Securitize Reports Third Quarter 2026 Results
Securitize Corp. (SECZ) filed an SEC Form 8-K — Results of Operations and Financial Condition. Securitize Reports Third Quarter 2026 Results Announcing the River One acquisition to expand into tokenized asset-backed finance and a $50 million share repurchase program MIAMI, November 9, 2026 — Securitize Corp. (“Securitize” or the “Company”) (NYSE: SECZ) today announced fina
How this was made
The 30-second read
Why it matters
This 8-K combines an earnings-style update with two forward-looking catalysts: a definitive River One acquisition to add warehouse financing capabilities and a $50M share repurchase authorization. Traders should weigh deal execution risk and ongoing profitability drag against capital return and expanded addressable market.
Market read
The filing is actionable for SECZ positioning because it adds a definitive acquisition timeline and a capital return program alongside quarterly financial metrics.
What to watch
Adjusted EBITDA remained negative and SFS AUA declined 29% year over year, which could temper enthusiasm even with record tokenized assets on platform.
Securitize Q3 2026 revenue of $18,610,270 (up 13%) with a GAAP net loss of $(66,263,756); Board authorized a $50 million share repurchase program and the River One acquisition was agreed
Revenue grew 13% year on year and Average Tokenized Assets reached a Company-record $5.0 billion, but Asset Servicing revenue fell 6%, Adjusted EBITDA swung to a loss of $(1,982,808) from a positive $3,613,981, and GAAP net loss was $(66,263,756). The company attributes about 90% of the net loss to largely non-cash items tied to the business combination, NYSE listing and warrant-related expenses.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Average Tokenized Assets on Platform, Q3 2026other | $5B | – | up 39% |
| Total Tokenized Assets on Platform, as of September 30, 2026other | $4.8B | – | up 9% |
| Total Revenue, Q3 2026GAAP | $18,610,270 | 29% | 13% |
| Tokenization revenue, Q3 2026GAAP | $11,456,572 | – | 28% |
| Asset Servicing revenue, Q3 2026GAAP | $7,153,698 | – | (6)% |
| Cost of revenue (exclusive of items shown below), Q3 2026GAAP | $4,536,706 | – | 29% |
| Selling, general & administrative, Q3 2026GAAP | $20,801,135 | – | 209% |
| Compensation and benefits, Q3 2026GAAP | $16,457,551 | – | 271% |
| Provision for expected credit losses, Q3 2026GAAP | $341,259 | – | 213% |
| Loss on digital assets from operations, net, Q3 2026GAAP | $46,183 | – | (65)% |
| Total operating costs and expenses, Q3 2026GAAP | $42,182,833 | – | 183% |
| Income (loss) from operations, Q3 2026GAAP | $(23,572,563) | – | n/m |
| Interest expense, Q3 2026GAAP | nil (printed as a dash) | – | (100)% |
| Dividend income, Q3 2026GAAP | $1,974,701 | – | 10,843% |
| Loss on settlement of convertible instruments, net, Q3 2026GAAP | $(20,649,813) | – | n/m |
| Change in fair value of earnout liabilities, Q3 2026GAAP | $(23,223,354) | – | n/m |
| Total other income (expense), net, Q3 2026GAAP | $(42,647,103) | – | n/m |
| Net income (loss) from continuing operations before income taxes, Q3 2026GAAP | $(66,219,666) | – | n/m |
| Provision for income taxes, Q3 2026GAAP | $(44,090) | – | (46)% |
| Net income (loss) from continuing operations, Q3 2026GAAP | $(66,263,756) | – | n/m |
| Net loss from discontinued operations, Q3 2026GAAP | nil (printed as a dash) | – | (100)% |
| Net income (loss) attributable to Securitize Corp., Q3 2026GAAP | $(66,146,567) | – | n/m |
| Net loss per diluted share from continuing operations, Q3 2026GAAP | $(0.41) | – | 735% |
| Net income (loss) per diluted share, Q3 2026GAAP | $(0.41) | – | 354% |
| Adjusted EBITDA, Q3 2026non-GAAP | $(1,982,808) | 64% improvement | – |
| Aggregate Transaction Volume, Q3 2026other | $4.3B | – | up 20% |
| Active funds serviced by Securitize Fund Services, as of September 30, 2026other | 669 | – | roughly flat |
| Securitize Fund Services total AUA, as of September 30, 2026other | $25.2B | – | down 29% |
| Total Revenue, nine months 2026GAAP | $52,524,581 | – | 15% |
| Tokenization revenue, nine months 2026GAAP | $30,430,916 | – | 5% |
| Asset Servicing revenue, nine months 2026GAAP | $22,093,665 | – | 32% |
| Cost of revenue (exclusive of items shown below), nine months 2026GAAP | $12,987,718 | – | 48% |
