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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - SECURITIZE, INC. AND SUBSIDIARIES - Securitize, Inc. and Subsidiaries - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Revenue $ 19,478,466 $ 14,034,019 $ 62,152,140 $ 18,636,170
Operating costs and expenses:        
Cost of revenue (exclusive of items shown below) 4,469,890 1,746,657 13,472,042 1,838,670
Selling, general & administrative 7,738,093 3,321,181 20,525,686 11,891,872
Compensation and benefits 9,100,598 11,973,536 37,176,194 18,477,270
Provision for expected credit losses 285,453 74,388 397,382 1,743,140
Loss on digital assets from operations, net 286,592 850,660 5,113,796 0
Total significant expenses 21,880,626 17,966,422 76,685,100 33,950,952
Loss from operations (2,402,160) (3,932,403) (14,532,960) (15,314,782)
Other income (expense):        
Interest expense (2,268,575) (1,450,891) (6,892,872) (4,533,607)
Interest income on investments held in the Trust Account 237,114 167,491 1,177,726 2,113,178
Dividend income 153,452 41,834 227,133 402,035
Loss on digital assets held for investments, net (920,467) 0    
Other income, net 589,992 580,510 862,360 201,537
Change in fair value of simple agreements for future equity (1,368,000) (66,000) (4,735,000) (95,000)
Change in fair value of forward sale securities (2,001,000) (290,000) (11,719,000) (1,370,000)
Change in fair value of option liability 90,000 490,000 (6,431,000) 261,000
Total other expense, net (5,487,484) (527,056) (27,510,653) (3,020,857)
Net loss from continuing operations before income taxes (7,889,644) (4,459,459) (42,043,613) (18,335,639)
Provision for income taxes (43,008) (82,059) (324,550) (90,896)
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent, Total (7,932,652) (4,541,518) (42,368,163) (18,426,535)
Net loss from discontinued operations, net of tax 0 (583,339) (6,086,562) (5,861,133)
Net income (loss) (7,932,652) (5,124,857) (48,454,725) (24,287,668)
Less: Deemed dividend to preferred stockholders 0 (1,493,539) (1,493,539) 0
Net loss attributable to common stockholders – basic (7,932,652) (6,618,396) (49,948,264) (24,287,668)
Net loss from discontinued operations attributable to common stockholders – diluted 0 (583,339) (6,086,562) (5,861,133)
Net loss from discontinued operations attributable to common stockholders – basic 0 (583,339) (6,086,562) (5,861,133)
Net loss attributable to common stockholders – diluted $ (7,932,652) $ (6,618,396) $ (49,948,264) $ (24,287,668)
Net loss per share of common stock and Class A common stock – diluted (in usd per share) $ (0.88) $ (0.75) $ (5.67) $ (2.79)
Net loss per share of common stock and Class A common stock – diluted (in usd per share) (0.88) (0.75) (5.67) (2.79)
Net loss from continuing operations per share of common stock and Class A common stock – basic (in usd per share) (0.88) (0.68) (4.98) (2.12)
Net loss from continuing operations per share of common stock and Class A common stock – diluted (in usd per share) (0.88) (0.68) (4.98) (2.12)
Net loss from discontinued operations per share of common stock and Class A common stock – basic (in usd per share) 0 (0.07) (0.69) (0.67)
Net loss from discontinued operations per share of common stock and Class A common stock – diluted (in usd per share) $ 0 $ (0.07) $ (0.69) $ (0.67)
Weighted average Common stock and Class A common stock shares outstanding – basic (in shares) 8,997,924 8,812,021 8,813,380 8,706,513
Weighted average Common stock and Class A common stock shares outstanding – diluted (in shares) 8,997,924 8,812,021 8,813,380 8,706,513
Other comprehensive income:        
Foreign currency translation adjustment $ 49,886 $ 73,228 $ 627,402 $ 106,250
Total other comprehensive income 49,886 73,228 627,402 106,250
Comprehensive income (loss) $ (7,882,766) $ (5,051,629) (47,827,323) (24,181,418)
Class A        
Other income (expense):        
Net loss from discontinued operations attributable to common stockholders – diluted     (0.69) (0.67)
Net loss from discontinued operations attributable to common stockholders – basic     $ (0.69) $ (0.67)
Net loss per share of common stock and Class A common stock – diluted (in usd per share)     $ (5.67) $ (2.79)
Net loss per share of common stock and Class A common stock – diluted (in usd per share)     (5.67) (2.79)
Net loss from continuing operations per share of common stock and Class A common stock – basic (in usd per share)     (4.98) (2.12)
Net loss from continuing operations per share of common stock and Class A common stock – diluted (in usd per share)     $ (4.98) $ (2.12)
Weighted average Common stock and Class A common stock shares outstanding – basic (in shares)     8,813,380 8,706,513
Weighted average Common stock and Class A common stock shares outstanding – diluted (in shares)     8,813,380 8,706,513