What are the investment strengths of Ryvyl Inc (RVYL)?

Asset-light model (PPE 1.9M) with 41% gross margins could reach profitability with modest revenue scale; P/S of 0.10x prices in near-death. Zero goodwill eliminates impairment risk; accounts payable of 18M suggests supplier financing extends runway beyond cash balance.

What are the investment risks for Ryvyl Inc (RVYL)?

Negative equity (-3.2M) and EPS of -$18 TTM indicate structural losses; 5-year revenue CAGR of -1.8% shows no growth catalyst. Interest expense of 2.6M consumes 5% of revenue while operating loss widens; debt restructuring or bankruptcy risk elevated.

Ryvyl Inc

RVYL

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Ryvyl Inc AI Insights

Informational only. Not investment advice.

As of 2026-01-07

Snapshot

Negative equity (-3.2M) with liabilities exceeding assets by 14% - balance sheet technically insolvent requiring immediate capital action.[Common Stockholders Equity]
Cash of 1.2M vs current liabilities of 24M creates 20x coverage gap; 5.4M TTM equity issuance signals dilution dependency.[Cash and Equivalents]
Gross margin 41% TTM vs industry median 51% while burning 6.1M FCF annually on just 48.9M revenue - unit economics unsustainable.[Gross Margin]

Watch Triggers

Cash and Equivalents: Falls below 500K or rises above 5M — Below 500K signals imminent liquidity crisis; above 5M suggests successful capital raise extending runway.
Operating Income TTM: Improves to above -2M — Would indicate path to breakeven exists without perpetual dilution.
Total Revenue TTM: Exceeds 60M (23% growth) — Revenue scale with 41% gross margin could flip operating income positive.

Bull Case

Asset-light model (PPE 1.9M) with 41% gross margins could reach profitability with modest revenue scale; P/S of 0.10x prices in near-death.

Gross Margin TTMPS RatioPPE

Zero goodwill eliminates impairment risk; accounts payable of 18M suggests supplier financing extends runway beyond cash balance.

GoodwillAccounts PayableWorking Capital

Bear Case

Negative equity (-3.2M) and EPS of -$18 TTM indicate structural losses; 5-year revenue CAGR of -1.8% shows no growth catalyst.

Total EquityEPS TTMTotal Revenue 5yr Growth

Interest expense of 2.6M consumes 5% of revenue while operating loss widens; debt restructuring or bankruptcy risk elevated.

Interest Expense TTMOperating Income TTMTotal Debt

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

20%

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Forward Thesis

Without capital raise or profitability inflection, cash runway exhausts within 3-6 months at current burn rate.

3-12mhigh

1.2M cash vs 6.1M annual FCF burn
Negative working capital of -4.2M
Ongoing equity dilution pattern

FCF TTM: -6.1MCash: 1.2MEquity issuance TTM: 5.4M

Valuation Context

Caveats

Public Strategies Rankings

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RVYL Fundamentals

Professional, Scientific, and Technical Services → Professional, Scientific, and Technical Services

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$7.31M		—
Enterprise Value	$3.02M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$11.13M	-38.7%	—
Earnings Per Share (diluted) - TTM	$-29.33		—
Operating Margin - TTM	-84.7%	-67.6%	—
Net Margin - TTM	-158%	-109.5%	—
Free Cash Flow - TTM	$-24.44M		—
Return on Common Equity - TTM	4,244%		—
Beta 5Y (Monthly)	unknown		—

