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Share Name | Share Symbol | Market | Type |
---|---|---|---|
RYVYL Inc | NASDAQ:RVYL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.04 | -2.80% | 1.39 | 1.34 | 1.42 | 1.4663 | 1.33 | 1.45 | 28,671 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact name of registrant as specified in its charter)
| | | ||
(State or other jurisdiction | (Commission | (IRS Employer |
|
(Address of principal executive offices, including zip code) |
Registrant’s telephone number, including area code:
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
| | |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. |
Results of Operations and Financial Condition. |
On January 19, 2024, RYVYL Inc., a Nevada corporation (the “Company”), issued a press release including certain preliminary financial and operating results for the year ended December 31, 2023. The press release also contains information providing certain 2024 revenue guidance for the Company. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (the “Current Report”).
You are advised that the financial information presented in the press release is based on preliminary, unaudited financial statements prepared by management, for the year ended December 31, 2023, and has not yet been reviewed by the Company's independent auditors. Accordingly, such financial information may be subject to change. All information contained in the press release is qualified with reference to the audited financial results for the year ended December 31, 2023, which is expected to be released on or around March 26, 2024, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and will be posted on www.SEC.gov. While the Company does not expect there to be any material changes to the financial information provided in the press release, any variation between the Company's actual results and the preliminary financial information set forth in the press release may be material.
The press release contains certain statements and information that speak to the Company’s expectations or predictions of the future. These statements and information may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such forward-looking statements are subject to risks and uncertainties, many of which are beyond the Company’s control, which could cause the Company’s actual results to differ materially from those expressed in or implied by these statements. Please see the Company’s disclosures regarding risk factors and forward-looking statements in its filings with SEC (including its Current Reports on Form 8-K, Quarterly Reports on Form 10-Q, and most recent Annual Report on Form 10-K, as amended) for a discussion of the known material factors that could cause the Company’s actual results to differ materially from those indicated or implied by such forward-looking statements.
The information in this Item 2.02 and Exhibit 99.1 attached hereto will not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 7.01. |
Regulation FD Disclosure. |
The Company also reported in the press release that it has decided to retain its wholly owned subsidiary coyni, Inc. and use the coyni® technology platform to expand payment processing and banking-as-a-service solutions rather than pursue its merger and spin out into a new publicly traded entity, as it previously reported it had intended to do.
The information in this Item 7.01 and Exhibit 99.1 will not be deemed “filed” for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities of that section, nor will it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as expressly set forth by specific reference in such filing.
Forward-Looking Statements
This Current Report may contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such forward-looking statements are characterized by future or conditional verbs such as “may,” “will,” “expect,” “intend,” “anticipate,” “believe,” “estimate” and “continue” or similar words. You should read statements that contain these words carefully because they discuss future expectations and plans, which contain projections of future results of operations or financial condition or state other forward-looking information. Such statements are only predictions and the Company’s actual results may differ materially from those anticipated in these forward-looking statements.
There may be events in the future that the Company is not able to accurately predict or control. Factors that may cause such differences include, but are not limited to, those discussed under risk factors in the Company’s Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended December 31, 2022 and other filings filed with the SEC, including the uncertainties associated with the regulatory environment in which the Company operates, rapid changes in blockchain technology and in the cryptocurrency industry, turmoil in the banking sector with respect to digital asset management, strategic growth opportunities and initiatives, and the Company’s proprietary technology. Forward-looking statements speak only as of the date they are made. The Company does not assume any obligation to update forward-looking statements as circumstances change. The Company gives no assurance that it will achieve its expectations.
You may access the Company’s SEC filings by visiting SEC’s website at http://www.sec.gov. This Current Report does not constitute an offer or invitation for the sale or purchase of securities or to engage in any other transaction with the Company or its affiliates. The information in this Current Report is not targeted at the residents of any particular country or jurisdiction and is not intended for distribution to, or use by, any person in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
Item 9.01. |
Financial Statements and Exhibits. |
(d) |
Exhibits. |
99.1 |
|
104 |
Cover Page Interactive Data File |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 19, 2024 |
RYVYL Inc. |
||
By: |
/s/ Fredi Nisan |
||
Name: Fredi Nisan |
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Title: Chief Executive Officer |
Exhibit 99.1
RYVYL Expects 2023 Revenue to be Up >90% Over 2022 and Provides 2024 Revenue Guidance Up >67% Over 2023
- Processing volume hit $3 billion, up 58% over 2022 -
- Retains coyni to drive substantial revenue growth -
- Provides 2024 revenue guidance of $95 million to $100 million -
SAN DIEGO, CA – January 18, 2024 – RYVYL Inc. (NASDAQ: RVYL) (“RYVYL” or the “Company”), a leading innovator of payment transaction solutions leveraging proprietary blockchain ledger and electronic token technology for the diverse international markets, announced several milestones.
