NOTE 2. REVENUE

The table below presents revenue of the Company disaggregated by revenue source for the three and six months ended (in thousands): 

The Company recognized $60.6 million and $68.8 million of revenues related to Athena ATMs, and $1.0 million and $1.3 million in revenues related to operating the White-labeled ATMs for three months June 30, 2025 and 2024, respectively. The Company recognized $130.0 million and $147.5 million of revenues related to Athena ATMs, and $1.5 million and $2.5 million in revenues related to operating the White-labeled ATMs for six months June 30, 2025 and 2024, respectively.

The table below presents revenues by geographic territories based on sales location for the three and six months ended (in thousands):

Contracts with Chivo, Sociedad Anónima de Capital Variable of El Salvador

In the third quarter of 2021, the Company installed and began operating:

Additionally, the Company contracted to

As of October 5, 2022, effective July 1, 2022 and expiring on July 30, 2024, the Company and Chivo, Sociedad Anónima de Capital Variable, a wholly-owned private company of the Government of El Salvador (“Chivo”), signed a Master Services Agreement (“MSA”) and a Service Level Agreement (“SLA”) which replaced the existing Master Services Agreement, Contracts and Athena Service Addendums 1 and 2 with the Department of Treasury of El Salvador. The MSA and SLA include the same services, performance obligations, pricing and terms outlined in the original Master Services Agreement, Contracts and Addendums. In conjunction with the new MSA and SLA, the Company and CHIVO completed a financial settlement agreement secured by certain assets to reconcile reporting, and settle the balances owed between the parties. The settlement was completed as of April 2023 upon full satisfaction of all obligations thereunder. On December 20, 2024, a new three-year MSA and SLA with Chivo was signed effective December 1, 2024.

Effective June 30, 2024, a settlement agreement was entered into between Chivo and the Company whereby amounts owed to Chivo of $5.2 million for amounts retained by the Company were netted against fees that Chivo owed the Company of $4.4 million; the net of which amounts to a payable to Chivo of $782 thousand in addition to a receivable from Chivo of $798 thousand for other fees. As part of the settlement agreement, the receivables and payables between the Company and Chivo were written off in exchange for (i) a new three-year agreement with Athena Holdings El Salvador, S.A. de C.V. charging reduced rates going forward and (ii) Athena SV would make available to Chivo a credit facility of $600 thousand for Chivo’s use at any time. However, the conditions of the credit facility were:

Therefore, the funds owed to Chivo were $0 as of June 30, 2025 and December 31, 2024, respectively.

As of June 30, 2025, and December 31, 2024, the cash received as advances from GOES was $490 thousand and $0 thousand, respectively, presented as part of restricted cash held for customers on the condensed consolidated balance sheets. A corresponding liability to repay GOES for the advances is reflected within liability for cash held for customers on the condensed consolidated balance sheets.