Securitize Reports $18.6 Million in Q3 Revenue, Its Second-Best Quarter on Record
Key Takeaways
- •Securitize's third-quarter revenue reached $18.6 million, up 13% year-over-year and 29% from the prior quarter, marking its second-highest quarterly total and first reporting period as a public company.
- •Average tokenized assets hit a company record of $5 billion, up 39%, while tokenization revenue grew 28% to $11.5 million and now accounts for roughly three-fifths of total quarterly revenue.
- •The company posted a net loss of $66.3 million, or $0.41 per diluted share, with about 90% attributable to largely non-cash charges from its business combination, NYSE listing, and warrant expenses.
- •The board approved a $50 million share buyback funded from existing cash through the end of 2027, and Securitize agreed to acquire River One, adding warehouse financing to its tokenization stack with closing expected in the fourth quarter.
- •New tokenized products were launched during the period by ARK Invest, BlackRock, and Neuberger, which CEO Carlos Domingo described as the clearest sign that institutions have moved past the experimenting stage.
Securitize reported third-quarter revenue of $18.6 million, a 13% increase year-over-year and the second-highest quarterly total in the tokenization firm's history, according to its official press release. Revenue also rose 29% from the second quarter. The results, announced Nov. 9 and covering the period ended Sept. 30, mark the company's first reporting period as a public company.
Average tokenized assets hit a record $5 billion
The platform's average tokenized assets reached a company record of $5 billion, up 39%. Tokenization refers to representing traditional financial assets — such as fund shares or bonds — as blockchain-based tokens, and it is the core service behind that figure. Total tokenized assets rose 9% to $4.8 billion as of Sept. 30, while total transaction volume climbed 20% to $4.3 billion.
Securitize Fund Services administered 669 active funds holding $25.2 billion in assets, a 29% decline. Tokenization revenue grew 28% year-over-year to $11.5 million, while asset servicing revenue fell 6% to $7.2 million. Tokenization now generates roughly three-fifths of the quarter's total revenue, making it the larger of the company's two disclosed revenue lines. On the earnings call, management attributed the decline to lower fund administration and accounting fees.
"We are very pleased with our results for the third quarter of 2026, our first reporting period as a public company," said CFO Francisco Flores.
Nine-month revenue reached $52.5 million, up 15% and the company's best first nine months to date. CEO Carlos Domingo said ARK Invest, BlackRock and Neuberger launched new tokenized products during the period, describing them as "the clearest sign yet that institutions are past the experimenting stage." Securitize also restated its full-year 2026 revenue guidance of $70 million to $80 million during the call; meeting that range would require fourth-quarter revenue of $17.5 million to $27.5 million based on the nine-month total.
Board approves $50 million buyback alongside River One acquisition
Securitize's board sanctioned buybacks of up to $50 million of common stock on Nov. 6, three days before the results were announced. The program is funded from existing cash and runs through Dec. 31, 2027, and its authorized size equals roughly one-sixth of the approximately $300 million in cash and cash equivalents reported at quarter-end.
The company has also agreed to acquire River One, an institutional asset-backed financing platform that utilizes the stablecoin economy. River One, incubated by Framework Ventures and also backed by Maple Finance, adds warehouse financing — short-term funding used to hold assets before they are packaged or brought to market — to Securitize's tokenization stack. The deal is expected to close in the fourth quarter of 2026. Terms were not disclosed, and management does not anticipate a material impact on fourth-quarter results.
Balance sheet and bottom line
Securitize ended the quarter with approximately $300 million in cash and cash equivalents and no debt. The company nonetheless posted a net loss of $66.3 million, or $0.41 per diluted share. Roughly 90% of that loss — about $60 million — was attributable to largely non-cash charges related to the business combination and listing on the NYSE, along with warrant-related expenses. A year earlier, the company reported net income from continuing operations of $8.6 million.
Adjusted EBITDA loss came in at $2 million, a 64% improvement from the second quarter. The year-earlier figure was positive $3.6 million. The gap between the adjusted figure and the reported net loss largely reflects the one-time, mostly non-cash listing-related charges.
Securitize shares closed at $6.97 on Monday, up 0.1%, and traded at $7.88 in after-hours trading, up 13.1%.
Japan breach context
The results follow a cyberattack targeting Securitize Japan, the firm's Japanese arm, which exposed data on customers of Sony Bank, NTT Data and Marui Group, Cryptopolitan reported. Sony Bank froze trading of its digital securities, and Marui said the number of affected digital bond applicants reached as many as 9,086.
In late October, Domingo also called a full-page Wall Street Journal advertisement against stock tokenization "misleading."
