Ryvyl Financials
Ryvyl (RVYL) reported $11.1M in revenue for fiscal year 2025, down 38.7% from the prior fiscal year. This page shows its 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).
Ryvyl’s dominant mechanic is volatile cash conversion: gross-profit improvement has not translated into operating self-funding.
Operating cash flow was positive at$33.2M in FY2023 and$21.2M in FY2024 despite reported losses, indicating that accounting losses were being offset by noncash or balance-sheet effects. That support reversed in FY2025, when operating cash flow reached-$23.0M , making the loss more cash-intensive.
Revenue fell to
Cash stood at
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Ryvyl's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Ryvyl, and counted as zero in the overall score.
Ryvyl scores -22.92, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($10.0M) relative to total liabilities ($12.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Ryvyl passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Ryvyl reported a net loss of $17.5M while operations used $23.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Ryvyl reported an operating loss of $13.1M against $1.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Ryvyl generated $11.1M in revenue in fiscal year 2025. This represents a decrease of 38.7% from the prior year.
Ryvyl's EBITDA was -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.3% from the prior year.
Ryvyl reported -$17.5M in net income in fiscal year 2025. This represents an increase of 34.7% from the prior year.
Cash & Balance Sheet
Ryvyl recorded an outflow of $23.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 209.3% from the prior year.
Ryvyl held $7.4M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Ryvyl's gross margin was 47.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.0 percentage points from the prior year.
Ryvyl's ROE was -2623.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Ryvyl invested $559K in research and development in fiscal year 2025. This represents a decrease of 85.5% from the prior year.
Ryvyl invested $79K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 68.1% from the prior year.
Not reported for fiscal year 2025.
RVYL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.9M | $11.1M-38.7% | $18.2M-72.4% | $65.9M+100.2% | $32.9M+25.1% | $26.3M+208.6% | $8.5M-14.8% | $10.0M+998.2% | $911K+111.3% | $431K | N/A | $2.1M | N/A | $1.7M+249.1% | $493K-12.6% | $564K |
| Cost of Revenue | $5.8M | $5.8M-45.9% | $10.8M-73.2% | $40.2M+139.2% | $16.8M+66.7% | $10.1M+108.7% | $4.8M-56.5% | $11.1M+1554.1% | $671K | $0 | N/A | $1.2M | N/A | $654K | N/A | N/A |
| Gross Profit | $5.1M | $5.3M-28.2% | $7.4M-71.2% | $25.7M+59.5% | $16.1M-0.7% | $16.2M+338.8% | $3.7M+439.9% | -$1.1M-552.9% | $240K | $0 | N/A | $962K | N/A | $1.1M+361.9% | $231K | N/A |
| R&D Expenses | $186K | $559K-85.5% | $3.8M-33.2% | $5.8M-8.3% | $6.3M+62.2% | $3.9M+183.8% | $1.4M+8.6% | $1.3M+438814.7% | $286-99.4% | $46K | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $4.0M | $4.4M+47.8% | $3.0M-65.7% | $8.7M+31.4% | $6.6M-60.9% | $16.9M+2009.5% | $800K+6.7% | $750K+148.1% | $302K+3165.3% | $9K | N/A | $608K | N/A | $452K+495.6% | $76K-37.4% | $121K |
| Operating Income | -$11.8M | -$13.1M+51.7% | -$27.2M-121.2% | -$12.3M+67.5% | -$37.8M-29.6% | -$29.2M-472.2% | -$5.1M+9.0% | -$5.6M-227.9% | -$1.7M-1130.3% | -$139K-222.6% | $113K-67.9% | $353K-20.2% | $443K-28.0% | $615K+296.4% | $155K-42.9% | $271K |
| Interest Expense | -$2.9M | -$1.8M-106.3% | -$869K+74.0% | -$3.3M-122.1% | $15.1M+404.4% | $3.0M+160.4% | $1.1M+489.0% | $195K+549.2% | $30K | $0-100.0% | $22K+4.2% | $21K-27.2% | $29K-58.6% | $70K-29.8% | $100K-1.8% | $102K |
| Income Tax | $181K | $318K-18.5% | $390K+34.9% | $289K+3712.5% | -$8K-263.1% | $5K | $0 | $0 | $0 | $0-100.0% | $37K-48.4% | $72K-54.8% | $159K | $0 | $0 | N/A |
