Securitize Reports Third Quarter 2026 Results

Tokenization revenue rose 28% year over year, while asset-servicing revenue fell 6%.

Rhea-AI Summary

Securitize (NYSE: SECZ) reported third-quarter 2026 revenue of $18.6 million, alongside a net loss and a new share repurchase authorization. Revenue rose 13% year over year and 29% sequentially. Net loss was $66.3 million, or $0.41 per diluted share, including approximately $60 million of largely non-cash expenses and accounting charges. Adjusted EBITDA, an adjusted earnings measure, was a $2.0 million loss versus positive $3.6 million a year earlier.

Average tokenized assets reached $5.0 billion, up 39%, while fund-services assets under administration fell 29% to $25.2 billion. Quarter-end cash and equivalents were approximately $300 million, with no debt. The board authorized up to $50 million in share repurchases through December 31, 2027. Securitize also signed a definitive agreement to acquire River One, an asset-backed financing platform; closing is expected in the fourth quarter of 2026.

15 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 15 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue of $18.6 million rose 13% year over year and 29% sequentially.
• Moderate pointTokenization revenue rose 28% to $11,456,572 in Q3; nine-month revenue increased 5% to $30,430,916.
• Moderate pointNine-month asset-servicing revenue increased 32% year over year to $22,093,665.
• Moderate pointAverage tokenized assets of $5.0 billion increased 39% year over year in Q3.
• Moderate pointAggregate transaction volume of $4.3 billion increased 20% year over year in Q3.
• Moderate pointCash and equivalents of $298,870,517 at September 30 rose from $24,871,555 at December 31; no debt remained.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Up to $50 million in share repurchases authorized through December 31, 2027, funded from available cash. 4.4% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.River One definitive acquisition agreement is expected to add warehouse financing capabilities; closing expected in Q4 2026.

7 minor points

• Minor pointNine-month revenue of $52,524,581 increased 15% year over year.
• Minor pointQuarter-end tokenized assets of $4.8 billion increased 9% year over year.
• Minor pointSecuritize Capital secured SEC investment-adviser registration, expanding its regulated financial-services capabilities.
• Minor pointQ3 interest expense was zero, versus $2,029,981 a year earlier.
• Minor pointQ3 dividend income of $1,974,701 increased from $18,045 a year earlier.
• Minor pointQ3 operating digital-asset losses fell 65% year over year to $46,183.
• Minor pointQ3 discontinued-operation losses were zero, versus $4,511,799 a year earlier.

Negative

• Major pointQ3 net loss of $66,263,756 compared with net income of $4,085,884 a year earlier.
• Moderate pointAdjusted EBITDA loss of $2.0 million versus positive $3.6 million a year earlier, despite 64% sequential improvement.
• Moderate pointQ3 asset-servicing revenue declined 6% year over year to $7,153,698.
• Moderate pointFund-services assets under administration of $25.2 billion fell 29% year over year at September 30.
• Minor pointQ3 diluted loss per share of $0.41 widened from $0.09 a year earlier.

10 minor points

• Minor pointNine-month net loss of $95,885,610 widened from $7,185,276 a year earlier.
• Minor pointQ3 cost of revenue rose 29% to $4,536,706; nine-month cost rose 48% to $12,987,718.
• Minor pointQ3 selling, general and administrative expenses rose 209% to $20,801,135; nine-month expenses rose 171% to $36,756,487.
• Minor pointQ3 compensation and benefits rose 271% to $16,457,551; nine-month expense rose 48% to $36,106,032.
• Minor pointQ3 expected-credit-loss provision rose 213% to $341,259; nine-month provision rose 558% to $1,941,846.
• Minor pointQ3 interest income fell 95% year over year to $10,849.
• Minor pointQ3 convertible-instrument settlement loss was $20,649,813, versus none a year earlier.
• Minor pointQ3 earnout-liability fair-value expense was $23,223,354, versus none a year earlier.
• Minor pointQ3 investment digital-asset loss was $412,225, versus none a year earlier.
• Minor pointQ3 investment losses in a consolidated variable-interest entity were $746,827, versus none a year earlier.

