RYVYL Inc.
For the period ended Jun 30, 2025. Filed Aug 14, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 14, 2025
RTB$6.08+2.2%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of June 30, 2025 (unaudited) and December 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
| June 30, 2025 | December 31, 2024 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Current Assets: | ||
| Cash | $210 | $2,599 |
| Restricted cash | 14,770 | 89,432 |
| Accounts receivable, net of allowance for credit losses of $309 and $142, respectively | 888 | 1,076 |
| Cash due from gateways, net of allowance of $152 and $34, respectively | - | 88 |
| Prepaid and other current assets | 764 | 2,189 |
| Total current assets | 16,632 | 95,384 |
| Non-current Assets: | ||
| Property and equipment, net | 135 | 165 |
| Goodwill | - | 18,856 |
| Intangible assets, net | 1,560 | 1,802 |
| Operating lease right-of-use assets, net | 2,035 | 3,425 |
| Other assets | 240 | 2,644 |
| Total non-current assets | 3,970 | 26,892 |
| Total assets | $20,602 | $122,276 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $5,170 | $3,515 |
| Accrued liabilities | 3,224 | 8,146 |
| Payment processing liabilities, net | 15,658 | 90,802 |
| Current portion of operating lease liabilities | 533 | 839 |
| Other current liabilities | 124 | 240 |
| Total current liabilities | 24,709 | 103,542 |
| Long term debt, net of debt discount | 613 | 17,363 |
| Operating lease liabilities, less current portion | 2,217 | 2,863 |
| Total liabilities | 27,539 | 123,768 |
| Commitments and contingencies (Note 15) | ||
| Stockholders’ Equity: | ||
| Preferred stock, Series B, par value $0.01, 5,000,000 shares authorized; shares issued and outstanding 0 and 53,499 at June 30, 2025 and December 31, 2024, respectively | - | 1 |
| Common stock, par value $0.001, 100,000,000 shares authorized, shares issued and outstanding of 15,957,396 and 8,032,318 at June 30, 2025 and December 31, 2024, respectively | 16 | 8 |
| Additional paid-in capital | 183,618 | 179,157 |
| Accumulated other comprehensive income | - | (1,251) |
| Accumulated deficit | (190,571) | (179,407) |
| Total stockholders’ deficit | (6,937) | (1,492) |
| Total liabilities and stockholders’ deficit | $20,602 | $122,276 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $2,783 | $2,972 | $5,552 | $12,646 |
| Cost of revenue | 1,564 | 1,846 | 2,964 | 7,367 |
| Gross profit | 1,219 | 1,126 | 2,588 | 5,279 |
| Operating expenses: | ||||
| Advertising and marketing | 2 | 16 | 5 | 33 |
| Research and development | 129 | 819 | 578 | 2,212 |
| General and administrative | 1,351 | 1,204 | 2,488 | 2,742 |
| Payroll and payroll taxes | 497 | 2,170 | 3,120 | 5,074 |
| Professional fees | 667 | 1,260 | 1,685 | 2,295 |
| Stock compensation expense | 441 | 182 | 496 | 406 |
| Depreciation and amortization | 159 | 507 | 241 | 998 |
| Impairment of goodwill | - | 6,675 | - | 6,675 |
| Impairment of intangible assets | 1,088 | - | 1,088 | - |
| Restructuring charges | 171 | 1,636 | 574 | 1,636 |
| Total operating expenses | 4,505 | 14,469 | 10,275 | 22,071 |
| Loss from operations | (3,286) | (13,343) | (7,687) | (16,792) |
| Other income (expense): | ||||
| Interest expense | (523) | (125) | (1,752) | (153) |
| Accretion of debt discount | (22) | (797) | (150) | (1,705) |
| Changes in fair value of derivative liability | - | 14 | - | 14 |
| Derecognition expense on conversion of convertible debt | 176 | (69) | 176 | (69) |
| Other (expense) income | (21) | 49 | 26 | 99 |
| Total other expense, net | (390) | (928) | (1,700) | (1,814) |
| Loss from continuing operations before income taxes | (3,676) | (14,271) | (9,387) | (18,606) |
| Provision for income taxes | 164 | 177 | 305 | 166 |
