Ryvyl Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Ryvyl Inc 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 Inc's revenue declined 15% year-over-year, from $65.9M to $56.0M. This contraction results in a growth score of 0/100.
Ryvyl Inc's current ratio of 0.92 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 17/100, which could limit financial flexibility.
Ryvyl Inc converts 37.8% of revenue into free cash flow ($21.1M). This strong cash generation earns a score of 100/100.
Ryvyl Inc 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 Inc 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 Inc 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.
This page shows Ryvyl Inc (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).
Key Financial Metrics
Ryvyl Inc generated $56.0M in revenue in fiscal year 2024. This represents a decrease of 15.0% from the prior year.
Ryvyl Inc'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 Inc 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 Inc reported -$26.8M in net income in fiscal year 2024. This represents an increase of 49.5% from the prior year.
Ryvyl Inc earned $-4.01 per diluted share (EPS) in fiscal year 2024. This represents an increase of 60.3% from the prior year.
Ryvyl Inc held $2.6M in cash against $17.4M in long-term debt as of fiscal year 2024.
Ryvyl Inc had 8M shares outstanding in fiscal year 2024. This represents an increase of 33.9% from the prior year.
Ryvyl Inc'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 Inc'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 Inc'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.
Ryvyl Inc invested $3.8M in research and development in fiscal year 2024. This represents a decrease of 33.2% from the prior year.
Ryvyl Inc 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 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M+0.1% | $2.8M-81.6% | $15.1M-54.7% | $33.4M+1024.5% | $3.0M-82.3% | $16.8M-24.6% | $22.2M+27.3% | $17.5M |
| Cost of Revenue | $1.4M-10.9% | $1.6M-81.4% | $8.4M-58.4% | $20.2M+995.2% | $1.8M-81.1% | $9.7M-32.6% | $14.5M+33.8% | $10.8M |
| Gross Profit | $1.4M+14.3% | $1.2M-81.8% | $6.7M-49.1% | $13.2M+1072.5% | $1.1M-84.0% | $7.0M-9.8% | $7.8M+16.7% | $6.7M |
| R&D Expenses | -$216K-267.4% | $129K-71.3% | $449K-45.3% | $821K+0.2% | $819K-41.2% | $1.4M+5.4% | $1.3M+0.5% | $1.3M |
| SG&A Expenses | $924K-31.6% | $1.4M-12.3% | $1.5M-59.3% | $3.8M+214.7% | $1.2M-41.0% | $2.0M+9.3% | $1.9M-38.6% | $3.0M |
| Operating Income | -$1.8M+44.9% | -$3.3M-287.5% | -$848K+57.0% | -$2.0M+85.2% | -$13.3M-600.1% | -$1.9M+30.2% | -$2.7M-15.5% | -$2.4M |
| Interest Expense | -$32K+93.9% | -$523K-147.5% | $1.1M+402.2% | -$364K-191.2% | -$125K-346.4% | -$28K+99.8% | -$13.0M-409.1% | $4.2M |
| Income Tax | $0-100.0% | $164K-66.0% | $483K+49.5% | $323K+82.5% | $177K-6.8% | $190K+25.0% | $152K+18.8% | $128K |
| Net Income | -$2.0M+76.8% | -$8.4M-205.1% | -$2.8M+59.8% | -$6.9M+43.4% | -$12.1M-350.4% | -$2.7M+91.0% | -$30.0M-862.8% | -$3.1M |
| EPS (Diluted) | $-0.07 | $-0.80-142.4% | $-0.33+64.1% | $-0.92+51.1% | $-1.88-317.8% | $-0.45 | N/A | $-0.60 |
RVYL Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.4M+13.6% | $20.6M-80.9% | $108.1M-11.6% | $122.3M+12.1% | $109.0M-17.3% | $131.9M+2.5% | $128.7M+7.0% | $120.3M |
| Current Assets | $19.8M+19.0% | $16.6M-79.2% | $79.8M-16.3% | $95.4M+20.0% | $79.5M-15.7% | $94.3M+4.9% | $89.9M+11.9% | $80.3M |
| Cash & Equivalents | $1.2M+450.0% | $210K-93.0% | $3.0M+14.7% | $2.6M-59.3% | $6.4M-39.3% | $10.5M-13.6% | $12.2M-23.1% | $15.8M |
| 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+35.7% | $793K-25.6% | $1.1M+24.1% | $859K+23.1% | $698K |
| Goodwill | $0 | $0-100.0% | $19.6M+4.1% | $18.9M-3.1% | $19.5M-0.9% | $19.6M+4.1% | $18.9M-29.5% | $26.8M |
| Total Liabilities | $26.6M-3.3% | $27.5M-75.2% | $111.2M-10.2% | $123.8M+23.3% | $100.4M-9.9% | $111.4M+5.9% | $105.2M-23.9% | $138.3M |
| Current Liabilities | $24.0M-2.8% | $24.7M-76.2% | $103.9M+0.4% | $103.5M+30.0% | $79.7M-12.5% | $91.1M+6.5% | $85.5M+16.9% | $73.2M |
| Long-Term Debt | N/A | N/A | $4.6M-73.5% | $17.4M-0.4% | $17.4M+3.7% | $16.8M+5.7% | $15.9M-74.1% | $61.5M |
| Total Equity | -$3.2M+53.6% | -$6.9M-125.1% | -$3.1M-106.6% | -$1.5M-114.9% | $10.0M-51.0% | $20.5M-12.9% | $23.5M+195.2% | -$24.7M |