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Key Figures

Total revenue: $18.6 million; up 13% Net loss: $66.3 million Adjusted EBITDA: Loss of $2.0 million versus positive $3.6 million +5 more

Total revenue

$18.6 million; up 13%

Third quarter 2026 versus the prior-year period

Net loss

$66.3 million

Third quarter 2026

Adjusted EBITDA

Loss of $2.0 million versus positive $3.6 million

Third quarter 2026 versus the prior-year period

Average tokenized assets

$5.0 billion; up 39%

Third quarter 2026 versus the prior-year period

Fund Services total AUA

$25.2 billion; down 29%

As of September 30, 2026; versus the prior-year period

Cash and cash equivalents

Approximately $300 million; no debt

At quarter-end

Share repurchase authorization

Up to $50 million

Program open through December 31, 2027; purchases are not obligated

River One acquisition timing

Expected to close in Q4 2026

Subject to customary closing conditions

Previous Earnings Reports

1 past event · Latest: Aug 12

Same Type 1 event

1. Aug 12

   Q2 earnings

   24h Move

   -27.5%

   Q2 revenue fell 5% year over year and net loss reached $21.7 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, security entitlements, broker-dealer, alternative trading system

4 terms

adjusted ebitda financial

"Adjusted EBITDA loss of $2.0 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

security entitlements financial

"It offers security entitlements backed one-for-one by underlying shares"

A security entitlement is a legal claim that a person (the entitlement holder) has against a securities intermediary (like a broker or custodian) that represents the holder’s right to the economic benefits of financial instruments held through that intermediary. It arises under custody and securities law (for example UCC Article 8 in the U.S.) when the intermediary holds securities in its own name or in a pooled account; the entitlement gives the holder rights to distributions, proceeds from sale, and other economic interests, but not direct legal title to the underlying certificated security or a direct claim against the issuer. Because the entitlement is a relationship-based property right against the intermediary, it can be affected by the intermediary’s insolvency, commingling of assets, or the intermediary’s contractual terms and applicable custody laws.

broker-dealer regulatory

"its SEC-registered broker-dealer"

A broker-dealer is a licensed firm or individual that both executes trades on behalf of clients (acting as a broker) and buys or sells securities for its own account (acting as a dealer). Investors care because broker-dealers provide the plumbing of markets — they place orders, hold or move cash and securities, offer research or advice, and their stability and fees directly affect trade execution, costs, and the safety of client funds; think of them as a combined travel agent and taxi for your investments.

alternative trading system regulatory

"SEC-regulated alternative trading system"

An alternative trading system is a regulated non-exchange venue that matches buyers and sellers of stocks and other securities outside of traditional public exchanges. Think of it as a different kind of marketplace — like a specialized farmers’ market next to a supermarket — that can offer different pricing, speed, or anonymity; investors care because these venues can affect how easily trades get done, the prices received, and how visible trading activity is.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Announcing the River One acquisition to expand into tokenized asset-backed finance and a $50 million share repurchase program

MIAMI, Nov. 9, 2026 /PRNewswire/ -- Securitize Corp. ("Securitize" or the "Company") (NYSE: SECZ) today announced financial results for the third quarter of 2026, which ended September 30, 2026.

Second-highest quarterly Total Revenue figure in company history. Announce new acquisition & share repurchase program.

"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," said Carlos Domingo, Chairman and CEO of Securitize. "That growth came from tier one asset managers bringing real products onchain including new ones from ARK Invest, BlackRock and Neuberger, and to me it's the clearest sign yet that institutions are past the experimenting stage. Our agreement to acquire River One takes us into asset-backed finance, and Securitize Stocks, which we launched after the quarter closed to trade alongside our own tokenized stock, lets eligible investors around the world trade U.S. equities onchain with the same rights they'd have holding the stock⁽¹⁾. Alongside our fully regulated venue, we are also planning on supporting Tokenized Securities Venues under the recently announced SEC Innovation Exemption because more paths onchain are good for the whole market. This quarter showed where capital markets are heading, and we plan to be the infrastructure they run on."

