Securitize (NYSE: SECZ), the tokenization firm that went public on the New York Stock Exchange in July, reported a $66.3 million net loss for the third quarter, its first reporting period as a listed company. Revenue rose 13% from a year earlier to $18.6 million.

The company said about $60 million of the loss came from largely non-cash expenses and accounting charges, primarily tied to its business combination and public listing.

Chief Financial Officer Francisco Flores said on the company’s Nov. 9 earnings call that the earnout liabilities produced a $23.2 million charge after SECZ climbed from $11.78 at the listing deal’s close to $14.59 on Sept. 30. Earnout shares were granted in the business combination, and the liability moves with the share price. “If our share price at the year end were at today’s level, we would expect to record a meaningful non-cash gain in the fourth quarter,” Flores said.

The board authorized a $50 million share buyback on Nov. 6, open through Dec. 31, 2027.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was a $2.0 million loss.

Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter.

River One Deal

Securitize said it agreed to buy River One, a platform that offers financing to institutions against pools of assets. Framework Ventures and Maple Finance backed it. Securitize expects to complete the purchase by year-end.

Flores said Securitize is not disclosing financial terms for River One and does not expect the deal to materially affect fourth-quarter results. He added that the company still expects total revenue of $70 million to $80 million for 2026.

Shares in After-Hours Trading

SECZ closed at $6.97 on Nov. 9. Securitize released the results after the 4 p.m. ET close. In after-hours trading the stock touched a high of $8.17, and its last print before 8 p.m. ET was $7.88, 13.1% above the close, a move Unchained calculated from Yahoo Finance price data.

Related Listen: The Chopping Block: The Midterm Mega Tsunami, a16z Goes Frontier, the CFTC Clears Equity Perps, and the Fight Over Abliterated AI Models