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Securitize
2026-09-13 10:23:08

Securitize earnings show RWA tokenization scale is growing faster than revenue

Securitize’s first quarterly earnings report since going public showed a sharp mismatch between platform activity and financial results. Average tokenized assets under management hit a record $4.3 billion, up 16% year over year, while platform volume surged 147% to $5.3 billion. Revenue moved the other way: total revenue fell 5% to $14.4 million, tokenization revenue dropped about 12% to $7.8 million, and adjusted EBITDA swung to a $5.5 million loss. CFO Francisco Flores said revenue tied directly to assets under management remains minimal and that most platform volume still is not monetized. The company has also lowered its full-year revenue outlook to $70 million-$80 million, down from a pre-listing projection of $110 million for 2026. Industry executives cited in the report argue the results reflect a broader structural problem in tokenization: onboarding more assets to blockchain does not automatically create recurring, scalable revenue. They said the sector still depends heavily on custom integrations, jurisdiction-specific setups, and professional services, while long-term infrastructure revenue has yet to catch up. The report also warns that dividing revenue by total platform volume can give investors a misleading picture, because the company’s reported transaction volume includes activities such as investments, redemptions, distributions, and cross-chain asset transfers, only a small portion of which currently generates income.

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Securitize earnings show RWA tokenization scale is growing faster than revenue