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Securitize shares drop 20% after revenue misses in post-IPO quarter
Even with average tokenized assets reaching a record $4.3 billion and transaction volume up 147% to $5.3 billion, revenue fell 5% to $14.4 million, below the $20.6 million consensus estimate.
Securitize shares fell about 20% in after-hours trading after the tokenization firm reported a miss in its first earnings report since going public, according to CoinDesk.
The company posted a per-share loss of $2.37 versus an expected $0.15, as revenue declined 5% to $14.4 million, below the $20.6 million consensus estimate. Securitize reported a net loss of $21.7 million, and adjusted EBITDA swung to a $5.5 million loss from a $1.8 million gain a year earlier.
Despite the weaker top line, activity increased on its platform. Average tokenized assets under management rose to a record $4.3 billion, up 16% year over year, while transaction volume jumped 147% to $5.3 billion.
CoinDesk reported that CEO Carlos Domingo described the quarter as “softer,” while pointing to a stronger start to the year. First-half revenue was 16% higher year over year, including record first-quarter revenue of $19.5 million, and the fund-services arm oversaw 663 active funds with $24.3 billion in assets under administration.