Nasdaq-listed OpenWorld (OPNW) expects a preliminary third-quarter net loss of approximately $10 million while preparing to offer a blockchain version of its public shares through Figure OPEN. The company released its unaudited earnings estimates on October 26, following a separate update that its proposed on-chain listing remains targeted for the fourth quarter of 2026.
OpenWorld said its planned blockchain shares would give existing investors an additional way to hold and trade its equity. The company has not announced that trading on Figure OPEN is already live.
OpenWorld estimates $10M quarterly net loss
OpenWorld expects third-quarter revenue between $6.9 million and $7.2 million and gross margin between 80% and 82%, according to its October 26 financial update. The company estimates adjusted EBITDA at $1.7 million to $2 million alongside a roughly $10 million GAAP net loss.
The expected loss includes nonrecurring stock-based compensation and merger-related transaction expenses. These are preliminary, unaudited figures; investors should not treat them as final reported results or assume that adjusted EBITDA is interchangeable with net income.
The quarter also includes a corporate transition following a reverse takeover completed on September 30. OpenWorld named co-founder Gerard Hernandez chief financial officer, effective October 23.
Figure OPEN listing remains planned for Q4
In a separate company statement, OpenWorld said it is pursuing a dual listing on Figure’s On-chain Public Equity Network, known as Figure OPEN, alongside its Nasdaq market presence.
The company describes the proposed format as blockchain-native ownership records for its public equity, designed for real-time settlement and trading outside conventional exchange hours. Actual access and execution will depend on the final platform arrangements and eligibility requirements.
OpenWorld says the initial dual-listing structure is not intended to issue additional outstanding shares or raise capital. That distinction matters: making an existing share available in another format is not necessarily the same as selling newly issued equity.
New share class approved by stockholders
OpenWorld said investors representing approximately 57.57% of outstanding voting power approved changes to its corporate articles on October 16. The amendments authorize up to 500 million Blockchain Common Stock shares. Authorized shares represent potential issuance capacity, not 500 million shares already outstanding.
The amendments are subject to the required filing and notice process before taking effect. OpenWorld has also appointed SEC-registered transfer agent Vinyl Equity to support records spanning traditional and blockchain-based forms of shares.
What investors should watch next
The key unanswered question is whether OpenWorld can launch the Figure OPEN trading arrangement on the stated schedule while explaining shareholder rights, custody, liquidity and how investors move between the two share formats.
Its estimated third-quarter figures also warrant monitoring when final financial statements become available. Revenue, adjusted earnings and the company’s nonrecurring charges describe different parts of the business, and the planned tokenization should not be mistaken for evidence of improved profitability.
For broader context, see BlockBriefing’s coverage of tokenized fund shares on the XRP Ledger. A tokenized fund interest and blockchain common stock are distinct securities with different rights.
Primary sources: OpenWorld financial update; Figure OPEN listing update. This article is informational and is not investment advice.