Securitize (NYSE:SECZ) reported a 13% increase in third-quarter revenue as growth in its tokenization business helped offset a decline in asset servicing. The company maintained its full-year revenue outlook and announced a planned acquisition intended to expand its role in credit origination.
Revenue rose to $18.6 million in the quarter, up 29% from the preceding three months. Securitize reported a net loss of $66.3 million, compared with net income of $4 million a year earlier, as expenses included charges related to its July business combination and public listing.
Chief Financial Officer Francisco Flores said approximately 90% of the net loss was attributable to charges that were mostly noncash, including business combination and warrant-related expenses. Adjusted earnings before interest, taxes, depreciation and amortization was a loss of $2 million, compared with a $5.5 million loss in the second quarter and a $3.6 million profit a year earlier.
Tokenization Revenue Leads Growth
Tokenization revenue increased 29% year over year to $11.5 million, driven largely by a new protocol integration and higher distribution fees. Asset servicing revenue fell 6% to $7.2 million, primarily because of lower fund administration and accounting fees following a decline in assets under administration.
For the first nine months of 2026, revenue rose 15% to a record $52.5 million. Securitize recorded an average of $5 billion in tokenized assets on its platform during the quarter. Its fund services business had $25.2 billion in assets under administration and serviced 669 active funds at quarter-end. Aggregate transaction volume rose 20% year over year to $4.3 billion.
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 remain the main driver of the category through at least next year.
Outlook and Capital Plans
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 cause revenue to vary 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 company ended September with roughly $300 million in net cash and liquid securities and no debt. Its board approved a program to repurchase up to $50 million of common shares through the end of 2027. Flores said the authorization would allow the company to be opportunistic during significant market dislocations.
Expansion Into Credit
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, allowing Securitize to participate earlier in the life cycle of credit assets.
River One uses technology to analyze credit, manage financing facilities and support tokenization. Domingo said the proposed combination could connect stablecoin capital with borrowers financing assets such as receivables. He also cautioned that tokenization does not eliminate credit risk.
The acquisition remains subject to closing. Flores said financial terms were not being disclosed and that the company did not expect the deal to have a material impact on fourth-quarter results.
Stocks, Funds and Partnerships
After the quarter ended, Securitize launched its tokenized stocks offering on Solana and expanded it 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 currently offers extended trading hours and instant settlement in USDC through its broker-dealer model. Full 24-hour trading remains a goal, and expansion to additional venues depends on their launches and regulatory milestones.
In response to an analyst’s question about companies opting out of a tokenized securities venue, President Brett Redfearn distinguished those decisions from rejecting tokenization itself. “If somebody opts out of a TSV, it does not mean they are opting out of tokenization,” he said.
In funds, Securitize highlighted a high-income credit fund with Neuberger Berman, tokenized access to the ARK Venture Fund and additional work with BlackRock. Domingo said fund tokenization remains the company’s main revenue source, while tokenized stocks are a medium- to long-term opportunity.
Domingo said inquiries from large asset managers and banks have increased over the past 12 to 18 months, although he noted that winning and launching projects with large institutions can take considerable time.
About Securitize (NYSE:SECZ)
Securitize is a financial technology company focused on the issuance, management and trading of tokenized securities and other real-world assets. Its platform uses blockchain technology to create digital representations of assets such as private company shares, investment funds, credit products and real estate interests.
The company provides infrastructure and services for issuers, investors and financial institutions, including digital securities issuance, investor onboarding, compliance, transfer agency, fund administration and secondary-market trading.