● |
Preannounces Fourth Quarter and Year-end 2023 Revenue, Setting More Records |
Management expects to deliver fourth quarter 2023 revenue of approximately $21 million, bringing the full-year 2023 revenue to exceed $64 million increasing 94% over 2022.
● |
Strengthens Balance Sheet |
During the fourth quarter of 2023, the Company reduced debt $60.3 million, lowering the total indebtedness to $19.7 million at December 31, 2023. In addition to cash flow from operations, in late December, the Company sold its Chicago office building for $2.7 million in gross proceeds. At December 31, 2023, cash, cash equivalents and restricted cash were $61.6 million, with $11.7 million being unrestricted cash.
● |
Provides 2024 Revenue Guidance, Continuing Strong Trajectory |
Management provided 2024 revenue guidance to be between $95 million and $100 million, up 67+% over 2023 expected revenue of $64 million.
● |
Retains coyni to Capture Substantial Revenue Growth |
The Company decided to retain RYVYL’s wholly owned subsidiary coyni, Inc. and use coyni® technology platform to expand payment processing and banking-as-a-service solutions rather than pursue its merger and spin out into a new publicly traded entity. By maintaining a consolidated product roadmap, RYVYL expects to leverage coyni in both existing and targeted new vertical markets for better operating efficiencies and financial outcome.
“RYVYL is shaping the future of financial transactions; in 2023, we drove meaningful operational and revenue growth while establishing a foundation to rapidly scale our processing volume, number of transactions, partnerships and Banking-as-a-Service platform,” said RYVYL Chairman Ben Errez. “We exceeded our plan for 2023, with processing volume reaching $3 billion, a 58% increase over 2022.
“Our recently formed partnerships and expanded solutions are positioned to improve customer service, increase customer loyalty, and create new revenue streams. Further, by maintaining coyni and RYVYL as a consolidated entity, we expect to capture substantial revenue growth in 2024 and fuel long-term shareholder value,” added Errez.
Fourth Quarter and Year-end 2023 About RYVYL
The Company intends to report its fourth quarter and year-end 2023 financial results on Tuesday, March 26, 2024, after the market close. Management will hold a conference call at 4:30 p.m. ET that day to discuss the results.
About RYVYL
RYVYL Inc. (NASDAQ: RVYL) Revolutionizing Global Payments: Our cutting-edge blockchain ledger-based platform offers a seamless and secure payment experience tailored for the diverse and ever-evolving global market. By harnessing the power of blockchain technology, we ensure unparalleled security, transparency, and immutability in all transactions. Our commitment to simplicity guarantees a user-friendly interface accessible to everyone, while robust compliance measures instill trust and confidence across borders and regulatory landscapes. www.ryvyl.com
Disclaimer Regarding Financial Information
The financial information presented in this press release is based on preliminary, unaudited financial statements prepared by management, for the year ended December 31, 2023, and has not yet been reviewed by the Company’s independent auditors. Accordingly, such financial information may be subject to change. All information contained in this press release will be qualified with reference to the audited financial results for the year ended December 31, 2023, which is expected to be released on or around March 26, 2024, and will be posted on www.SEC.gov. While the Company does not expect there to be any material changes to the financial information provided in this press release, any variation between the Company’s actual results and the preliminary financial information set forth herein may be material.
Cautionary Note Regarding Forward-Looking Statements.
This press release includes information that constitutes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the Company's current beliefs, assumptions and expectations regarding future events, which in turn are based on information currently available to the Company. Such forward-looking statements include statements regarding the timing of the filing of the aforementioned periodic reports. By their nature, forward-looking statements address matters that are subject to risks and uncertainties. A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports will take longer than expected and that additional information may become known prior to the expected filing of the aforementioned periodic reports with the SEC. Other risk factors affecting the Company are discussed in detail in the Company's filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by applicable laws.
Investor Relations Contact:
Mark Schwalenberg
MZ Group - MZ North America
312-261-6430
RVYL@mzgroup.us
www.mzgroup.us
Document And Entity Information |
1 Months Ended |
---|---|
Jan. 19, 2024 | |
Document Information Line Items | |
Entity Registrant Name | RYVYL Inc. |
Trading Symbol | RVYL |
Document Type | 8-K |
Amendment Flag | false |
Entity Central Index Key | 0001419275 |
Document Period End Date | Jan. 19, 2024 |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | NV |
Entity File Number | 001-34294 |
Entity Tax Identification Number | 22-3962936 |
Entity Address, Address Line One | 3131 Camino Del Rio North, Suite 1400 |
Entity Address, City or Town | San Diego |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92108 |
City Area Code | (619) |
Local Phone Number | 631-8261 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.001 per share |
Security Exchange Name | NASDAQ |
1 Year RYVYL Chart |
1 Month RYVYL Chart |
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