Figure Tech Posts $119M Net Income, Eyes Blockchain Stock Offering

TL;DR

**FGRS is going all-in on blockchain for finance, and their impressive profit growth and market share in tokenized assets make this S-1 a must-watch for disruptive tech plays.**

AI Summary

Figure Technology Solutions, Inc. (FGRS) is leveraging blockchain technology to revolutionize capital markets, focusing on consumer credit and digital assets. The company reported significant financial growth, with net income reaching $119 million and Adjusted EBITDA at $170 million for the nine months ended September 30, 2025. This marks a substantial increase from the $20 million net income and $101 million Adjusted EBITDA reported for the full year ended December 31, 2024. FGRS has reduced the median time to fund a home equity loan to 10 days, a significant improvement from the industry median of 42 days, and lowered average production cost per loan to approximately $730 in 2024, compared to the mortgage industry average of $11,230. The company's proprietary Loan Origination System (LOS) and DART platform, built on Provenance Blockchain, have facilitated over $60 billion in real-world and digital asset transactions since late 2018. As of September 30, 2025, FGRS holds approximately $13 billion in real-world assets total value locked and commands about 75% of tokenized private credit. The S-1 filing indicates an offering of Series A Blockchain Common Stock, which will trade on an alternative trading system, not NASDAQ, and will be convertible into Class A common stock, currently listed on NASDAQ under 'FIGR' at $40.24 per share as of November 14, 2025.

Why It Matters

Figure Technology Solutions' S-1 filing signals a significant move to tokenize real-world assets, potentially disrupting traditional financial markets by enhancing liquidity and efficiency. For investors, the introduction of blockchain stock offers a novel investment vehicle tied to a rapidly growing, profitable company with a strong market share in tokenized private credit. Employees and customers could benefit from streamlined, faster, and lower-cost financial processes, as evidenced by the reduction in loan funding times and production costs. This offering also intensifies competition within the fintech sector, pushing established players to innovate or risk losing market share to blockchain-native solutions.

Risk Assessment

Risk Level: medium — The offering involves 'blockchain stock' which will trade on an alternative trading system, not NASDAQ, introducing liquidity and regulatory uncertainty. The filing explicitly states, 'Prior to this offering, there has been no public market for the blockchain stock,' and 'The blockchain stock will not be listed for trading on the Nasdaq Stock Market ('NASDAQ') or any other national securities exchange.' Additionally, the nascent nature of blockchain-based capital markets and the requirement for KYC/AML onboarding for transfers of blockchain stock present operational and adoption risks.

Analyst Insight

Investors should carefully evaluate the unique risks associated with the 'blockchain stock' not being listed on a national exchange and its reliance on an alternative trading system. Consider the convertibility into Class A common stock (FIGR) as a potential exit strategy, but be aware of the potential for price discrepancies and liquidity challenges between the two share classes. This is a speculative play on the future of tokenized assets, so allocate capital accordingly.

Key Numbers

• $119 million — Net Income (For the nine months ended September 30, 2025, demonstrating significant profitability.)
• $170 million — Adjusted EBITDA (For the nine months ended September 30, 2025, indicating strong operational performance.)
• $20 million — Net Income (For the year ended December 31, 2024, showing substantial growth in profitability year-over-year.)
• $101 million — Adjusted EBITDA (For the year ended December 31, 2024, highlighting increasing operational efficiency.)
• $1.2 billion — Total Stockholders' Equity (As of September 30, 2025, reflecting a robust financial position.)
• 10 days — Median Home Equity Loan Funding Time (Reduced from an industry median of 42 days, showcasing efficiency gains.)
• $730 — Average Production Cost Per Loan (For the year ended December 31, 2024, significantly lower than the mortgage industry average of $11,230.)
• $60 billion — Total Value of Transactions (In real-world and digital assets on Provenance Blockchain from late 2018 to October 14, 2025, indicating platform adoption.)
• $13 billion — Real-World Assets Total Value Locked (As of September 30, 2025, demonstrating substantial asset tokenization.)
• 75% — Share of Tokenized Private Credit (As of September 30, 2025, highlighting market dominance in this niche.)

