Revenue: As of FY2025, the actual value is USD 11.13 M.EPS: As of FY2025, the actual value is USD -29.33.EBIT: As of FY2025, the actual value is USD -11.36 M.Ryvyl Inc. now operates as a single segment after the sale of Ryvyl EU effective June 1, 2025 .<h4>Segment Revenue</h4><ul><li>Total Revenue decreased by $7,028 thousand, or -38.7%, to $11,131 thousand in 2025 from $18,159 thousand in 2024, primarily due to the discontinuation of the QuickCard product .</li></ul><h4>Operational Metrics</h4><ul><li>Cost of Revenue decreased by $4,942 thousand, or -45.9%, to $5,824 thousand in 2025 from $10,766 thousand in 2024, consistent with the revenue decline .</li><li>Gross Profit decreased by $2,086 thousand, or -28.2%, to $5,307 thousand in 2025 from $7,393 thousand in 2024 .</li><li>Total Operating Expenses decreased by $16,156 thousand, or -46.7%, to $18,455 thousand in 2025 from $34,611 thousand in 2024 .<ul><li>Research and Development decreased by $3,289 thousand, or -85.5%, to $559 thousand in 2025 due to the completion of the NEMS Core platform development .</li><li>General and Administrative increased by $1,423 thousand, or 47.8%, to $4,398 thousand in 2025, mainly due to impairments on the ROU asset .</li><li>Payroll and Payroll Taxes decreased by $4,364 thousand, or -45.6%, to $5,196 thousand in 2025, driven by reductions in force .</li><li>Professional Fees decreased by $964 thousand, or -22.7%, to $3,290 thousand in 2025 due to lower legal, audit, and advisory fees .</li><li>Stock Compensation Expense increased by $265 thousand, or 42.5%, to $889 thousand in 2025 .</li><li>Depreciation and Amortization decreased by $1,614 thousand, or -80.3%, to $397 thousand in 2025, primarily due to lower amortization expense after impairment of intangible assets .</li><li>Impairment of Goodwill and Intangible Assets decreased by $7,903 thousand, or -81.2%, to $1,828 thousand in 2025, following full impairment in 2024 .</li><li>Restructuring Charges increased by $262 thousand, or 16.0%, to $1,898 thousand in 2025 due to severance and termination benefits .</li></ul></li><li>Loss from Operations improved by $14,070 thousand, or -51.7%, from -$27,218 thousand in 2024 to -$13,148 thousand in 2025 .</li><li>Total Other Expense, Net decreased by $2,934 thousand, or -53.1%, from -$5,522 thousand in 2024 to -$2,588 thousand in 2025 .<ul><li>Interest Expense increased by $924 thousand, or 106.3%, to -$1,793 thousand in 2025 .</li><li>Accretion of Debt Discount decreased by $2,109 thousand, or -93.4%, to -$150 thousand in 2025 .</li><li>Legal Settlements Expense decreased by $1,159 thousand, or -56.2%, to -$905 thousand in 2025 .</li></ul></li><li>Net Loss from Continuing Operations improved by $17,076 thousand, or -51.5%, from -$33,130 thousand in 2024 to -$16,054 thousand in 2025 .</li><li>(Loss) Income from Discontinued Operations, Net of Tax changed from an income of $6,305 thousand in 2024 to a loss of -$1,472 thousand in 2025, a decrease of $7,777 thousand or -123.3% .</li><li>Net Loss improved by $9,299 thousand, or -34.7%, from -$26,825 thousand in 2024 to -$17,526 thousand in 2025 .</li><li>Total Comprehensive Loss improved from -$28,477 thousand in 2024 to -$16,275 thousand in 2025 .</li><li>Basic and Diluted Net Loss Per Share improved from -$140.25 in 2024 to -$29.33 in 2025 .</li></ul><h4>Cash Flow</h4><ul><li>Net Cash (Used in) Provided by Operating Activities changed from $21,191 thousand provided in 2024 to -$23,041 thousand used in 2025 .</li><li>Net Cash Used in Investing Activities increased from -$1,808 thousand in 2024 to -$76,350 thousand in 2025, primarily due to $75,000 thousand cash transferred with the sale of Ryvyl EU .</li><li>Net Cash Provided by (Used in) Financing Activities changed from -$241 thousand used in 2024 to $13,889 thousand provided in 2025, mainly from short-term note proceeds and common stock offerings .</li><li>Net (Decrease) Increase in Cash and Restricted Cash was -$84,598 thousand in 2025, compared to an increase of $18,712 thousand in 2024 .</li><li>Cash and Restricted Cash – End of Period was $7,432 thousand in 2025, down from $92,030 thousand in 2024 .</li></ul><h4>Unique Metrics</h4><ul><li>USDC Holdings were $1,500 thousand as of December 31, 2025, acquired in connection with the issuance of Series C convertible preferred stock .</li><li>Goodwill was reduced to $0 thousand as of December 31, 2025, from $18,856 thousand in 2024, primarily due to the disposal of Ryvyl EU .</li><li>Intangible Assets, Net decreased to $255 thousand as of December 31, 2025, from $1,802 thousand in 2024, following impairment charges .</li><li>As of December 31, 2025, 50,000 shares of Series C preferred stock were issued and outstanding with a carrying value and liquidation preference of $6,500 thousand, while all Series B preferred stock was repurchased in January 2025 .</li><li>Common Stock Outstanding was 1,037,457 shares at December 31, 2025, compared to 229,495 shares in 2024 .</li><li>Stock Option Activity showed 7,592 options outstanding at December 31, 2025, with a weighted average exercise price of $147.45, with no grants or exercises in 2025 .</li><li>Restricted Stock Awards (RSAs) had 2,851 unvested shares at December 31, 2025, with a weighted average grant date fair value of $43.01 .</li><li>Restricted Stock Units (RSUs) had 32,450 unvested shares at December 31, 2025, with a weighted average grant date fair value of $28.96 .</li></ul><h4>Outlook / Guidance</h4>Ryvyl Inc. faces substantial doubt about its ability to continue as a going concern due to recurring operating losses and liquidity constraints . Management plans to raise additional capital through equity and debt, explore M&amp;A opportunities, and implement cost controls . The pending merger with RTB Digital, Inc., expected to close in Q2 2026, is anticipated to address Nasdaq’s stockholders’ equity requirements .

Ryvyl | 10-K: FY2025 Revenue: USD 11.13 M