Third Quarter 2026 Financial Highlights

• Record average Tokenized Assets on Platform⁽²⁾ in the third quarter of $5.0 billion, up 39%, with total Tokenized Assets on Platform of $4.8 billion as of September 30, 2026, up 9%
• Total Revenue of $18.6 million, up 13% versus the prior-year period, the second-highest quarterly Total Revenue figure in the Company's history
• Net loss of $66.3 million, with a net loss per diluted share of $(0.41), including approximately $60 million (~90% of Net loss) of largely non-cash expenses and accounting charges, primarily associated with our business combination and public listing
• Adjusted EBITDA⁽³⁾ loss of $2.0 million, versus positive Adjusted EBITDA of $3.6 million in the prior-year period
• Aggregate Transaction Volume⁽⁴⁾ of $4.3 billion during the third quarter of 2026, up 20%
• 669 active funds⁽⁵⁾ serviced by Securitize Fund Services ("SFS") as of September 30, 2026, roughly flat versus the prior year period
• Securitize Fund Services total AUA⁽⁶⁾ of $25.2 billion as of September 30, 2026, down 29%

Percentage comparisons throughout this press release are calculated for the third quarter of 2026 versus the third quarter of 2025, unless otherwise specified.

Francisco Flores, Chief Financial Officer, commented, "We are very pleased with our results for the third quarter of 2026, our first reporting period as a public company. Total Revenue was $18.6 million, up 29% from the prior quarter. It was the second-highest quarterly revenue in our history, and our highest first nine months to date. Adjusted EBITDA was a loss of $2.0 million, a 64% improvement from the prior quarter. 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."

Flores concluded, "Our near-term financial priorities remain focused on driving revenue growth, improving operational efficiency, and making progress toward sustained profitability. 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. To this end, our Board authorized a $50 million share repurchase program, reflecting our confidence in Securitize's long-term prospects and our commitment to disciplined capital management."

Share Repurchase Program

On November 6, 2026, Securitize's Board of Directors authorized the repurchase of up to $50 million of the Company's common stock. The share repurchase program will remain open through December 31, 2027 and does not obligate the Company to purchase any shares and may be modified, suspended or terminated at any time. The share repurchase program will be funded from available cash on hand.

Agreed to acquire River One, expanding into asset-backed financing

Today, Securitize announced it has entered into a definitive agreement to acquire River One, an institutional asset-backed financing platform drawing from the stablecoin economy. River One was incubated by Framework Ventures, with investment backing from both Framework Ventures and Maple Finance. The acquisition is expected to add warehouse financing capabilities to Securitize's tokenization infrastructure, expanding the Company's addressable market and creating new revenue opportunities from institutional financing activity. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions.

Securitize Stocks

Launched global onchain trading of U.S. stocks with full security entitlements: On October 8, 2026, Securitize launched Securitize Stocks, giving eligible investors in the United States, Europe and other permitted jurisdictions access to tokenized interests in U.S.-listed equities through its regulated infrastructure⁽⁷⁾. Securitize Stocks launched first on Solana. It offers security entitlements backed one-for-one by underlying shares and preserves applicable shareholder rights and economic benefits, including dividends and voting rights. The initial offering includes Apple, Microsoft, Nvidia, Tesla and Amazon, among other leading U.S. companies.

Securitize Stocks do not operate under the SEC's Innovation Exemption⁽⁸⁾, the temporary conditional exemptive relief the SEC granted during the third quarter to certain tokenized securities trading venues and liquidity providers. It runs on Securitize's established regulatory framework, which includes its SEC-registered broker-dealer, SEC-regulated alternative trading system and SEC-registered transfer agent. The Company views the exemption as a welcome additional pathway for onchain securities markets and believes its regulated infrastructure positions it to support tokenized capital markets as regulatory frameworks evolve.

Third Quarter 2026 Business Highlights

Completed NYSE listing and brought SECZ onchain: Securitize 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 with its public listing, Securitize tokenized its own stock as an issuer-sponsored token through Securitize Transfer Agent, and enabled trading of an NMS security through Securitize Markets, its registered broker-dealer, demonstrating how public companies can use regulated blockchain infrastructure to support digital ownership of their shares and enable utility.

Introduced new tokenized investment products with BlackRock, ARK Invest and Neuberger: BlackRock broadened its tokenized cash offerings with BRSRV, a money market fund tokenized by Securitize and designed to support stablecoin reserve management. ARK Invest tokenized its ARK Venture Fund (ARKVX) with Securitize, while Neuberger launched the Neuberger Securitize High Income Tokenized Fund (HINC), bringing additional venture capital and fixed-income strategies onchain.

Secured SEC registration as an investment adviser: Securitize Capital became an SEC-registered investment adviser, strengthening the Company's regulated financial services capabilities and supporting its ability to develop and manage investment products for institutional markets.

