Ryvyl Financials
This page shows Ryvyl (RVYL) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A smaller revenue base is carrying too much overhead, while cash flow swings are being driven by balance-sheet mechanics.
Reported losses and cash flow have moved in opposite directions across recent years: cash stayed positive during the prior stretch of large losses, then fell to-$23.0M when net loss was still-$17.5M . With capex only$79K , that whiplash says working-capital and other non-cash items have been driving cash conversion more than the earnings line, so earlier positive free cash flow did not mean the business had become self-funding.
Gross margin held up even as the business shrank, but that did not rescue profitability: gross profit was
Liquidity is only modestly comfortable now, not abundant: cash was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Ryvyl's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ryvyl has an operating margin of -118.1%, meaning the company retains $-118 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -149.9% the prior year.
Ryvyl's revenue declined 38.7% year-over-year, from $18.2M to $11.1M. This contraction results in a growth score of 0/100.
Ryvyl has elevated debt relative to equity (D/E of 18.61), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Ryvyl's current ratio of 1.11 is below the typical benchmark, resulting in a score of 17/100. However, the company holds substantial cash reserves (74% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
While Ryvyl generated -$23.0M in operating cash flow, capex of $79K consumed most of it, leaving -$23.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Ryvyl generates a -2623.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Ryvyl passes 4 of 9 financial strength tests. No profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Ryvyl generates $1.31 in operating cash flow (-$23.0M OCF vs -$17.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Ryvyl earns $-7.3 in operating income for every $1 of interest expense (-$13.1M vs $1.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Ryvyl generated $11.1M in revenue in fiscal year 2025. This represents a decrease of 38.7% from the prior year.
Ryvyl's EBITDA was -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.3% from the prior year.
Ryvyl reported -$17.5M in net income in fiscal year 2025. This represents an increase of 34.7% from the prior year.
Ryvyl earned $-29.33 per diluted share (EPS) in fiscal year 2025. This represents an increase of 79.1% from the prior year.
Cash & Balance Sheet
Ryvyl generated -$23.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 209.3% from the prior year.
Ryvyl held $7.4M in cash against $0 in long-term debt as of fiscal year 2025.
Ryvyl had 1M shares outstanding in fiscal year 2025. This represents an increase of 352.1% from the prior year.
Margins & Returns
Ryvyl's gross margin was 47.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 7.0 percentage points from the prior year.
Ryvyl's operating margin was -118.1% in fiscal year 2025, reflecting core business profitability. This is up 31.8 percentage points from the prior year.
Ryvyl's net profit margin was -157.4% in fiscal year 2025, showing the share of revenue converted to profit. This is down 9.7 percentage points from the prior year.
Ryvyl's ROE was -2623.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Ryvyl invested $559K in research and development in fiscal year 2025. This represents a decrease of 85.5% from the prior year.
Ryvyl invested $79K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 68.1% from the prior year.
