RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a leading
innovator of payment transaction solutions leveraging proprietary
blockchain ledger and electronic payment technology for the diverse
international markets, reported its financial results for the
quarter ended June 30, 2024.
“RYVYL delivered second quarter 2024 revenue in
line with expectations, as lower revenue in North America was
partially offset by revenue generated from international
operations, which grew 134% year-over-year,” said RYVYL Co-founder
and CEO Fredi Nisan. “During the second quarter, we aligned our
U.S. operations to manage the impact of banking regulations
affecting certain niche customer bases, which we believe is largely
behind us. To rebuild that business and expand into new verticals,
we extended a longstanding U.S. banking relationship to include
high-risk processing and are launching private and white label
licensing solutions. As a result, we are growing our pipeline in
sectors like insurance and online businesses and are aggressively
pursuing multiple prospects.”
New Solutions Highlights
“We believe our new private and white-label
licensing, which integrates our proprietary technology will attract
new customers, lower certain processing costs and operational
risks, and expand gross margins. We are enthusiastic about the
potential of developing this high-margin business and have made it
a strategic focus in North America. To bolster our team and drive
this strategy, we have appointed a fintech expert as our Managing
Director of Northeast Merchant Systems (NEMS), as well as a VP of
Compliance and a VP of Revenue,” Nisan continued.
- Under a private label arrangement,
partners will use their own banks, while RYVYL will benefit from
increased customer access, reduced regulatory challenges, and
enhanced operating leverage.
- With white-label
licensing, customers apply their own branding to our technology,
while RYVYL retains control of processing and bank servicing
operations.
“RYVYL remains at the forefront of delivering
innovative technology and solutions to our customers. Our latest
Gen 4 software employs RYVYL’s solutions, provides businesses and
merchants with highly customizable, advanced, and efficient fintech
payment solutions,” Nisan concluded.
-
The NanoKard app offers users an alternative to cash and charge
cards while also enabling merchants to process transactions
securely and more efficiently. We provide cutting-edge solutions
tailored to businesses of all types, bridging the gap between
businesses and customers. By transforming traditional payment
processing with innovative methods, we streamline payment
acceptance and checkout processes. By focusing on specific
verticals with these convenient and secure solutions, RYVYL is
introducing a new product designed for high-margin processing.
-
RYVYL Fabric offers tools and building blocks to ensure easy
blockchain access with multi-layer security compatible with both
R3’s Corda and Hyperledger, allowing customers to implement
blockchain faster with a low-cost pay-per-API structure. RYVYL’s
partnership with R3 expands its reach in enterprise via its
distributed ledger technology and services in regulated industries
where trust is critical.
Financial Summary for the Second Quarter
Ended June 30, 2024
- Revenue in the
second quarter of 2024 was $11.9 million, including $8.9 million in
RYVYL EU. This compared to $14.8 million in the second quarter of
2023, which included $3.8 million of revenue generated from RYVYL
EU.
- Processing
volume increased 55% to 1,055 million in the second quarter of
2024, compared to $679 million in the second quarter of 2023.
Revenue from international operations contributed $902 million in
the second quarter of 2024, up from $317 million in the second
quarter of 2023, which was driven mostly by growth in banking
volumes. Revenue from North American operations contributed $153
million in the second quarter of 2024, down from $362 million in
the second quarter of 2023 due to the impact of the changes in one
niche industry customer base that reduced processing volume of
acquiring business in February 2024.
- Cost of revenue
was $7.2 million in the second quarter ended 2024, compared to $8.7
million in the second quarter 2023, which was due to decreased
processing volumes of acquiring business in the US.
- Gross margin was
39.9% in the second quarter of 2024, compared to, 41.2% in the
second quarter of 2023, reflecting the shift in product mix.
- Operating
expenses were $15.6 million in the second quarter of 2024,
including $8.3 million of mostly noncash charges for goodwill
impairment, restructuring costs, and employee severance. This
compares to $9.6 million in operating expenses in the second
quarter of 2023. Excluding the nonrecurring charges, operating
expenses were lower by $2.3 million in the second quarter of 2024,
compared to the second quarter of 2024, primarily as a result of
$1.3 million in lower professional fees and $0.7 million in lower
G&A costs.
- Other expense
totaled $0.8 million in the second quarter of 2024, and mostly
related to debt discount accretion, compared to $8.5 million in the
second quarter of 2023, of which $5.0 million was related to debt
interest, debt discount accretion and changes in fair value of the
derivative liability.
- Adjusted EBITDA
was negative $1.6 million for the second quarter of 2024, compared
to negative $0.9 million for the second quarter 2023.