Advanced issuer-sponsored tokenization and onchain capital formation: Securitize and Cantor Fitzgerald & Co. announced a collaboration to enable onchain initial public offerings and follow-on offerings for public companies. The collaboration builds on Securitize's broker-dealer capabilities and is designed to extend tokenization into the capital formation process. Separately, Securitize and CURRENC Capital announced a strategic collaboration to advance issuer-sponsored tokenization of publicly traded equities, supporting a model that connects tokenized securities to the rights and benefits of underlying shares.

Expanded Securitize's reach across blockchains, DeFi markets, international markets, and asset classes: BlackRock's BUIDL fund expanded to Tempo, and the Neuberger Securitize High Income Tokenized Fund integrated with Loopscale's credit markets on Solana, giving holders new ways to use tokenized fixed income in decentralized finance. Securitize also announced a collaboration with KB Securities and Optimism to explore institutional investment tokenization in South Korea, a partnership with Socios.com to develop tokenized equity offerings for professional sports teams, and an integration with ADI Chain to support institutional tokenization in global markets.

________________________________________________________________________

Securitize will host a conference call today, November 9, 2026, at 5:30 p.m. ET to present third-quarter 2026 financial results. The general public can access the conference call by dialing +1 (646) 876-9923 (for U.S. and Canada callers). For international callers, please find your local dial-in information here: https://openexc.zoom.us/u/abgHfham22. The meeting ID is 99826158914 and the meeting passcode is 870451.

The live audio webcast and presentation slides will be available on the Company's investor relations website, https://investors.securitize.io/events-and-presentations/. A replay and transcript of the webcast will be available shortly after the event.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)(9)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2026		2025		YoY Change		2026		2025		YoY Change
Revenue	$18,610,270		$16,500,042		13 %		$52,524,581		$45,796,237		15 %
Tokenization	11,456,572		8,929,636		28 %		30,430,916		29,065,692		5 %
Asset Servicing	7,153,698		7,570,406		(6) %		22,093,665		16,730,545		32 %
Operating costs and expenses:
Cost of revenue (exclusive of items shown below)	4,536,706		3,513,882		29 %		12,987,718		8,793,163		48 %
Selling, general & administrative	20,801,135		6,734,775		209 %		36,756,487		13,579,862		171 %
Compensation and benefits	16,457,551		4,433,132		271 %		36,106,032		24,438,206		48 %
Provision for expected credit losses	341,259		108,877		213 %		1,941,846		295,150		558 %
Loss on digital assets from operations, net	46,183		133,405		(65) %		415,480		1,243,975		(67) %
Total operating costs and expenses	42,182,833		14,924,072		183 %		88,207,563		48,350,357		82 %
Income (loss) from operations	(23,572,563)		1,575,970		n/m		(35,682,982)		(2,554,120)		1,297 %
Other income (expense):
Interest expense	—		(2,029,981)		(100) %		(3,374,490)		(4,870,039)		(31) %
Interest income	10,849		239,361		(95) %		424,353		754,654		(44) %
Dividend income	1,974,701		18,045		10,843 %		2,215,734		103,192		2,047 %
Loss on digital assets held for investment, net	(412,225)		—		n/m		(1,845,307)		—		n/m
Net (losses) from investments held by consolidated VIE	(746,827)		—		n/m		(746,827)		—		n/m
Other income (expense), net	399,568		(729,574)		n/m		2,135,365		(297,897)		n/m
Change in fair value of option liability	—		511,000		(100) %		(29,176,000)		24,000		n/m
Change in fair value of simple agreements for future equity	—		755,000		(100) %		(5,678,000)		306,000		n/m
Change in fair value of derivative liability	—		8,339,000		(100) %		19,842,000		5,295,000		275 %
Loss on settlement of convertible instruments, net	(20,649,813)		—		n/m		(20,649,813)		—		n/m
Change in fair value of earnout liabilities	(23,223,354)		—		n/m		(23,223,354)		—		n/m
Total other income (expense), net	(42,647,103)		7,102,851		n/m		(60,076,339)		1,314,910		n/m
Net income (loss) from continuing operations before income taxes	(66,219,666)		8,678,821		n/m		(95,759,321)		(1,239,210)		7,627 %
Provision for income taxes	(44,090)		(81,138)		(46) %		(126,289)		(243,413)		(48) %
Net income (loss) from continuing operations	$(66,263,756)		$8,597,683		n/m		$(95,885,610)		$(1,482,623)		6,367 %
Net loss from discontinued operations	—		(4,511,799)		(100) %		—		(5,702,653)		(100) %
Net income (loss)	(66,263,756)		4,085,884		n/m		(95,885,610)		(7,185,276)		1,234 %
Net loss attributable to redeemable noncontrolling interest	(117,189)		—		n/m		(117,189)		—		n/m
Net income (loss) attributable to Securitize Corp.	$(66,146,567)		$4,085,884		n/m		$(95,768,421)		$(7,185,276)		1,233 %
Net income (loss) from continuing operations per share of common stock:
Basic	$(0.41)		$0.10		n/m		$(1.19)		$(0.08)		1,430 %
Diluted	$(0.41)		$(0.05)		735 %		$(1.19)		$(0.08)		1,430 %
Net loss from discontinued operations per share of Common stock:
Basic	$—		$(0.05)		(100) %		$—		$(0.15)		(100) %
Diluted	$—		$(0.04)		(100) %		$—		$(0.15)		(100) %
Net income (loss) per share of Common stock:
Basic	$(0.41)		$0.05		n/m		$(1.19)		$(0.23)		425 %
Diluted	$(0.41)		$(0.09)		354 %		$(1.19)		$(0.23)		425 %
Other comprehensive income (loss):
Foreign currency translation adjustment	(150,928)		99,690		n/m		(28,643)		432,977		n/m
Total other comprehensive income (loss), net	(150,928)		99,690		n/m		(28,643)		432,977		n/m
Comprehensive income (loss)	(66,414,684)		4,185,574		n/m		(95,914,253)		(6,752,299)		1,320 %
Comprehensive loss attributable to redeemable noncontrolling interest	(117,189)		—		n/m		(117,189)		—		n/m
Comprehensive income (loss) attributable to Securitize Corp.	$(66,297,495)		$4,185,574		n/m		$(95,797,064)		$(6,752,299)		1,319 %

