Revenue depends on crypto activity and merchant volumes, which are cyclical. FY2025 revenue was 24.84 million dollars, but 1H26 revenue was only 7.13 million dollars and Q1-to-Q2 2026 revenue fell from 4.71 to 2.41 million dollars. Token marks drove very large GAAP losses in Q1 and Q2 2026, further reducing earnings visibility.
This volatility falls short of the steady, subscription-like growth we favor.







