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Ryvyl Inc. (RVYL+0.98%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a decrease in revenue to $55,998,000 from $65,869,000 in the previous year, attributed to a transition in the company's QuickCard product in North America.
Ryvyl's cost of revenue decreased to $33,572,000 from $40,157,000, while gross profit was $22,426,000 compared to $25,712,000 in the prior year.
The company reported total operating expenses of $43,311,000, up from $38,014,000, primarily due to impairment charges on goodwill and intangible assets.
Ryvyl recorded a net loss of $26,825,000, an improvement from the $53,101,000 loss in the previous year.
The company highlighted a liquidity shortfall in its North America segment, with plans to address this through business development, cost control measures, and potential capital raising.
Ryvyl's balance sheet shows total assets of $122,276,000 and total liabilities of $123,768,000, resulting in a stockholders' deficit of $1,492,000.
The filing notes a Preferred Stock Repurchase and Note Repayment Agreement entered into in January 2025, involving a $17,000,000 payment to a securityholder.
Ryvyl's financial statements include a going concern warning, citing the need for successful execution of its liquidity improvement plan.
The company continues to face legal proceedings, including a class action lawsuit and a derivative complaint, which are ongoing.
Ryvyl's report also details its segment performance, with North America revenue significantly decreasing, while international revenue more than doubled.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ryvyl Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.