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(9)
		September 30, 2026		December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents		$         298,870,517		$        24,871,555
Customer escrow funds		14,312,351		44,293,388
Investments		45,275,932		12,962,918
Digital assets and digital assets receivable		13,758,902		4,913,203
Accounts receivable, net (including related parties)		14,840,799		5,915,772
Contract assets		6,292,359		12,289,139
Prepaid expenses and other current assets		10,869,195		7,161,253
Total current assets		404,220,055		112,407,228
Goodwill and intangible assets, net		46,756,289		47,049,098
Notes receivable, related parties		8,497,356		5,183,987
Other noncurrent assets		8,539,793		5,134,812
TOTAL ASSETS		468,013,493		169,775,125
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)
Current liabilities:
Accounts payable, accrued expenses and other current liabilities		12,667,476		13,973,855
Customer escrow funds payable		14,309,945		44,187,723
Deferred revenue		2,920,928		5,154,656
Total current liabilities		29,898,349		63,316,234
Earnout liabilities		98,701,904		—
Convertible notes, SAFEs, derivative and option liabilities		—		120,571,079
Other noncurrent liabilities		1,836,149		1,612,335
Total liabilities		130,436,402		185,499,648
Mezzanine equity:
Redeemable convertible preferred stock and warrants		—		125,546,105
Redeemable noncontrolling interest		4,583,801		—
Total mezzanine equity		4,583,801		125,546,105
Stockholders' equity (deficit):
Common stock and additional paid-in capital		593,198,810		24,737,806
Treasury stock		—		(1,599,978)
Accumulated deficit		(261,271,259)		(165,502,838)
Accumulated other comprehensive income		1,065,739		1,094,382
Total stockholders' equity (deficit)		332,993,290		(141,270,628)
TOTAL LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)		468,013,493		169,775,125

 