Key Players & Entities

• Figure Technology Solutions, Inc. (company) — Registrant filing S-1
• FGRS (company) — Ticker symbol for Figure Technology Solutions, Inc.
• Michael Tannenbaum (person) — Chief Executive Officer of Figure Technology Solutions, Inc.
• Ronald Chillemi (person) — Chief Legal Officer and Corporate Secretary of Figure Technology Solutions, Inc.
• Goldman Sachs & Co. LLC (company) — Underwriter for the offering
• Morgan Stanley (company) — Underwriter for the offering
• Cantor (company) — Underwriter for the offering
• Provenance Blockchain (company) — Independent Layer 1 blockchain used by Figure
• NASDAQ (regulator) — National securities exchange where Class A common stock is listed
• Securities and Exchange Commission (regulator) — Regulatory body for the S-1 filing

FAQ

Risk Factors

• Uncertainty of Digital Asset Regulation [high — regulatory]: The evolving regulatory landscape for digital assets and blockchain technology presents significant risks. Changes in laws or regulations, or the interpretation thereof, could adversely affect FGRS's business, operations, and financial condition, potentially impacting the value of its tokenized assets and its ability to conduct transactions.
• Reliance on Proprietary Technology and Blockchain Infrastructure [high — operational]: FGRS's business is heavily dependent on its proprietary Loan Origination System (LOS) and DART platform, built on Provenance Blockchain. Any disruptions, failures, or security breaches in these systems or the underlying blockchain infrastructure could lead to significant financial losses, reputational damage, and a loss of customer trust.
• Competition in Capital Markets and Digital Asset Space [medium — market]: The company operates in highly competitive markets, including traditional consumer credit and the rapidly growing digital asset sector. Failure to innovate or maintain a competitive edge against established financial institutions and emerging blockchain-native companies could hinder growth and market share.
• Valuation and Liquidity of Tokenized Assets [medium — financial]: The valuation of real-world assets tokenized on the Provenance Blockchain may be subject to volatility and liquidity challenges. A decline in the value of these underlying assets or difficulties in their sale could impact FGRS's financial performance and the value of assets under management.
• Cybersecurity Threats [high — operational]: As a technology-driven company dealing with significant transaction volumes and sensitive financial data, FGRS is exposed to cybersecurity threats. A successful cyberattack could compromise data integrity, disrupt operations, and lead to substantial financial and reputational harm.
• Intellectual Property Disputes [low — legal]: FGRS's reliance on proprietary technology makes it vulnerable to intellectual property disputes or claims of infringement. Such litigation could be costly and divert management attention, potentially impacting the company's ability to utilize its core technologies.

Industry Context

Figure Technology Solutions operates at the intersection of traditional finance and blockchain innovation, specifically targeting consumer credit and digital asset markets. The company competes with established financial institutions in areas like home equity lending, while also vying for market share in the rapidly evolving tokenized asset space, particularly private credit. Key industry trends include the increasing adoption of blockchain for financial transactions, the drive for greater efficiency and lower costs in lending, and the growing interest in digital assets and tokenization of real-world assets.

Regulatory Implications

The company's reliance on blockchain technology and digital assets places it under the purview of evolving financial regulations. Uncertainty surrounding the classification and regulation of digital assets, as well as compliance with consumer lending laws, poses significant risks. FGRS must navigate a complex and dynamic regulatory landscape to ensure continued operation and growth.

What Investors Should Do

1. Evaluate the long-term regulatory outlook for digital assets and blockchain in finance.
2. Assess the competitive landscape in both traditional lending and the tokenized asset market.
3. Analyze the scalability and security of FGRS's proprietary technology platforms (LOS and DART on Provenance Blockchain).
4. Consider the valuation and liquidity of the tokenized real-world assets managed by FGRS.