| Net loss from continuing operations | (3,840) | (14,448) | (9,692) | (18,772) |
| (Loss) income from discontinued operations, net of tax | (4,568) | 2,337 | (1,472) | 3,971 |
| Net loss | $(8,408) | $(12,111) | $(11,164) | $(14,801) |
| Comprehensive income statement: | ||||
| Net loss | $(8,408) | $(12,111) | $(11,164) | $(14,801) |
| Foreign currency translation gain (loss) | 149 | (174) | 1,250 | (619) |
| Total comprehensive loss | $(8,259) | $(12,285) | $(9,914) | $(15,420) |
| Net loss per share: | ||||
| Basic and diluted | $(0.80) | $(1.88) | $(1.19) | $(2.39) |
| Weighted average number of common shares outstanding: | ||||
| Basic and diluted | 10,561,893 | 6,438,409 | 9,409,076 | 6,205,492 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’EQUITY
(In thousands, except share data)
| Common Stock · Preferred Stock · Additional · Other Accumulated Comprehensive · Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Series B Shares · Amount · Paid In Capital · Income (Loss) · Accumulated Deficit · Stockholders’ Equity | ||||||||||
| Balance at December 31, 2024 | 8,032,318 | $8 | 53,499 | $1 | $179,157 | $(1,251) | $(179,407) | $(1,492) | ||
| Issuance of common stock under equity incentive plans | 15,760 | 0 | - | - | 55 | - | - | 55 | ||
| Common stock issued for conversion of Preferred B stock | 314,912 | 0 | (400) | - | - | - | - | - | ||
| Preferred B stock repurchases | - | - | (53,099) | (1) | 1 | - | - | - | ||
| Capital contributions | - | - | 9 | 9 | ||||||
| Net loss and comprehensive loss | - | - | - | - | - | 1,102 | (2,756) | (1,654) | ||
| Balance at March 31, 2025 | 8,362,990 | 8 | - | - | 179,222 | (149) | (182,163) | (3,082) | ||
| Issuance of common stock under equity incentive plans | 475,563 | 1 | - | - | 396 | - | - | 397 | ||
| Common stock issued for conversion of convertible debt | 7,118,843 | 7 | - | - | 3,956 | - | - | 3,963 | ||
| Stock-based compensation | - | - | - | - | 44 | - | - | 44 | ||
| Net loss and comprehensive loss | - | - | - | - | - | 149 | (8,408) | (8,259) | ||
| Balance at June 30, 2025 | 15,957,396 | $16 | - | $ | - | $183,618 | $ | - | $(190,571) | $(6,937) |
| Common Stock · Preferred Stock · Additional · Other Accumulated Comprehensive · Total | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Series B Shares | Amount | Paid In Capital | Income (Loss) | Accumulated Deficit | Stockholders’ Equity | |
| Balance at December 31, 2023 | 5,996,948 | $6 | 55,000 | $1 | $175,664 | $401 | $(152,581) | $23,491 |
| Issuance of restricted common stock under equity incentive plans | 6,333 | - | - | - | 119 | - | - | 119 |
| Issuance of restricted common stock under equity incentive plans | 14,443 | - | - | - | 93 | - | - | 93 |
| Issuance of common stock upon exercise of stock options | 6,218 | - | - | - | - | - | - | - |
| Shares forfeited | (22,455) | - | - | - | (100) | - | - | (100) |
| Net loss and comprehensive loss | - | - | - | - | - | (445) | (2,689) | (3,134) |
| Balance at March 31, 2024 | 6,001,487 | 6 | 55,000 | 1 | 175,777 | (44) | (155,270) | 20,470 |
| Issuance of restricted common stock under equity incentive plans | 42,659 | - | - | - | 279 | - | - | 279 |
| Issuance of common stock upon conversion of convertible debt | 169,220 | - | - | - | 240 | - | - | 240 |
| Issuance of common stock upon conversion of Series B preferred stock | 567,262 | 1 | (875) | - | (1) | - | - | - |
| Shares forfeited | (30,528) | - | - | - | (75) | - | - | (75) |
| Net loss and comprehensive loss | - | - | - | - | - | (174) | (12,111) | (12,285) |
| Balance at June 30, 2024 | 6,750,100 | $7 | 54,125 | $1 | $177,620 | $(218) | $(167,382) | $10,028 |
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