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(9)
		Nine Months Ended September 30,
		2026		2025
Cash flows from operating activities:
Net loss		$     (95,885,610)		$      (7,185,276)
Net loss from discontinued operations		—		5,702,653
Net loss from continuing operations		(95,885,610)		(1,482,623)
Adjustments to reconcile net loss to net cash used in operating activities:		84,150,442		8,771,710
Changes in operating assets and liabilities, net		(19,260,311)		(17,893,682)
Cash used in operating activities from continuing operations		(30,995,479)		(10,604,595)
Cash used in operating activities from discontinued operations		—		(484,609)
Net cash flows used in operating activities		(30,995,479)		(11,089,204)
Cash flows from investing activities:
Purchases of investments		(41,686,529)		(1,914,677)
Proceeds from sales, maturities and redemptions of investments		8,795,770		1,123,347
Acquisition of a business, net of cash acquired		—		(21,090,525)
Digital assets held for investment and related activities, net		—		21,073,983
Notes receivable, related parties, net		(2,050,000)		(492,582)
Other investing activities, net		(2,618,993)		(5,250)
Net cash flows used in investing activities		(37,559,752)		(1,305,704)
Cash flows from financing activities:
Proceeds from Business Combination and PIPE Financing, net of redemptions and SPAC service provider fees		342,184,348		—
Payment of deferred offering costs		(25,233,767)		—
Proceeds from option prepayment liability		20,000,000		—
Proceeds from convertible promissory notes, net of issuance costs		—		9,992,222
Note payable, related party, net		—		(2,474,384)
Contributions from redeemable noncontrolling interest, net		4,700,990		—
Proceeds from stock options exercised		931,265		89,771
Net cash flows provided by financing activities		342,582,836		7,607,609
Effect of exchange rate changes on cash		(28,643)		432,977
Net increase (decrease) in cash and cash equivalents		273,998,962		(4,354,322)
Cash and cash equivalents, beginning of period		24,871,555		21,963,458
Less: Cash and cash equivalents from discontinued operations, end of period		—		(230,099)
Cash and cash equivalents from continuing operations, end of period		$    298,870,517		$      17,379,037

NON-GAAP FINANCIAL MEASURES (Adjusted EBITDA)⁽⁹⁾

The following tables reconcile Adjusted EBITDA to Net income (loss) from continuing operations, its most directly comparable GAAP financial measure, for the three and nine months ended September 30, 2026 and 2025:

Reconciliation of GAAP to Non-GAAP Results
	Three Months Ended September 30,
(Unaudited)	2026		2025
Net income (loss) from continuing operations	$         (66,263,756)		$                 8,597,683
Adjustments to exclude:
Depreciation and amortization	639,080		441,521
Provision for expected credit losses	341,259		108,877
Share-based compensation expense	13,408,358		265,203
Provision for income taxes	44,090		81,138
Interest income	(10,849)		(239,361)
Interest expense	—		2,029,981
Dividend income	(1,974,701)		(18,045)
Loss on digital assets held for investment, net	412,225		—
Net (losses) from investments held by consolidated VIE	746,827		—
Other income (expense), net	(399,568)		729,574
Change in fair value of simple agreements for future equity, embedded derivatives, and option liability	—		(9,605,000)
Loss on settlement of convertible instruments, net	20,649,813		—
Change in fair value of earnout liabilities	23,223,354		—
Transaction, litigation and public company transition costs	7,201,058		1,222,410
Adjusted EBITDA	$          (1,982,808)		$                 3,613,981
	Nine Months Ended September 30,
(Unaudited)	2026		2025
Net income (loss) from continuing operations	$         (95,885,610)		$                (1,482,623)
Adjustments to exclude:
Depreciation and amortization	1,744,512		1,355,854
Provision for expected credit losses	1,941,846		295,150
Share-based compensation expense	14,782,132		8,943,186
Provision for income taxes	126,289		243,413
Interest income	(424,353)		(754,654)
Interest expense	3,374,490		4,870,039
Dividend income	(2,215,734)		(103,192)
Loss on digital assets held for investment, net	1,845,307		—
Net (losses) from investments held by consolidated VIE	746,827		—
Other income (expense), net	(2,135,365)		297,897
Change in fair value of simple agreements for future equity, embedded derivatives, and option liability	15,012,000		(5,625,000)
Loss on settlement of convertible instruments, net	20,649,813		—
Change in fair value of earnout liabilities	23,223,354		—
Transaction, litigation and public company transition costs	10,604,185		1,512,409
Adjusted EBITDA	$          (6,610,307)		$                 9,552,480

(1) See Disclosures section below

(2) Tokenized Assets on Platform refers to all assets tokenized by Securitize across both funds and equities. This metric was formerly referred to as AUM or Tokenized Assets Under Management. There were no changes to any data or historical figures based on the change in name of the metric.

