Securitize Posts $66.3 Million Q3 Loss as Revenue Climbs 13%

Securitize reported a $66.3 million net loss for the third quarter, its first reporting period as a public company, while revenue rose 13% to $18.6 million, according to the firm's results published after its July listing on the New York Stock Exchange under the ticker SECZ.

Roughly $60 million of the deficit reflected largely noncash expenses and accounting charges tied mainly to the company's listing and business combination, Securitize said. Adjusted EBITDA came in at a $2 million loss. The measure starts with earnings before interest, taxes, depreciation and amortization and includes specified adjustments.

What drove the loss?

Chief Financial Officer Francisco Flores said earnout liabilities produced a $23.2 million charge in the quarter. The liabilities stem from shares granted in the business combination and revalue as the stock price moves.

SECZ was valued at $11.78 when the listing deal closed. By Sept. 30, the stock had reached $14.59. That appreciation forced Securitize to mark up liabilities linked to shares granted to counterparties in the combination, a mechanism that converts equity gains into accounting losses.

The charge illustrates how listing-related instruments, rather than operating deterioration, shaped the headline number. On an adjusted basis, the burn narrowed to $2 million against $18.6 million of revenue.

What did the board approve?

The board authorized a $50 million share buyback on Friday, Nov. 6. The authorization runs through Dec. 31, 2027, giving the company more than two years of execution window before it expires.

A buyback authorized within months of a listing signals management views the stock's post-listing valuation as attractive relative to internal expectations. It also offsets some dilution from shares issued in the business combination.

Where does River One fit?

Securitize agreed to acquire River One, a platform that provides financing to institutions against pools of assets. Framework Ventures and Maple Finance backed the platform.

The company expects to complete the acquisition by year-end. Flores said Securitize has not disclosed the financial terms and does not expect the deal to materially affect fourth-quarter results. River One extends Securitize beyond issuance and registry infrastructure into credit provision against asset pools, broadening the revenue base underpinning its 2026 guidance.

Flores said Securitize continues to project 2026 revenue of $70 million to $80 million. That forecast implies annual growth of at least 40% over the current run rate: quarterly revenue of $18.6 million, growing 13% year over year, annualizes near $74 million only if acceleration holds.

First-half results show the composition behind that target. Overall revenue rose 16% to $33.91 million in the first half, while tokenization revenue declined 12%, per Securitize's first-half revenue and tokenization results. Growth is therefore running ahead in non-tokenization lines, which the River One acquisition would deepen.

The next test arrives with the year-end close: Securitize must complete the River One acquisition and demonstrate that non-tokenization revenue can carry the company toward the lower bound of its $70 million to $80 million 2026 range.