RYVYL Inc.
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 14, 2025
RTB$6.08+2.2%Stored close · as of Nov 6, 2026
Contents
Condensed Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| (Unaudited) | ||
| ASSETS | ||
| Current Assets: | ||
| Cash | $1,155 | $2,599 |
| Restricted cash | 16,581 | 89,432 |
| Accounts receivable, net of allowance for credit losses of $311 and $142, respectively | 839 | 1,076 |
| Cash due from gateways, net of allowance of $152 and $34, respectively | - | 88 |
| Prepaid and other current assets | 1,209 | 2,189 |
| Total current assets | 19,784 | 95,384 |
| Non-current Assets: | ||
| Property and equipment, net | 115 | 165 |
| Goodwill | - | 18,856 |
| Intangible assets, net | 1,467 | 1,802 |
| Operating lease right-of-use assets, net | 1,807 | 3,425 |
| Other assets | 240 | 2,644 |
| Total non-current assets | 3,629 | 26,892 |
| Total assets | $23,413 | $122,276 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | $1,698 | $3,515 |
| Accrued liabilities | 5,316 | 8,146 |
| Payment processing liabilities, net | 16,326 | 90,802 |
| Current portion of operating lease liabilities | 636 | 839 |
| Other current liabilities | 45 | 240 |
| Total current liabilities | 24,021 | 103,542 |
| Long term debt, net of debt discount | 615 | 17,363 |
| Operating lease liabilities, less current portion | 1,999 | 2,863 |
| Total liabilities | 26,635 | 123,768 |
| Commitments and contingencies (Note 15) | ||
| Stockholders’ Equity: | ||
| Convertible Preferred stock: $0.01 par value; 5,000,000 shares authorized | ||
| Series A Preferred Stock: 15,000 shares designated; 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | - | - |
| Series B Preferred Stock: 55,000 shares designated; 0 shares and 55,000 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | - | 1 |
| Common stock, par value $0.001 per share, 100,000,000 shares authorized, shares issued and outstanding of 32,142,324 and 8,032,318 at September 30, 2025 and December 31, 2024, respectively | 32 | 8 |
| Additional paid-in capital | 189,270 | 179,157 |
| Accumulated other comprehensive income | - | (1,251) |
| Accumulated deficit | (192,524) | (179,407) |
| Total stockholders’ deficit | (3,222) | (1,492) |
| Total liabilities and stockholders’ deficit | $23,413 | $122,276 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands, except share and per share data)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Revenue | $2,786 | $2,832 | $8,338 | $15,478 |
| Cost of revenue | 1,393 | 1,765 | 4,357 | 9,132 |
| Gross profit | 1,393 | 1,067 | 3,981 | 6,346 |
| Operating expenses: | ||||
| Advertising and marketing | 17 | 29 | 22 | 62 |
| Research and development | (216) | 815 | 362 | 3,027 |
| General and administrative | 924 | (102) | 3,412 | 2,640 |
| Payroll and payroll taxes | 1,240 | 2,292 | 4,359 | 7,365 |
| Professional fees | 511 | 1,056 | 2,196 | 3,351 |
| Stock compensation expense | 133 | 136 | 629 | 542 |
| Depreciation and amortization | (12) | 505 | 229 | 1,504 |
| Impairment of goodwill | - | - | - | 6,675 |
| Impairment of intangible assets | (330) | - | 758 | - |
| Restructuring charges | 937 | - | 1,510 | 1,636 |
| Total operating expenses | 3,204 | 4,731 | 13,477 | 26,802 |
| Loss from operations | (1,811) | (3,664) | (9,496) | (20,456) |
| Other income (expense): | ||||
| Interest expense | (32) | (345) | (1,785) | (497) |
| Accretion of debt discount | - | (273) | (150) | (1,978) |
| Changes in fair value of derivative liability | - | - | - | 14 |
| Derecognition expense on conversion of convertible debt | - | - | 176 | (69) |
| Legal settlements expense | (155) | (1,598) | (155) | (1,598) |
| Other (expense) income | 45 | 48 | 71 | 147 |
| Total other expense, net | (142) | (2,168) | (1,843) | (3,981) |
| Loss from continuing operations before income taxes | (1,953) | (5,832) | (11,339) | (24,437) |
| Provision for income taxes | - | 450 | 305 | 616 |
| Net loss from continuing operations | (1,953) | (6,282) | (11,644) | (25,053) |
| Income (Loss) from discontinued operations, net of tax | - | 1,108 | (1,472) | 5,079 |
| Net loss | $(1,953) | $(5,174) | $(13,116) | $(19,974) |
| Comprehensive income statement: | ||||
| Net loss | $(1,953) | $(5,174) | $(13,116) | $(19,974) |
| Foreign currency translation gain (loss) | - | 1,338 | 1,250 | 719 |
| Total comprehensive loss | $(1,953) | $(3,836) | $(11,866) | $(19,255) |
| Net loss per share: | ||||
| Basic | $(0.07) | $(0.76) | $(0.83) | $(3.12) |
| Diluted | $(0.07) | $(0.76) | $(0.78) | $(3.12) |
| Weighted average number of common shares outstanding: | ||||
| Basic | 28,546,842 | 6,812,248 | 15,812,318 | 6,408,993 |
| Diluted | 29,797,041 | 6,812,248 | 16,767,263 | 6,408,993 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’EQUITY
(In thousands, except share data)
| Common Stock · Preferred Stock · Additional · Other Accumulated · Total | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Series B Shares · Amount · Paid In Capital · Comprehensive 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 | - | - | - | 55 | - | - | 55 | ||
| Common stock issued for conversion of Preferred B stock | 314,912 | - | (400) | - | - | - | - | - | ||