(3) Adjusted EBITDA is a non-GAAP financial measure. Securitize 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. Adjusted EBITDA represents Net income (loss) from continuing operations adjusted for the items detailed in the reconciliation tables included in this release. 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. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, Net income (loss) or other measures of financial performance prepared in accordance with GAAP. Other companies, including companies in Securitize's industry, may calculate Adjusted EBITDA differently or may use other measures to evaluate their performance, which reduces the usefulness of Adjusted EBITDA as a comparative measure. In addition, Adjusted EBITDA excludes changes in the fair value of simple agreements for future equity, derivative liabilities, and option liabilities, loss on settlement of convertible instruments, net, and change in fair value of earnout liabilities, which have been significant to Securitize's results of operations in the periods presented.

(4) Aggregate Transaction Volume represents aggregate volume of investments, redemptions, dividends, and cross-chain movements of assets issued by Securitize's platform. In conjunction with reporting its third-quarter 2026 earnings results, Securitize revised certain historical quarterly figures for Aggregate Transaction Volume. While most revisions were not material in size, the Aggregate Transaction Volume for the second quarter of 2026 was revised to $4.4 billion from a previously reported $5.3 billion. These revisions did not impact historical financial results.

(5) Active funds serviced by SFS includes all entities for which SFS provides services, including engagements that do not involve NAV reporting. Historical figures are subject to periodic revisions based on a variety of factors.

(6) AUA refers to Assets Under Administration. AUA reflects the most recent official NAV calculated by SFS for each fund. Funds for which SFS has not yet calculated an official NAV are not included. Historical figures are subject to periodic revisions based on a variety of factors.

(7) See Disclosures section below

(8) See Disclosures section below

(9) Certain amounts (including totals) may not foot or crossfoot due to rounding. Certain percentages may not recalculate due to rounding.

About Securitize

Securitize (NYSE: SECZ), the leading platform for tokenized assets with approximately $5 billion in Tokenized Assets on Platform as of September 30, 2026, is bringing the world onchain through tokenized assets, working with top-tier asset managers such as Apollo, BlackRock, BNY, Hamilton Lane, KKR, VanEck, ARK Invest, Neuberger and others. It is the only company operating regulated digital-securities infrastructure in both the U.S. and the EU, and has been named to the Forbes 2026 Fintech 50 and CNBC World's Top Fintech Companies 2026 lists.

For more information, please visit:
Website | X/Twitter | LinkedIn

DISCLOSURES

Securitize Stocks and Regulatory Structure Securitize Stocks are security entitlements under Article 8 of the Uniform Commercial Code backed 1:1 by corresponding underlying shares held through Securitize Markets' brokerage infrastructure. References to having the "same rights" as the underlying stock mean that applicable economic benefits and voting entitlements associated with the underlying shares are passed through to holders, including dividends and, where applicable, voting instructions. Securitize Stock holders are not registered shareholders of the underlying issuer unless and until a supported conversion into registered shares is completed. The nature and availability of particular benefits and entitlements depend on the underlying share class, applicable arrangements and legal and operational requirements.

The issuers of the underlying securities have not sponsored or endorsed Securitize Stocks. Securitize Stocks are offered and traded through Securitize Markets' existing broker-dealer infrastructure and do not rely on the Innovation Exemption.

Securities offerings and other activities conducted by Securitize or its affiliates may rely on other exemptions from registration or other relief available under applicable securities laws. Securitize Stocks are available only to eligible investors in permitted jurisdictions and remain subject to onboarding, identity verification, applicable securities laws, product availability and other conditions. Securitize Stocks are offered and traded through Securitize Markets, LLC, an SEC-registered broker-dealer and member of FINRA and SIPC. Securitize Markets also operates Securitize Markets ATS, an alternative trading system. Securitize Transfer Agent, LLC and Securitize Capital LLC are separately registered affiliated entities. Registration with the SEC does not constitute approval or endorsement by the SEC of Securitize, its affiliates, Securitize Stocks or any other product or service. Conversion of a Securitize Stock security entitlement into an issuer-sponsored tokenized share is not available for every issuer or security and requires issuer authorization, transfer-agent support, holder eligibility, operational readiness and satisfaction of applicable legal and regulatory requirements.

