financial advisor.

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