RYVYL Inc. (NASDAQ: RVYL) ("RYVYL” or the "Company"), a company
that leverages the security of the blockchain and USD-pegged
stablecoin technology with near-real-time attestation capabilities
to conduct payment transaction, has provided its financial results
for the second quarter 2023.
Management Commentary by CEO Fredi Nisan:
Second Quarter 2023 and Subsequent Operational Highlights:
- Record quarterly revenue of $14.8
million versus $6.9 million during the same time period in 2022, a
113% increase.
- Q2 processing volume of
approximately $678 million, an increase of 85% increase from the
prior year same period when excluding the sky financial portfolio
volume.
- FX and international payments
portfolio, including the acquired Transact Europe business and new
Banking-as-a-Service (BAAS) offering, processed $425 million in the
second quarter compared to $344 million in business volume in Q1,
an increase of over 23%. This is a 248% increase from Q2 of 2022’s
$121 million.
- RYVYL EU entered into a partnership
with Visa to enable Visa Direct, a cutting-edge transfer solution,
to RYVYL's customers. Once integrated into RYVYL's service
offerings, customers will have the opportunity to send money to
authorized accounts in over 80 countries across multiple currencies
through Visa's extensive network of local banking partners.
- RYVYL EU received approval to
launch Single Euro Payments Area (SEPA) Instant Payments in Europe.
This service capability will allow the Company's clients to
instantly send and receive payments from 36 SEPA countries.
Person-to- person, business- to business and person-to- business
payments will be made on a near real time basis, 24 by 7, with
funds available to recipients almost immediately.
- Entered into a strategic
partnership with global payment solutions leader, Intercash, to
expand Banking-as-a-Service platform in Europe through card
issuance collaboration for customers in the European Economic Area
(EEA).
- Signed up 6 global financial
institutions for the Banking-as-a-Service solution, expected to
process over $100 million per month when fully ramped up.
- Acquired Logicquest, a shell
company, for the transfer of coyni’s assets in order to facilitate
the spin-off transaction. Engaged Simon & Edward, LLP as the
accounting firm and auditor of coyni, Inc. given their familiarity
with RYVYL’s business operations and technology.
- Launched the coyni Mobile Point of
Sale (mPOS) app, providing merchants with a secure and convenient
way to quickly add mPOS devices and users through a straightforward
registration process to begin accepting payments, transforming iOS
and Android devices into a payment terminal for secure, efficient
transactions.
- Entered into an exchange agreement
and completed initial exchange with the Company’s convertible
noteholder to bolster capital structure, reduce debt, significantly
improve cash flow, and increase shareholder equity.
- Appointed Gene Jones, an experience
compliance leader, as Interim Chief Financial Officer
Summary and Outlook
Business momentum remained strong during the
second quarter leading to record quarterly revenue for the
3rd consecutive quarter of $14.8 million, an increase of nearly 113% year over year,
exceeding our guidance of $12.5 to $14 million. This was
accomplished on processing volume of $678 million, an increase of
20% from the first quarter 2023 and
also above our guidance range of $580 to $610 million. The
increased margin profile is a testament to our steadfast focus on
improving processing efficiency, workforce, and technology.
Against the backdrop of regulatory and banking
uncertainty in the United States, we see our subsidiary in Europe,
RYVYL EU, as a crucial growth driver for us. To that end, RYVYL EU
made significant strides in Q2, receiving approval from the
European Payments Council to launch Single Euro Payments Area
(SEPA) instant payments in Europe. With this approval, RYVYL EU has
enabled incoming and outgoing instant transfers via SEPA, an
instant credit transfer scheme that encompasses over 2,000 payment
service providers in the Euro zone across 36 countries. RYVYL EU
also partnered with Visa to enable Visa Direct for fast and secure
account to account transfers in the Eastern European region. Once
integrated, customers will have the opportunity to send money to
authorized accounts in over 80 countries across multiple currencies
through Visa's extensive network of local banking partners.
We view Banking-as-a-Service as the future of
global banking and are excited to be an enabling service provider
in a space that is rapidly emerging and reaching new customers
every day. By the end of the year, we expect to have a full global
payments platform covering over one hundred local currencies and
local settlements.
In terms of coyni, during the quarter we
acquired a public shell company to transfer coyni assets to, in
order to facilitate the transaction, which our Board of Directors
has approved. The name change process is underway and we expect to
be finalized soon. Furthermore, we selected Simon & Edward as
auditor of coyni given their familiarity with our technology,
accounting processes and personnel. Once complete, we can look
toward the next phase of a public offering which we expect to be in
the $40 million range along with Nasdaq uplist and ultimately a
Board approved special dividend for RYVYL shareholders. We expect
to complete this by the end of the year.
Operationally, we appointed Gene Jones, an
experienced compliance leader as our Interim Chief Financial
Officer and also dramatically improved our capital structure by
entering into an exchange agreement with the holder of our $100
million convertible note, where the initial exchange, is now
complete resulting in a $6 million debt reduction and an increase
in shareholder equity and cash flow. This type of institutional
level commitment is a major win for all our stakeholders and
illustrates the conviction we share in our mission as a disruptive
force in digital payments landscape.
