Ryvyl (RVYL) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 was $11.1 million, down 38.7% year-over-year, primarily due to the discontinuation of the QuickCard product and the sale of the European subsidiary, Ryvyl EU, in June 2025.

• Net loss for 2025 was $17.5 million, compared to a net loss of $26.8 million in 2024.

• The company completed the sale of Ryvyl EU, resulting in a $6.5 million loss on sale and a strategic shift to a single North American segment.

• A merger agreement with RTB Digital, Inc. was signed, expected to close in Q2 2026, with RTB shareholders to own ~85% of the combined company.

Financial highlights

• Gross profit for 2025 was $5.3 million, down 28.2% year-over-year.

• Operating expenses decreased 46.7% to $18.5 million, driven by lower R&D, payroll, and professional fees.

• Loss from operations improved to $13.1 million from $27.2 million in 2024.

• Cash used in operating activities was $23.0 million; cash at year-end was $7.4 million.

• Working capital at year-end was $1.1 million.

Outlook and guidance

• Management has substantial doubt about the company’s ability to continue as a going concern without successful capital raises or the merger.

• Liquidity improvement plans include additional capital raises, M&A, business development, and cost controls.

• The merger with RTB is expected to improve equity and meet Nasdaq listing requirements.