Ryvyl Inc. (RVYL) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 14, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the RVYL SEC filings page.
Ryvyl Inc. (RVYL) reported $10.9M in revenue over the twelve months to Mar 31, 2026. 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 latest accounts show a smaller, loss-making operation whose financing and cash generation changed sharply year to year.
Revenue fell from$18.2M in FY2024 to$11.1M in FY2025 while gross margin widened from40.7% to47.7% ; that combination points to a changed revenue or cost mix rather than scale-driven improvement. At the same time, operating cash flow swung from$21.2M positive to-$23.0M , showing that the recent accounting result did not translate into consistent cash generation.
The balance sheet contracted dramatically: assets fell from
Cash generation was not simply a function of reported losses: FY2025's net loss was
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 Inc.'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.
Ryvyl Inc. held $7.4M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $23.0M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Ryvyl Inc. scores 15/100 among other emerging companies.
Ryvyl Inc. had 1M shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Ryvyl Inc. scores 90/100 among other emerging companies.
Ryvyl Inc. spent $559K on research and development in fiscal year 2025, which was 2.3% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Ryvyl Inc. scores 14/100 among other emerging companies.
Ryvyl Inc. reported revenue of $11.1M in fiscal year 2025, against $18.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Ryvyl Inc. scores 3/100 among other emerging companies.
Not available for Ryvyl Inc., and counted as zero in the overall score.
Ryvyl Inc.'s cash, cash equivalents and investments came to $7.4M at the end of fiscal year 2025, against $12.4M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Ryvyl Inc. scores 47/100 among other emerging companies.
Ryvyl Inc. 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 Inc. 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 Inc. 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 Inc. 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 Inc. generated $2.5M in revenue in Q1 2026. This represents a decrease of 8.5% from the same quarter a year earlier. Against the prior quarter it is down 9.2%.
Ryvyl Inc.'s EBITDA was -$3.0M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.5% from the same quarter a year earlier. Against the prior quarter it is up 12.4%.
Ryvyl Inc. reported -$3.3M in net income in Q1 2026. This represents a decrease of 19.2% from the same quarter a year earlier. Against the prior quarter it is up 25.5%.
Cash & Balance Sheet
Ryvyl Inc. recorded an outflow of $2.1M in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents an increase of 86.8% from the same quarter a year earlier. Against the prior quarter it is up 87.7%.
Ryvyl Inc. held $5.5M in cash against $611K in long-term debt as of Q1 2026, with $8.9M of liabilities due within a year.
Not reported for Q1 2026.
Margins & Returns
Ryvyl Inc.'s gross margin was 44.2% in Q1 2026, indicating the percentage of revenue retained after direct costs. This is down 5.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 3.3 percentage points.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q1 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q1 2026.
Capital Allocation
