Shares of Figure Technology Solutions, a blockchain-based consumer lending marketplace, plunged approximately 20% to $27.12 in morning trading on Friday, February 27, 2026. The sharp decline followed the company's release of mixed fourth-quarter 2025 results the prior day, which showed revenue growth but a significant miss on earnings per share expectations.
For the quarter ended December 31, 2025, Figure reported revenue of $159.9 million, nearly doubling from $83.9 million a year earlier. Net income rose to $15.1 million from $5.9 million in Q4 2024. Earnings came in at $0.06 per diluted share, compared with zero a year ago. However, this fell well short of analyst expectations; a poll by Yahoo Finance had forecast earnings of $0.18 per share on revenue of $157.7 million.
The company's growth was driven by increased lending activity. The volume on its Consumer Loan Marketplace, reflecting total loans originated and traded, reached $2.7 billion during the quarter, up from $1.2 billion a year earlier. For the full year 2025, net income totaled $134.3 million (up from $19.9 million in 2024) and revenue reached $506.9 million (up from $340.9 million).
Alongside the earnings, Figure authorized a $200 million share repurchase program over the next 12 months. Despite this, investor sentiment was heavily negative, indicating a market focus on profitability and margin durability amid tightening funding conditions and intensifying competition in digital lending.
The report contextualizes Figure's performance within the volatile trajectory of crypto-linked equities. Figure began trading on the Nasdaq in September 2025 after an IPO priced at $25 per share, raising nearly $800 million. The stock rose more than 24% on its first day and climbed to a high near $74 in January 2026 before the recent retreat. This pattern mirrors other crypto-adjacent IPOs like Gemini Space Station (GEMI) and Circle, which experienced massive early rallies followed by sharp retracements amid broader crypto market pullbacks.
