Securitize’s $4.3 billion tokenized assets base and $5.3 billion of activity are still producing little recurring transaction revenue.
ecuritize closed its first quarter as a public company with average tokenized assets under management hitting a record $4.3 billion, up 16% year over year, while transaction volume on the platform jumped 147% to $5.3 billion.
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.
The company put more assets on-chain and processed far more activity than a year earlier, and earned less money doing it.
He added that most tokenization revenue still traces back to network expansion through new protocol integrations.
Recurring asset-servicing revenue, the fees tied to administering funds already on the platform, held up far better, climbing 3% to $6.6 million. Flores described transaction monetization as a medium- to long-term opportunity, one the current business model does not yet capture.
Securitize's pre-listing materials projected $110 million of 2026 revenue and $32 million of EBITDA. Management described $85 million of that figure as contracted, recurring, or supported by existing AUM and relationships, enough to call the forecast strong visibility.
Management now guides to $70 million to $80 million for the full year, and Securitize produced $33.9 million of revenue in the first half. The second half needs to bring in roughly $18 million a quarter to hit the low end of guidance and closer to $23 million a quarter to reach the top.
The bull case is that Securitize's push into tokenized public equities will eventually create the higher-velocity activity that transaction fees can capture through issuer-sponsored tokenized shares, broker-dealer capabilities, and atomic settlement.
Management has described that path as more transaction-driven than tokenized Treasuries or credit. It remains a medium- to long-term move in the business mix, one that plays out well beyond this year's guidance cycle.
Full-year revenue near or above $80 million would require roughly $23 million a quarter for the rest of the year, a real acceleration from second quarter's pace.
The bear case has AUM and transaction volume continuing to climb while the underlying model stays tied to project-based integrations, keeping tokenization revenue volatile and asset-servicing growth too slow to offset it.
Full-year revenue near the guidance floor of $70 million would require only about $18 million a quarter, barely above what Securitize produced in the second quarter. Adjusted EBITDA could stay negative even as the headline adoption numbers keep setting records.
The next test for tokenization is whether another billion dollars of AUM or another billion dollars of transaction volume turns into revenue that repeats on its own.