Figure Technology Solutions confirmed an anticipated consecutive-quarter drop in earnings but reported that its numbers were up compared to a year ago, before it went public.

The blockchain-based capital marketplace for consumer loans and crypto assets generated $15.2 million in earnings for the fourth quarter of 2025. That number was up 156% from a year earlier and above the $12.5 million to $13.5 million range in preliminary results. 

However, the fourth quarter's bottom line number was below the $89.82 million in net income reported for the previous fiscal period and Standard & Poor's Capital IQ's consensus of $32.61 million.

The company attributed the consecutive-quarter decline to one-time business model changes, seasonal slowing, and higher expenses that included the costs associated with becoming a new public company.

These adjustments will pay off in benefits that will include less fluctuation in the company's margins over time as it transitions away from traditional lending to being a platform that facilitates loan transactions, CEO Michael Tannenbaum said during the company's earnings call.

"This is the formula we believe builds durable marketplaces," he said.

What loan volumes and revenue were like

The volume of business flowing through the company's consumer loan marketplace rose to $2.7 billion from $2.5 billion the previous quarter, matching preliminary results. That number also was up 131% from a year earlier.

During the quarter, first-lien mortgages and auto loans became more prevalent in the company's loan mix, which also includes home equity and crypto loan products, Tannenbaum noted.

"That change in mix reflects both growing partner adoption and increasing investor comfort with the asset. The opportunity here is significant. First-lien is a multitrillion-dollar market, and represents the majority of our partners' existing volume," Tannenbaum said.

The increased business volume still helped boost net revenue, which ascended to $159.9 million in line with the $158 million to $162 million range in preliminary results and beat consensus estimates that it would be $157.68 million. It was 91% higher than a year ago and above the $156.37 million reported the previous quarter. 

Data breach details

During the call, Tannenbaum also commented on a recent data breach.

Tannenbaum said the names, addresses, birth dates and Social Security numbers of approximately 12,400 loan applicants were exposed as a result of it.

"At this time, the incident is not expected to have a material impact on our financial results," he said.