Ryvyl Financials
This page shows Ryvyl (RVYL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ryvyl has an operating margin of -37.3%, meaning the company retains $-37 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -18.7% the prior year.
Ryvyl's revenue declined 15% year-over-year, from $65.9M to $56.0M. This contraction results in a growth score of 8/100.
Ryvyl's current ratio of 0.92 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.
Ryvyl converts 37.8% of revenue into free cash flow ($21.1M). This strong cash generation earns a score of 100/100.
Ryvyl passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Ryvyl generates $-0.79 in operating cash flow ($21.2M OCF vs -$26.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Ryvyl earns $-24.2 in operating income for every $1 of interest expense (-$20.9M vs $862K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ryvyl generated $56.0M in revenue in fiscal year 2024. This represents a decrease of 15.0% from the prior year.
Ryvyl's EBITDA was -$18.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 91.0% from the prior year.
Ryvyl reported -$26.8M in net income in fiscal year 2024. This represents an increase of 49.5% from the prior year.
Ryvyl earned $-4.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 60.3% from the prior year.
Cash & Balance Sheet
Ryvyl generated $21.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 36.0% from the prior year.
Ryvyl held $2.6M in cash against $17.4M in long-term debt as of fiscal year 2024.
Ryvyl had 8M shares outstanding in fiscal year 2024. This represents an increase of 33.9% from the prior year.
Margins & Returns
Ryvyl's gross margin was 40.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.0 percentage points from the prior year.
Ryvyl's operating margin was -37.3% in fiscal year 2024, reflecting core business profitability. This is down 18.6 percentage points from the prior year.
Ryvyl's net profit margin was -47.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 32.7 percentage points from the prior year.
Capital Allocation
Ryvyl invested $3.8M in research and development in fiscal year 2024. This represents a decrease of 33.2% from the prior year.
Ryvyl invested $47K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 56.5% from the prior year.
RVYL Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M+0.1% | $2.8M-81.6% | $15.1M-54.7% | $33.4M+1080.1% | $2.8M-4.7% | $3.0M-82.3% | $16.8M-24.6% | $22.2M |
| Cost of Revenue | $1.4M-10.9% | $1.6M-81.4% | $8.4M-58.4% | $20.2M+1045.5% | $1.8M-4.4% | $1.8M-81.1% | $9.7M-32.6% | $14.5M |
| Gross Profit | $1.4M+14.3% | $1.2M-81.8% | $6.7M-49.1% | $13.2M+1137.3% | $1.1M-5.2% | $1.1M-84.0% | $7.0M-9.8% | $7.8M |
| R&D Expenses | -$216K-267.4% | $129K-71.3% | $449K-45.3% | $821K+0.7% | $815K-0.5% | $819K-41.2% | $1.4M+5.4% | $1.3M |
| SG&A Expenses | $924K-31.6% | $1.4M-12.3% | $1.5M-59.3% | $3.8M+3814.7% | -$102K-108.5% | $1.2M-41.0% | $2.0M+9.3% | $1.9M |
| Operating Income | -$1.8M+44.9% | -$3.3M-287.5% | -$848K+57.0% | -$2.0M+46.2% | -$3.7M+72.5% | -$13.3M-600.1% | -$1.9M+30.2% | -$2.7M |
| Interest Expense | -$32K+93.9% | -$523K-147.5% | $1.1M+402.2% | -$364K-5.5% | -$345K-176.0% | -$125K-346.4% | -$28K+99.8% | -$13.0M |
