$3.29 per diluted share: that is the net loss Securitize, Inc. (SECZ) reported in an 8-K/A filing for the six months ended June 30, 2026 (unaudited), totaling $29,621,854 on 8,993,202 weighted-average shares. The comparable H1 2025 figure was $1.48 per share, with net loss attributable to common stockholders of $12,764,699.
Revenue for the first half reached $33,914,311, up 15.8% from $29,296,195 in H1 2025. The gain did not carry through to the operating line. Total H1 operating costs and expenses came in at $46,024,729 against $33,426,285 a year earlier, producing a first-half operating loss of $12,110,418, compared with $4,130,090 in H1 2025.
Where the cost growth sat
The second quarter shows the strain most clearly. Q2 2026 revenue of $14,435,845 fell from $15,262,176 in Q2 2025, a reversal of the H1 trend. Against that, total Q2 operating costs reached $24,144,103, up from $15,459,863 a year earlier. Selling, general and administrative expense more than doubled: $8,217,259 versus $3,523,906. Compensation and benefits ran to $10,547,883 from $8,031,538. The provision for expected credit losses totaled $1,315,134, against $111,885 in Q2 2025.
Q2 operating loss reached $9,708,258. A year ago the same line was $197,687.
Below-the-line swings
Mark-to-market moves on financial instruments dominated the Q2 result. The change in fair value of the option liability generated a loss of $29,266,000 in Q2 2026, against a loss of $977,000 in Q2 2025. Partially offsetting that, the derivative liability fair value change produced a gain of $21,843,000, against a loss of $2,754,000 in the year-ago quarter. Total other expense, net, for Q2 came to $11,941,753, versus $5,260,885 in Q2 2025. Combined with the operating loss, Q2 net loss reached $21,689,202, or $2.37 per share, against $6,146,303 and $0.72 per share in Q2 2025.
On the balance sheet, cash and cash equivalents rose to $33,599,243 at June 30, 2026, from $24,871,555 at December 31, 2025. Total assets fell from $169,775,125 to $156,115,616 over the same stretch. Total liabilities grew to $199,116,045 from $185,499,648, and the accumulated deficit widened to $195,124,692 from $165,502,838. The total stockholders' deficit stood at $168,985,179 at the end of June.