Figure Technology Solutions reported first-quarter net income of $45 million as the blockchain-based lending marketplace nearly doubled revenue and more than doubled consumer loan marketplace volume year-over-year.
The company said on Tuesday that its consumer loan marketplace volume rose 113% year over year to $2.9 billion in the quarter ended March 31. Figure Connect volume climbed 237% to $1.6 billion.
Net revenue increased 98% to $167 million from $84.5 million a year earlier. Adjusted net revenue rose 92% to $166.8 million.
The company posted diluted earnings per share of 18 cents, compared with a loss of 1 cent per share in the year-ago period. Net income margin reached 27%, compared with a negative 0.7% margin a year earlier.
Adjusted EBITDA surged 192% to $82.7 million, while adjusted EBITDA margin expanded to 49.6% from 32.6%.
CEO Michael Tannenbaum said the company’s results reflected continued growth across its blockchain ecosystem and lending marketplace.
“We delivered exceptional first-quarter results, headlined by 113% year-over-year growth in our Consumer Loan Marketplace and the addition of a record 80 new partners,” Tannenbaum said in a statement.
“Revenue was up 92% and adjusted EBITDA margin at 50% as we continued to see the benefits of our capital-light marketplace, Figure Connect, in the financials,” Tannenbaum continued. “Figure Connect grew to 56% of volume, up from 54% last quarter.”
Tannenbaum said Figure saw growth across all channels, “most notably new partners, depository activity, business purpose, and partner growth via Figure Connect.”
“The more volume that flows through Connect, the less we rely on balance sheet intermediation,” he said. “The model becomes more capital light, and our margins become more durable.”
Figure said ecosystem volume increased 136% year over year to $3.7 billion, while its net take rate improved to 3.8% from 3.6%.
The company ended the quarter with $1.5 billion in cash and cash equivalents, excluding restricted cash, and $504 million in loans held for sale.
Figure said its blockchain ecosystem also expanded sharply during the quarter. YLDS in circulation, Figure’s blockchain-based yield-bearing digital asset, grew to $598 million in circulation as of March 31, up from $3 million a year earlier. The company said matched offers on its Democratized Prime platform reached $368 million.
During the quarter, Figure added 80 new partners, bringing its ecosystem total to 387 active partners. The company also signed Flagstar Bank, which it said is expected to launch on the platform in the second quarter.
Tannenbaum said the company expects partner growth to continue driving origination volume gains this year.
“We’re firing on all cylinders in terms of partner acquisition,” he said. “I do think it is indicative of a really strong pace of consumer loan marketplace volume growth that we continue to see into 2026.”
Figure said it continued expanding its small- and medium-business (SMB) and business-purpose lending channels. The SMB channel reached nearly $60 million in quarterly volume, while debt service coverage ratio (DSCR) and residential transition loan (RTL) products grew 70% from the prior quarter.
“These two products, often used by real estate investment businesses, represent a roughly $100 billion addressable annual origination market,” Tannebaum said during the call. “In Q1, we saw 70% growth from both of these products, and we expect this to be a focus going forward. Last quarter, I dubbed 2026 the year of the first lien. Today, I’m pleased to share that first lien volume now accounts for 20% of our total, up from 19% last quarter.”
The company also discussed its March 2026 release, Figure Forge, a platform designed to fractionalize whole loans into single-dollar participation units tied to decentralized finance markets.
For the second quarter, Figure projected consumer loan marketplace volume between $3.8 billion and $4.1 billion.