- During the
second quarter of 2024, $0.2 million of debt principal and $0.9
million of preferred stock was retired, and the due date of an
outstanding 8% Senior Convertible Note repayment obligation was
extended by one year to April 5, 2026.
- As of June 30, 2024, cash and
restricted cash totaled $75.2 million, and unrestricted cash was
$6.4 million, compared to $73.3 million and $12.2 million,
respectively at December 31, 2023.
2024 Financial Outlook
The company expects full year 2024 revenue to be
in the range of $65 million to $70 million and processing volumes
to exceed $4 billion, with its international segment expected to
comprise the largest portion of revenue in 2024. Third quarter 2024
revenue is expected to be in the range of $14 million to $15
million, followed by strong sequential revenue growth and Adjusted
EBITDA profitability in the fourth quarter of 2024.
Investor Conference Call
RYVYL management will host a conference call at
4:30 p.m. Eastern Time on Tuesday, August 13, 2024, to discuss the
Company's financial results for the second quarter ended June 30,
2024, provide a corporate update and end with a question-and-answer
session. To participate, please use the following information and
submit your questions in writing prior to the call at
RYVYL@lhai.com.
Q2 2024 Conference Call and Webcast Date:
Tuesday, August 13, 2024Time: 4:30 p.m. Eastern Time US Dial In:
1-833-816-1437International Dial In: 1-412-317-0529Webcast: Q2 2024
Webcast Call me: Link
Participants can use Guest dial-in #s above and
be answered by an operator OR click the Call me link for instant
telephone access to the event and enter pass code 1713018. The Call
me link will be made active 15 minutes prior to scheduled start
time.
A replay of the call will be available through
October 13, 2024, by calling 1-844-512-2921 within the United
States or 1-412-317-6671 when calling internationally and entering
access ID 10191677. An archived version of the webcast will also be
available for 90 days on the IR section of the RYVYL website or by
clicking the webcast link above.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) was born from a
passion for empowering a new way to conduct business-to-business,
consumer-to-business, and peer-to-peer payment transactions around
the globe. By leveraging proprietary blockchain ledger and
electronic token technology for the diverse international markets,
RYVYL is a leading innovator of payment transaction solutions
reinventing the future of financial transactions. Since its
founding as GreenBox POS in 2017 in San Diego, RYVYL has developed
applications enabling an end-to-end suite of turnkey financial
products with enhanced security and data privacy, world-class
identity theft protection, and rapid speed to settlement. As a
result, the platform can log immense volumes of immutable
transactional records at the speed of the internet for first-tier
partners, merchants, and consumers around the globe.
www.ryvyl.com
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 and are characterized by future or conditional words such
as "may," "will," "expect," "intend," "anticipate," “believe,"
"estimate" and "continue" or similar words. You should read
statements that contain these words carefully because they discuss
future expectations and plans, which contain projections of future
results of operations or financial condition or state other
forward-looking information.
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 Securities and Exchange Commission (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.
IR Contact: David Barnard, LHA Investor
Relations, 415-433-3777, RYVYL@lhai.com
RYVYL INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(Dollars in thousands,
except share and per share data)
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
|
(Unaudited) |
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
Current
Assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
6,387 |
|
|
$ |
12,180 |
|
Restricted cash |
|
|
68,773 |
|
|
|
61,138 |
|
Accounts receivable, net of allowance for credit losses of $80 and
$23, respectively |
|
|
793 |
|
|
|
859 |
|
Cash due from gateways, net of allowance of $0 and $2,636,
