Securitize’s first quarterly earnings report since going public showed record platform activity but weaker financial performance. Average tokenized assets under management reached $4.3 billion, up 16% from a year earlier, while platform transaction volume jumped 147% to $5.3 billion.
Revenue did not follow the same path. Total revenue fell 5% year over year to $14.4 million. Revenue from the tokenization business declined about 12% to $7.8 million, and adjusted EBITDA turned into a $5.5 million loss.
Compared with the same period last year, Securitize moved more assets on-chain and handled a much larger amount of business, yet it generated less revenue. The report puts a basic tension in the RWA tokenization sector into clearer view: growth in assets and transaction volume does not automatically translate into growth in monetization.
Flores says most platform volume still is not monetized
On the earnings call, Securitize CFO Francisco Flores said revenue derived from assets under management is still minimal at this stage, and that the vast majority of platform volume has not yet been commercialized.
He added that most tokenization revenue still comes from projects such as onboarding new protocols and expanding the company’s business network. Asset servicing revenue, which refers to service fees collected on existing capital on the platform, held up better, rising 3% year over year to $6.6 million.
Flores said monetizing transaction activity is a medium- to long-term opportunity, and that the current business model does not yet capture that part of the economics.
Full-year revenue guidance has been cut
Before listing, Securitize materials projected $110 million in total revenue for 2026 and $32 million in EBITDA. Management had said at the time that $85 million of that revenue was contractually supported, recurring, or tied to the company’s existing asset base and business relationships, which made the forecast appear highly achievable.
Management has now lowered full-year revenue guidance to $70 million-$80 million. The company reported $33.9 million in total revenue for the first half of the year. To reach the low end of guidance, it would need about $18 million in revenue in each of the next two quarters. To reach the high end, quarterly revenue would need to come close to $23 million.
To still hit the original $110 million target, quarterly revenue would have to rise to $38 million, more than 2.6 times the current quarter’s level.
Brickken CEO says the mismatch reflects a structural industry problem
Edwin Mata, chief executive of tokenization platform Brickken, said the contradiction exposed by Securitize’s earnings is a structural issue facing the broader sector.
In his view, assets under management in tokenization can keep climbing while the business model behind them remains difficult to scale. Moving more assets onto blockchain does not by itself create a model that grows in parallel.
Mata said tokenization deployments still rely heavily on large custom projects, dedicated systems integration, adaptation across jurisdictions, and extensive professional services around each new asset issuance. Every new asset class, every new jurisdiction, and every new product often means launching another tailored implementation.
When revenue depends on one customized project after another, asset growth will outpace recurring revenue by a wide margin.
He argued that the larger opportunity begins after an asset is already on-chain, not at issuance. Companies need infrastructure that can manage financial products over time, including permissions control, compliance review, data reporting, distributions, corporate actions, and secondary-market transfers.
That is the difference, he said, between implementation revenue and infrastructure revenue. Implementation revenue is the one-time fee collected to deploy assets on blockchain. Infrastructure revenue is the ongoing income generated by keeping those assets operating on-chain.
Mata said tokenization needs to move closer to the enterprise software model if it wants to capture infrastructure revenue: build standardized infrastructure, create reusable workflows, and support multiple financial products across multiple jurisdictions within the same system. Consulting and professional services will still be needed for complex structures, but the core profit engine has to sit inside the infrastructure itself.
Why a simple platform fee calculation can mislead
Utkarsh Ahuja, founder and managing partner of Moon Pursuit Capital, said the report offers a practical warning for investors: industry adoption and monetization are not moving at the same pace.
He framed the question this way: when assets under management and transaction volume keep expanding, what happens on the commercial side? How much of that incremental activity becomes recurring revenue? Can margins improve? Does operating efficiency rise as the business gets larger?
Ahuja said tokenization is entering a more rational phase. Over the past few years, the market has shown that institutions are willing to put real-world assets on-chain. Now the business model of the infrastructure providers behind that market is being tested.
As more institutional capital flows into tokenized assets, investors are likely to focus more closely on revenue quality, customer retention, margins, and the long-term economics of servicing assets after issuance. Those factors, he said, help distinguish a durable business from a growth narrative.
If an investor simply divides Securitize’s $14.4 million in revenue by $5.3 billion in transaction volume, the result may look like a healthy platform take rate. But that calculation does not describe the company’s actual earnings power.
Securitize uses a broad definition of transaction volume, including investments, redemptions, distributions, and cross-chain asset transfers. Flores also said only a very small part of that activity currently generates revenue.
A more realistic conclusion, according to the report, is that Securitize still has not built a mature model in which platform activity converts into revenue sharing. That matters more than any single take-rate figure.
What could happen next
The bullish case presented in the report is that Securitize expands in tokenized public equities, using issuer-side tokenized stocks, broker-dealer capabilities, and atomic settlement to create higher-frequency trading and generate transaction fees. Management said tokenized equities have stronger trading characteristics than tokenized Treasuries or credit products. But this is a medium- to long-term initiative, and its effect will not appear in this year’s earnings cycle.
For full-year revenue to approach or reach $80 million, the company would need roughly $23 million in revenue in each of the next two quarters, a clear acceleration from the latest quarter.
The bearish case is that assets under management and transaction volume continue to set records, while the underlying business model remains dependent on customized projects, tokenization revenue stays volatile, and growth in asset servicing revenue remains too slow to offset those weaknesses.
If full-year revenue comes in only at the low end of guidance, $70 million, quarterly revenue would need to be about $18 million, only slightly above the latest quarter. Even if reported business scale keeps reaching new highs, adjusted EBITDA could still remain negative.
The central question for the sector, as framed in the report, is straightforward: when a platform adds another billion dollars in assets or transaction volume, can it generate recurring revenue on its own without relying on a new project each time?