| Net Income | -$18.1M | -$17.5M+34.7% | -$26.8M+49.5% | -$53.1M-7.8% | -$49.2M-39.6% | -$35.3M-604.5% | -$5.0M-6.9% | -$4.7M-147.4% | -$1.9M-1259.0% | -$139K-340.8% | $58K-77.8% | $260K+616.4% | $36K-93.3% | $544K+893.6% | $55K-67.2% | $167K |
| EPS (Diluted) | — | -$29.33 | -$140.25 | -$10.11 | N/A | N/A | N/A | N/A | N/A | $0.01 | $0.00-100.0% | $0.02 | $0.00-100.0% | $0.02 | $0.01 | N/A |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RVYL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.1M-89.3% | $122.3M-5.0% | $128.7M+31.8% | $97.7M-14.4% | $114.0M+830.0% | $12.3M-0.9% | $12.4M+1097.3% | $1.0M+1014.3% | $93K-24.6% | $123K-42.5% | $214K+133.3% | $92K-61.5% | $238K+284.7% | $62K-65.9% | $182K |
| Current Assets | $11.1M-88.3% | $95.4M+6.1% | $89.9M+51.8% | $59.2M-38.7% | $96.6M+704.3% | $12.0M-0.6% | $12.1M+1104.4% | $1.0M+1056.9% | $87K+39.0% | $62K-62.0% | $164K+167.6% | $61K-71.7% | $216K+249.7% | $62K-65.9% | $182K |
| Cash & Equivalents | $7.4M+185.7% | $2.6M-78.7% | $12.2M-12.8% | $14.0M-84.3% | $89.0M | $0 | $0-100.0% | $46K-45.0% | $83K | $0-100.0% | $47K+12.7% | $41K-79.9% | $206K+2253.4% | $9K+65.8% | $5K |
| Inventory | N/A | N/A | N/A | $302K+5.5% | $286K | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.1M+3.5% | $1.1M+25.3% | $859K-25.7% | $1.2M+140.0% | $482K+4716.7% | $10K-85.8% | $70K+40.5% | $50K | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $0-100.0% | $18.9M0.0% | $18.9M-29.5% | $26.8M+308.6% | $6.5M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.4M-90.0% | $123.8M+17.7% | $105.2M+5.6% | $99.6M+17.7% | $84.6M+466.3% | $14.9M-15.8% | $17.7M+808.5% | $2.0M+6006.6% | $32K-95.7% | $737K-16.8% | $886K-13.5% | $1.0M-15.1% | $1.2M-33.1% | $1.8M-8.8% | $2.0M |
| Current Liabilities | $10.0M-90.3% | $103.5M+21.0% | $85.5M+132.9% | $36.7M+51.6% | $24.2M+106.7% | $11.7M-33.5% | $17.6M+838.4% | $1.9M+5772.1% | $32K-95.6% | $722K+31.0% | $551K-8.5% | $602K+17.4% | $513K+150.1% | $205K+101.6% | $102K |
| Long-Term Debt | N/A | $17.4M+9.1% | $15.9M-74.2% | $61.7M+4.1% | $59.3M+39463.1% | $150K | $0-100.0% | $75K | $0-100.0% | $2K-66.7% | $7K-37.9% | $12K-31.0% | $17K | $0 | N/A |
| Total Equity | $668K+144.8% | -$1.5M-106.4% | $23.5M+1321.6% | -$1.9M-106.5% | $29.5M+1202.9% | -$2.7M+50.2% | -$5.4M-483.9% | -$919K-1612.4% | $61K+109.9% | -$614K+8.6% | -$672K+27.9% | -$932K+3.8% | -$969K+44.4% | -$1.7M+3.0% | -$1.8M |
| Retained Earnings | -$196.9M-9.8% | -$179.4M-17.6% | -$152.6M-52.9% | -$99.8M-97.4% | -$50.5M-331.0% | -$11.7M-74.5% | -$6.7M-230.5% | -$2.0M-1359.0% | -$139K-150.9% | $274K+26.8% | $216K+587.1% | -$44K+45.0% | -$81K+87.1% | -$625K+65.4% | -$1.8M |
RVYL Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.5M | -$23.0M-208.7% | $21.2M-36.1% | $33.2M+454.9% | -$9.3M+59.4% | -$23.0M-453.0% | -$4.2M-2554.4% | -$157K+90.2% | -$1.6M-1350.0% | -$110K-469.2% | $30K-88.6% | $262K-21.7% | $334K-47.4% | $636K+91.7% | $332K+262.1% | -$205K |
| Capital Expenditures | $71K | $79K+68.1% | $47K-56.5% | $108K-33.3% | $162K+2.0% | $159K+2289.2% | $7K-86.6% | $50K+59.3% | $31K+397.8% | $6K+71.8% | $4K-86.7% | $28K+85.5% | $15K | $0 | N/A | N/A |
| Free Cash Flow | -$9.6M | -$23.1M-209.3% | $21.1M-36.0% | $33.1M+447.7% | -$9.5M+59.0% | -$23.2M-455.9% | -$4.2M-1917.7% | -$207K+87.4% | -$1.6M-1298.8% | -$117K-544.5% | $26K-88.8% | $234K-26.7% | $319K-49.7% | $636K | N/A | N/A |
| Investing Cash Flow | -$75.1M | N/A | -$1.8M-179.1% | $2.3M+104.9% | -$46.4M-1645.4% | -$2.7M-39888.8% | -$7K+86.6% | -$50K-59.3% | -$31K-397.8% | -$6K-71.8% | -$4K+97.1% | -$125K-396.4% | -$25K-158.9% | $43K | $0 | $0 |
| Financing Cash Flow | $12.3M | $13.9M+5863.1% | -$241K+92.0% | -$3.0M+70.1% | -$10.0M-109.0% | $111.9M+2036.8% | $5.2M+664.9% | $685K-62.7% | $1.8M+816.9% | $200K+598.1% | -$40K+69.4% | -$131K | N/A | -$481K-46.6% | -$328K-264.2% | $200K |
