Securitize reported its first quarterly results since going public, and the numbers showed a widening gap between growth in on-chain asset activity and the company’s ability to turn that activity into revenue.
Average tokenized assets under management on the platform reached a record $4.3 billion, up 16% year over year. Transaction volume surged 147% to $5.3 billion. Even so, total revenue fell 5% from a year earlier to $14.4 million, tokenization revenue declined about 12% to $7.8 million, and adjusted EBITDA moved into a $5.5 million loss.
Compared with the same period last year, the company moved more assets on-chain and handled a much larger volume of business, but generated less revenue in the process.
Flores says AUM and transaction activity are still barely monetized
On the earnings call, Chief Financial Officer Francisco Flores said revenue generated from assets under management is currently negligible, and that the vast majority of the platform’s transaction volume still does not produce commercial revenue.
He added that most revenue from the tokenization business still comes from bringing new protocols onto the platform and expanding business networks.
Asset servicing revenue has held up better. That business, which includes service fees tied to funds already on the platform, rose 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 source of income.
Before listing, Securitize had projected total 2026 revenue of $110 million and EBITDA of $32 million. Management had said at the time that $85 million of that revenue was contractually backed, recurring, or supported by existing assets and partnerships, which made the forecast appear highly achievable.
The company has now cut its full-year revenue guidance to $70 million to $80 million. First-half revenue totaled $33.9 million. To reach the low end of the updated range, Securitize 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 in close to $23 million.
Reaching the original $110 million target would require roughly $38 million per quarter for the rest of the year, more than 2.6 times the revenue posted this quarter.
Why tokenized asset growth and revenue are diverging
Edwin Mata, chief executive of tokenization platform Brickken, said the contradiction visible in Securitize’s earnings is not unique to one company. In his view, it reflects a structural problem across the sector.
He said assets under management in tokenization can keep climbing while the underlying business model struggles to scale at the same pace. Putting more assets on-chain does not by itself create a revenue model that expands in parallel.
Mata said most tokenization deployments today still rely on large custom projects, dedicated systems integrations, jurisdiction-specific adaptations, and extensive professional services around each new issuance.
That means each new asset class, each new jurisdiction, and each new product can amount to a fresh implementation effort. When revenue depends on one-off, project-by-project work, tokenized asset growth can outpace recurring income by a wide margin.
Mata argued that the larger commercial opportunity begins after an asset has been tokenized, not at the issuance stage itself. Companies need infrastructure that can manage financial products over time, including permissions control, compliance review, reporting, distribution of proceeds, corporate actions, and secondary transfers.
He framed this as the difference between implementation revenue and infrastructure revenue. Implementation revenue is the one-time fee charged to place assets on a blockchain. Infrastructure revenue is the ongoing income generated by keeping those assets operating on-chain.
To capture that second category, Mata said the tokenization industry needs to look more like enterprise software: standardized infrastructure, repeatable workflows, and a single system that can support multiple financial products across multiple jurisdictions. Consulting and professional services will still be needed for complex structures, but the core profit engine has to be embedded in the infrastructure itself.
Why a simple platform take-rate calculation can mislead
Utkarsh Ahuja, founder and managing partner of Moon Pursuit Capital, said Securitize’s quarterly report offers a practical warning for investors: sector adoption and monetization are not moving at the same speed.
He raised a series of questions: when assets under management and transaction volumes keep rising, how much of that growth converts into recurring revenue, whether margins can improve, and whether operating efficiency actually increases as the business gets larger.
Ahuja said tokenization is entering a more rational stage. The market has already shown over the past several years that institutions are willing to put real-world assets on-chain. What comes next is a test of the infrastructure business models behind the sector.
As more institutional capital enters tokenized assets, investors are likely to pay closer attention to revenue quality, customer retention, margins, and the long-term economics of maintaining assets on-chain. He said those metrics will help separate durable businesses from companies that are mainly telling a growth story.
A simple calculation using Securitize’s $14.4 million in revenue divided by $5.3 billion in transaction volume might suggest an attractive platform fee rate, but Ahuja said that approach does not capture the company’s real economics.
Securitize uses a broad definition of transaction volume, including investments, redemptions, dividend distributions, and cross-chain asset migrations. Flores also said only a very small portion of that activity generates revenue.
A more realistic reading, according to the report, is that Securitize has not yet built a mature model in which platform activity reliably feeds into revenue sharing. That matters more than any single fee-rate figure.
What investors may watch in the second half
The report outlined both a bullish and a bearish path for the business.
In the bullish case, Securitize pushes further into tokenized public equities. The idea is that tokenized stocks issued by companies, combined with brokerage capabilities and atomic settlement, could drive higher-frequency trading and generate transaction fees. Management said tokenized equities have stronger trading characteristics than tokenized Treasuries or credit products. But this is described as a medium- to long-term business initiative, not something expected to affect this year’s earnings cycle.
For full-year revenue to approach or reach $80 million, the company would need about $23 million in revenue in each of the next two quarters, a clear step up from the current level.
In the bearish case, assets under management and transaction volume continue to hit new highs, but the underlying business remains dependent on custom projects, tokenization revenue stays volatile, and growth in asset servicing revenue is too slow to offset those issues.
If full-year revenue only reaches the low end of guidance at $70 million, quarterly revenue in the second half would need to be about $18 million, only modestly above the latest quarter. Even if reported platform scale keeps setting records, adjusted EBITDA could still remain negative.
The broader test for the tokenization industry is now coming into focus: when another several billion dollars in assets or volume is added to a platform, can that increase generate recurring revenue on its own, or will the business still need new projects each time?
