v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

4. REVENUE

Disaggregation of revenue

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

 

 

 

 

Three Months Ended
March 31,

 

Revenue stream

 

 

2026

 

 

2025

 

Banking and payments revenues

 

 

$

4,931,213

 

 

$

6,921,625

 

Custody and trading revenues

 

 

 

665,194

 

 

 

151,855

 

Other revenues

 

 

 

97

 

 

 

26,035

 

Less: Sales returns and allowances

 

 

 

(4,195

)

 

 

(11,678

)

Revenues, net

 

 

$

5,592,309

 

 

$

7,087,837

 

 

The above amounts are net of reductions in revenue related to Revenue Rewards totaling $0.3 million and $0.5 for the three months ended March 31, 2026 and 2025, respectively.

Deferred revenue

Contract liabilities are classified as deferred revenue in our balance sheets. As of March 31, 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 three months ended March 31, 2026 and the year ended December 31, 2025, was as follows:

 

 

 

Three Months Ended
 March 31, 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

 

 

(133,519

)

 

 

(771,669

)

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

 

 

75,894

 

 

 

262,455

 

End of period contract liability

 

$

308,627

 

 

$

366,252

 

Contract costs

For the three months ended March 31, 2026 and 2025, we did not incur any incremental costs to obtain and/or fulfill contracts with customers.