v3.26.1
Revenue
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

3. REVENUE

Disaggregation of revenue

We disaggregate revenue by service type and by platform as follows:

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

Revenue stream

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Banking and payments revenues

 

$

5,293,820

 

 

$

7,921,556

 

 

$

10,225,033

 

 

$

14,843,181

 

Custody and trading revenues

 

 

772,379

 

 

 

241,600

 

 

 

1,437,573

 

 

 

393,455

 

Other revenues

 

 

27,685

 

 

 

36,116

 

 

 

27,782

 

 

 

62,151

 

Less: Sales returns and allowances

 

 

(3,975

)

 

 

(23,346

)

 

 

(8,170

)

 

 

(35,024

)

Revenues, net

 

$

6,089,909

 

 

$

8,175,926

 

 

$

11,682,218

 

 

$

15,263,763

 

 

The above amounts are net of reductions in revenue related to Revenue Rewards totaling $0.4 million and $0.5 million for the three months ended June 30, 2026 and 2025, respectively, and $0.7 million and $1.0 million for the six months ended June 30, 2026 and 2025, respectively.

Deferred revenue

Contract liabilities are classified as deferred revenue in our balance sheets. As of June 30, 2026 and December 31, 2025, the contract liability related to our deferred subscription revenues was $0.2 million and $0.3 million, respectively, and the contract liability related to an unearned portion of a bonus paid to us by Visa was $0.1 million and $0.1 million, respectively.

The activity in deferred revenue for the six months ended June 30, 2026 and the year ended December 31, 2025, was as follows:

 

 

 

Six Months Ended
 June 30, 2026

 

 

Year Ended December 31, 2025

 

Beginning of the period contract liability

 

$

366,252

 

 

$

875,466

 

Revenue recognized from the contract liabilities included in the beginning balance

 

 

(244,332

)

 

 

(771,669

)

Increases due to cash received net of amounts recognized in revenue during the period

 

 

106,228

 

 

 

262,455

 

End of period contract liability

 

$

228,148

 

 

$

366,252

 

Contract costs

For the six months ended June 30, 2026 and 2025, we did not incur any incremental costs to obtain and/or fulfill contracts with customers.