Securitize — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the third quarter of 2026 was $18.6 million, an increase of 13% year-over-year and 29% quarter-over-quarter, marking the second-highest quarterly revenue in company history.
• Net loss for the quarter was $66.3 million, or $(0.41) per diluted share; approximately $60 million (90%) of this loss consisted of non-cash expenses and accounting charges related to the business combination and public listing.
• Adjusted EBITDA loss was $2.0 million, a 64% improvement from the positive $3.6 million Adjusted EBITDA reported in the prior-year period.
• Aggregate transaction volume reached $4.3 billion, up 20% year-over-year.
• Average Tokenized Assets on Platform hit a record $5.0 billion, up 39% year-over-year, while total Tokenized Assets on Platform stood at $4.8 billion as of September 30, 2026, up 9% from the prior year.
• Securitize Fund Services (SFS) serviced 669 active funds, roughly flat year-over-year, with total Assets Under Administration (AUA) of $25.2 billion, down 29% year-over-year.
• Cash and cash equivalents ended the quarter at approximately $300 million, with no debt outstanding.
• For the nine months ended September 30, 2026, total revenue was $52.5 million (up 15% year-over-year), and net loss was $95.9 million.

Guidance and Future Outlook:

• Management stated that near-term financial priorities focus on driving revenue growth, improving operational efficiency, and progressing toward sustained profitability.
• The company plans to support Tokenized Securities Venues under the recently announced SEC Innovation Exemption, viewing multiple onchain paths as beneficial for the market.
• The acquisition of River One is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Business Segments and Product Lines:

• Securitize Stocks: Launched on October 8, 2026, enabling eligible investors in the U.S., Europe, and other permitted jurisdictions to trade tokenized interests in U.S.-listed equities (including Apple, Microsoft, Nvidia, Tesla, and Amazon) with full security entitlements, dividends, and voting rights. The service launched on Solana and operates under the company's established regulated framework rather than the SEC Innovation Exemption.
• Securitize Fund Services: Added new tokenized investment products from BlackRock (BRSRV money market fund), ARK Invest (ARK Venture Fund), and Neuberger (High Income Tokenized Fund).
• Asset Servicing: Revenue from Asset Servicing was $7.2 million for the quarter, down 6% year-over-year.
• Tokenization: Revenue from Tokenization was $11.5 million for the quarter, up 28% year-over-year.
• Strategic Collaborations: Announced partnerships with Cantor Fitzgerald & Co. for onchain IPOs and follow-on offerings, CURRENC Capital for issuer-sponsored tokenization, KB Securities and Optimism for South Korean institutional investment tokenization, Socios.com for tokenized equity offerings for sports teams, and ADI Chain for global institutional tokenization.
• Blockchain Expansion: BlackRock's BUIDL fund expanded to Tempo, and the Neuberger Securitize High Income Tokenized Fund integrated with Loopscale's credit markets on Solana.

Market and Competitive Landscape:

• CEO Carlos Domingo noted that growth was driven by tier-one asset managers bringing real products onchain, signaling that institutions have moved past the experimenting stage.
• Securitize is the only company operating regulated digital-securities infrastructure in both the U.S. and the EU.
• The company views the SEC Innovation Exemption as a welcome additional pathway for onchain securities markets.

Risks and Challenges:

• The press release highlights risks associated with the River One acquisition, including the possibility that the transaction may not close on anticipated terms or timeline, failure to satisfy closing conditions, and difficulties integrating River One's business, technology, or personnel.
• Forward-looking statements are subject to risks including regulatory developments relating to digital assets and tokenization, market volatility, competition, and changes in market, regulatory, or economic conditions.
• Significant non-cash expenses related to the business combination, public listing, and warrant-related expenses contributed substantially to the reported net loss.

Management Commentary and Tone:

• CEO Carlos Domingo expressed confidence that the quarter demonstrated where capital markets are heading and affirmed Securitize's intent to be the infrastructure they run on.
• CFO Francisco Flores expressed pleasure with the results, highlighting the 29% sequential revenue growth and the 64% improvement in Adjusted EBITDA, while noting the high proportion of non-cash charges in the net loss.
• Management emphasized a commitment to disciplined capital management and confidence in the company's long-term prospects.

Other Key Points:

• Share Repurchase Program: On November 6, 2026, the Board authorized a $50 million share repurchase program, open through December 31, 2027, to be funded from available cash on hand.
• Acquisition of River One: Securitize entered a definitive agreement to acquire River One, an institutional asset-backed financing platform incubated by Framework Ventures, to add warehouse financing capabilities and expand into asset-backed finance.
• NYSE Listing: Completed its business combination with Cantor Equity Partners II on July 1, 2026, and began trading on the NYSE under the ticker symbol SECZ on July 2, simultaneously tokenizing its own stock.
• Regulatory Registrations: Securitize Capital became an SEC-registered investment adviser.
• Financial Position: The company ended the quarter with $300 million in cash and cash equivalents and no debt, providing financial flexibility for growth initiatives.