First Quarter Financial Highlights
Total Revenue of $19.5 million, up 39% versus the prior-year period; highest quarterly revenue in the company's history
Adjusted EBITDA(1) of $0.8 million, versus $4.1 million in the prior year period
Net loss of $7.9 million, with a net loss per diluted share of $0.88
Average AUM(2) in 1Q26 of $3.2 billion, with AUM(2) of $3.4 billion as of March 31, 2026
Aggregated Transaction Volume(3) of $1.9 billion in the first quarter of 2026
650 active funds are being serviced by Securitize Fund Services as of March 31, 2026
AUA(4) of $24.9 billion as of March 31, 2026
(1)
Adjusted EBITDA is a non-GAAP financial metric. Securitize generally reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). However, management believes that the evaluation of its ongoing operating results may be enhanced by a presentation of Adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA represents net income or net loss before depreciation and amortization, interest expense and income taxes. Securitize believes that the use of Adjusted EBITDA provides an additional meaningful method of evaluating certain aspects of its operating performance from period to period on a basis that may not be otherwise apparent under GAAP when used in addition to, and not in lieu of, GAAP measures. A reconciliation of Adjusted EBITDA to net income is included below.
(2)
AUM refers to Tokenized Assets Under Management
(3)
Aggregated Transaction Volume represents aggregate volume of investments, redemptions, dividends, and cross chain movements of assets issued by Securitize's platform
(4)
AUA refers to Assets Under Administration
Percentage comparisons throughout this press release are calculated for the first quarter 2026 versus the first quarter of 2025, unless otherwise specified.
Carlos Domingo, Co-Founder and Chief Executive Officer, commented: "Tokenization is poised to be the most consequential upgrade to U.S. capital-market infrastructure in a generation and this is reflected in the continuous growth of the industry and our strong quarterly revenue numbers, the highest in the company's history, despite the broader crypto market backdrop. During the quarter, we also secured important new partnership opportunities with the New York Stock Exchange to support tokenized securities markets, expanded liquidity options for BlackRock's BUIDL through Uniswap, and advanced new marquee tokenized real estate initiatives, including the Trump International Hotel & Resort Maldives. We also continued building key strategic partnerships, most notably our agreement with Computershare, the world's largest transfer agent, to become their partner for issuer-sponsored tokenized securities, which was announced shortly after quarter-end. As institutional adoption accelerates, we believe tokenization is evolving from isolated products into a fully interconnected financial system."
First Quarter Business Highlights
NYSE Collaboration to Support Tokenized Securities Markets: The New York Stock Exchange, part of Intercontinental Exchange, Inc., and Securitize announced a collaboration to support the development of tokenized securities markets. As part of the initiative, Securitize was named the design partner as well as the first digital transfer agent eligible to mint blockchain-native securities for corporate and ETF issuers on the upcoming NYSE-affiliated Digital Trading Platform and Securitize Markets was appointed as the first broker-dealer to connect to the NYSE Digital ATS to onboard investors to trade in the platform.
Uniswap Labs Collaboration Expands Liquidity Options for BUIDL: Uniswap Labs and Securitize announced a strategic integration enabling shares of BlackRock's BUIDL fund to become available for trading through UniswapX technology. The integration introduced new on-chain liquidity pathways for tokenized treasury assets and represented a significant step in connecting institutional tokenized funds with decentralized finance infrastructure.
Real Estate Tokenization: We were chosen to tokenize loan interests tied to Trump International Hotel & Resort, Maldives. The initiative reflected growing institutional and global interest in tokenizing real-world assets across real estate and alternative investment markets.
Continued Growth Across the Tokenized Asset Market: The tokenized real-world asset market grew from approximately $23 billion at December 31, 2025 to $31 billion as of March 31, 2026, representing approximately 35% growth, according to rwa.xyz data. Throughout the quarter, Securitize remained the leading tokenization platform by assets under management, reflecting continued institutional adoption of tokenized securities and onchain financial infrastructure.
Given the pending Business Combination as noted below, Securitize management will not be hosting a call to discuss the first quarter 2026 results.
First Quarter 2026 Financial Results
Francisco Flores, Chief Financial Officer, commented: "We delivered strong first quarter revenue growth, with total revenue of $19.5 million, increasing 39% versus the prior-year period. The quarter benefited from continued growth across our service offerings, while we maintained disciplined management of operating expenses. Importantly, despite increased investments in headcount to support the growth of the business and prepare for becoming a public company, we delivered strong positive operating leverage for the quarter. We also ended the quarter with a solid liquidity position and approximately breakeven operating cash flow before working capital movements and public-company related expenses."
Securitize Inc and Subsidiaries
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
Three Months Ended, March 31,
2026
2025
YOY Change
Total Revenue
$ 19,478,466
$ 14,034,019
39 %
Tokenization Revenue
11,135,205
11,261,663
-1 %
Asset Servicing Revenue
8,343,261
2,772,356
201 %
Operating costs and expenses:
Cost of revenue (exclusive of items shown below)
4,469,890
1,746,657
156 %
Selling, general & administrative
7,738,093
3,321,181
133 %
Compensation and benefits
9,100,598
11,973,536
-24 %
Provision for expected credit losses
285,453
74,388
284 %
Loss on digital assets from operations, net
286,592
850,660
-66 %
Total operating costs and expenses
21,880,626
17,966,422
22 %
Loss from operations
(2,402,160)
(3,932,403)
-39 %
Other income (expense):
Interest expense
(2,268,575)
(1,450,891)
56 %
Interest income
237,114
167,491
42 %
Dividend income
153,452
41,834
267 %
Loss on digital assets held for investments, net
(920,467)
-
Other income, net
589,992
580,510
2 %
Change in fair value of option liability
90,000
490,000
-82 %
Change in fair value of simple agreements for future equity
(1,368,000)
(66,000)
1973 %
Change in fair value of derivative liability
(2,001,000)
(290,000)
590 %
Total other expense, net
(5,487,484)
(527,056)
941 %
Net loss from continuing operations before income taxes
$ (7,889,644)
$ (4,459,459)
77 %
Provision for income taxes
(43,008)
(82,059)
-48 %
Net loss from continuing operations
(7,932,652)
(4,541,518)
75 %
Net loss from discontinued operations
-
(583,339)
-100 %
Net loss
(7,932,652)