Non-GAAP Financial Measures

This press release includes Adjusted EBITDA, which are financial measures not calculated in accordance with generally accepted accounting principles in the United States ("GAAP"). Adjusted EBITDA represents net income or loss from continuing operations adjusted for certain non-cash items, non-recurring charges and other items identified in the accompanying reconciliation.

Management uses Adjusted EBITDA to evaluate certain aspects of the Company's operating performance from period to period. These measures should be considered in addition to, and not as substitutes for or superior to, net income or loss or other financial measures prepared in accordance with GAAP. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures. A quantitative reconciliation of Adjusted EBITDA to net income or loss, the most directly comparable GAAP measure, is included in the financial tables accompanying this release.

Share Repurchase Program

The share repurchase program does not obligate the Company to acquire any particular number or dollar amount of shares. Repurchases may be made from time to time through open-market purchases, privately negotiated transactions or other transactions, including pursuant to trading plans intended to satisfy the conditions of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing, manner and amount of any repurchases will depend on market conditions, the Company's share price, liquidity requirements, applicable legal requirements and other considerations. The program may be modified, suspended or terminated at any time.

Regulated Services

Securitize Corp. is a technology provider and is not a registered broker-dealer, investment adviser or transfer agent. Regulated services are provided through separately registered subsidiaries and affiliates, including Securitize Markets, LLC, an SEC-registered broker-dealer and FINRA/SIPC member; Securitize Transfer Agent, LLC, an SEC-registered transfer agent; Securitize Capital LLC, an SEC-registered investment adviser; and Securitize Europe Brokerage and Markets, S.V., S.A., an investment firm authorized and supervised by the Spanish National Securities Market Commission. Securitize Markets also operates Securitize Markets ATS. Registration does not imply a particular level of skill or training or approval or endorsement by any regulator.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. All statements other than statements of historical fact, including statements regarding Securitize Corp.'s ("Securitize" or the "Company") future results of operations and financial position, business strategy, plans and objectives of management, the proposed acquisition of River One, the anticipated benefits, capabilities and revenue opportunities associated with the acquisition, the expected timing and completion of the transaction, and the Company's share repurchase program, are forward-looking statements.

Forward-looking statements generally are identified by words such as "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "potential," "plan," "may," "should," "will," "would," "will be," "will continue," "likely" and similar expressions. These statements are based on management's current expectations and assumptions and are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those projected, forecasted or expected.

These risks and uncertainties include, among others, the possibility that the River One acquisition will not be completed on the anticipated terms or timeline, or at all; the failure to satisfy applicable closing conditions; difficulties integrating River One's business, technology or personnel; the possibility that the anticipated capabilities, market opportunities, revenues or other benefits of the acquisition will not be realized; the availability and deployment of capital under the share repurchase program; changes in market, regulatory or economic conditions; regulatory developments relating to digital assets and tokenization; market volatility; competition; and the other risks described in the Company's filings with the Securities and Exchange Commission.

Readers should carefully review the Company's financial statements and the notes thereto, the section entitled "Risk Factors" in the Company's registration statement on Form S-1 filed with the SEC on July 30, 2026, and the other documents the Company files from time to time with the SEC. The Company cautions investors not to place undue reliance on any forward-looking statements. The Company assumes no obligation to revise or update these statements to reflect future events or circumstances, except as required by law.

Securitize Contacts:

Press:
Tom Murphy
press@securitize.io 

Investor Relations:
Sam Ross
investor.relations@securitize.io 

Source: Securitize (NYSE: SECZ) XNYS:SECZ

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SOURCE Securitize

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Securitize's third-quarter 2026 earnings results?

Securitize reported $18.6 million in revenue and a $66.3 million net loss, or $0.41 per diluted share. Revenue increased 13% year over year. Approximately $60 million of the loss reflected largely non-cash expenses and accounting charges, primarily associated with the business combination and public listing.

How much stock can Securitize repurchase under its new buyback program?

Securitize authorized repurchases of up to $50 million of common stock through December 31, 2027. The board approved the program on November 6, 2026. Purchases will be funded from available cash, and the authorization does not obligate the company to buy shares.

Does Securitize Stocks operate under the SEC Innovation Exemption?

Securitize Stocks does not operate under the SEC Innovation Exemption. It uses the company's established framework, including an SEC-registered broker-dealer, an SEC-regulated alternative trading system and an SEC-registered transfer agent. The platform launched on October 8, 2026, for eligible investors in the United States, Europe and other permitted jurisdictions.