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Ryvyl Inc. (RVYL-1.50%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details a decrease in revenue to $12.6 million from $17.5 million in the same quarter the previous year, attributed to a decline in processing volume in the North America segment.
Cost of revenue decreased to $7.7 million from $10.8 million, reflecting reduced processing volumes.
The company reported a gross profit of $4.9 million, a decrease from $6.7 million in the previous year.
Operating expenses were reduced to $7.3 million from $9.1 million, primarily due to lower research and development and general administrative expenses.
Net loss for the quarter was $5.2 million, compared to a net loss of $3.1 million in the previous year.
Cash provided by operating activities was $19.1 million, while cash used in investing and financing activities was $1.2 million and $0.2 million, respectively.
Ryvyl had a negative working capital of $4.2 million as of September 30, 2024, with cash and cash equivalents of $4.3 million.
The company acknowledges its dependence on its European subsidiaries for short-term capital while transitioning its QuickCard product.
The filing also discusses various legal proceedings, including a settlement agreement with a former executive and ongoing class action lawsuits.
Ryvyl plans to address liquidity shortfalls in its North America segment through cost control measures, sale of non-core assets, and repatriation of offshore profits.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ryvyl Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.