Ryvyl Inc - RVYL STOCK NEWS

RYVYL Inc. (NASDAQ: RVYL) reported record full-year revenues of $32.9 million, a 33% increase from 2021, with annual processing volume reaching $3.6 billion, up 83% year-over-year. The fourth quarter saw revenues of $11.1 million, a 56% growth compared to Q4 2021. The company's international payments and FX business generated over $1 billion in volume. Despite this growth, RYVYL recorded a net loss of $49.2 million for the year, primarily due to increased operating expenses, including a $14 million impairment charge. RYVYL is optimistic about 2023, forecasting a transaction volume of $6 billion and anticipated revenues of $60 million, alongside a positive adjusted EBITDA of $4 million.

RYVYL Inc. (NASDAQ: RVYL) will announce its financial results for Q4 and full year 2022 on April 17, 2023. A conference call to discuss these results and the company's plans for 2023 will be held at 4:30 p.m. Eastern Time on the same day. Investors are encouraged to submit questions in advance. RYVYL leverages blockchain security and stablecoin technology for payment transactions. The company aims to enhance data privacy and speed in financial transactions through its coyni® stablecoin platform, developed since its inception in 2017 as GreenBox POS. RYVYL has created a suite of financial products designed for various transaction needs, providing significant security and efficiency. The results of this call and the financial disclosures are pivotal for investors evaluating RYVYL's market trajectory.

RYVYL Inc. (NASDAQ: RVYL) has announced a spin-off plan for its subsidiary, coyni inc., which focuses on stablecoin technology. This strategy aims to enhance shareholder value by allowing both RYVYL and coyni to focus on their unique operational goals. The anticipated spin-off will involve a special dividend for shareholders and is expected to create a publicly traded entity centered on coyni, which offers a U.S.-dollar backed stablecoin with near real-time transaction capabilities. The management believes this move will establish coyni as a leading stablecoin in the digital payments market. Further details will be provided in the upcoming financial results conference call.

RYVYL Inc. (NASDAQ: RVYL) has reported significant growth in its innovative Banking-as-a-Service (BaaS) solution, securing partnerships with six global financial institutions expected to process over $100 million monthly when fully operational. Key partners include industry leaders like Paydek and Xace. RYVYL's BaaS infrastructure meets the rising demand for efficient, cost-effective financial services in response to recent bank failures. The platform provides API integrations, supports transactions in over 40 currencies, and operates around the clock on business days, enhancing compliance and fraud prevention. By year-end, RYVYL aims to expand its global payment capabilities to over 100 local currencies. This growth positions RYVYL as a major player in the rapidly evolving financial technology landscape.

RYVYL Inc. (NASDAQ: RVYL) announced it has no exposure to Silicon Valley Bank or Signature Bank. Despite past deposits with Signature Bank, the company has moved its operations to other banks. RYVYL did not hold deposits with SVB, ensuring its operations remain unaffected by SVB's closure. The company highlights that SVB's collapse showcases the superiority of its coyni technology over traditional digital payment systems, emphasizing transparency, stability, and security. RYVYL continues to innovate in the payment technology sector, aiming to redefine financial transactions with its blockchain solutions.

RYVYL Inc. (NASDAQ: RVYL) announced the appointment of Mary Lay Hoitt, CPA, as the new Interim Chief Financial Officer, following the resignation of J. Drew Byelick. Hoitt brings over 25 years of financial expertise, having served in CFO and VP Financial roles across various industries including tech and medical manufacturing. Her significant experience includes restructuring distressed entities and raising over $50 million in PIPE financing. The Chairman, Ben Errez, expressed confidence in Hoitt's strategic mindset to assist with the company's ongoing financial report restatements and to benefit shareholders.

RYVYL Inc. (NASDAQ: RVYL) announced a corporate update regarding the restatement of financial statements for 2021 and 2022, as filed with the SEC on January 20, 2023. The restatement will lead to decreased total revenue, increased net losses, and diminished total assets and stockholders’ equity. However, cash, operating margins, and processing volumes are expected to remain unaffected. The company aims to file the revised financials in its 10-K report and other necessary filings soon. RYVYL seeks to keep shareholders informed about this process as it continues to enhance its blockchain-based payment technology.

RYVYL Inc. (NASDAQ: RVYL) announced its commitment to investigate suspicious trading patterns of its stock, aiming to combat illegal naked short selling. The company's leadership observed irregular activity meriting a formal investigation into potential violations of Regulation SHO. Under this regulation, broker-dealers must properly mark trades and ensure securities are available to borrow. RYVYL expressed its dedication to shareholder protection and plans to work with regulators to prosecute violators. The company applauds recent efforts by Genius Group Limited in similar endeavors. Further updates will be provided as necessary.

RYVYL Inc. (NASDAQ: RVYL) addressed recent upheavals in the cryptocurrency market, including the collapses of FTX and BlockFi, in a letter to shareholders. Chairman Ben Errez emphasized that RYVYL is not a cryptocurrency firm and remains unaffected by the bankruptcies. Instead, he highlighted the strength of their USD-pegged stablecoin, coyni, backed by real dollars in a custodial account. RYVYL welcomes potential regulatory scrutiny in the crypto space, viewing it as an opportunity for growth in digital payments. The company aims to leverage its unique technology to expand its market share amidst industry challenges.