Net Operating Revenue

6 Months Ended

Jun. 30, 2026

Note 14. Net operating revenue

The Group recognizes operating revenue from its B2B SaaS platform where revenues are disaggregated as SaaS platform subscription services, and data analytics service, set-up and other services. Revenues are recorded net of applicable municipal service taxes (ISS) and federal vat (PIS and COFINS) taxes, as well as contract cancellations and returns.

Below is a summary of net operating revenue for the six-month periods ended June 30, 2026, and 2025:

	June 30, 2026			June 30, 2025
Gross operating revenue		105,263			105,600
Revenue deductions:
Cancellations and returns		(1,372	)		(1,148	)
Taxes on services		(6,450	)		(6,276	)
Total revenue deductions		(7,822	)		(7,424	)
Net operating revenue		97,441			98,176

Disaggregation of net operating revenue for the six-month periods ended June 30, 2026, and 2025, is as follows:

	June 30, 2026			June 30, 2025
Platform subscription service		97,478			96,926
Cancellations, returns and taxes on services		(7,027	)		(6,679	)
Revenue from platform subscription service		90,451			90,247
Data analytics service		6,020			5,667
Cancellations, returns and taxes on services		(693	)		(586	)
Revenue from data analytics service		5,327			5,081
Set-up and service		1,176			2,433
Cancellations, returns and taxes on services		(68	)		(126	)
Revenue from set-up and service		1,108			2,307
Other revenue		589			574
Cancellations, returns and taxes on services		(34	)		(33	)
Other revenue		555			541
Total net operating revenue		97,441			98,176

Contract assets and deferred revenue related to contracts with customers

The Group has recognized the following contract assets (included within trade accounts receivable) and deferred revenue related to contracts with customers.

The contract asset activity as of June 30, 2026, and December 31, 2025, is as follows:

At January 1, 2025	4,736
Decrease from transfers to accounts receivable	(4,735	)
Increase from changes based on work in progress	1,836
At December 31, 2025	1,837
Decrease from transfers to accounts receivable	(1,836	)
Increase from changes based on work in progress	1,462
At June 30, 2026	1,463

The deferred revenue activity as of June 30, 2026, and December 31, 2025, is as follows:

At January 1, 2025	3,739
Increase in deferred revenue in the current year	9,370
Revenue recognized during the current year	(9,184	)
At December 31, 2025	3,925
Increase in deferred revenue in the current period	57,305
Revenue recognized during the current period	(57,390	)
At June 30, 2026	3,840

Deferred revenue is allocated to remaining performance obligations and represents contracted revenue that has not yet been recognized, including unearned revenue and amounts that have been invoiced and will be recognized as revenue in future periods. The Company expects to recognize all revenue over the next 12 months and is classified as other current liabilities in the consolidated statement of financial position.