Securitize revenue of $14.4M missed the $20.6M consensus, sending shares down 20% after hours. Tokenized assets hit a record $4.3 billion, up 16% year on year.
Securitize, the BlackRock-partnered tokenization platform that listed on the New York Stock Exchange last month, reported second-quarter revenue of $14.4 million Wednesday – roughly 30% below the $20.6 million analysts had expected. Shares fell about 20% in after-hours trading.
The revenue figure was down 5% from $15.3 million in the same period last year, even as average tokenized assets on the platform hit a record $4.3 billion. That metric rose 16% year on year, CEO Carlos Domingo said on the earnings call.
The net loss widened to $21.7 million from $6.1 million a year earlier. On a per-share basis, the loss was $2.37, far wider than the $0.15 loss analysts had forecast. Adjusted EBITDA swung to a negative $5.5 million from positive $1.8 million in the 2024 second quarter.
Domingo described the quarter as softer after a strong start to the year. First-quarter revenue hit an all-time high of $19.5 million, the company said. For the first six months, revenue was still up 16% from the same 2024 period.
The platform processed $5.3 billion in transaction volume during the quarter, up 147% from a year earlier. Its fund-services division administered 663 active funds with $24.3 billion in total assets under administration.
Securitize provides the technology infrastructure for asset managers to issue and manage traditional financial instruments as blockchain-native tokens. Its marquee client is BlackRock, which uses the platform for BUIDL, a tokenized money-market fund launched in 2024. BUIDL has become one of the largest tokenized Treasury products on the market.
The company also works with KKR and has partnerships with the New York Stock Exchange on trading infrastructure for tokenized securities and with transfer agent Computershare on tokenized equity issuance for U.S. companies.
Securitize went public through a merger with a Cantor Fitzgerald-sponsored SPAC. Wednesday's report was its first as a listed company.
Shares traded near $7.86 before the after-hours decline. The company oversees roughly $5 billion in blockchain-managed assets.
Drafted by a large language model from the source reporting linked above, then screened by automated publishing checks. It is not read by a journalist before publication. Some articles cite our Alpha Score. Verify prices and figures against the original source. Educational coverage, not personalized advice.