Figma’s AI growth is visible. Its economics still need reading carefully.

The Information highlighted Figma’s disappointing outlook. The company’s own results show why that can coexist with a strong quarter.

Second-quarter revenue reached $370.1 million, up 48%. Guidance for the third quarter implied 36% growth, while the full-year revenue forecast increased. Slower projected growth and an improved annual outlook can both be true.

This was Figma’s first full quarter of monetizing AI credits. It reported 136% net dollar retention and said more than 80% of customers spending over $10,000 annually consumed AI credits weekly.

A small definition matters: that usage metric uses the quarter’s highest-usage week. It does not mean every qualifying customer used AI every week.

Figma is combining seats with consumption revenue as agents, interactive code and media tools move onto its canvas. That offers more ways to expand an account, but usage alone does not establish the profitability of each new feature.

The reported GAAP operating loss was $117.3 million; adjusted operating income was $36.1 million. Those are different measures, not interchangeable descriptions of profitability.