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Open platformOpen platform

OpenWorld Q3 revenue drops as RWA business grows

By Reuters News


Overview

  • U.S. blockchain platform's Q3 revenue dropped yr/yr as legacy business transitioned to RWA services

  • Gross margin improved to 84% from 77% a year earlier, driven by shift to RWA business

  • Company secured $1.1 bln in non-binding LOIs for tokenized financing programs after Q3 end


Outlook

  • Company is working to convert $1.1 bln in LOIs into definitive agreements and DeFi capital formation

  • Testing for a $1 bln AI infrastructure program is targeted to begin in Q4 2026, with commercial launch in Q1 2027


Result Drivers

  • RWA BUSINESS LAUNCH - Revenue from real-world asset tokenization rose to $6 mln in Q3 2026 from zero a year ago, driving business shift

  • REVENUE MIX SHIFT - Gross margin improved to 84% from 77% a year earlier, attributed to shift toward high-margin RWA business

  • NON-RECURRING EXPENSES - Net loss was driven by non-recurring costs tied to the reverse takeover, public listing, and equity compensation


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

$7.40 mln

Q3 Adjusted EBITDA

$2.25 mln

Q3 Gross Margin

80.00%

Q3 Gross Profit

$6.30 mln


Reuters Recommended Reads

  • Nov 11 - OKXICE to launch 24/7 trading in tokenized US securities

  • Nov 12 - From SpaceX to Anthropic, markets have a new playbook for mega-share debuts

  • Nov 12 - AI shakeout lands convertible investors better terms


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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