RVYL Dividend History

No dividends

RVYL Stock Splits

3 stock splits

01/02/2635:1 split

09/07/2310:1 split

02/17/216:1 split

RVYL SEC Filings

Filing Date	Report Date	Report Type	Filing Link
04/15/26	12/31/25	Unknown	0001185185-26-001363
11/14/25	09/30/25	10-Q	0001185185-25-001745
08/14/25	06/30/25	10-Q	0001185185-25-000998
05/20/25	03/31/25	10-Q	0001185185-25-000525
03/28/25	12/31/24	Unknown	0001185185-25-000244
11/14/24	09/30/24	10-Q	0001185185-24-001121
08/13/24	06/30/24	10-Q	0001185185-24-000791
05/14/24	03/31/24	10-Q	0001185185-24-000500
03/26/24	12/31/23	10-K	0001185185-24-000318
11/13/23	09/30/23	10-Q	0001185185-23-001176
08/14/23	06/30/23	10-Q	0001185185-23-000842
05/22/23	03/31/23	10-Q	0001185185-23-000568
04/17/23	12/31/22	10-K	0001185185-23-000355
11/21/22	09/30/22	10-Q	0001185185-22-001331
08/15/22	06/30/22	10-Q	0001185185-22-000938
05/16/22	03/31/22	10-Q	0001185185-22-000653
03/31/22	12/31/21	10-K	0001185185-22-000378
11/15/21	09/30/21	10-Q	0001185185-21-001675
08/12/21	06/30/21	10-Q	0001185185-21-001113
05/13/21	03/31/21	10-Q	0001185185-21-000647
03/30/21	12/31/20	10-K	0001185185-21-000423
11/16/20	09/30/20	10-Q	0001185185-20-001616
08/14/20	06/30/20	10-Q	0001185185-20-001171
05/28/20	03/31/20	10-Q	0001185185-20-000737
05/15/20	12/31/19	10-K	0001185185-20-000682
04/09/20	09/30/19	10-Q	0001185185-20-000436
04/09/20	06/30/19	10-Q	0001185185-20-000435
04/08/20	03/31/19	10-Q	0001185185-20-000426
04/16/19	12/31/18	10-K	0001185185-19-000557
11/21/18	09/30/18	10-Q	0001185185-18-002089
09/06/18	06/30/18	10-Q	0001185185-18-001634
05/21/18	03/31/18	10-Q	0001185185-18-000963
04/20/18	12/31/17	10-K	0001185185-18-000726
02/07/20	12/31/17	10-K/A	0001185185-20-000132
03/13/19	09/30/17	10-Q/A	0001185185-19-000348
11/15/17	09/30/17	10-Q	0001185185-17-002407
08/21/17	06/30/17	10-Q	0001185185-17-001810
03/13/19	06/30/17	10-Q/A	0001185185-19-000347
05/22/17	03/31/17	10-Q	0001185185-17-001244
04/17/17	12/31/16	10-K	0001185185-17-000946
11/21/16	09/30/16	10-Q	0001185185-16-005857
08/22/16	06/30/16	10-Q	0001185185-16-005298
05/23/16	03/31/16	10-Q	0001185185-16-004695
04/14/16	12/31/15	10-K	0001185185-16-004258
11/16/15	09/30/15	10-Q	0001185185-15-003040
08/14/15	06/30/15	10-Q	0001185185-15-002216
05/20/15	03/31/15	10-Q	0001185185-15-001430
04/15/15	12/31/14	10-K	0001185185-15-000926
11/14/14	09/30/14	10-Q	0001185185-14-003113
08/14/14	06/30/14	10-Q	0001185185-14-002185
05/20/14	03/31/14	10-Q	0001185185-14-001388
04/15/14	12/31/13	10-K	0001185185-14-000998
11/19/13	09/30/13	10-Q	0001185185-13-002550
08/14/13	06/30/13	10-Q	0001185185-13-001795
05/15/13	03/31/13	10-Q	0001185185-13-001165
04/16/13	12/31/12	10-K	0001185185-13-000863
11/14/12	09/30/12	10-Q	0001185185-12-002533
08/13/12	06/30/12	10-Q	0001185185-12-001705
05/14/12	03/31/12	10-Q	0001185185-12-001024
04/11/12	12/31/11	10-K	0001185185-12-000733
11/14/11	09/30/11	10-Q	0001185185-11-001932
08/15/11	06/30/11	10-Q	0001185185-11-001313
05/23/11	03/31/11	10-Q	0001185185-11-000782
04/15/11	12/31/10	10-K	0001185185-11-000504
11/19/10	09/30/10	10-Q	0001185185-10-001361
08/23/10	06/30/10	10-Q	0001185185-10-000961
08/11/11	03/31/10	10-Q/A	0001185185-11-001188
05/24/10	03/31/10	10-Q	0001185185-10-000608
04/16/10	12/31/09	10-K	0001185185-10-000413
11/23/09	09/30/09	10-Q	0001185185-09-001241
08/19/09	06/30/09	10-Q	0001185185-09-000885
06/05/09	03/31/09	10-Q	0001185185-09-000556
04/16/10	12/31/08	10-K	0001185185-10-000413
11/23/09	09/30/08	10-Q	0001185185-09-001241
08/19/09	06/30/08	10-Q	0001185185-09-000885
06/05/09	03/31/08	10-Q	0001185185-09-000556