respectively |
|
|
1,136 |
|
|
|
12,834 |
|
Prepaid and other current assets |
|
|
2,408 |
|
|
|
2,854 |
|
Total current assets |
|
|
79,497 |
|
|
|
89,865 |
|
Non-current
Assets: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
792 |
|
|
|
306 |
|
Goodwill |
|
|
19,468 |
|
|
|
26,753 |
|
Intangible assets, net |
|
|
4,071 |
|
|
|
5,059 |
|
Operating lease right-of-use assets, net |
|
|
3,824 |
|
|
|
4,279 |
|
Other assets |
|
|
1,381 |
|
|
|
2,403 |
|
Total non-current assets |
|
|
29,536 |
|
|
|
38,800 |
|
Total
assets |
|
$ |
109,033 |
|
|
$ |
128,665 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
3,156 |
|
|
$ |
1,819 |
|
Accrued liabilities |
|
|
4,780 |
|
|
|
5,755 |
|
Payment processing liabilities, net |
|
|
70,575 |
|
|
|
76,772 |
|
Current portion of operating lease liabilities |
|
|
787 |
|
|
|
692 |
|
Other current liabilities |
|
|
358 |
|
|
|
504 |
|
Total current liabilities |
|
|
79,656 |
|
|
|
85,542 |
|
Long term debt, net of debt discount |
|
|
17,437 |
|
|
|
15,912 |
|
Operating lease liabilities, less current portion |
|
|
3,311 |
|
|
|
3,720 |
|
Total liabilities |
|
|
100,404 |
|
|
|
105,174 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity: |
|
|
|
|
|
|
|
|
Preferred stock, Series B, par value $0.01, 5,000,000 shares
authorized; shares issued and outstanding 54,125 and 55,000 at June
30, 2024 and December 31, 2023, respectively |
|
|
1 |
|
|
|
1 |
|
Common stock, par value $0.001, 100,000,000 shares authorized,
shares issued and outstanding of 6,750,100 and 5,996,948 at June
30, 2024 and December 31, 2023, respectively |
|
|
7 |
|
|
|
6 |
|
Additional paid-in capital |
|
|
176,220 |
|
|
|
175,664 |
|
Accumulated other comprehensive (loss) income |
|
|
(218 |
) |
|
|
401 |
|
Accumulated deficit |
|
|
(167,381 |
) |
|
|
(152,581 |
) |
Total stockholders'
equity |
|
|
8,629 |
|
|
|
23,491 |
|
Total liabilities and
stockholders’ equity |
|
$ |
109,033 |
|
|
$ |
128,665 |
|
RYVYL INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME(Dollars in thousands, except share and per
share data)(Unaudited)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
11,900 |
|
|
$ |
14,849 |
|
|
$ |
28,674 |
|
|
$ |
26,140 |
|
Cost of revenue |
|
|
7,151 |
|
|
|
8,725 |
|
|
|
16,894 |
|
|
|
14,903 |
|
Gross profit |
|
|
4,749 |
|
|
|
6,124 |
|
|
|
11,780 |
|
|
|
11,237 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising and marketing |
|
|
17 |
|
|
|
33 |
|
|
|
33 |
|
|
|
108 |
|
Research and development |
|
|
819 |
|
|
|
1,184 |
|
|
|
2,212 |
|
|
|
3,119 |
|
General and
administrative |
|
|
1,621 |
|
|
|
2,317 |
|
|
|
3,665 |
|
|
|
3,669 |
|
Payroll and payroll taxes |
|
|
2,850 |
|
|
|
2,913 |
|
|
|
6,419 |
|
|
|
5,627 |
|
Professional fees |
|
|
1,261 |
|
|
|
2,614 |
|
|
|
2,295 |
|
|
|
4,417 |
|
Stock compensation
expense |
|
|
182 |
|
|
|
(32 |
) |
|
|
406 |
|
|
|
161 |
|
Depreciation and
amortization |
|
|
578 |
|
|
|
623 |
|
|
|
1,235 |
|
|
|
1,242 |
|
Impairment of goodwill |
|
|
6,675 |
|
|
|
- |
|
|
|
6,675 |
|
|
|
- |
|
Restructuring charges |
|
|
1,636 |
|
|
|
- |
|
|
|
1,636 |
|
|
|
- |
|
Total operating expenses |
|
|
15,639 |
|
|
|
9,652 |
|
|
|
24,576 |
|
|
|
18,343 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(10,890 |
) |
|
|
(3,528 |
) |
|
|
(12,796 |
) |
|
|
(7,106 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(125 |
) |
|
|
(1,517 |
) |
|
|
(153 |
) |
|
|
(3,246 |
) |
Accretion of debt discount |
|
|
(797 |
) |
|
|
(2,821 |
) |
|
|
(1,705 |
) |
|
|
(5,443 |
) |
Changes in fair value of derivative liability |
|
|
14 |
|
|
|
(497 |
) |
|
|
14 |
|
|
|
(329 |
) |
Derecognition expense on conversion of convertible debt |
|
|
(69 |
) |
|
|
(188 |
) |
|
|
(69 |
) |
|
|
(188 |
) |
Legal settlement expense |
|
|
- |
|
|
|
(2,113 |
) |
|
|
|
|
|
|
(2,214 |
) |
Other income (expense) |
|
|
195 |
|
|
|
(1,337 |
) |
|
|
537 |
|
|
|
(1,447 |
) |
Total other expense, net |
|
|
(782 |
) |
|
|
(8,473 |
) |
|
|
(1,376 |
) |
|
|
(12,867 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss before provision for
income taxes |
|
|
(11,672 |
) |
|
|
(12,001 |
) |
|
|
(14,172 |
) |
|
|
(19,973 |
) |
Income tax provision |
|
|
439 |
|
|
|
4 |
|
|
|
629 |
|
|