Ryvyl Inc. invested $75K in research and development in Q1 2026. This represents a decrease of 83.3% from the same quarter a year earlier. Against the prior quarter it is down 62.1%.
Ryvyl Inc. reported no capital expenditure in Q1 2026. This represents a decrease of 100.0% from the same quarter a year earlier. Against the prior quarter it is down 100.0%.
Not reported for Q1 2026.
RVYL Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5M-8.5% | $2.8M | $2.8M-1.6% | $2.8M-6.4% | $2.8M-83.5% | N/A | $2.8M-83.8% | $3.0M-80.0% |
| Cost of Revenue | $1.4M+1.0% | $1.5M | $1.4M-21.1% | $1.6M-15.3% | $1.4M-85.6% | N/A | $1.8M-83.7% | $1.8M-78.8% |
| Gross Profit | $1.1M-18.1% | $1.3M | $1.4M+30.6% | $1.2M+8.3% | $1.4M-80.5% | N/A | $1.1M-84.0% | $1.1M-81.6% |
| R&D Expenses | $75K-83.3% | $198K | -$216K-73.5% | $129K-84.2% | $448K-67.8% | N/A | $815K-38.0% | $819K-30.8% |
| SG&A Expenses | $767K-32.7% | $983K | $924K+1005.9% | $1.4M+12.2% | $1.1M-44.2% | N/A | -$102K-103.4% | $1.2M-48.0% |
| Operating Income | -$3.0M+30.9% | -$3.6M | -$1.8M+50.6% | -$3.3M+75.4% | -$4.4M-130.9% | N/A | -$3.7M-55.0% | -$13.3M-278.2% |
| EBITDA | -$3.0M+29.5% | -$3.4M | -$1.8M+42.3% | -$3.1M+75.6% | -$4.3M-241.7% | N/A | -$3.2M-85.1% | -$12.8M-341.9% |
| Interest Expense | -$6K-100.5% | -$2.3M | -$32K+90.7% | -$523K-318.4% | $1.1M+4028.6% | N/A | -$345K-108.2% | -$125K-104.4% |
| Income Tax | $4K-97.2% | $13K | $0-100.0% | $164K-7.3% | $141K-25.8% | N/A | $450K+251.6% | $177K+4325.0% |
| Net Income | -$3.3M-19.2% | -$4.4M | -$2.0M+62.3% | -$8.4M+30.6% | -$2.8M-2.5% | N/A | -$5.2M-66.0% | -$12.1M-0.9% |
| EPS (Basic) | -$2.67+77.1% | N/A | -$0.07+90.8% | -$0.80+57.4% | -$11.67-2493.3% | N/A | -$0.76-26.7% | -$1.88+19.3% |
| EPS (Diluted) | -$2.67 | N/A | -$0.07 | -$0.80 | -$11.67 | N/A | -$0.76-26.7% | -$1.88+19.3% |
| Diluted Shares (Avg) | 1M | N/A | 30M | 11M | 236,150 | N/A | 7M+30.2% | 6M+25.2% |
RVYL Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $9.9M-90.8% | $13.1M-89.3% | $23.4M-81.6% | $20.6M-81.1% | $108.1M-18.0% | $122.3M-5.0% | $127.3M+5.9% | $109.0M-5.5% |
| Current Assets | $9.3M-88.4% | $11.1M-88.3% | $19.8M-79.3% | $16.6M-79.1% | $79.8M-15.3% | $95.4M+6.1% | $95.7M+19.1% | $79.5M+7.6% |
| Cash & Equivalents | $5.5M+84.8% | $7.4M+185.7% | $1.2M-72.9% | $210K-96.7% | $3.0M-71.7% | $2.6M-78.7% | $4.3M-73.1% | $6.4M-51.5% |
| Accounts Receivable | $922K-3.8% | $1.1M+3.5% | $839K-1.4% | $888K+12.0% | $958K-10.1% | $1.1M+25.3% | $851K+21.9% | $793K+22.2% |
| Goodwill | N/A | $0-100.0% | $0-100.0% | $0-100.0% | $19.6M0.0% | $18.9M0.0% | $20.3M-24.1% | $19.5M-27.2% |
| Total Liabilities | $10.9M-90.2% | $12.4M-90.0% | $26.6M-78.0% | $27.5M-72.6% | $111.2M-0.2% | $123.8M+17.7% | $121.0M-12.5% | $100.4M-26.6% |
| Current Liabilities | $8.9M-91.4% | $10.0M-90.3% | $24.0M-76.0% | $24.7M-69.0% | $103.9M+14.1% | $103.5M+21.0% | $100.1M+36.9% | $79.7M+20.6% |
| Non-Current Liabilities | $2.0M-72.8% | $2.4M-88.0% | $2.6M-87.5% | $2.8M-86.4% | $7.2M-64.4% | $20.2M+3.0% | $20.9M-68.0% | $20.7M-70.7% |
| Long-Term Debt | $611K-86.7% | N/A | N/A | N/A | $4.6M-72.7% | $17.4M+9.1% | $17.7M-71.2% | $17.4M-74.0% |
| Total Equity | -$972K+68.5% | $668K+144.8% | -$3.2M-151.0% | -$6.9M-169.2% | -$3.1M-115.1% | -$1.5M-106.4% | $6.3M+125.6% | $10.0M+146.9% |
| Retained Earnings | -$200.2M-9.9% | -$196.9M-9.8% | -$192.5M-11.6% | -$190.6M-13.9% | -$182.2M-17.3% | -$179.4M-17.6% | -$172.6M-40.8% | -$167.4M-40.1% |
Not reported in any period shown, so not listed: Short-Term Investments, Inventory, Long-Term Investments.
