Figure Technology Solutions (Nasdaq: FIGR; OPEN: FGRS), a capital markets blockchain firm founded by Mike Cagney, reported Q2 earnings, delivering net revenue of $226 million, up 113% from the same period the prior year.

The consumer loan marketplace booked $4.3 billion in volume during the quarter, a 132% increase year over year.

Net income increased 192% to $192 million from $87 million last year. Net income margin reached 38.8%, up 11 percentage points year over year.

Cash and cash equivalents, excluding restricted cash, totaled $1.4 billion, an increase of $239.4 million, or 20.0%  compared to December 31, 2025.

Loans held for sale totaled $597 million, up $193.1 million, or 47.7%, from the end of last year.

Michael Tannenbaum, CEO of Figure, said it was the company’s strongest quarter ever as they added more than 100 origination partners.

“With weekly applications now surpassing $1 billion as of July and the pending completion of our Kiavi acquisition, which we expect will significantly grow our platform into adjacent asset classes, we are accelerating our growth flywheel and our first-mover advantage in bringing the capital markets on-chain.”

Figure provided Q3 guidance, anticipating consumer loan marketplace volume of between $4.8 billion and $5.2 billion.

Analysts are pretty positive on Figure. Needham has a buy rating and a $55 price target. Piper Sandler has an overweight/buy with a $65-$70 price expectation. Bernstein is more bullish, expecting a rise to $70 a share.

Figure connects money to loans like HELOCs or personal loans, while expanding into other debt verticals. It recently acquired Kiavi, a real estate lender. By leveraging blockchain technology, Figure reduces the friction in the process. For institutions, this matters because of scale. Figure also offers YLDS – legally a security- a digital asset that generates yield but aims to maintain a stable $1 peg, which can be transferred onchain. In a way, it is similar to a stablecoin.

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