The company has demonstrated robust top-line momentum with revenue reaching $167.0M in 2026Q1, supported by structural efficiency that consistently maintains gross margins above 87%.
| Net Interest Income | 22.79M | 25.94M | -8.21M | -1.04M |
| NII Growth % | -55.86% | 416.03% | -685.45% | - |
| Net Interest Margin % | 0.83% | 1.12% | -0.71% | -0.16% |
| Interest Income | 77.58M | 74.81M | 48.21M | 48.16M |
| Interest Expense | 54.79M | 48.87M | 56.41M | 49.2M |
| Loan Loss Provision | 7.15M | 48.69M | -34.85M | -30.48M |
| Non-Interest Income | 542.62M | 382.4M | 231.1M | 118.74M |
| Non-Interest Income % | 87.49% | 83.64% | 82.74% | 71.15% |
| Total Revenue | 620.2M | 457.21M | 279.31M | 166.89M |
| Revenue Growth % | 201.4% | 63.7% | 67.36% | - |
| Non-Interest Expense | 354M | 193.48M | 248.5M | 197.61M |
| Efficiency Ratio | 57.08% | 42.32% | 88.97% | 118.4% |
| Operating Income | 204.26M | 166.16M | 9.23M | -49.44M |
| Operating Margin % | 32.93% | 36.34% | 3.31% | -29.62% |
| Operating Income Growth % | - | 1699.3% | 118.68% | - |
| Pretax Income | 151.16M | 113.67M | 22.09M | -52.34M |
| Pretax Margin % | 24.37% | 24.86% | 7.91% | -31.36% |
| Income Tax | -28.78M | -20.61M | 2.18M | 102K |
| Effective Tax Rate % | -19.04% | -18.13% | 9.85% | -0.19% |
| Net Income | 179.62M | 133.86M | 17.21M | -47.94M |
| Net Margin % | 28.96% | 29.28% | 6.16% | -28.72% |
| Net Income Growth % | - | 677.61% | 135.91% | - |
| Net Income (Continuing) | 179.94M | 134.28M | 19.91M | -52.44M |
| EPS (Diluted) | 0.72 | 0.44 | 0.04 | -0.12 |
| EPS Growth % | - | 965.38% | 135.91% | - |
| EPS (Basic) | - | 0.54 | 0.04 | -0.12 |
| Diluted Shares Outstanding | 248.83M | 283.6M | 207.14M | 207.14M |
HELOC market concentration risk
As evidenced by the quarterly progression from $55.4M in 2025Q1 to $167.0M in 2026Q1, Figure Technology Solutions has demonstrated significant top-line momentum, though the lumpy nature of these gains suggests that revenue recognition remains highly sensitive to the timing of loan sales and secondary market activity.
The sharp revenue acceleration appears to be driven by the successful adoption of the Provenance Blockchain for HELOC originations. Investors should monitor whether this growth trajectory can maintain its current pace without relying on aggressive balance sheet expansion or favorable interest rate environments that currently support consumer borrowing.
Based on the reported financial data, the company maintains gross margins consistently above 87%, which suggests that the underlying blockchain-based infrastructure provides a significant cost advantage over traditional mortgage lenders who remain burdened by manual verification processes and legacy administrative overhead in their core lending operations.
The high gross margin profile indicates that the company is successfully leveraging technology to minimize variable costs per loan. However, the fluctuation in net margins suggests that operating expenses, particularly customer acquisition costs, remain a critical variable that could compress profitability if competitive pressures in the HELOC space intensify.
According to the income statement, operating income has scaled from $8.1M in 2025Q1 to $58.8M in 2026Q1, indicating that the company is effectively spreading its fixed technology and infrastructure costs across a rapidly expanding base of loan originations and platform-based transactions within the Provenance ecosystem.
This trend suggests that the company is achieving meaningful operating leverage, as the growth in operating income has outpaced the growth in SG&A expenses over the observed period. Continued monitoring is required to determine if this efficiency is sustainable or if future scaling will necessitate higher R&D and marketing investments.
As reported in the quarterly filings, net income has exhibited significant variance, ranging from a loss of $820K in 2025Q1 to a peak of $89.6M in 2025Q3, which suggests that non-operating items or fair value adjustments may be creating noise in the reported bottom-line profitability figures.
The absence of stock-based compensation in recent quarters warrants further investigation into the company's long-term incentive structures and potential dilution risks. Investors should be cautious of relying on net income as a proxy for operational health until the company demonstrates a more stable and predictable earnings cadence.
While the company's 63.70% revenue growth is impressive, skeptics might argue that this performance is heavily tied to the current US housing cycle, and any cooling in home equity availability could expose the vulnerability of a business model that is currently concentrated in a single product line.
The reliance on secondary market liquidity for loan sales creates a potential bottleneck if credit markets tighten or if institutional appetite for blockchain-verified collateral wanes. The current growth narrative may be overestimating the durability of these originations in a less favorable macroeconomic environment for residential real estate.
Quick answers to the most common questions about buying FIGR stock.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) is profitable, generating $133.9M in net income for the fiscal year ending 2025 with a net profit margin of 29.3%.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) reported an operating income of $166.2M, resulting in an operating profit margin of 36.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Figure Technology Solutions, Inc. Class A Common Stock (FIGR) generated $359.6M in gross profit for the year, representing a gross profit margin of 78.7%. This demonstrates the company's core pricing power and production efficiency.