RVYL Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $2.8M+0.1% | $2.8M-81.6% | $15.1M | N/A | $2.8M-4.7% | $3.0M-82.3% | $16.8M |
| Cost of Revenue | N/A | $1.4M-10.9% | $1.6M-81.4% | $8.4M | N/A | $1.8M-4.4% | $1.8M-81.1% | $9.7M |
| Gross Profit | N/A | $1.4M+14.3% | $1.2M-81.8% | $6.7M | N/A | $1.1M-5.2% | $1.1M-84.0% | $7.0M |
| R&D Expenses | N/A | -$216K-267.4% | $129K-71.3% | $449K | N/A | $815K-0.5% | $819K-41.2% | $1.4M |
| SG&A Expenses | N/A | $924K-31.6% | $1.4M-12.3% | $1.5M | N/A | -$102K-108.5% | $1.2M-41.0% | $2.0M |
| Operating Income | N/A | -$1.8M+44.9% | -$3.3M-287.5% | -$848K | N/A | -$3.7M+72.5% | -$13.3M-600.1% | -$1.9M |
| Interest Expense | N/A | -$32K+93.9% | -$523K-147.5% | $1.1M | N/A | -$345K-176.0% | -$125K-346.4% | -$28K |
| Income Tax | N/A | $0-100.0% | $164K-66.0% | $483K | N/A | $450K+154.2% | $177K-6.8% | $190K |
| Net Income | N/A | -$2.0M+76.8% | -$8.4M-205.1% | -$2.8M | N/A | -$5.2M+57.3% | -$12.1M-350.4% | -$2.7M |
| EPS (Diluted) | N/A | $-0.07 | $-0.80-142.4% | $-0.33 | N/A | $-0.76+59.6% | $-1.88-317.8% | $-0.45 |
RVYL Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $13.1M-44.0% | $23.4M+13.6% | $20.6M-80.9% | $108.1M-11.6% | $122.3M-4.0% | $127.3M+16.8% | $109.0M-17.3% | $131.9M |
| Current Assets | $11.1M-43.7% | $19.8M+19.0% | $16.6M-79.2% | $79.8M-16.3% | $95.4M-0.3% | $95.7M+20.4% | $79.5M-15.7% | $94.3M |
| Cash & Equivalents | $7.4M+542.9% | $1.2M+450.0% | $210K-93.0% | $3.0M+14.7% | $2.6M-39.0% | $4.3M-33.3% | $6.4M-39.3% | $10.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $1.1M+32.8% | $839K-5.5% | $888K-7.3% | $958K-11.0% | $1.1M+26.4% | $851K+7.3% | $793K-25.6% | $1.1M |
| Goodwill | $0 | $0 | $0-100.0% | $19.6M+4.1% | $18.9M-7.2% | $20.3M+4.4% | $19.5M-0.9% | $19.6M |
| Total Liabilities | $12.4M-53.3% | $26.6M-3.3% | $27.5M-75.2% | $111.2M-10.2% | $123.8M+2.3% | $121.0M+20.5% | $100.4M-9.9% | $111.4M |
| Current Liabilities | $10.0M-58.3% | $24.0M-2.8% | $24.7M-76.2% | $103.9M+0.4% | $103.5M+3.4% | $100.1M+25.7% | $79.7M-12.5% | $91.1M |
| Long-Term Debt | N/A | N/A | N/A | $4.6M-73.5% | $17.4M-1.9% | $17.7M+1.5% | $17.4M+3.7% | $16.8M |
| Total Equity | $668K+120.7% | -$3.2M+53.6% | -$6.9M-125.1% | -$3.1M-106.6% | -$1.5M-123.6% | $6.3M-36.9% | $10.0M-51.0% | $20.5M |
| Retained Earnings | -$196.9M-2.3% | -$192.5M-1.0% | -$190.6M-4.6% | -$182.2M-1.5% | -$179.4M-4.0% | -$172.6M-3.1% | -$167.4M-7.8% | -$155.3M |
RVYL Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$16.8M-451.4% | -$3.1M-124.6% | $12.4M+179.8% | -$15.6M-852.0% | $2.1M-87.4% | $16.4M+228.0% | -$12.8M-182.6% | $15.5M |
| Capital Expenditures | $3K | $0-100.0% | $68K+750.0% | $8K-38.5% | $13K-51.9% | $27K+280.0% | -$15K-168.2% | $22K |
| Free Cash Flow | -$16.8M-451.5% | -$3.1M-124.7% | $12.4M+179.3% | -$15.6M-857.1% | $2.1M-87.4% | $16.4M+227.7% | -$12.8M-182.9% | $15.5M |
| Investing Cash Flow | $1K+101.1% | -$88K+99.9% | -$75.0M-5809.7% | -$1.3M-118.0% | -$582K-0.2% | -$581K+6.7% | -$623K-2731.8% | -$22K |
| Financing Cash Flow | $6.5M+22.0% | $5.4M+134075.0% | -$4K-100.2% | $2.0M+5976.5% | -$34K-325.0% | -$8K+95.9% | -$195K-4775.0% | -$4K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $4K | N/A | N/A |
RVYL Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | 50.0%+6.2pp | 43.8%-0.6pp | 44.4% | N/A | 37.7%-0.2pp | 37.9%-4.0pp | 41.9% |
| Operating Margin | N/A | -65.0%+53.1pp | -118.1%-112.5pp | -5.6% | N/A | -129.4%+319.6pp | -449.0%-437.6pp | -11.4% |
