Figure Q3 net revenue $287M, up 84% year on year

The margin compression is the more telling figure: revenue nearly doubled while net income margin fell sharply, suggesting growth is being purchased with heavier costs or a shifting mix rather than pure operating leverage. For a listed RWA-adjacent lender, that trade-off is what separates a growth story from a profitability story. How the gap between top-line expansion and margin erosion evolves in coming quarters is the open question, along with whether the adjusted and net revenue figures continue to track this closely.