0001628280-26-057061
SEC filingQ2 营收翻倍、净利大增，Figure Connect 生态扩张是核心驱动，但盈利含一次性收益。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $225.6M | $106.1M | +112.7% |
| Gross Profit | $225.6M | $106.1M | +112.7% |
| Gross Margin | 100.0% | 100.0% | — |
| Operating Income | $77.7M | $27.7M | +180.4% |
| Operating Margin | 34.5% | 26.1% | +840 bps |
| Net Income | $87.4M | $30.0M | +191.5% |
| Diluted EPS | $0.35 | $0.08 | +337.5% |
| Adjusted EBITDA | $119.4M | $52.9M | +125.8% |
| Operating Cash Flow | -$73.0M | $76.1M | — |
| Free Cash Flow | -$85.6M | $46.2M | — |
Q2 营收 $225.6M，同比 +112.7%，主要受 Figure Connect 量增 261.7% 驱动，Ecosystem and technology fees 同比 +158.9% 至 $72.9M。Gain on sale of loans 同比 +58.5% 至 $57.6M，因贷款销售 UPB 从 $1.1B 增至 $2.5B，但加权平均售价下降 4.9%。Gain on servicing asset 净增 $27.2M，主要因利率上行及新增服务资产增加。
利润率大幅改善，Operating Margin 从 26.1% 升至 34.5%，主要因收入增速远超费用增速。但 G&A 费用同比 +213.6%，主因 IPO 相关 SBC $21.8M 及专业服务费增加，若剔除 SBC，运营利润率更高。Net Income 含一次性收益 $5.9M（Reflow 处置收益），剔除后净利约 $81.5M。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Figure-branded | $50.1M | +84.7% | — | — | Gain on sale of loans 增 103.3%，Origination fees 增 67.0% |
| Partner-branded | $106.7M | +99.1% | — | — | Ecosystem and technology fees 增 159.7%，Connect 平台量驱动 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $1,437.5M | +$239.4M |
| Total Debt | $963.0M | +$405.8M |
| Loans held for sale | $597.4M | +$193.1M |
| Loan servicing asset | $155.0M | +$42.0M |
| Marketable securities | $354.0M | +$80.9M |
| Operating Cash Flow | -$73.0M | -$149.1M |
| Capex | $12.7M | +$2.8M |
| Free Cash Flow | -$85.6M | -$131.8M |