Securitize Posts 13% Revenue Rise, Swings to $66.3 Million Loss

Securitize (NYSE:SECZ) grew third-quarter revenue 13% year over year to $18.6 million, yet posted a net loss of $66.3 million against net income of $4 million a year earlier, as charges from its July business combination and public listing weighed on the result. The company kept its full-year outlook and announced a credit-origination acquisition. The numbers tell a story of growth bought with accounting pain.

Revenue rose 29% from the preceding three months. Chief Financial Officer Francisco Flores said approximately 90% of the net loss stemmed from charges that were mostly noncash, including business combination and warrant-related expenses. Adjusted earnings before interest, taxes, depreciation and amortization (a profitability measure excluding one-off items) came in as a $2 million loss, narrowing from a $5.5 million loss in the second quarter but down from a $3.6 million profit a year earlier.

What drove the growth?

Tokenization revenue climbed 29% year over year to $11.5 million, lifted by a new protocol integration (a technical connection to a blockchain network) and higher distribution fees. Asset servicing revenue fell 6% to $7.2 million on lower fund administration and accounting fees after a decline in assets under administration.

Flores said protocol integrations still accounted for most tokenization revenue, while asset-based and transaction-based revenue remained small but was growing. He expects integrations to stay the main driver of the category through at least next year. The verdict is straightforward: the growth engine is real, and it is narrow.

Nine-month figures reinforce the trend:

• Revenue rose 15% to a record $52.5 million for the first nine months of 2026.
• The platform averaged $5 billion in tokenized assets during the quarter.
• Fund services held $25.2 billion in assets under administration across 669 active funds at quarter-end.
• Aggregate transaction volume increased 20% year over year to $4.3 billion.

What did management guide and plan for capital?

Securitize maintained its 2026 revenue forecast of $70 million to $80 million. Flores cautioned that the timing of project milestones and on-chain integrations can make revenue swing between quarters. The company expects improved core operating results in the fourth quarter as it moves beyond the transaction-related effects of the business combination.

The balance sheet is unhurried. Securitize ended September with roughly $300 million in net cash and liquid securities and no debt. The board approved a repurchase program of up to $50 million of common shares through the end of 2027. Flores said the authorization would let the company act opportunistically during significant market dislocations.

Why acquire River One?

Securitize announced plans to acquire River One, a structured credit and asset-backed finance business. CEO Carlos Domingo said the deal would add origination, underwriting and financing capabilities, letting Securitize participate earlier in the life cycle of credit assets. He added that the combination could connect stablecoin capital (digital currency pegged to a reference asset) with borrowers financing assets such as receivables.

Domingo offered one caveat worth printing: tokenization does not eliminate credit risk. The acquisition remains subject to closing; Flores said financial terms were undisclosed and the deal should not materially affect fourth-quarter results.

What else is in the pipeline?

After the quarter ended, Securitize launched tokenized stocks on Solana and expanded the offering to 25 U.S. equities. Domingo said each token is backed one-for-one by an underlying share held through a security entitlement, rather than being a synthetic instrument. The company offers extended trading hours and instant settlement in USDC through its broker-dealer model; full 24-hour trading remains a goal.

Addressing companies opting out of a tokenized securities venue, President Brett Redfearn drew a clear line: "If somebody opts out of a TSV, it does not mean they are opting out of tokenization."

In funds, Securitize highlighted a high-income credit fund with Neuberger Berman, tokenized access to the ARK Venture Fund and further work with BlackRock. Domingo called fund tokenization the main revenue source, with tokenized stocks a medium- to long-term opportunity. He noted inquiries from large asset managers and banks have increased over the past 12 to 18 months, while conceding that institutional projects take considerable time to win and launch.