Securitize posts $21.7 million Q2 loss as shares fall nearly 20% after hours

Securitize reported a $21.7 million net loss for the second quarter as revenue fell 5% from a year earlier to $14.4 million in its first earnings report as a public company.

The loss widened from $6.1 million in the second quarter of 2025 and amounted to $2.37 per diluted share. Adjusted EBITDA fell to a $5.5 million loss from positive $1.8 million in the second quarter of 2025.

Total operating costs and expenses rose 56% to $24.1 million. Selling, general and administrative expenses increased 133% to $8.2 million, compensation and benefits rose 31% to $10.5 million, and the provision for expected credit losses climbed to $1.3 million from $111,885. 

The quarter also included a $29.3 million loss from a change in the fair value of an option liability, partly offset by a $21.8 million gain from a change in the fair value of a derivative liability.

Tokenization revenue declined 12% to $7.8 million, while asset-servicing revenue increased 3% to $6.6 million. Average tokenized assets under management reached a record $4.3 billion, up 16%, and quarter-end tokenized AUM rose 9% to $4.3 billion.

Aggregate transaction volume increased 147% to $5.3 billion. Securitize Fund Services was servicing 663 active funds at June 30, while assets under administration declined about 20% to $24.3 billion.

Securitize began trading on the New York Stock Exchange on July 2 after completing its business combination. Chief Financial Officer Francisco Flores said the transaction left the company with approximately $350 million in cash and no debt as it entered the third quarter.

During the quarter, Securitize announced tokenized-equities partnerships with transfer agents Computershare and Continental Stock Transfer & Trust, as well as a collaboration with Jump Trading and Jupiter. 

The company also received FINRA approval to custody tokenized securities and participate in underwriting and selling groups for primary and secondary offerings.

SECZ shares fell 19.85% to $6.30 in after-hours trading as of 5:08 p.m. ET Wednesday, after closing the regular session 6.36% higher at $7.86.

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