RYVYL Expects 2023 Revenue to be Up >90% Over 2022 and Provides 2024 Revenue Guidance Up >67% Over 2023
RYVYL Inc. (NASDAQ: RVYL) announced several milestones, including a 94% increase in full-year 2023 revenue over 2022, a reduction in debt by $60.3 million, and a 67%+ revenue growth expected for 2024. The company also decided to retain its subsidiary coyni, Inc. to drive substantial revenue growth.
Positive
94% increase in full-year 2023 revenue over 2022
Reduction in debt by $60.3 million
67%+ revenue growth expected for 2024
The reported increase in processing volume to $3 billion, marking a 58% growth over the previous year, is a strong indicator of RYVYL Inc.'s expanding market presence and operational scale. The substantial reduction in debt by $60.3 million and the sale of a non-core asset, the Chicago office building, for $2.7 million, suggest a strategic focus on improving the balance sheet. This financial maneuvering positions the company to potentially enhance its creditworthiness and invest more aggressively in growth opportunities.
Furthermore, the revenue guidance for 2024, projecting an increase to $95-$100 million, reflects management's confidence in continued growth. This guidance, however, should be evaluated against industry performance benchmarks and macroeconomic conditions that may affect market demand and transaction volumes. Investors should monitor the company's quarterly performance against this guidance as a barometer of management's ability to execute on its strategic vision.
RYVYL Inc.'s decision to retain its subsidiary coyni, Inc. and further develop its technology platform underscores a commitment to enhancing its payment processing and banking-as-a-service solutions. This move may be well-received in an industry that is increasingly favoring integrated and comprehensive financial services. By not pursuing a merger or spin-off, RYVYL could benefit from synergies between its core business and coyni's technology platform, potentially leading to new customer acquisition and retention through improved service offerings.
RYVYL's strategic partnerships and expansion into new vertical markets could diversify revenue streams and reduce dependency on any single market segment. The focus on operational efficiencies through a consolidated product roadmap is likely to resonate with investors looking for companies with clear, sustainable growth strategies.
The utilization of proprietary blockchain ledger and electronic token technology by RYVYL Inc. is a significant factor in the fintech industry, where security, transparency and efficiency are paramount. Blockchain technology's potential to reduce fraud, speed up transaction processing and lower costs could give RYVYL a competitive edge in the payment transaction solutions market. The company's emphasis on leveraging these technologies to scale its processing volume and transaction count may indicate a forward-thinking approach aligned with current technological trends.
Investors and stakeholders should consider the technical robustness of RYVYL's blockchain infrastructure and its ability to handle increased transaction volumes, as well as the company's capacity to maintain innovation in a rapidly evolving tech landscape. Understanding the intricacies of blockchain's impact on financial transactions and the potential for RYVYL's technology to disrupt traditional banking models is essential for assessing the company's long-term prospects.
01/19/2024 - 09:01 AM
- Processing volume hit $3 billion , up 58% over 2022 -$95 million to $100 million -
SAN DIEGO, CA, Jan. 19, 2024 (GLOBE NEWSWIRE) -- RYVYL Inc. (NASDAQ: RVYL) ("RYVYL" or the "Company"), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, announced several milestones.
Preannounces Fourth Quarter and Year-end 2023 Revenue, Setting More Records Management expects to deliver fourth quarter 2023 revenue of approximately $21 million , bringing the full-year 2023 revenue to exceed $64 million increasing 94% over 2022.
Strengthens Balance Sheet During the fourth quarter of 2023, the Company reduced debt $60.3 million , lowering the total indebtedness to $19.7 million at December 31, 2023. In addition to cash flow from operations, in late December, the Company sold its Chicago office building for $2.7 million in gross proceeds. At December 31, 2023, cash, cash equivalents and restricted cash were $61.6 million , with $11.7 million being unrestricted cash.
Provides 2024 Revenue Guidance, Continuing Strong Trajectory Management provided 2024 revenue guidance to be between $95 million and $100 million , up 67+% over 2023 expected revenue of $64 million .
Retains coyni to Capture Substantial Revenue Growth The Company decided to retain RYVYL’s wholly owned subsidiary coyni, Inc. and use coyni® technology platform to expand payment processing and banking-as-a-service solutions rather than pursue its merger and spin out into a new publicly traded entity. By maintaining a consolidated product roadmap, RYVYL expects to leverage coyni in both existing and targeted new vertical markets for better operating efficiencies and financial outcome.
“RYVYL is shaping the future of financial transactions; in 2023, we drove meaningful operational and revenue growth while establishing a foundation to rapidly scale our processing volume, number of transactions, partnerships and Banking-as-a-Service platform,” said RYVYL Chairman Ben Errez. “We exceeded our plan for 2023, with processing volume reaching $3 billion , a 58% increase over 2022.
“Our recently formed partnerships and expanded solutions are positioned to improve customer service, increase customer loyalty, and create new revenue streams. Further, by maintaining coyni and RYVYL as a consolidated entity, we expect to capture substantial revenue growth in 2024 and fuel long-term shareholder value,” added Errez.
Fourth Quarter and Year-end 2023 About RYVYL
The Company intends to report its fourth quarter and year-end 2023 financial results on Tuesday, March 26, 2024, after the market close. Management will hold a conference call at 4:30 p.m. ET that day to discuss the results.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) Revolutionizing Global Payments: Our cutting-edge blockchain ledger-based platform offers a seamless and secure payment experience tailored for the diverse and ever-evolving global market. By harnessing the power of blockchain technology, we ensure unparalleled security, transparency, and immutability in all transactions. Our commitment to simplicity guarantees a user-friendly interface accessible to everyone, while robust compliance measures instill trust and confidence across borders and regulatory landscapes. www.ryvyl.com
Disclaimer Regarding Financial Information
The financial information presented in this press release is based on preliminary, unaudited financial statements prepared by management, for the year ended December 31, 2023, and has not yet been reviewed by the Company’s independent auditors. Accordingly, such financial information may be subject to change. All information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2023, which is expected to be released on or around March 26, 2024, and will be posted on www.SEC.gov . While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.
Cautionary Note Regarding Forward-Looking Statements.
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing of the filing of the aforementioned periodic reports. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing of the aforementioned periodic reports with the SEC. Other risk factors affecting the Company are discussed in detail in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Investor Relations Contact: RVYL@mzgroup.us www.mzgroup.us
What is the ticker symbol for RYVYL Inc.?
The ticker symbol for RYVYL Inc. is RVYL.
What was the full-year 2023 revenue compared to 2022?
The full-year 2023 revenue exceeded 2022 by 94%.
What was the reduction in debt during the fourth quarter of 2023?
The company reduced debt by $60.3 million during the fourth quarter of 2023.
What is the expected revenue growth for 2024?
Management provided 2024 revenue guidance to be between $95 million and $100 million, up 67+% over 2023 expected revenue of $64 million.
What decision did the company make regarding its subsidiary coyni, Inc.?
The company decided to retain its subsidiary coyni, Inc. to drive substantial revenue growth.