| Income Tax | $0-100.0% | $164K-66.0% | $483K+49.5% | $323K-28.2% | $450K+154.2% | $177K-6.8% | $190K+25.0% | $152K |
| Net Income | -$2.0M+76.8% | -$8.4M-205.1% | -$2.8M+59.8% | -$6.9M-32.4% | -$5.2M+57.3% | -$12.1M-350.4% | -$2.7M+91.0% | -$30.0M |
| EPS (Diluted) | $-0.07 | $-0.80-142.4% | $-0.33 | N/A | $-0.76+59.6% | $-1.88-317.8% | $-0.45 | N/A |
RVYL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.4M+13.6% | $20.6M-80.9% | $108.1M-11.6% | $122.3M-4.0% | $127.3M+16.8% | $109.0M-17.3% | $131.9M+2.5% | $128.7M |
| Current Assets | $19.8M+19.0% | $16.6M-79.2% | $79.8M-16.3% | $95.4M-0.3% | $95.7M+20.4% | $79.5M-15.7% | $94.3M+4.9% | $89.9M |
| Cash & Equivalents | $1.2M+450.0% | $210K-93.0% | $3.0M+14.7% | $2.6M-39.0% | $4.3M-33.3% | $6.4M-39.3% | $10.5M-13.6% | $12.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $839K-5.5% | $888K-7.3% | $958K-11.0% | $1.1M+26.4% | $851K+7.3% | $793K-25.6% | $1.1M+24.1% | $859K |
| Goodwill | $0 | $0-100.0% | $19.6M+4.1% | $18.9M-7.2% | $20.3M+4.4% | $19.5M-0.9% | $19.6M+4.1% | $18.9M |
| Total Liabilities | $26.6M-3.3% | $27.5M-75.2% | $111.2M-10.2% | $123.8M+2.3% | $121.0M+20.5% | $100.4M-9.9% | $111.4M+5.9% | $105.2M |
| Current Liabilities | $24.0M-2.8% | $24.7M-76.2% | $103.9M+0.4% | $103.5M+3.4% | $100.1M+25.7% | $79.7M-12.5% | $91.1M+6.5% | $85.5M |
| Long-Term Debt | N/A | N/A | $4.6M-73.5% | $17.4M-1.9% | $17.7M+1.5% | $17.4M+3.7% | $16.8M+5.7% | $15.9M |
| Total Equity | -$3.2M+53.6% | -$6.9M-125.1% | -$3.1M-106.6% | -$1.5M-123.6% | $6.3M-36.9% | $10.0M-51.0% | $20.5M-12.9% | $23.5M |
| Retained Earnings | -$192.5M-1.0% | -$190.6M-4.6% | -$182.2M-1.5% | -$179.4M-4.0% | -$172.6M-3.1% | -$167.4M-7.8% | -$155.3M-1.8% | -$152.6M |
RVYL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-124.6% | $12.4M+179.8% | -$15.6M-852.0% | $2.1M-87.4% | $16.4M+228.0% | -$12.8M-182.6% | $15.5M+178.4% | $5.6M |
| Capital Expenditures | $0-100.0% | $68K+750.0% | $8K-38.5% | $13K-51.9% | $27K+280.0% | -$15K-168.2% | $22K-26.7% | $30K |
| Free Cash Flow | -$3.1M-124.7% | $12.4M+179.3% | -$15.6M-857.1% | $2.1M-87.4% | $16.4M+227.7% | -$12.8M-182.9% | $15.5M+179.5% | $5.5M |
| Investing Cash Flow | -$88K+99.9% | -$75.0M-5809.7% | -$1.3M-118.0% | -$582K-0.2% | -$581K+6.7% | -$623K-2731.8% | -$22K-100.9% | $2.4M |
| Financing Cash Flow | $5.4M+134075.0% | -$4K-100.2% | $2.0M+5976.5% | -$34K-325.0% | -$8K+95.9% | -$195K-4775.0% | -$4K+99.9% | -$3.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | $4K | N/A | N/A | N/A |
RVYL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0%+6.2pp | 43.8%-0.6pp | 44.4%+4.9pp | 39.5%+1.8pp | 37.7%-0.2pp | 37.9%-4.0pp | 41.9%+6.9pp | 35.0% |
| Operating Margin | -65.0%+53.1pp | -118.1%-112.5pp | -5.6%+0.3pp | -5.9%+123.5pp | -129.4%+319.6pp | -449.0%-437.6pp | -11.4%+0.9pp | -12.3% |
| Net Margin | -70.1%+232.0pp | -302.1%-283.9pp | -18.2%+2.3pp | -20.5%+162.2pp | -182.7%+224.8pp | -407.5%-391.5pp | -16.0%+118.8pp | -134.8% |
| Return on Equity | N/A | N/A | N/A | N/A | -81.8%+38.9pp | -120.8%-107.6pp | -13.1%+114.6pp | -127.7% |