| Selling, general & administrative, nine months 2026GAAP | $36,756,487 | – | 171% |
| Compensation and benefits, nine months 2026GAAP | $36,106,032 | – | 48% |
| Provision for expected credit losses, nine months 2026GAAP | $1,941,846 | – | 558% |
| Loss on digital assets from operations, net, nine months 2026GAAP | $415,480 | – | (67)% |
| Total operating costs and expenses, nine months 2026GAAP | $88,207,563 | – | 82% |
| Income (loss) from operations, nine months 2026GAAP | $(35,682,982) | – | 1,297% |
| Total other income (expense), net, nine months 2026GAAP | $(60,076,339) | – | n/m |
| Net income (loss) from continuing operations before income taxes, nine months 2026GAAP | $(95,759,321) | – | 7,627% |
| Net income (loss) from continuing operations, nine months 2026GAAP | $(95,885,610) | – | 6,367% |
| Net income (loss) attributable to Securitize Corp., nine months 2026GAAP | $(95,768,421) | – | 1,233% |
| Net loss per diluted share from continuing operations, nine months 2026GAAP | $(1.19) | – | 1,430% |
| Net income (loss) per diluted share, nine months 2026GAAP | $(1.19) | – | 425% |
| Adjusted EBITDA, nine months 2026non-GAAP | $(6,610,307) | – | – |
| Net cash flows used in operating activities, nine months 2026GAAP | $(30,995,479) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Tokenization, Q3 2026The filing gives no explanation for this line. The release reports record average Tokenized Assets on Platform of $5.0 billion, up 39%, and total Tokenized Assets on Platform of $4.8 billion, up 9%. | $11,456,572 | – | 28% |
| Asset Servicing, Q3 2026The filing gives no explanation for this line. The release reports SFS total AUA of $25.2 billion, down 29%, and 669 active funds, roughly flat versus the prior year period. | $7,153,698 | – | (6)% |
| Tokenization, nine months 2026The filing gives no explanation for this line in the nine-month period. | $30,430,916 | – | 5% |
| Asset Servicing, nine months 2026The filing gives no explanation for this line in the nine-month period. | $22,093,665 | – | 32% |
Capital returns
- On November 6, 2026, the Board authorized repurchases of up to $50 million of common stock. The program runs through December 31, 2027.
- The company states that the program does not obligate it to buy any shares, that it may be modified, suspended or terminated at any time, and that it will be funded from available cash on hand.
- The filing does not report any share repurchases completed in Q3 2026 or the nine months 2026, and it does not report any dividend declared to common shareholders.
What drove it
- Company view: the CEO attributes the record average Tokenized Assets on Platform to tier one asset managers bringing new products onchain, including products from ARK Invest, BlackRock and Neuberger.
- Company view: the CFO attributes approximately 90% of the reported net loss to expenses and accounting charges that are primarily non-cash, including those associated with the business combination and NYSE listing, as well as warrant-related expenses. The release puts this at approximately $60 million.
- Reported facts: Total Revenue of $18,610,270 was the second-highest quarterly Total Revenue figure in the Company's history, according to the release, and the highest first nine months to date, according to the CFO.
- Reported facts: the release lists $7,201,058 of transaction, litigation and public company transition costs in the Q3 2026 Adjusted EBITDA reconciliation, compared with $1,222,410 in Q3 2025.
- Reported facts: Share-based compensation expense in the Adjusted EBITDA reconciliation was $13,408,358 in Q3 2026, compared with $265,203 in Q3 2025.
- Reported facts: Loss on settlement of convertible instruments, net, of $(20,649,813) and change in fair value of earnout liabilities of $(23,223,354) are reported in Q3 2026 other expense.
Concerns
- Asset Servicing revenue fell 6% year on year in Q3 2026 to $7,153,698, while Tokenization revenue rose 28% to $11,456,572.
- Total operating costs and expenses rose 183% year on year to $42,182,833. Selling, general & administrative rose to $20,801,135 from $6,734,775, and compensation and benefits rose to $16,457,551 from $4,433,132.
- Adjusted EBITDA was $(1,982,808) in Q3 2026, against $3,613,981 in Q3 2025.
