v3.25.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
We disaggregate revenue by service type and by platform as follows (in thousands):
Service TypeThree Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Transaction revenue$1,070,707 $847,984 
Subscription and service revenue4,203 6,598 
Total revenue$1,074,910 $854,582 
PlatformThree Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Loyalty redemption platform, net$9,154 $13,242 
Crypto services1,065,756 841,340 
Total revenue$1,074,910 $854,582 
We recognized revenue from foreign jurisdictions of $0.4 million for the three months ended March 31, 2025 and $14.4 million for the three months ended March 31, 2024.
We have one reportable segment to which our revenues relate.
Deferred Revenue
Contract liabilities consist of deferred revenue for amounts invoiced prior to us meeting the criteria for revenue recognition. We invoice customers for service fees at the beginning of service performance, and such fees are recognized as revenue over time as we satisfy performance obligations. Contract liabilities are classified as “Deferred revenue, current” and “Deferred revenue, noncurrent” in our consolidated balance sheets. The activity in deferred revenue for the three months ended March 31, 2025 and March 31, 2024, respectively, was as follows (in thousands):
Three Months Ended
March 31, 2025		Three Months Ended
March 31, 2024
Beginning of the period contract liability$4,226 

$7,480 
Revenue recognized from contract liabilities included in the beginning balance(485)

(1,497)
Increases due to cash received, net of amounts recognized in revenue during the period124 

170 
End of the period contract liability$3,865 

$6,153 
Remaining Performance Obligations
As of March 31, 2025, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $9.3 million, comprised of $5.4 million of subscription fees and $3.9 million of service fees that were deferred. We recognize our subscription fees as revenue over a weighted-average period of 16 months (ranges from 3 months to 18 months) and our service fees as revenue over approximately 15 months.
As of March 31, 2024, the aggregate amount of the transaction price allocated to the remaining performance obligations related to partially completed contracts was $18.0 million, comprised of $11.8 million of subscription fees and $6.2 million of service fees that were deferred. We recognize our subscription fees as revenue over a weighted-average period of 23 months (ranges from 1 month to 30 months) and our service fees as revenue over approximately 17 months.
Contract Costs
For the three months ended March 31, 2025 and March 31, 2024, we incurred no incremental costs to obtain and/or fulfill contracts with customers.