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.1M+86.7% | -$16.8M-912.8% | -$3.1M-118.6% | $12.4M+196.9% | -$15.6M-200.4% | $2.1M-62.8% | $16.4M+268.7% | -$12.8M-290.1% |
| Depreciation & Amortization | $33K-75.2% | $213K | -$12K-102.4% | $159K-68.6% | $133K-79.8% | N/A | $505K-23.1% | $507K-18.6% |
| Stock-Based Compensation | $376K+583.6% | N/A | $133K-2.2% | $441K+142.3% | $55K-75.4% | N/A | $136K-7.5% | $182K+668.8% |
| Capital Expenditures | $0-100.0% | $3K-76.9% | $0-100.0% | $68K+353.3% | $8K-63.6% | $13K-56.7% | $27K-55.7% | -$15K |
| Free Cash Flow | -$2.1M+86.8% | -$16.8M-918.1% | -$3.1M-118.6% | $12.4M+196.3% | -$15.6M-200.6% | $2.1M-62.9% | $16.4M+273.2% | -$12.8M-290.3% |
| Investing Cash Flow | $0+100.0% | $1K+100.2% | -$88K+84.9% | -$75.0M-11937.6% | -$1.3M-5668.2% | -$582K-124.6% | -$581K-852.5% | -$623K |
| Financing Cash Flow | $391K-80.4% | $6.5M+19323.5% | $5.4M+67087.5% | -$4K+97.9% | $2.0M+50050.0% | -$34K+98.9% | -$8K-100.0% | -$195K-2685.7% |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | $4K | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
RVYL Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'25 | Q2'25 | Q1'2510-Q | Q4'2410-K | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 44.2%-5.2pp | 47.5% | 50.0%+12.3pp | 43.8%+5.9pp | 49.4%+7.5pp | N/A | 37.7%-0.5pp | 37.9%-3.3pp |
| Operating Margin | -120.0% | -130.7% | -65.0% | -118.1% | -158.9% | N/A | -129.4% | -449.0% |
| Net Margin | -129.6% | -157.9% | -70.1% | -302.1% | -99.5%-83.5pp | N/A | -182.7% | -407.5% |
| Return on Equity | N/A | -660.0% | N/A | N/A | N/A | N/A | -81.8% | -120.8% |
| Return on Assets | -33.2%-30.6pp | -33.7% | -8.3%-4.3pp | -40.8%-29.7pp | -2.5%-0.5pp | N/A | -4.1%-1.5pp | -11.1%-0.7pp |
| Current Ratio | 1.04+0.3x | 1.11+0.2x | 0.82-0.1x | 0.67-0.3x | 0.77-0.3x | 0.92-0.1x | 0.96-0.1x | 1.00-0.1x |
| Debt-to-Equity | N/A | 18.61 | N/A | N/A | N/A | N/A | 2.80 | 1.74 |
| Asset Turnover | 0.26+0.2x | 0.21 | 0.12+0.1x | 0.14+0.1x | 0.03-0.1x | N/A | 0.02-0.1x | 0.03-0.1x |
| FCF Margin | -81.5% | -603.1% | -109.6% | 444.4% | -563.0% | N/A | 579.0% | -432.2% |
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.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Ryvyl Inc. RVYL | FY2025 | $11.1M | -$17.5M | N/A | $10.0M | 28/100 |
| The OLB Group, Inc. OLB | FY2025 | $8.7M | -$5.9M | -67.7% | $9.3M | 19/100 |
| DigiAsia Corp. FAAS | FY2023 | N/A | -$64K | N/A | $4.9M | — |
| Brand Engagement Network Inc. BNAI | FY2025 | $275K | -$8.6M | N/A | $41.0M | — |
| Datasea Intelligent Technology Ltd. DTSS | FY2026 | $40.7M | -$2.2M | -5.4% | $9.3M | 47/100 |
Where Ryvyl Inc. Ranks
Frequently Asked Questions
What is Ryvyl Inc.'s annual revenue?
Ryvyl Inc. (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 Inc.'s revenue growing?
Ryvyl Inc. (RVYL) revenue declined by 38.7% year-over-year, from $18.2M to $11.1M in fiscal year 2025.
Is Ryvyl Inc. profitable?
No, Ryvyl Inc. (RVYL) reported a net income of -$17.5M in fiscal year 2025.
What is Ryvyl Inc.'s EBITDA?
Ryvyl Inc. (RVYL) had EBITDA of -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ryvyl Inc.'s gross margin?
Ryvyl Inc. (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 Inc.'s return on equity (ROE)?
Ryvyl Inc. (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 Inc.'s free cash flow?
Ryvyl Inc. (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 Inc.'s operating cash flow?
Ryvyl Inc. (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 Inc.'s total assets?
Ryvyl Inc. (RVYL) had $13.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ryvyl Inc.'s capital expenditures?
Ryvyl Inc. (RVYL) invested $79K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ryvyl Inc. spend on research and development?
Ryvyl Inc. (RVYL) invested $559K in research and development during fiscal year 2025.
What is Ryvyl Inc.'s current ratio?
Ryvyl Inc. (RVYL) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.
What is Ryvyl Inc.'s debt-to-equity ratio?
Ryvyl Inc. (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 Inc.'s return on assets (ROA)?
Ryvyl Inc. (RVYL) had a return on assets of -133.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Ryvyl Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Ryvyl Inc. (RVYL) held $7.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $23.0M over that year. Dividing the one by the other, the reported balance equals about 4 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Ryvyl Inc.'s Altman Z-Score?
Ryvyl Inc. (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 Inc.'s Piotroski F-Score?
Ryvyl Inc. (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 Inc.'s earnings high quality?
Ryvyl Inc. (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 Inc. cover its interest payments?
Ryvyl Inc. (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 Inc.?
Ryvyl Inc. (RVYL) scores 28 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.