Key Dates

• 2024-12-31: Full Year Financial Results — Reported $20 million net income and $101 million Adjusted EBITDA, establishing a baseline for significant growth.
• 2025-09-30: Nine Month Financial Results — Achieved $119 million net income and $170 million Adjusted EBITDA, demonstrating substantial year-over-year growth and strong profitability.
• 2025-09-30: Total Value Locked in Real-World Assets — Reached approximately $13 billion, indicating significant traction in asset tokenization.
• 2025-11-14: Class A Common Stock Trading Price — Class A common stock ('FIGR') traded at $40.24, providing a market valuation reference for the convertible Series A Blockchain Common Stock.

Glossary

Provenance Blockchain

A blockchain network specifically designed for financial services, enabling the creation, management, and trading of digital assets and tokenized real-world assets. (It is the foundational technology for FGRS's DART platform and underpins its transaction processing and asset tokenization capabilities.)

Loan Origination System (LOS)

A software system used by lenders to manage the process of originating loans, from application to closing. (FGRS's proprietary LOS is a key component of its operational efficiency, enabling faster funding times and lower costs.)

Adjusted EBITDA

Earnings Before Interest, Taxes, Depreciation, and Amortization, adjusted for certain non-recurring or non-cash items. It is a measure of a company's operating performance. (FGRS uses this metric to highlight its operational profitability, showing significant growth from $101 million in 2024 to $170 million in the first nine months of 2025.)

Tokenized Private Credit

Private credit assets that have been represented as digital tokens on a blockchain, allowing for easier transferability and potentially increased liquidity. (FGRS holds a dominant 75% market share in this niche, indicating its leadership in this specific segment of digital asset finance.)

Real-World Assets (RWA)

Tangible or intangible assets that exist outside of the digital realm, such as real estate, commodities, or debt, which are then represented as digital tokens on a blockchain. (FGRS has locked approximately $13 billion in RWAs on its platform, demonstrating the scale of its asset tokenization efforts.)

Series A Blockchain Common Stock

A class of stock offered by FGRS that is tied to its blockchain operations and is intended to trade on an alternative trading system. (This is the security being offered in the S-1 filing, with implications for how investors will access and trade ownership in the company's blockchain-focused business.)

Year-Over-Year Comparison

While specific comparative figures from a prior S-1 filing are not detailed here, the provided data indicates a dramatic acceleration in financial performance. Net income has surged from $20 million in the full year 2024 to $119 million in the first nine months of 2025, and Adjusted EBITDA has similarly grown from $101 million to $170 million over the same periods. This suggests substantial revenue growth and improved operational efficiency, likely driven by increased transaction volumes on the Provenance Blockchain and successful scaling of their lending operations.

Key Financial Figures

• $0.0001 — es A Blockchain Common Stock, par value $0.0001 per share (the "blockchain stock") will
• $40.24 — on the NASDAQ on November 14, 2025 was $40.24 per share. Blockchain stock will initi
• $2 — d marketplaces across the approximately $2 trillion consumer credit market and the
• $4 — t and the rapidly growing approximately $4 trillion cryptocurrency and digital ass
• $119 million — ckly and profitably, with net income of $119 million and Adjusted EBITDA of $170 million, fo
• $170 m — of $119 million and Adjusted EBITDA of $170 million, for the nine months ended Septem
• $202 million — er 30, 2025, and accumulated deficit of $202 million and total stockholders' equity of $1.2
• $1.2 b — llion and total stockholders' equity of $1.2 billion, as of September 30, 2025, and ne
• $20 million — f September 30, 2025, and net income of $20 million and Adjusted EBITDA of $101 million, fo
• $101 m — e of $20 million and Adjusted EBITDA of $101 million, for the year ended December 31,
• $321 million — er 31, 2024, and accumulated deficit of $321 million and total stockholders' equity of $363
• $363 m — llion and total stockholders' equity of $363 million, as of December 31, 2024. The in
• $730 — t per loan was reduced to approximately $730 for the year ended December 31, 2024 fr
• $11,230 — 024 from a mortgage industry average of $11,230 for the quarter ended December 31, 2024
• $60 billion — enance Blockchain and accumulating over $60 billion in both real-world and digital asset tr

