Shares of Securitize Corp. (NYSE: SECZ) climbed 39.3% to $9.69 on Tuesday after the tokenization platform posted third-quarter revenue above Wall Street's forecast and its board authorized a $50 million stock repurchase program.
The New York Stock Exchange-listed company, which went public in July, reported revenue of $18.61 million for the quarter ended Sept. 30, up 12.8% from $16.5 million a year earlier and ahead of the $17.56 million analysts had expected. It was the firm's second-highest quarterly revenue on record and a 29% increase from the second quarter.
The top-line beat was offset by a wider-than-expected loss. Securitize reported a net loss of $66.3 million, or 41 cents per diluted share, compared with the 26-cent loss analysts had projected. A year earlier, the company posted net income from continuing operations of $8.6 million.
Management said roughly 90% of the quarterly loss, or about $60 million, stemmed from largely non-cash items tied to its business combination and NYSE listing, along with warrant-related expenses. Chief Financial Officer Francisco Flores said on the earnings call that earnout liabilities produced a $23.2 million charge after the stock rose from $11.78 at the close of the listing deal to $14.59 on Sept. 30. Those liabilities move with the share price, and Flores said a year-end price near the level seen at the time of the call would likely produce a meaningful non-cash gain in the fourth quarter.
Adjusted EBITDA came to a loss of $2 million, a 64% improvement from the second quarter, though down from positive $3.6 million a year earlier. Securitize ended the period with about $300 million in cash and cash equivalents and no debt.
Tokenized Assets Hit Record $5 Billion
Average tokenized assets reached a company record of $5 billion in the quarter, up 39% year over year. Total tokenized assets rose 9% to $4.8 billion as of Sept. 30, while total transaction volume increased 20% to $4.3 billion.
Tokenization revenue rose 28% to $11.5 million. Asset servicing revenue fell 6% to $7.2 million, which management attributed to lower fund administration and accounting fees. Securitize Fund Services administered 669 active funds holding $25.2 billion in assets, a 29% decline.
"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," Chairman and CEO Carlos Domingo said. "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."
Nine-month revenue totaled $52.5 million, up 15% and the best first nine months in the company's history. Management reiterated full-year 2026 revenue guidance of $70 million to $80 million.
Buyback and River One Deal
The board approved the repurchase of up to $50 million of common stock on Nov. 6. The program, funded from existing cash, runs through Dec. 31, 2027.
Separately, Securitize has signed a definitive agreement to acquire River Credit Labs, known as River One, an institutional asset-backed financing platform that connects stablecoin capital with traditional lending markets. River One, backed by Maple Finance and incubated by Framework Ventures, would add warehouse financing to Securitize's tokenization stack. The deal is expected to close in the fourth quarter of 2026; terms were not disclosed, and management does not expect a material impact on fourth-quarter results.
Analysts Split on Price Targets
Wall Street adjusted its views after the report, with all three covering analysts carrying Buy ratings.
Note: Price targets reflect changes announced after Securitize's third-quarter results.
The results mark the first reporting period for Securitize since its July listing, a milestone that has brought both fresh capital and accounting volatility tied to earnout shares. The company's core business of tokenizing real-world assets has drawn participation from established asset managers, a signal that institutional adoption may be broadening. Still, the decline in asset servicing revenue and the sharp drop in fund administration assets suggest growth remains uneven across segments.
The buyback and the River One acquisition signal that management intends to deploy its cash pile on both shareholder returns and expansion into stablecoin-linked lending. Investors will be watching whether the fourth quarter delivers the non-cash gain Flores flagged and whether tokenized asset growth holds at record levels.
