Despite Historic Quarterly Performance, Securitize Continues to Operate at a Loss as It Eyes Initial Public Offering.

Securitize reported record quarterly revenue as the tokenization platform continued advancing toward an eventual public listing through its proposed SPAC merger with Cantor Equity Partners II (CEPT), underscoring growing institutional demand for tokenized real-world assets despite ongoing profitability pressures.

The Miami-based company said first-quarter revenue rose 39% year over year to $19.5 million, the highest quarterly revenue in its history, according to results released Wednesday.

Asset servicing revenue surged 201% 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, compared with $11 million in the same quarter a year earlier.

The company ended the quarter with $3.4 billion in tokenized assets under management, $24.9 billion in assets under administration and $1.9 billion in aggregated transaction volume.

Despite top-line growth, Securitize remained unprofitable as it increased spending on expansion efforts and preparations for becoming a publicly traded company. Net loss widened to $7.9 million, or 88 cents per diluted share, while adjusted EBITDA fell to $800,000 from $4.1 million in the prior-year period.

Chief Financial Officer Francisco Flores said the company continued investing in headcount and infrastructure to support long-term growth and its public-market transition, while maintaining what he described as disciplined expense management.

Securitize has agreed to merge with Cantor Equity Partners II, a Nasdaq-listed special purpose acquisition company, in a deal that would position it as one of the few publicly traded companies focused primarily on tokenized securities and real-world assets. Shares of CEPT rose 5% on Wednesday.