Filing Documents

• figr-20251117.htm (S-1) — 7110KB
• figrexfilingfees.htm (EX-FILING FEES) — 28KB
• exhibit231-blockchainsx1.htm (EX-23.1) — 4KB
• figr-20251117_g1.jpg (GRAPHIC) — 11KB
• figr-20251117_g10.jpg (GRAPHIC) — 173KB
• figr-20251117_g11.jpg (GRAPHIC) — 4KB
• figr-20251117_g12.jpg (GRAPHIC) — 9KB
• figr-20251117_g13.jpg (GRAPHIC) — 12KB
• figr-20251117_g2.jpg (GRAPHIC) — 175KB
• figr-20251117_g3.jpg (GRAPHIC) — 792KB
• figr-20251117_g4.jpg (GRAPHIC) — 203KB
• figr-20251117_g5.jpg (GRAPHIC) — 173KB
• figr-20251117_g6.jpg (GRAPHIC) — 116KB
• figr-20251117_g7.jpg (GRAPHIC) — 176KB
• figr-20251117_g8.jpg (GRAPHIC) — 206KB
• figr-20251117_g9.jpg (GRAPHIC) — 436KB
• logo.jpg (GRAPHIC) — 17KB
• 0001628280-25-052613.txt ( ) — 41352KB
• figr-20251117.xsd (EX-101.SCH) — 144KB
• figr-20251117_cal.xml (EX-101.CAL) — 122KB
• figr-20251117_def.xml (EX-101.DEF) — 1115KB
• figr-20251117_lab.xml (EX-101.LAB) — 1141KB
• figr-20251117_pre.xml (EX-101.PRE) — 1530KB
• figr-20251117_htm.xml (XML) — 6132KB
• figrexfilingfees_htm.xml (XML) — 6KB

RISK FACTORS

RISK FACTORS 32 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS 122 MARKET, INDUSTRY, AND OTHER DATA 124

USE OF PROCEEDS

USE OF PROCEEDS 125 DIVIDEND POLICY 126

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 127

BUSINESS

BUSINESS 166 MANAGEMENT 193

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 202 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 217 PRINCIPAL AND SELLING STOCKHOLDERS 223

DESCRIPTION OF CAPITAL STOCK

DESCRIPTION OF CAPITAL STOCK 226 DESCRIPTION OF BLOCKCHAIN STOCK 233 SHARES ELIGIBLE FOR FUTURE SALE 238 MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES TO NON-U.S. HOLDERS 240 PLAN OF DISTRIBUTION 245 LEGAL MATTERS 255 EXPERTS 255 WHERE YOU CAN FIND ADDITIONAL INFORMATION 255 INDEX TO COMBINED CONSOLIDATED FINANCIAL STATEMENTS F-1 i About this Prospectus Figure Technology Solutions, Inc. ("FTS"), the registrant whose name appears on the cover of this registration statement, is a corporation incorporated under the laws of the State of Nevada. In March 2024, we separated our business through a series of transactions in which Figure Lending Corp. ("FLC") and Figure Markets Holdings, Inc. ("FMH") were separated and began operating as separate businesses (the "Separation"). In connection with and to effectuate the Separation, FT (as defined below) created each of FMH and FTS, then named FT Intermediate, Inc., as direct wholly-owned subsidiaries of FT. Following the formation of these entities, we completed the Separation through a series of steps, which resulted in, (i) FLC being the sole owner of certain lending-related intellectual property and commercial contracts that were previously owned by FT, (ii) FTS becoming a holding company whose principal assets were the shares it held in FLC, (iii) FMH becoming a separate company, and (iv) FT being a wholly-owned subsidiary of FMH. On March 19, 2024, Figure Technologies, Inc. converted into Figure Technologies, LLC. As used in this prospectus, unless the context otherwise indicates, any reference to "FT" refers to Figure Technologies, LLC (f/k/a Figure Technologies, Inc.). The board of directors of each of FLC and FMH made a determination that it is in the best interests of both entities to recombine the businesses. On August 29, 2025, we recombined the businesses through a series of transactions (the "Recombination"), and FMH became a wholly-owned subsidiary of FTS. Upon the consummation of t

View Full Filing

View this S-1 filing on SEC EDGAR