Is Figure Technology profitable in 2026?

Yes. Figure Technology Solutions reported Q1 2026 GAAP net revenue of $167.0 million, net income of $45 million (including a $7M tax benefit), and a 50% adjusted EBITDA margin, up from 33% a year earlier, as of March 31, 2026.

What is Figure Technology's stock price doing in 2026?

After IPOing on Nasdaq September 11, 2025 at $25 and hitting a 52-week high of $78, Figure (FIGR) traded around $30-33 as of July 21-22, 2026, roughly a 57% drawdown from its peak, per gurufocus.com.

Who is Figure Technology's biggest competitor?

Aven is Figure's most-cited direct HELOC competitor, differentiated by a HELOC-backed credit card. On infrastructure, Figure's blockchain lien registry DART directly targets MERS, which is owned by Intercontinental Exchange's ICE Mortgage Technology.

Could AI replace Figure Technology's lending business?

Unlikely soon. Figure already uses AI for automated home valuations and, via its June 10, 2026 $720M Kiavi Funding acquisition, agentic AI onboarding, but its moat is DART's 115+ signed registry participants and AAA securitization ratings, not just AI models.

Did Figure Technology have a data breach?

Yes. A February 2026 breach exposed customer Social Security numbers, loan details, and contact information; the hacking group ShinyHunters claimed roughly 2.5GB of data was released, per classaction.org reporting dated March 30, 2026.

Who owns Figure Technology Solutions?

Figure is a public company on Nasdaq under ticker FIGR, having IPO'd September 11, 2025 at $25 per share, raising $787.5 million at a roughly $5.3 billion valuation. It was founded in 2018 by Mike Cagney and June Ou.

Banks and financial groups · United States

Figure Technologies

figure.com ↗

Blockchain-based lender originating home equity lines of credit (HELOCs) for banks.

Protection under test

Assessed 22 July 2026 · Evidence as of 22 July 2026

Something worth protecting exists and is being tested right now.

On the recordSince 22 July 2026 · Checkable from H2 2026 · Every call on the record Checkpoint: Kiavi acquisition close and integration

The call

Figure runs profitably on network effects and regulatory trust, not raw tech, while rate cycles and a big-bank rival registry remain the open questions.

Figure Technologies lends money to homeowners using their home equity as collateral, and it does this very cheaply and profitably. The company has built relationships with 387 partner companies and convinced over 115 title and lien organizations to use its digital registry system, which makes the whole process faster and cheaper than traditional banks can do it. Right now, copying Figure is hard because these partnerships and the regulatory approvals take years to assemble, but traditional banks like Wells Fargo or SoFi could theoretically do the same thing if they invested the time and money. The key question is whether ICE Mortgage Technology (which runs the old lien system) or a group of big banks will build their own competing digital registry by 2027; if they don't, Figure's first-mover advantage becomes much harder to break.

Why

AI pressure: AI-driven underwriting engines at Rocket Mortgage and SoFi. AI speeds rivals' loan processing but can't replicate Figure's lien registry or AAA securitization track record. Could AI do the core job? Unlikely.

Bigger players: ICE Mortgage Technology (MERS lien registry). ICE controls the incumbent lien registry and could ship a rival blockchain system, but hasn't announced one yet. Could a giant copy it? Probably.

What protects it. 387 ecosystem partners, 115+ DART registry signatories, and 23+ AAA-rated securitizations banks trust.

What would change this call

ICE Mortgage Technology or a major bank consortium ships a rival blockchain lien registry through 2027. Would show Figure's DART registry moat is being directly challenged.
DART registry signatories cross 500 entities with no shipped competitor. Would show Figure's network moat is hardening further.
Q2 2026 Consumer Loan Marketplace volume vs. $3.8-4.1B guidance. A miss would signal HELOC demand cooling with rate cycle or housing downturn.

Key numbers

Q1 2026 revenue $167M, up 92% YoY (2026-03-31)
387 active ecosystem partners (2026-03-31)
$29B lifetime home equity originated (2026-07-09)

Named risks

February 2026 data breach exposed SSNs and loan data, triggering consumer litigation. Severity: high
New $600M senior notes at 8.5% add leverage ahead of Kiavi acquisition integration. Severity: medium
Stock down ~57% from 52-week high of $78 as of July 2026, signaling valuation volatility. Severity: medium
Pending shareholder and consumer lawsuits (Sandler, Giles) filed January-February 2026. Severity: medium
Sustained rate-cut cycle could collapse HELOC origination volume, Figure's core revenue driver. Severity: high

Rivals, as read in July 2026

Rival	Direction	Evidence
Aven	contesting	Cited as closest direct HELOC competitor with credit-card feature, comparison sites as of 2026-06-28
ICE Mortgage Technology (MERS)	contesting	Figure's DART registry directly targets MERS; 115 entities signed by 2025-12-31 vs entrenched MERS incumbent
SoFi Technologies	contesting	Named as fintech HELOC peer competing for consumer volume, 2026 analyst reports
Rocket Mortgage	contesting	Named in Figure's own marketing comparisons against traditional lenders, 2025-11-05

Questions people ask

Is Figure Technology profitable in 2026?: Yes. Figure Technology Solutions reported Q1 2026 GAAP net revenue of $167.0 million, net income of $45 million (including a $7M tax benefit), and a 50% adjusted EBITDA margin, up from 33% a year earlier, as of March 31, 2026.
What is Figure Technology's stock price doing in 2026?: After IPOing on Nasdaq September 11, 2025 at $25 and hitting a 52-week high of $78, Figure (FIGR) traded around $30-33 as of July 21-22, 2026, roughly a 57% drawdown from its peak, per gurufocus.com.
Who is Figure Technology's biggest competitor?: Aven is Figure's most-cited direct HELOC competitor, differentiated by a HELOC-backed credit card. On infrastructure, Figure's blockchain lien registry DART directly targets MERS, which is owned by Intercontinental Exchange's ICE Mortgage Technology.
Could AI replace Figure Technology's lending business?: Unlikely soon. Figure already uses AI for automated home valuations and, via its June 10, 2026 $720M Kiavi Funding acquisition, agentic AI onboarding, but its moat is DART's 115+ signed registry participants and AAA securitization ratings, not just AI models.
Did Figure Technology have a data breach?: Yes. A February 2026 breach exposed customer Social Security numbers, loan details, and contact information; the hacking group ShinyHunters claimed roughly 2.5GB of data was released, per classaction.org reporting dated March 30, 2026.
Who owns Figure Technology Solutions?: Figure is a public company on Nasdaq under ticker FIGR, having IPO'd September 11, 2025 at $25 per share, raising $787.5 million at a roughly $5.3 billion valuation. It was founded in 2018 by Mike Cagney and June Ou.

Timeline

2026-07-14Closed $600M private offering of 8.5% senior notes due 2031
2026-07-09Announced ~$29B cumulative home equity originated with partners
2026-06-10Agreed with Sixth Street to jointly acquire Kiavi Funding for ~$720M
2026-05-11Reported Q1 2026 results: $167M revenue, $2.9B loan volume
2026-02-20Giles consumer lawsuit filed over data breach
2026-02-01Data breach exposed customer SSNs and loan details
2026-01-30Sandler shareholder lawsuit filed over stock-option handling
2025-09-11IPO on Nasdaq at $25/share, raised $787.5M, valued ~$5.3B
2018-01Founded by Mike Cagney and June Ou

Revision history

22 July 2026

First assessed. Protection under test. The text above is fixed as of this date and is not edited afterwards.

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