Figure Technology Solutions Inc. (FIGR) just had one of those quarters that makes analysts scramble to revise their models. The blockchain-based lending platform posted third-quarter results on Friday that weren't just good—they were dramatically better than Wall Street expected.

The numbers tell the story: Figure reported earnings of 34 cents per share, easily topping the consensus estimate of 15 cents. That's more than double what analysts were expecting. Revenue came in at $156.37 million, sailing past forecasts of $119.01 million.

CEO Michael Tannenbaum had plenty to celebrate in his commentary. "We recently completed our successful initial public offering and are pleased to report a strong first-quarter as a public company," he said. "The continued success of Figure's marketplace approach to tokenized consumer loan origination drove significant growth in earnings, with Net Income increasing 227% year-over-year while also achieving an Adjusted EBITDA margin of 55%, underscoring the scalability of our blockchain-based model."

That 55% adjusted EBITDA margin is particularly eye-catching—it suggests the company's blockchain infrastructure is delivering on the promise of operational leverage as the business scales.

Investors responded enthusiastically. Figure Technology shares surged 11.6% on Monday to trade at $44.89.

The earnings beat prompted swift action from Wall Street analysts. Mizuho analyst Dan Dolev kept his Outperform rating and bumped his price target from $47 to $56. Meanwhile, Bank of America Securities analyst Craig Siegenthaler maintained a Neutral rating but raised his target from $41 to $47.

For a company fresh off its IPO, this kind of debut quarter as a public company sets a strong tone.