| Net Margin | N/A | -70.1%+232.0pp | -302.1%-283.9pp | -18.2% | N/A | -182.7%+224.8pp | -407.5%-391.5pp | -16.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | -81.8%+38.9pp | -120.8%-107.6pp | -13.1% |
| Return on Assets | N/A | -8.3%+32.5pp | -40.8%-38.3pp | -2.5% | N/A | -4.1%+7.1pp | -11.1%-9.1pp | -2.0% |
| Current Ratio | 1.11+0.3 | 0.82+0.2 | 0.67-0.1 | 0.77-0.2 | 0.92-0.0 | 0.96-0.0 | 1.00-0.0 | 1.04 |
| Debt-to-Equity | 18.61+26.9 | -8.27-4.3 | -3.97-2.5 | -1.49+10.1 | -11.64-14.4 | 2.80+1.1 | 1.74+0.9 | 0.82 |
| FCF Margin | N/A | -109.6%-554.0pp | 444.4%+547.4pp | -103.0% | N/A | 579.0%+1011.2pp | -432.2%-524.6pp | 92.4% |
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Frequently Asked Questions
What is Ryvyl's annual revenue?
Ryvyl (RVYL) reported $11.1M in total revenue for fiscal year 2025. This represents a -38.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ryvyl's revenue growing?
Ryvyl (RVYL) revenue declined by 38.7% year-over-year, from $18.2M to $11.1M in fiscal year 2025.
Is Ryvyl profitable?
No, Ryvyl (RVYL) reported a net income of -$17.5M in fiscal year 2025, with a net profit margin of -157.4%.
What is Ryvyl's EBITDA?
Ryvyl (RVYL) had EBITDA of -$12.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Ryvyl's gross margin?
Ryvyl (RVYL) had a gross margin of 47.7% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Ryvyl's operating margin?
Ryvyl (RVYL) had an operating margin of -118.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Ryvyl's net profit margin?
Ryvyl (RVYL) had a net profit margin of -157.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ryvyl's return on equity (ROE)?
Ryvyl (RVYL) has a return on equity of -2623.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ryvyl's free cash flow?
Ryvyl (RVYL) generated -$23.1M in free cash flow during fiscal year 2025. This represents a -209.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Ryvyl's operating cash flow?
Ryvyl (RVYL) generated -$23.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ryvyl's total assets?
Ryvyl (RVYL) had $13.1M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Ryvyl's capital expenditures?
Ryvyl (RVYL) invested $79K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Ryvyl spend on research and development?
Ryvyl (RVYL) invested $559K in research and development during fiscal year 2025.
What is Ryvyl's current ratio?
Ryvyl (RVYL) had a current ratio of 1.11 as of fiscal year 2025, which is considered adequate.
What is Ryvyl's debt-to-equity ratio?
Ryvyl (RVYL) had a debt-to-equity ratio of 18.61 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ryvyl's return on assets (ROA)?
Ryvyl (RVYL) had a return on assets of -133.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ryvyl's cash runway?
Based on fiscal year 2025 data, Ryvyl (RVYL) had $7.4M in cash against an annual operating cash burn of $23.0M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Ryvyl's Piotroski F-Score?
Ryvyl (RVYL) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ryvyl's earnings high quality?
Ryvyl (RVYL) has an earnings quality ratio of 1.31x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Ryvyl cover its interest payments?
Ryvyl (RVYL) has an interest coverage ratio of -7.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Ryvyl?
Ryvyl (RVYL) scores 3 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.