Securitize Reports Record $19.5 Million First-Quarter Revenue Ahead of Planned SPAC Merger

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Securitize reported first-quarter revenue of $19.5 million, a 39% increase from a year earlier and the highest quarterly revenue in the company’s history, as it advanced toward a public listing through a proposed SPAC merger with Cantor Equity Partners II. The Miami-based tokenization platform’s net loss widened to $7.9 million as it increased spending on expansion and public-company preparations, though the company remained profitable on an adjusted Ebitda basis. 

Asset-Servicing Revenue Surged 201% as Securitize Fund Services Reached 650 Active Funds

According to the report, the company’s asset-servicing revenue drove the bulk of top-line growth, rising 201% year over year to $8.3 million, reflecting the continued expansion of Securitize Fund Services, which serviced 650 active funds as of March 31. 

Tokenization revenue totaled $11.1 million, roughly flat compared with $11 million in the same quarter a year earlier. As of March 31, the company reported $3.4 billion in tokenized assets under management, $24.9 billion in assets under administration, and $1.9 billion in aggregated transaction volume. 

Net Loss Widened to $7.9 Million as Company Invested in Headcount and Public-Market Transition

Despite record top-line results, Securitize’s net loss widened to $7.9 million, or 88 cents per diluted share, as the company increased spending on expansion efforts and preparations to become a publicly traded company. Adjusted Ebitda remained positive but fell to $800,000 from $4.1 million in the prior-year period. 

Chief Financial Officer Francisco Flores said the company maintained disciplined expense management despite higher investment levels. 

“Despite increased investments in headcount to support the growth of the business and prepare for becoming a public company, we delivered strong positive operating leverage for the quarter,” Flores said. 

“We also ended the quarter with a solid liquidity position and approximately breakeven operating cash flow before working capital movements and public-company related expenses,” he added.

SPAC Merger Remains Pending as Securitize Continues Infrastructure Investment 

Securitize deepened its institutional reach during the quarter through new partnerships that canincluded the New York Stock Exchange and Uniswap Labs, among others. The company has agreed to merge with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company, in a deal which the company said would make it one of the few publicly traded firms focused primarily on tokenized securities and real-world assets.  

The merger remains pending, with the company continuing to invest in infrastructure and headcount to support what Flores described as its long-term growth strategy and public-market transition.

Shares of Cantor Equity Partners II rose 5% on Wednesday following the earnings disclosure.