| Share Buybacks | N/A | N/A | N/A | N/A | $0 | $0 | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
RVYL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 47.7%+7.0pp | 40.7%+1.7pp | 39.0%-9.9pp | 49.0%-12.7pp | 61.7%+18.3pp | 43.4%+54.3pp | -10.9%-37.3pp | 26.4%+26.4pp | 0.0% | N/A | 45.4% | N/A | 62.0%+15.1pp | 46.9% | N/A |
| Operating Margin | -118.1% | -149.9% | -18.7% | -115.0% | -111.0% | -59.9%-3.8pp | -56.1% | -187.9% | -32.3% | N/A | 16.7% | N/A | 35.7%+4.3pp | 31.5%-16.7pp | 48.1% |
| Net Margin | -157.4% | -147.7% | -80.6% | -149.6% | -134.1% | -58.7%-11.9pp | -46.8% | -207.9% | -32.3% | N/A | 12.3% | N/A | 31.6%+20.5pp | 11.1%-18.5pp | 29.6% |
| Return on Equity | -2623.7% | N/A | -226.0% | N/A | -119.7% | N/A | N/A | N/A | -229.2% | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -133.8%-111.8pp | -21.9%+19.3pp | -41.3%+9.1pp | -50.4%-19.5pp | -30.9%+9.9pp | -40.8%-3.0pp | -37.9%+145.3pp | -183.2%-33.0pp | -150.2%-197.2pp | 47.0%-74.8pp | 121.8%+82.1pp | 39.6%-189.1pp | 228.8%+140.2pp | 88.6%-3.4pp | 92.0% |
| Current Ratio | 1.11+0.2x | 0.92-0.1x | 1.05-0.6x | 1.61-2.4x | 3.98+3.0x | 1.02+0.3x | 0.69+0.2x | 0.53-2.2x | 2.71+2.6x | 0.09-0.2x | 0.30+0.2x | 0.10-0.3x | 0.42+0.1x | 0.30-1.5x | 1.79 |
| Debt-to-Equity | 18.61 | N/A | 0.68 | N/A | 2.01 | N/A | N/A | N/A | 0.00 | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | -207.7% | 116.4% | 50.2%+79.1pp | -28.9%+59.2pp | -88.1%-39.2pp | -48.9%-46.8pp | -2.1% | -179.3% | -27.1% | N/A | 11.0% | N/A | 36.9% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Ryvyl Ranks
Frequently Asked Questions
What is Ryvyl's annual revenue?
Ryvyl (RVYL) reported $11.1M in total revenue for fiscal year 2025. This represents a -38.7% 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 38.7% year-over-year, from $18.2M to $11.1M in fiscal year 2025.
Is Ryvyl profitable?
No, Ryvyl (RVYL) reported a net income of -$17.5M in fiscal year 2025.
What is Ryvyl's EBITDA?
Ryvyl (RVYL) had EBITDA of -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ryvyl's gross margin?
Ryvyl (RVYL) had a gross margin of 47.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ryvyl's return on equity (ROE)?
Ryvyl (RVYL) has a return on equity of -2623.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ryvyl's free cash flow?
Ryvyl (RVYL) recorded an outflow of $23.1M in free cash flow during fiscal year 2025. This represents a -209.3% 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) recorded an outflow of $23.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Ryvyl's total assets?
Ryvyl (RVYL) had $13.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ryvyl's capital expenditures?
Ryvyl (RVYL) invested $79K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ryvyl spend on research and development?
Ryvyl (RVYL) invested $559K in research and development during fiscal year 2025.
What is Ryvyl's current ratio?
Ryvyl (RVYL) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.
What is Ryvyl's debt-to-equity ratio?
Ryvyl (RVYL) had a debt-to-equity ratio of 18.61 as of fiscal year 2025, 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 -133.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ryvyl's cash runway?
Based on fiscal year 2025 data, Ryvyl (RVYL) had $7.4M in cash against an annual operating cash burn of $23.0M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ryvyl's Altman Z-Score?
Ryvyl (RVYL) has an Altman Z-Score of -22.92, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Ryvyl's Piotroski F-Score?
Ryvyl (RVYL) has a Piotroski F-Score of 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ryvyl's earnings high quality?
Ryvyl (RVYL) reported a net loss of $17.5M while operations used $23.0M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $13.1M against $1.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 31 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.