Figure Technology Q1 2026 Earnings Call Transcript

On Tuesday, Figure Technology (NASDAQ: FIGR ) discussed first-quarter financial results during its earnings call. The full transcript is provided below. This content is powered APIs. For comprehensive financial data and transcripts, visit Access the full call at Summary Figure Technology Solutions Inc.

reported a strong Q1 2026 with 92% revenue growth and a 50% adjusted EBITDA margin, driven by a 110% increase in consumer loan marketplace growth. The company continues to expand its blockchain-based capital market ecosystem, focusing on first lien HELOCs, introducing USDC utility, and integrating third-party borrow volume into its platform. Management highlighted the successful onboarding of major partners such as Flagstar Bank and Mutual of Omaha, illustrating the growing traction with traditional depositories. The company launched the on-chain public equity network (OPEN), aiming to enhance liquidity and transactional efficiency in public equities via blockchain.

1 billion, reflecting continued strong momentum and strategic partner onboarding. Full Transcript OPERATOR Welcome to the Figure Technology Solutions first quarter 2026 earnings conference call. At this time, all participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation. If you'd like to ask a question at that time, please press star 1 on your telephone keypad.

If at any point your question has been answered, you may remove yourself from the queue by pressing star 2. To get to as many questions as time permits, we ask you kindly limit yourself to one question and one follow-up so that others can hear your questions clearly. We ask you pick up your handset for best sound quality. Lastly, today's call is being recorded.

I'd like to now turn the call over to Brian Michaleske, Head of Investor Relations. Please go ahead. Brian Michaleske, Head of Investor Relations Good morning. Welcome to Figure's first quarter 2026 earnings call.

My name is Brian Michaleske, Head of Investor Relations here at Figure. Joining me on today's call are Mike Cagney, Executive Chairman, Co-Founder of Figure, Michael Tannenbaum, our Chief Executive Officer, and Macra Gill, our Chief Financial Officer. Before we begin today, I'd like to briefly note that in today's call we will refer to certain non-GAAP measures. These measures have been reconciled to their GAAP equivalents in the earnings release we issued today or yesterday, as well as an appendix to our supplemental slide presentation posted to our website.

As a reminder, non-GAAP measures are not intended to be a substitute for GAAP results. I'd also highlight that certain comments made today may be considered forward-looking statements under federal securities law. The Company cautions you that forward-looking statements involve substantial risks and uncertainties, and a number of factors, many of which are beyond the Company's control, can cause actual results, events, or circumstances to differ materially from those described in the statements. For more information, please refer to the risk factors we've identified in our most recent 10-K and other SEC filings.

We are not undertaking any commitment to update these statements if conditions change, except as required by law. With that, I'll turn the call over to Mike Cagney. Mike Cagney, Executive Chairman Thanks. So I want to thank everyone for taking the time to join us on the call today.

We've got a lot to cover and a very strong quarter before we kick off. I know there were some questions about my absence from the earnings call last quarter, so I wanted to set expectations in my role as Executive Chairman. I'm tasked with long-term strategy of Figure. Join these calls.

When we're spending time on that topic like today, you should expect to hear from me about every other call, but that will vary based on what's happening with the business. So I understand that for an investor looking at Figure for the first time, there's a lot to take in often leads investors to take the easy path. Assuming Figure is a HELOC company, but Figure is not a HELOC company. Figure is a company building a capital market ecosystem native to blockchain.

This is a total overhaul of the existing market. To kick off this call, I'd like to lay out the ecosystem we're building, how we plan to scale it and why it matters so Figures ecosystem has three debt and structured finance, equity and non-debt, digital assets and capital and financing markets. Yields acts as the currency that ties these verticals together with debt and structured finance. Our first launch into that vertical was through our own retail HELOC production back in 2018.

We quickly evolved that into a B2B business and today the vast majority of our mortgage production on the platform comes from our 380 plus third-party partners. Further, over half that production trades on Connect, our whole loan marketplace. With Connect, we pioneered what we believe to be the only liquid private credit capital eses which are only quasi-private. This capital market, not the origination technologies are moat in this business and our primary revenue driver for loans in our ecosystem.

Last year we began to bring our digital assets over to DEFI for financing. That introduced the problems remained to all real-world assets on blockchain. DEFI is asset-based lending. The premise is that the collateral backing the loan is liquid.

What are the collateral as a whole loan? Given an LTV breach, how does a lender take a fractional position in the whole loan? And even if they could, where would they sell it? This is where our platform Forge comes in.

We built Forge to transform whole loans into small single dollar liquid participation units. Loans get pledged or sold into a bankruptcy remote container. T