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SEGMENT AND GEOGRAPHIC INFORMATION - SECURITIZE, INC. AND SUBSIDIARIES
 3 Months Ended
Mar. 31, 2026
Securitize, Inc. and Subsidiaries  
Segment Reporting [Line Items]  
SEGMENT AND GEOGRAPHIC INFORMATION SEGMENT AND GEOGRAPHIC INFORMATION
We operate as one reportable segment. Our Chief Executive Officer, who serves as our Chief Operating Decision Maker, manages the business on a consolidated basis and evaluates performance using multiple metrics, including consolidated net income (loss) as reported on our unaudited condensed consolidated statements of operations and comprehensive loss. Consolidated net income (loss) is the primary measure of segment performance and is used to assess results and to allocate and prioritize resources during our planning and forecasting processes. The measure of segment assets is reported on the unaudited condensed consolidated balance sheets as total assets. Customers include institutional asset managers, corporations and enterprises, alternative investment platforms, and retail & accredited investors.
The following table is a reconciliation of our measure of segment profit or loss, significant segment expenses, and other segment items to consolidated net loss as reported on the unaudited condensed consolidated statements of operations and comprehensive loss:
For the Three Months Ended
March 31,
20262025
Revenue$19,478,466 $14,034,019 
Less significant expenses:
Cost of revenue (exclusive of items shown below)(4,469,890)(1,746,657)
Employee costs(1)
(9,100,598)(11,973,536)
Professional services(1)
(3,529,335)(1,329,682)
Marketing(1)
(1,682,118)(330,309)
Total significant expenses
(18,781,941)(15,380,184)
Other segment items(1)
(8,629,177)(3,195,353)
Net loss from continuing operations, net of tax(7,932,652)(4,541,518)
Net loss from discontinued operations, net of tax— (583,339)
Net loss$(7,932,652)$(5,124,857)
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(1)Employee costs are included within ‘Compensation and benefits’ expenses on the unaudited condensed consolidated statements of operations and comprehensive loss; professional services and marketing expenses are included within ‘Selling, general & administrative’ expenses on the unaudited condensed consolidated statements of operations and comprehensive loss.
(2)Other segment items include expenses related to software subscriptions, depreciation and amortization, rent expense, licenses and regulatory fees, insurance, and transportation, which are included within ‘Selling, general & administrative’ on the unaudited condensed consolidated statements of operations and comprehensive loss. Other segment items also include ‘Other income, net’, ‘Provision for expected credit losses’, ‘Loss on digital assets from operations, net’, ‘Interest expense’, ‘Interest income’, ‘Dividend income’, ‘Change in fair value of option liability’, ‘Change in fair value of simple agreements for future equity’, and ‘Change in fair value of derivative liability’, which are presented as such on the unaudited condensed consolidated statements of operations and comprehensive loss.
SEGMENT AND GEOGRAPHIC INFORMATION
We operate as one reportable segment. Our Chief Executive Officer, who serves as our Chief Operating Decision Maker, manages the business on a consolidated basis and evaluates performance using multiple metrics, including consolidated net income (loss) as reported on our consolidated statements of operations and comprehensive loss. Consolidated net income (loss) is the primary measure of segment performance and is used to assess results and to allocate and prioritize resources during our planning and forecasting processes. The measure of segment assets is reported on the consolidated balance sheets as total assets. Customers include institutional asset managers, corporations and enterprises, alternative investment platforms, and retail & accredited investors.
The following table is a reconciliation of our measure of segment profit or loss, significant segment expenses, and other segment items to consolidated net loss as reported on the consolidated statements of operations and comprehensive loss:
For the Year Ended
December 31,
20252024
Revenue$62,152,140 $18,636,170 
Less significant expenses:
Cost of revenue (exclusive of items shown below)(13,472,042)(1,838,670)
Employee costs(1)
(37,176,194)(18,477,270)
Professional services(1)
(10,195,768)(5,558,957)
Marketing(1)
(2,267,522)(1,008,281)
Total significant expenses(63,111,526)(26,883,178)
Other segment items(2)
(41,408,777)(10,179,527)
Net loss from continuing operations, net of tax(42,368,163)(18,426,535)
Net loss from discontinued operations, net of tax(6,086,562)(5,861,133)
Net loss$(48,454,725)$(24,287,668)
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(1)Employee costs are included within ‘Compensation and benefits’ expenses on the consolidated statements of operations and comprehensive loss; professional services and marketing expenses are included within ‘Selling, general & administrative’ expenses on the consolidated statements of operations and comprehensive loss.
(2)Other segment items include expenses related to software subscriptions, depreciation and amortization, rent expense, insurance, and transportation, which are included within ‘Selling, general & administrative’ on the consolidated statements of operations and comprehensive loss. Other segment items also include other income (expense), provision for expected credit losses, interest expense, interest income, dividend income, change in fair value of option liability, change in fair value of SAFEs, and change in fair value of derivative liability, which are presented as such on the consolidated statements of operations and comprehensive loss.
Geographic information
Revenues and long-lived assets by geographic area are attributed based on the location of customers. The following table summarizes financial data by geographic area:
United StatesJapanTotal
For the Year Ended December 31, 2025
Revenues by geographic area
$60,972,140 $1,180,000 $62,152,140 
For the Year Ended December 31, 2024
Revenues by geographic area
$17,767,905 $868,265 $18,636,170 
As of December 31, 2025
Long-lived assets by geographic area
$204,759 $3,485 $208,244 
As of December 31, 2024
Long-lived assets by geographic area
$69,153 $5,481 $74,634