|
9 |
|
Net loss |
|
$ |
(12,111 |
) |
|
$ |
(12,005 |
) |
|
$ |
(14,801 |
) |
|
$ |
(19,982 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income
statement: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(12,111 |
) |
|
$ |
(12,005 |
) |
|
$ |
(14,801 |
) |
|
$ |
(19,982 |
) |
Foreign currency translation loss |
|
|
(174 |
) |
|
|
(13 |
) |
|
|
(619 |
) |
|
|
(71 |
) |
Total comprehensive loss |
|
$ |
(12,285 |
) |
|
$ |
(12,018 |
) |
|
$ |
(15,420 |
) |
|
$ |
(20,053 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(1.88 |
) |
|
$ |
(2.33 |
) |
|
$ |
(2.39 |
) |
|
$ |
(3.90 |
) |
Weighted average
number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
6,438,409 |
|
|
|
5,141,710 |
|
|
|
6,205,492 |
|
|
|
5,128,790 |
|
RYVYL INC.CONDENSED
CONSOLIDATED STATEMENT OF CASH FLOWS(Dollars in
thousands)(Unaudited)
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(14,800 |
) |
|
$ |
(19,982 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
|
1,235 |
|
|
|
1,242 |
|
Noncash lease expense |
|
|
141 |
|
|
|
67 |
|
Stock compensation expense |
|
|
406 |
|
|
|
161 |
|
Accretion of debt discount |
|
|
1,705 |
|
|
|
5,443 |
|
Derecognition upon conversion of convertible debt |
|
|
68 |
|
|
|
188 |
|
Changes in fair value of derivative liability |
|
|
(14 |
) |
|
|
329 |
|
Impairment of goodwill |
|
|
6,675 |
|
|
|
- |
|
Restructuring charges |
|
|
1,636 |
|
|
|
- |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
66 |
|
|
|
507 |
|
Prepaid and other current assets |
|
|
445 |
|
|
|
7,366 |
|
Cash due from gateways, net |
|
|
11,699 |
|
|
|
445 |
|
Other assets |
|
|
(299 |
) |
|
|
(1,781 |
) |
Accounts payable |
|
|
1,337 |
|
|
|
11,161 |
|
Accrued and other current liabilities |
|
|
(1,408 |
) |
|
|
782 |
|
Accrued interest |
|
|
- |
|
|
|
506 |
|
Payment processing liabilities, net |
|
|
(6,197 |
) |
|
|
16,695 |
|
Net cash provided by operating
activities |
|
|
2,695 |
|
|
|
23,129 |
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(7 |
) |
|
|
(17 |
) |
Capitalized software development costs |
|
|
(546 |
) |
|
|
- |
|
Purchases of intangible assets |
|
|
(92 |
) |
|
|
- |
|
Net cash used in investing
activities |
|
|
(645 |
) |
|
|
(17 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
Repayments on long-term debt |
|
|
(9 |
) |
|
|
(7 |
) |
Treasury stock purchases |
|
|
(190 |
) |
|
|
- |
|
Net cash used in financing
activities |
|
|
(199 |
) |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes on cash, cash equivalents, and restricted cash |
|
|
(9 |
) |
|
|
(13 |
) |
|
|
|
|
|
|
|
|
|
Net increase in cash, cash
equivalents, and restricted cash |
|
|
1,842 |
|
|
|
23,092 |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents, and
restricted cash – beginning of period |
|
|
73,318 |
|
|
|
40,834 |
|
|
|
|
|
|
|
|
|
|
Cash, cash
equivalents, and restricted cash – end of
period |
|
$ |
75,160 |
|
|
$ |
63,926 |
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow
disclosures |
|
|
|
|
|
|
|
|
Cash paid during the period for: |
|
|
|
|
|
|
|
|
Interest |
|
$ |
- |
|
|
$ |
2,709 |
|
Income taxes |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Non-cash financing and
investing activities: |
|
|
|
|
|
|
|
|
Convertible debt conversion to common stock |
|
$ |
200 |
|
|
$ |
300 |
|
Interest accrual from convertible debt converted to common
stock |
|
$ |
380 |
|
|
$ |
3 |
|
Use of Non-GAAP Financial
Information
Adjusted earnings before interest, taxes,
depreciation, and amortization (“Adjusted EBITDA”) is a non-GAAP
measure that represents our net loss before interest expense,
amortization of debt discount, income tax expense, depreciation and
amortization, changes in the fair value of derivative liabilities,
losses on the extinguishment and derecognition expenses on the
conversion of convertible debt, non-cash stock-based compensation
expense, acquisition-related expense, non-recurring provisions for
credit losses on legacy matters, accounting fees related to the
restatement of prior period financial statements, non-recurring
costs related to the spin-off of a subsidiary, and legal costs and
settlement fees incurred in connection with non-ordinary course
litigation and other disputes.