- SFS total AUA fell 29% to $25.2 billion, and active funds serviced were roughly flat at 669.
- Net cash flows used in operating activities were $(30,995,479) for the nine months 2026, against $(11,089,204) in the prior-year period.
- Aggregate Transaction Volume for Q2 2026 was revised to $4.4 billion from a previously reported $5.3 billion. The release says most revisions were not material in size.
What to watch
- Closing of the River One acquisition, which the company expects in the fourth quarter of 2026, subject to customary closing conditions.
- Whether the company executes any part of the $50 million repurchase program before December 31, 2027, given that the filing states it is not obligated to buy any shares.
- Trend in Asset Servicing revenue and SFS AUA, both down year on year, against the Tokenization revenue trend.
- Operating expense trend in SG&A and compensation and benefits after the business combination and NYSE listing, and whether the Q3 2026 Adjusted EBITDA loss narrows.
- Development of Securitize Stocks, which launched on October 8, 2026, and of the company's planned support for Tokenized Securities Venues under the SEC Innovation Exemption.
Balance sheet and cash flow
- Cash and cash equivalents: $298,870,517 as of September 30, 2026, compared with $24,871,555 as of December 31, 2025. The CFO states the company ended the quarter with approximately $300 million in cash and cash equivalents and no debt.
- Total assets: $468,013,493 as of September 30, 2026, compared with $169,775,125 as of December 31, 2025.
- Total stockholders' equity (deficit): $332,993,290 as of September 30, 2026, compared with $(141,270,628) as of December 31, 2025.
- Earnout liabilities: $98,701,904 as of September 30, 2026, compared with nil (printed as a dash) as of December 31, 2025.
- Convertible notes, SAFEs, derivative and option liabilities: nil (printed as a dash) as of September 30, 2026, compared with $120,571,079 as of December 31, 2025.
- Customer escrow funds: $14,312,351 as of September 30, 2026, against customer escrow funds payable of $14,309,945.
- Nine months 2026 financing activities provided $342,582,836, including proceeds from the Business Combination and PIPE Financing, net of redemptions and SPAC service provider fees, of $342,184,348.
- Nine months 2026 investing activities used $(37,559,752), including purchases of investments of $(41,686,529).
- Net increase in cash and cash equivalents for the nine months 2026 was $273,998,962.
Analysis
Securitize reported Q3 2026 Total Revenue of $18,610,270, up 13% from $16,500,042, and the CFO said it was up 29% from the prior quarter. The mix moved toward Tokenization, which reached $11,456,572, up 28%. Asset Servicing reached $7,153,698, down 6%, and the filing does not explain that decline. Over the nine months, Total Revenue was $52,524,581, up 15%, with Tokenization up 5% and Asset Servicing up 32%. The release reports Average Tokenized Assets on Platform of $5.0 billion, up 39%, and total Tokenized Assets on Platform of $4.8 billion, up 9%. Set against this, SFS total AUA was $25.2 billion, down 29%, and active funds were roughly flat at 669. The revenue line and the asset line point in different directions for the asset-servicing business.
Costs rose sharply. Total operating costs and expenses were $42,182,833, up 183%. Selling, general & administrative was $20,801,135 and compensation and benefits was $16,457,551, against $6,734,775 and $4,433,132 a year earlier. Share-based compensation in the Adjusted EBITDA reconciliation was $13,408,358, against $265,203. The company reports a loss from operations of $(23,572,563), against income of $1,575,970 in the prior-year quarter. Below operations, other expense was $(42,647,103). The main lines were a $(20,649,813) loss on settlement of convertible instruments, net, and a $(23,223,354) change in fair value of earnout liabilities. GAAP net loss from continuing operations was $(66,263,756), and diluted EPS was $(0.41). Adjusted EBITDA was $(1,982,808), a non-GAAP measure, against $3,613,981 in Q3 2025. The company says the GAAP loss is about 90% non-cash and tied to the business combination, the NYSE listing and warrant-related expenses. The reconciliation shows the largest adjustments were share-based compensation, the earnout and settlement items, and transaction, litigation and public company transition costs of $7,201,058.
On the balance sheet, cash and cash equivalents were $298,870,517 at September 30, 2026, against $24,871,555 at December 31, 2025. Total assets were $468,013,493 and stockholders' equity was $332,993,290, against a deficit of $(141,270,628) at year end. The company reports no debt, and the convertible notes, SAFEs, derivative and option liabilities line is nil, down from $120,571,079. Earnout liabilities of $98,701,904 now sit on the balance sheet. Operating cash outflow for the nine months was $(30,995,479), against $(11,089,204) a year earlier. Financing inflows of $342,582,836 were mainly the Business Combination and PIPE proceeds of $342,184,348.
