Securitize’s first earnings report as a public company showed a split picture for tokenized real-world assets: platform activity grew, but revenue and profitability moved in the wrong direction.

The company reported second-quarter revenue of $14.4 million, down 5% from the year-earlier period, and a net loss of $21.7 million. Adjusted EBITDA swung to a $5.5 million loss, compared with positive adjusted EBITDA of $1.8 million a year earlier. CoinDesk reported that shares fell about 20% in after-hours trading after the results.

The operating metrics were stronger than the income statement. Securitize said average tokenized assets under management reached a record $4.3 billion in the quarter, up 16% year over year. Aggregate transaction volume rose 147% to $5.3 billion. Its fund-services unit was servicing 663 active funds as of June 30, while total assets under administration were $24.3 billion, down about 20%.

The report matters because Securitize has become one of the more visible public-market proxies for institutional tokenization. It issues and services tokenized funds, including products tied to large asset managers, and began trading on the NYSE on July 2. The quarter suggests demand for onchain fund infrastructure is still expanding, but public investors are now weighing that growth against revenue quality, losses, and fund-services pressure.