RYVYL Inc. reported its financial results for the third quarter and the first nine months of 2025, revealing a significant decline in revenue and ongoing operational challenges. For the three months ended September 30, 2025, the company generated revenue of $2.8 million, a decrease of 1.6% from $2.8 million in the same period last year. The nine-month revenue also fell sharply by 46.1% to $8.3 million, down from $15.5 million in 2024. This decline is attributed primarily to the transition away from the QuickCard product, which had previously accounted for a substantial portion of the company's revenue.
The company's gross profit for the third quarter increased to $1.4 million, up 30.6% from $1.1 million a year earlier, driven by a reduction in the cost of revenue, which fell by 21.1% to $1.4 million. However, total operating expenses decreased by 32.3% to $3.2 million, reflecting cost-cutting measures, including reductions in research and development and payroll expenses. Despite these efforts, RYVYL reported a loss from operations of $1.8 million for the quarter, an improvement from a loss of $3.7 million in the prior year.
In terms of strategic developments, RYVYL completed the sale of its European subsidiary, Ryvyl EU, effective June 1, 2025, which has shifted its operational focus solely to North America. The company is now concentrating on expanding its treasury management services and payment solutions. Additionally, RYVYL has entered into a merger agreement with RTB Digital, Inc., which is expected to enhance its market position and operational capabilities.
As of September 30, 2025, RYVYL's total assets were reported at $23.4 million, a significant decrease from $122.3 million at the end of 2024. The company’s cash and restricted cash totaled $17.7 million, down from $92 million at the end of the previous year. The company’s accumulated deficit has also widened to $192.5 million, raising concerns about its ability to continue as a going concern. Management has indicated that the company will need to raise additional capital and explore strategic initiatives to address its liquidity challenges.
Looking ahead, RYVYL's management has outlined plans to improve its liquidity position, including potential capital raises and cost control measures. However, there is substantial uncertainty regarding the execution of these plans and the company's ability to sustain operations in the coming year. The company’s future performance will depend on its ability to adapt to market conditions and successfully implement its strategic initiatives.
About RYVYL Inc.
Ryvyl Inc. is a fintech company providing global payment acceptance and disbursement solutions through software platforms. Its offerings include virtual and physical payment cards, cross-border transaction services, treasury management, and embedded finance tools. Serving diverse industries across North America and Europe, Ryvyl leverages advanced technology, regulatory expertise, and strategic partnerships to enable secure, scalable, and compliant financial operations worldwide.
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