| Preferred B stock repurchase | - | - | (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) |
| Issuance of common stock under equity incentive plans | 121,982 | - | - | - | 61 | - | - | 61 | ||
| Issuance of restricted common stock under equity incentive plans | 306,331 | - | - | - | 95 | - | - | 95 | ||
| Issuance of restricted common stock for compensation | 372,000 | - | - | - | 107 | - | - | 107 | ||
| Stock-based compensation | - | - | - | - | 48 | - | - | 48 | ||
| Shares cancelled in connection with the net settlement of vested stock awards | - | - | - | - | (24) | - | - | (24) | ||
| Issuance of common stock and warrants in public offering, net of issuance costs | 15,384,615 | 16 | - | - | 5,365 | - | - | 5,381 | ||
| Net loss and comprehensive loss | - | - | - | - | - | - | (1,953) | (1,953) | ||
| Balance at September 30, 2025 | 32,142,324 | $32 | - | $ | - | $189,270 | $ | - | $(192,524) | $(3,222) |
| Common Stock · Preferred Stock · Additional · Other Accumulated · Total Stockholders’ | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Series B Shares | Amount | Paid In Capital | Comprehensive Income (Loss) | Accumulated Deficit | Equity (Deficit) | |
| Balance at December 31, 2023 | 5,996,948 | $6 | 55,000 | $1 | $175,664 | $401 | $(152,581) | $23,491 |
| Issuance of 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 cancelled in connection with the net settlement of vested stock awards | (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 cancelled in connection with the net settlement of vested stock awards | (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 |
| Issuance of restricted common stock under equity incentive plans | 32,866 | - | - | - | 132 | - | - | 132 |
| Issuance of common stock upon conversion of convertible debt | - | - | - | - | - | - | - | - |
| Issuance of common stock upon conversion of Series B preferred stock | 194,596 | - | (175) | - | - | - | - | - |
| Shares cancelled in connection with the net settlement of vested stock awards | (19,687) | - | - | - | (1) | - | - | (1) |
| Net loss and comprehensive loss | - | - | - | - | - | 1,338 | (5,174) | (3,836) |
| Balance at September 30, 2024 | 6,957,875 | $7 | 53,950 | $1 | $177,751 | $1,120 | $(172,555) | $6,323 |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(In thousands)
| Nine Months Ended September 30, | |||
|---|---|---|---|
| 2025 · 2024 | |||
| Cash flows from operating activities: | |||
| Net loss | $(13,116) | $(19,974) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization expense | 325 | 1,826 | |
| Noncash lease expense | 603 | 205 | |
| Stock compensation expense | 629 | 542 | |
| Accretion of debt discount | 150 | 1,978 | |
| Derecognition expense upon conversion of convertible debt | (176) | 68 | |
| Changes in fair value of derivative liability | - | (14) | |
| Loss on sale of Ryvyl EU | 6,497 | - | |
| Impairment of intangible assets | 758 | - | |
| Impairment of goodwill | - | 6,675 | |
| Restructuring charges | 1,510 | 1,636 | |
| Loss on sale of property and equipment | 4 | - | |
| Changes in assets and liabilities: | |||
| Accounts receivable, net | 237 | 70 | |
| Prepaid and other current assets | 396 | (460) | |
| Cash due from gateways, net | 88 | 12,706 | |
| Other assets | (91) | (318) | |
| Accounts payable | (1,687) | 1,166 | |
| Accrued and other current liabilities | (599) | 2,243 | |
| Payment processing liabilities, net | (1,728) | 10,770 | |
| Net cash (used in) provided by operating activities | (6,200) | 19,119 | |
| Cash flows from investing activities: | |||
| Proceeds from the sale of property and equipment | 1 | - | |
| Purchases of property and equipment | (76) | (34) | |
| Capitalized software development costs | (1,088) | (1,100) | |
| Purchases of intangible assets | (234) | (92) | |
| Cash transferred in connection with the sale of Ryvyl EU | (74,954) | - | |
| Net cash used in investing activities | (76,351) | (1,226) | |
| Cash flows from financing activities: | |||
| Repayments on convertible debt | (13,000) | - | |
| Repayments on long-term debt | (3) | (13) | |
| Proceeds from short-term note payable | 15,000 | - | |
| Tax withholdings related to net settlements of equity awards | (24) | (194) | |
| Proceeds from issuance of common stock in public offering, net of issuance costs | 5,380 | - | |
| Net cash provided by (used in) financing activities | 7,353 | (207) | |
| Effect of exchange rate changes on cash and restricted cash | 904 | 479 | |
| Net (decrease) increase in cash and restricted cash | (74,294) | 18,165 | |
| Cash and restricted cash – beginning of period | 92,030 | 73,318 | |
| Cash and restricted cash – end of period | $17,736 | $91,483 | |
| Supplemental cash flow disclosures | |||
| Cash paid during the period for: | |||
| Interest | $154 | $ | - |
| Income taxes | $761 | $759 | |
| Non-cash financing and investing activities: | |||
| Convertible debt conversion to common stock | $4,000 | $200 | |
| Interest accrual from convertible debt converted to common stock | $135 | $ | - |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.