REVENUE

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 2. REVENUE

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

	For the three months ended				For the nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Bitcoin ATMs (Athena and White-label)	$	56,598	$	68,188	$	188,156	$	218,213
Athena Plus (OTC)		536		1,010		3,852		3,245
Athena Pay, Affiliates and other ancillary		280		208		844		279
	$	57,414	$	69,406	$	192,852	$	221,737

The revenues from Bitcoin ATMs are composed of the following:

· The Company recognized $55.9 million of revenues related to Athena ATMs, and $0.7 million of revenues related to operating the White-labeled ATMs for a total of $56.6 million of revenues from Bitcoin ATMs for the three months ended September 30, 2025.

· The Company recognized $66.9 million of revenues related to Athena ATMs, and $1.3 million of revenues related to operating the White-labeled ATMs for a total of $68.2 million of revenues from Bitcoin ATMs for the three months ended September 30, 2024.

· The Company recognized $186.2 million of revenues related to Athena ATMs, and $1.9 million of revenues related to operating the White-labeled ATMs for a total of $188.2 million of revenues from Bitcoin ATMs for the nine months ended September 30, 2025.

· The Company recognized $214.4 million of revenues related to Athena ATMs, and $3.8 million of revenues related to operating the White-labeled ATMs for a total of $218.2 million of revenues from Bitcoin ATMs for the nine months ended September 30, 2024.

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

	For the three months ended				For the nine months ended
	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Revenue
United States	$	55,884	$	67,330	$	186,291	$	215,139
El Salvador		1,481		2,006		6,350		6,385
Argentina, Colombia & Mexico		49		70		211		213
	$	57,414	$	69,406	$	192,852	$	221,737

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

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

i.	200 white-labeled ATMs in El Salvador,
ii.	10 white-labeled ATMs at El Salvador consulates in the U.S.,
iii.	45 white-labeled ATMs in other U.S. locations, and
iv.	sold 950 point-of-sale (POS) terminals to the Ministerio de Hacienda (Department of Treasury) of El Salvador (“GOES”) for local businesses in El Salvador to process transactions (under Athena Pay) in Bitcoin.

Additionally, the Company contracted for:

i.	the sale of software,
ii.	development of a Bitcoin platform designed to support a GOES branded digital wallet, and
iii.	maintaining the GOES digital wallet.

On December 20, 2024, the Company and Chivo, Sociedad Anónima de Capital Variable, a wholly-owned private company of the Government of El Salvador (“Chivo”), agreed to a new three-year MSA and SLA effective December 1, 2024 which included the same services, performance obligations, pricing and terms outlined in the original Master Services Agreement, Contracts and Addendums effective as of July 1, 2022.

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:

a)	that the cash is the property of Athena SV,
b)	Chivo would need to deposit the amount of funds they needed in Athena SV’s bank account (resulting in a pre-funded credit facility) and Athena would release the funds to Chivo from the ATM pick-ups, and
c)	the credit facility has a monthly fee of 0.487% of the credit facility amount (i.e., $600 thousand).

The funds owed to Chivo were $0 as of September 30, 2025 and December 31, 2024.

As of September 30, 2025, and December 31, 2024, the cash received as advances from GOES was $2.8 million and $0, respectively. These amounts are included in restricted cash held for customers on the condensed consolidated balance sheets. A corresponding liability to repay GOES for the advances is included in liability for cash held for customers on the condensed consolidated balance sheets.