Figure Technology Solutions Inc. (FIGR) shares climbed Friday after the company delivered earnings results that made analyst estimates look downright pessimistic.

Crushing the Numbers

Figure Technology reported third-quarter earnings of 34 cents per share, versus the analyst consensus estimate of 15 cents per share. That's more than double what Wall Street expected. Revenue came in at $156.37 million, comfortably ahead of the $119.01 million analysts had penciled in.

The real story is in the growth trajectory. Consumer loans on Figure's platform hit $2.5 billion during the quarter, up 70% from the prior year. A big chunk of that—$1.1 billion—flowed through Figure Connect marketplace, which only launched in June 2024 and already showed growth from $767 million in the second quarter.

Net revenue climbed 55% year-over-year, while adjusted net revenue for the quarter reached $156 million, representing a 42% increase versus the same period last year. Perhaps most impressively, net income jumped 227% to $90 million.

"We recently completed our successful initial public offering and are pleased to report a strong first-quarter as a public company," said CEO Michael Tannenbaum. "The continued success of Figure's marketplace approach to tokenized consumer loan origination drove significant growth in earnings, with Net Income increasing 227% year-over-year while also achieving an Adjusted EBITDA margin of 55%, underscoring the scalability of our blockchain-based model."

Market Reaction

Figure Technology shares were up 17.64% at $40.69 at the time of publication Friday.