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Revenue Recognition | 3 Months Ended
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Mar. 31, 2026
Revenue Recognition [Abstract] |
REVENUE RECOGNITION | NOTE 8 – REVENUE RECOGNITION The Company recognizes revenue from native staking and liquid staking activities on the ETH blockchain as well as aircraft engine rental revenue. Revenue by Source Revenue consisted of the following (in thousands):
|  | Three Months Ended March 31, 2026 |
Native staking revenue |  | $ | 1,469 |
Liquid staking revenue1 |  |  | 302 |
Aircraft engine rental |  |  | 1,088 |
Total revenue |  | $ | 2,859 |
| (1) | Liquid staking revenue includes $0.3 million of staking rewards 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):
|  | Three Months Ended March 31, 2026 |
Coinbase – staking income |  | $ | 1,469 |
Ether.fi – liquid staking |  |  | 339 |
Puffer – liquid staking |  |  | (37 | )
Delta Air Lines, Inc |  |  | 1,088 |
Total revenue |  | $ | 2,859 |
Aircraft Engine Purchase Agreement On January 17, 2026, the Company acquired two CFM56-7B24 aircraft engines from an unaffiliated seller for an aggregate purchase price of $12.2 million, which was payable in cash, less certain deposits previously paid for a total acquisition cost of $11.7 million recorded as property and equipment. The engines were acquired subject to existing lease arrangements with Delta Air Lines, Inc., which were assumed by the Company, and the Company entered into a servicing agreement with an affiliate of the seller to manage the engines during the lease term. On March 27, 2026, the Company, through its wholly owned subsidiary Eurus Aerospace Token 1 LLC, acquired one CFM56-5B5/P aircraft engine from Aero Engine Solutions, Inc. for $6.4 million in cash. The aircraft engines are depreciated over an estimated useful life of two and a half years. The Company recognized depreciation expense of $0.5 million during the three months ended March 31, 2026, which is included within “General and administrative” expenses on the Condensed Consolidated Statements of Income and Comprehensive Loss. All aircraft engines are leased to customers for a period of approximately 2.5 years and are classified as operating leases under ASC 842. Lease revenue is recognized in accordance with ASC 842, Leases (“ASC 842”). Lease income consists of fixed lease payments and variable consideration based on engine usage. Fixed lease payments are recognized on a straight-line basis over the lease term, while variable lease payments are recognized in the period in which the underlying usage occurs. Lease revenue is recognized only from the date control of the aircraft engines transfers to the Company and is presented within “Aircraft engine rental revenue” in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The servicing agreement includes a mutual purchase and sale option exercisable following expiration or earlier termination of the related lease, at a fixed option price of $3.0 million, subject to specified conditions. During the three months ended March 31, 2026, the Company recognized $1.1 million of aircraft engine lease revenue related to these assets.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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