0002064124-26-000029
SEC filingQ1 营收翻倍至 $167.0M 并扭亏为盈，Figure Connect 生态扩张是核心驱动。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $167.0M | $84.5M | +97.6% |
| Gross Profit | $167.0M | $84.5M | +97.6% |
| Gross Margin | 100.0% | 100.0% | — |
| Operating Income | $41.9M | $8.1M | +419.6% |
| Operating Margin | 25.1% | 9.6% | +1555 bps |
| Net Income | $45.0M | -$0.6M | 扭亏 |
| Diluted EPS | $0.18 | -$0.01 | 扭亏 |
| Adjusted EBITDA | $82.7M | $28.3M | +191.8% |
| Operating Cash Flow | -$37.8M | -$140.3M | 改善 |
| Free Cash Flow | -$44.2M | -$20.5M | 恶化 |
Q1 营收 $167.0M，同比 +97.6%，主要受 Figure Connect 生态量增 237.3% 至 $1.6B 驱动，带动 Ecosystem and technology fees 增 203.0% 至 $47.3M。同时，Gain on sale of loans 增 65.7% 至 $49.4M，受益于贷款售价 +14.9% 及销量增加。Gain on servicing asset 激增至 $12.9M，反映服务组合 UPB 达 $14.6B，同比 +72.0%。
利润率大幅改善，Operating Margin 从 9.6% 提升至 25.1%，主要因营收高增摊薄固定成本，但 G&A 费用增 142.0% 至 $45.6M，主因 IPO 相关股权激励 $23.5M，若剔除该一次性项，run-rate 利润率更高。Net Income 扭亏至 $45.0M，另获 $6.9M 所得税离散收益。
盈利质量方面，经营现金流 -$37.8M，主要受贷款购买/发起规模扩大影响（购买 $1.0B，发起 $1.2B），但较去年同期 -$140.3M 大幅改善。Adjusted EBITDA $82.7M，margin 49.6%，显示核心业务盈利能力强劲。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Figure-branded | $41.7M | +94.8% | — | — | Figure-branded 量增 99.0%，Origination fees 增 93.5% |
| Partner-branded | $78.1M | +114.1% | — | — | Figure Connect 平台收入增 $32.1M，生态费增 206.5% |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $1.5B | +$266.5M |
| Total Debt | $867.3M | +$310.0M |
| Loans held for sale | $503.9M | +$99.6M |
| Loan servicing asset | $125.9M | +$12.9M |
| Operating Cash Flow | -$37.8M | 改善 $102.5M |
| Capex | $6.4M | +$2.0M |
| Free Cash Flow | -$44.2M | -$23.7M |
Total Debt 增至 $867.3M，主要因 YLDS 及 Democratized Prime 负债增长 $284.5M。现金充裕，$1.5B 现金及等价物，另有 $1.6B 可用融资额度。