We exclude these items in calculating Adjusted
EBITDA because we believe that the exclusion of these items will
provide for more meaningful information about our financial
performance, and do not consider the excluded items to be part of
our ongoing results of operations. Our use of Adjusted EBITDA has
limitations as an analytical tool, and you should not consider it
in isolation or as a substitute for analysis of our financial
results as reported under GAAP. Some of these limitations are: (a)
although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements; (b) Adjusted EBITDA does not reflect
changes in, or cash requirements for, our working capital needs;
(c) Adjusted EBITDA does not reflect the potentially dilutive
impact of equity-based compensation; (d) Adjusted EBITDA does not
reflect tax payments that may represent a reduction in cash
available to us; and (e) other companies, including companies in
our industry, may calculate Adjusted EBITDA or similarly titled
measures differently, which reduces its usefulness as a comparative
measure.
Because of these and other limitations, you
should consider Adjusted EBITDA alongside our other GAAP-based
financial performance measures, net income (loss) and our other
GAAP financial results. The following table presents a
reconciliation of Adjusted EBITDA from net loss, the most directly
comparable GAAP measure, for the periods indicated:
Reconciliation of Net Loss attributable
to RYVYL, Inc., to Adjusted EBITDA for theThree
and Six Months Ended June 30, 2024 and 2023(in
thousands, except share and per share
data)(Unaudited)
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(12,111 |
) |
|
$ |
(12,005 |
) |
|
$ |
(14,801 |
) |
|
$ |
(19,982 |
) |
Interest expense |
|
125 |
|
|
|
1,517 |
|
|
|
153 |
|
|
|
3,246 |
|
Accretion of debt
discount |
|
797 |
|
|
|
2,821 |
|
|
|
1,705 |
|
|
|
5,443 |
|
Income tax expense |
|
439 |
|
|
|
4 |
|
|
|
629 |
|
|
|
9 |
|
Depreciation and
amortization |
|
578 |
|
|
|
623 |
|
|
|
1,235 |
|
|
|
1,242 |
|
EBITDA |
|
(10,172 |
) |
|
|
(7,040 |
) |
|
|
(11,079 |
) |
|
|
(10,042 |
) |
|
|
|
|
|
|
|
|
Other non-cash
adjustments: |
|
|
|
|
|
|
|
Change in fair value of
derivative liability |
|
(14 |
) |
|
|
497 |
|
|
|
(14 |
) |
|
|
329 |
|
Derecognition expense on
conversion of convertible debt |
|
68 |
|
|
|
188 |
|
|
|
68 |
|
|
|
188 |
|
Stock compensation
expense |
|
182 |
|
|
|
(32 |
) |
|
|
406 |
|
|
|
161 |
|
Impairment of goodwill |
|
6,675 |
|
|
|
- |
|
|
|
6,675 |
|
|
|
- |
|
Restructuring charges |
|
1,636 |
|
|
|
- |
|
|
|
1,636 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Special
items: |
|
|
|
|
|
|
|
Non-recurring legal
settlements and ongoing matters and related legal fees |
|
- |
|
|
|
3,279 |
|
|
|
- |
|
|
|
3,279 |
|
Carryover effects of financial
statement restatements in prior periods |
|
- |
|
|
|
1,222 |
|
|
|
- |
|
|
|
1,222 |
|
Non-recurring provision for
credit losses on legacy matters |
|
- |
|
|
|
625 |
|
|
|
- |
|
|
|
625 |
|
Accounting fees related to the
restatement of prior period financial statements |
|
- |
|
|
|
237 |
|
|
|
- |
|
|
|
237 |
|
Non-recurring impairment of
right of use asset |
|
- |
|
|
|
100 |
|
|
|
- |
|
|
|
100 |
|
Non-recurring costs of
spin-off |
|
- |
|
|
|
29 |
|
|
|
- |
|
|
|
29 |
|
Adjusted EBITDA |
$ |
(1,625 |
) |
|
$ |
(895 |
) |
|
$ |
(2,308 |
) |
|
$ |
(3,872 |
) |
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(10,890 |
) |
|
$ |
(3,528 |
) |
|
$ |
(12,796 |
) |
|
$ |
(7,106 |
) |
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