| Retained Earnings | -$192.5M-1.0% | -$190.6M-4.6% | -$182.2M-1.5% | -$179.4M-7.2% | -$167.4M-7.8% | -$155.3M-1.8% | -$152.6M-24.5% | -$122.6M |
RVYL Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-124.6% | $12.4M+179.8% | -$15.6M-852.0% | $2.1M+116.1% | -$12.8M-182.6% | $15.5M+178.4% | $5.6M+25.2% | $4.5M |
| Capital Expenditures | $0-100.0% | $68K+750.0% | $8K-38.5% | $13K+186.7% | -$15K-168.2% | $22K-26.7% | $30K-50.8% | $61K |
| Free Cash Flow | -$3.1M-124.7% | $12.4M+179.3% | -$15.6M-857.1% | $2.1M+116.0% | -$12.8M-182.9% | $15.5M+179.5% | $5.5M+26.2% | $4.4M |
| Investing Cash Flow | -$88K+99.9% | -$75.0M-5809.7% | -$1.3M-118.0% | -$582K+6.6% | -$623K-2731.8% | -$22K-100.9% | $2.4M+3977.0% | -$61K |
| Financing Cash Flow | $5.4M+134075.0% | -$4K-100.2% | $2.0M+5976.5% | -$34K+82.6% | -$195K-4775.0% | -$4K+99.9% | -$3.0M-74825.0% | -$4K |
| 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 | $4K | N/A | N/A | N/A | $0 |
RVYL Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.0%+6.2pp | 43.8%-0.6pp | 44.4%+4.9pp | 39.5%+1.6pp | 37.9%-4.0pp | 41.9%+6.9pp | 35.0%-3.2pp | 38.2% |
| Operating Margin | -65.0%+53.1pp | -118.1%-112.5pp | -5.6%+0.3pp | -5.9%+443.1pp | -449.0%-437.6pp | -11.4%+0.9pp | -12.3%+1.2pp | -13.5% |
| Net Margin | -70.1%+232.0pp | -302.1%-283.9pp | -18.2%+2.3pp | -20.5%+387.0pp | -407.5%-391.5pp | -16.0%+118.8pp | -134.8%-117.0pp | -17.8% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -8.3%+32.5pp | -40.8%-38.3pp | -2.5%+3.1pp | -5.6%+5.5pp | -11.1%-9.1pp | -2.0%+21.3pp | -23.3%-20.7pp | -2.6% |
| Current Ratio | 0.82+0.2 | 0.67-0.1 | 0.77-0.2 | 0.92-0.1 | 1.00-0.0 | 1.04-0.0 | 1.05-0.0 | 1.10 |
| Debt-to-Equity | -8.27-4.3 | -3.97-2.5 | -1.49+10.1 | -11.64-13.4 | 1.74+0.9 | 0.82+0.1 | 0.68+3.2 | -2.49 |
| FCF Margin | -109.6%-554.0pp | 444.4%+547.4pp | -103.0%-109.2pp | 6.2%+438.4pp | -432.2%-524.6pp | 92.4%+67.5pp | 24.9%-0.2pp | 25.1% |
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 Inc's annual revenue?
Ryvyl Inc (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 Inc's revenue growing?
Ryvyl Inc (RVYL) revenue declined by 15% year-over-year, from $65.9M to $56.0M in fiscal year 2024.
Is Ryvyl Inc profitable?
No, Ryvyl Inc (RVYL) reported a net income of -$26.8M in fiscal year 2024, with a net profit margin of -47.9%.
What is Ryvyl Inc's earnings per share (EPS)?
Ryvyl Inc (RVYL) reported diluted earnings per share of $-4.01 for fiscal year 2024. This represents a 60.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Ryvyl Inc's EBITDA?
Ryvyl Inc (RVYL) had EBITDA of -$18.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Ryvyl Inc have?
As of fiscal year 2024, Ryvyl Inc (RVYL) had $2.6M in cash and equivalents against $17.4M in long-term debt.
What is Ryvyl Inc's gross margin?
Ryvyl Inc (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 Inc's operating margin?
Ryvyl Inc (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 Inc's net profit margin?
Ryvyl Inc (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 Inc's free cash flow?
Ryvyl Inc (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 Inc's operating cash flow?
Ryvyl Inc (RVYL) generated $21.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Ryvyl Inc's total assets?
Ryvyl Inc (RVYL) had $122.3M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Ryvyl Inc's capital expenditures?
Ryvyl Inc (RVYL) invested $47K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Ryvyl Inc spend on research and development?
Ryvyl Inc (RVYL) invested $3.8M in research and development during fiscal year 2024.
How many shares does Ryvyl Inc have outstanding?
Ryvyl Inc (RVYL) had 8M shares outstanding as of fiscal year 2024.
What is Ryvyl Inc's current ratio?
Ryvyl Inc (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 Inc's debt-to-equity ratio?
Ryvyl Inc (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 Inc's return on assets (ROA)?
Ryvyl Inc (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 Inc's debt-to-equity ratio negative or unusual?
Ryvyl Inc (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 Inc's Piotroski F-Score?
Ryvyl Inc (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 Inc's earnings high quality?
Ryvyl Inc (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 Inc cover its interest payments?
Ryvyl Inc (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 Inc?
Ryvyl Inc (RVYL) scores 29 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.