| Return on Assets | -8.3%+32.5pp | -40.8%-38.3pp | -2.5%+3.1pp | -5.6%-1.5pp | -4.1%+7.1pp | -11.1%-9.1pp | -2.0%+21.3pp | -23.3% |
| Current Ratio | 0.82+0.2 | 0.67-0.1 | 0.77-0.2 | 0.92-0.0 | 0.96-0.0 | 1.00-0.0 | 1.04-0.0 | 1.05 |
| Debt-to-Equity | -8.27-4.3 | -3.97-2.5 | -1.49+10.1 | -11.64-14.4 | 2.80+1.1 | 1.74+0.9 | 0.82+0.1 | 0.68 |
| FCF Margin | -109.6%-554.0pp | 444.4%+547.4pp | -103.0%-109.2pp | 6.2%-572.8pp | 579.0%+1011.2pp | -432.2%-524.6pp | 92.4%+67.5pp | 24.9% |
Note: Shareholder equity is negative (-$1.5M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.92), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Ryvyl's annual revenue?
Ryvyl (RVYL) reported $56.0M in total revenue for fiscal year 2024. This represents a -15.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ryvyl's revenue growing?
Ryvyl (RVYL) revenue declined by 15% year-over-year, from $65.9M to $56.0M in fiscal year 2024.
Is Ryvyl profitable?
No, Ryvyl (RVYL) reported a net income of -$26.8M in fiscal year 2024, with a net profit margin of -47.9%.
What is Ryvyl's EBITDA?
Ryvyl (RVYL) had EBITDA of -$18.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ryvyl have?
As of fiscal year 2024, Ryvyl (RVYL) had $2.6M in cash and equivalents against $17.4M in long-term debt.
What is Ryvyl's gross margin?
Ryvyl (RVYL) had a gross margin of 40.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ryvyl's operating margin?
Ryvyl (RVYL) had an operating margin of -37.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Ryvyl's net profit margin?
Ryvyl (RVYL) had a net profit margin of -47.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Ryvyl's free cash flow?
Ryvyl (RVYL) generated $21.1M in free cash flow during fiscal year 2024. This represents a -36.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ryvyl's operating cash flow?
Ryvyl (RVYL) generated $21.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Ryvyl's total assets?
Ryvyl (RVYL) had $122.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Ryvyl's capital expenditures?
Ryvyl (RVYL) invested $47K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Ryvyl spend on research and development?
Ryvyl (RVYL) invested $3.8M in research and development during fiscal year 2024.
What is Ryvyl's current ratio?
Ryvyl (RVYL) had a current ratio of 0.92 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Ryvyl's debt-to-equity ratio?
Ryvyl (RVYL) had a debt-to-equity ratio of -11.64 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ryvyl's return on assets (ROA)?
Ryvyl (RVYL) had a return on assets of -21.9% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Ryvyl's debt-to-equity ratio negative or unusual?
Ryvyl (RVYL) has negative shareholder equity of -$1.5M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Ryvyl's Piotroski F-Score?
Ryvyl (RVYL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ryvyl's earnings high quality?
Ryvyl (RVYL) has an earnings quality ratio of -0.79x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ryvyl cover its interest payments?
Ryvyl (RVYL) has an interest coverage ratio of -24.2x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ryvyl?
Ryvyl (RVYL) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.