OpenWorld (NASDAQ:OPNW) reported $7.4 million in third-quarter revenue, with its real-world asset platform contributing $6.4 million as the company shifts away from project-based token launches toward longer-term tokenization services.
The results marked OpenWorld’s first earnings call as a combined company following a reverse acquisition that closed September 30. Chairman and CEO Matt Shaw said discussions with potential partners are progressing toward term sheets and definitive agreements, with the company focused on opportunities in the U.S., the Middle East and, eventually, Southeast Asia.
OpenWorld recorded a net loss of $10.2 million, or $0.93 per share, as expenses included costs related to the transaction and stock-based compensation. Adjusted earnings before interest, taxes, depreciation and amortization were $2.2 million.
Real-world asset business drives revenue mix
Real-world asset, or RWA, platform revenue accounted for approximately 86% of third-quarter revenue, CFO Gerard Hernandez said. The company had no RWA revenue in the third quarter of 2025; the business began generating revenue in early 2026. For the first nine months of 2026, RWA revenue totaled $9.1 million.
Revenue from digital assets and capital markets fell to $0.4 million from $20 million a year earlier. Hernandez said much of the prior-year revenue was one-time revenue associated with specific token generation events.
As of September 30, approximately $21.2 million in transaction price remained allocated to unsatisfied or partially unsatisfied performance obligations under RWA arrangements. Hernandez said that amount provides visibility into future revenue recognition as the company fulfills its contractual obligations.
Gross profit was $6.3 million, and gross margin was 84%, compared with 77% a year earlier. Hernandez attributed the improvement to the higher-margin RWA revenue mix. He said the company expects reusable technology, specialized expertise and recurring fees to support margins and operating leverage as the business grows.
Transaction costs weigh on results
General and administrative expenses totaled $14.6 million, including $6 million in professional fees associated with the reverse takeover and public listing process and $6.4 million in stock-based compensation from option and restricted share grants. Hernandez described those items as the main drivers of elevated expenses during the quarter.
OpenWorld ended September with $4.5 million in cash and $9.5 million in contract assets, primarily related to unbilled RWA work awaiting contractual billing conditions. After quarter-end, the company completed a registered direct offering that generated approximately $3.5 million in gross proceeds.
Hernandez said management believes existing cash, anticipated collections and financing proceeds will be sufficient to meet operating obligations for at least 12 months from the issuance of its financial statements.
Pipeline depends on agreements and capital formation
President Russ McMeekin highlighted a partnership with Meridian involving Tesla Powerwalls, existing buildings and solar sites intended to support inference AI. He said the initial announcement covered up to $1 billion and that the arrangement has room to grow. McMeekin also discussed a tokenized industrial intellectual property initiative with customer BeyondAI.
McMeekin said the agreements were in the definitive agreement phase and that capital formation was underway. Asked what is needed to close announced opportunities, he said closure occurs when a definitive agreement is signed and initial capital formation begins. Larger, long-term projects could involve multiple financing tranches, he said.
Shaw also discussed a planned tokenized version of OpenWorld stock on the Solana blockchain. He said the structure would allow round-the-clock trading and access to decentralized finance liquidity, and that holders could request delivery of underlying shares to a brokerage account through Backpack. Shaw said the company also believes Solana could help with capital formation for its RWA deals.
About OpenWorld (NASDAQ:OPNW)
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