FORUM MARKETS Inc Revenue Disclosure
NOTE 8 – REVENUE RECOGNITION
The Company recognizes revenue from native staking and liquid staking activities on the Ethereum blockchain. Additional information regarding the Company’s revenue recognition policies is included in Note 3 – Summary of Significant Accounting Policies.
Revenue by Source
Revenue consisted of the following (in thousands):
| Year Ended December 31, 2025 | ||||
| Native staking revenue | $ | 455 | ||
| Liquid staking revenue1 | 5,951 | |||
| Reward revenue | 141 | |||
| Total revenue | $ | 6,547 | ||
| (1) | Liquid staking revenue includes $2.2 million of staking rewards and $3.7 million of incentive tokens earned through participation in liquid staking protocols. |
Revenue by Major Customers
The Company generated revenue from the following major customers, each of which represented 10% or greater of total revenue. All such revenue was generated within the Company’s single reportable segment (in thousands):
| Year Ended December 31, 2025 | ||||
| Coinbase – staking and reward income | $ | 4,340 | ||
| Ether.fi – liquid staking | 1,562 | |||
| Puffer – liquid staking | 645 | |||
| Total revenue | $ | 6,547 | ||
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About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.