On capital allocation, the Board authorized a repurchase of up to $50 million of common stock on November 6, 2026, to run through December 31, 2027. The company states it is funded from cash on hand and carries no obligation to buy. The release also reports the agreed acquisition of River One, expected to close in Q4 2026, which the company says would add warehouse financing capabilities. The filing gives no financial figures for River One. The release gives no guidance for Q4 2026 or for full-year 2026, so the read has no forward figure to test against.
Data note: the Q2 2026 Aggregate Transaction Volume was revised to $4.4 billion from $5.3 billion. The filing says the revision did not affect historical financial results. Several percentage changes on EPS lines are printed in the release as given and were not recomputed. The release contains no share price reaction, consensus comparison or guidance.
Management, verbatim
In the third quarter we listed on the New York Stock Exchange and reached a Company-record $5 billion in Average Tokenized Assets, up 39% from a year ago,
Carlos Domingo, Chairman and CEO
Approximately 90% of our reported net loss from the quarter was attributable to expenses and accounting charges, primarily non-cash in nature, including those associated with our business combination and NYSE listing, as well as warrant-related expenses.
Francisco Flores, Chief Financial Officer
We ended the quarter with approximately $300 million in cash and cash equivalents and no debt, providing us with the financial flexibility to continue investing in our growth initiatives while opportunistically managing our capital structure.
Francisco Flores, Chief Financial Officer
Not in the filing
stated, not guessed- No forward guidance for Q4 2026 or full-year 2026 is provided in the filing; guidance is null.
- No previous outlook was supplied, so vs_prior_guidance is empty.
- The prior-quarter (Q2 2026) Total Revenue figure is not printed; only the CFO's 29% sequential change is given.
- The prior-quarter Adjusted EBITDA figure is not printed; only the 64% improvement from the prior quarter is given.
- Prior-year Average Tokenized Assets on Platform, total Tokenized Assets on Platform, Aggregate Transaction Volume and AUA values are not printed; only the percentage changes are given.
- Prior-year and prior-quarter values for the Q3 2026 Asset Servicing and Tokenization lines are printed only as the prior-year quarter; no prior-quarter sub-line figures are printed.
- No Adjusted EBITDA year-on-year change is printed for either the quarter or the nine months.
- No Adjusted EBITDA prior-quarter value or nine-month change is printed.
- No share count, basic or diluted weighted average shares outstanding, or share repurchase execution data is printed.
- The filing does not report any dividend declared on common stock.
- Financial terms, purchase price and standalone financials of River One are not provided.
- No share price reaction, analyst consensus, or estimate comparison is in the documents.
- The filing gives no explanation for the decline in Asset Servicing revenue or the change in SFS AUA.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Securitize is a tokenization infrastructure provider that completed its NYSE listing in July 2026 and is now reporting its first public-company quarterly results.
Ticker impact
Securitize reported Q3 2026 results, authorized a $50M buyback, and announced a definitive agreement to acquire River One expected to close in Q4 2026.
Likely mixed reaction, with upside from the River One acquisition and buyback offset by continued net loss and adjusted EBITDA weakness.
The filing discloses both a definitive acquisition agreement and a board-authorized $50M repurchase, but also reports a large net loss and an adjusted EBITDA loss for the quarter.
Market effects
Reinforces momentum in tokenized securities infrastructure and institutional onchain asset management, potentially supporting sentiment across regulated tokenization platforms.
Primarily US-listed market impact via NYSE listing and SEC-regulated venue framing.
Highlights cross-jurisdiction access (US, Europe, other permitted jurisdictions) for tokenized equities, which may influence global investor appetite for tokenized market infrastructure.
Counterpoint
The acquisition narrative may not translate into near-term earnings power, and the quarter’s net loss largely reflects non-cash charges tied to the listing and business combination.
Key entities
- companySecuritize Corp.
NYSE-listed tokenization infrastructure provider reporting Q3 2026 results and announcing River One acquisition plus a $50M buyback.
- companyRiver One
Institutional asset-backed financing platform Securitize agreed to acquire, expected to close in Q4 2026.
- platformSolana
Blockchain network where Securitize Stocks launched first, per the filing.