Looking ahead, given the strength of our Q2
revenue and continuing momentum, we are raising our Q3 revenue
outlook to $16 to $18 million. For 2023, we now expect revenue to
exceed $60 million on processing volume of $3 to $4 billion. In
terms of profitability, we are lowering our Adjusted EBITDA outlook
for 2023 to positive $2 to $3 million. With strong growth in our
core processing business, improved margin profile, traction with
our Banking-as-a-Service offering and steady progress towards our
coyni spinoff initiative, we are in the best position we have ever
been to generate long-term sustainable value for our
shareholders.
Second Quarter
Financial Summary
- Revenue
increased by $7.9 million, or 113%, to $14.8 million for the
quarter ended June 30, 2023, from $6.9 million for the year-earlier
quarter. The change in net revenue was primarily attributable to
significant growth in processing volume from our acquiring
business, RYVYL EU and American Samoa in the second quarter of
2023, compared to the year-earlier quarter. North America Q2
revenue increased 86% from $5.9 million in Q2 2022, to $11.0
million for the quarter ended June 30, 2023. EU Q2 revenue is $3.8
million, increased by 270% from $1.0 million for the year-earlier
quarter.
- Cost of revenue
increased by $4.5 million, or 106%, to $8.7 million for the quarter
ended June 30, 2023, from $4.2 million for the year earlier
quarter. Gross margins increased to 41% in the quarter ended June
30, 2023, compared to 39% in the year earlier quarter. Payment
processing consists of various processing fees paid to Gateways, as
well as commission payments to the Independent Sales Organizations
(“ISO”) responsible for establishing and maintaining merchant
relationships, from which the processing transactions ensue. Cost
of revenues increased due primarily to increased volume, resulting
in higher processing fees paid to Gateways, commission payments to
ISOs, and cost of revenue of acquired businesses in the US and
EU.
- Operating
expenses increased by $0.2 million, or 1.4%, to $11.8 million for
the quarter ended June 30, 2023, from $11.6 million for the
year-earlier quarter. The increase was due primarily to higher
general and administrative and professional fees for the quarter
ended June 30, 2023, offset by decreases in advertising and
marketing, stock-based compensation expenses and depreciation and
amortization.
- Other expense
was $6.4 million for the quarter ended June 30, 2023, compared to
other income of $20.1 million for the quarter ended June 30, 2022.
Changes in the fair value of derivative liability amounted to a
charge of $0.5 million for the quarter ended June 30, 2023, and a
credit of $26.4 million in the quarter ended June 30, 2022.
- Interest
expense, including expense related to the accretion of the debt
discount related to the $100 million convertible note issued in
November 2021 decreased by $3.0 million from the year-earlier
quarter, due primarily to a lower level of amount of debt
outstanding. Additionally, we incurred a charge of $0.2 million in
the quarter ended June 30, 2023, related to the conversion of debt
and we recognized a loss of $0.8 million in the year-earlier
quarter in connection with the settlement of debt. Other expense
also included $1.2 million in carryover effects of financial
statement restatements.
- Excluding the
effects of the highly volatile changes in the fair value of
derivative liability, and the non-recurring carryover effects of
financial statement restatements, other income (expense) increased
by $0.3 million in the quarter ended June 30, 2023, compared to the
year-earlier period.
- The company
recorded a net loss in the second quarter of 2023 of $12.0 million,
or ($0.23) per basic and diluted share, compared to a net profit of
$12.1 million, or $0.28 per basic and diluted share, in the same
quarter a year ago. The increase in net loss is primarily due to
$26.4 million in income in the second quarter 2022 related to the
change in the fair value of our derivative liability last year
versus this year’s second quarter change in fair value of
derivative liability expense of $0.2 million.
- Cash, cash equivalents and
restricted cash were $63.9 million as of June 30, 2023, with $13.2
million being unrestricted cash.
- Second quarter 2023 Adjusted EBITDA loss, a non-GAAP measure,
was $0.9 million. This is lower than the targeted break-even
for the quarter due to higher than planned expenses associated with
card scheme fees and administrative expenses to regain
compliance.
Management will host a conference at 4:30 p.m.
Eastern Time on Monday, August 14, 2023 to discuss second quarter
2023 financial results, provide a corporate update and conclude
with a Q&A session. To participate, please use the following
information:
Q2 2023 Conference Call and WebcastDate: August
14, 2023Time: 4:30 p.m. Eastern TimeUS Dial In:
1-844-826-3035International Dial
In: 1-412-317-5195Webcast:
https://viavid.webcasts.com/starthere.jsp?ei=1626960&tp_key=56d4b5f445Call
me: Link
Please dial in at least 10 minutes before the
start of the call to ensure timely participation. Participants can
use Guest dial-in #s above and be answered by an operator OR click
the Call me™ link for instant telephone access to the event and
enter pass code 4459816. The Call me™ link will be made active 15
minutes prior to scheduled start time.
To listen to a recording of the call available
through October 14, 2023, dial 1-844-512-2921 within the United
States or 1-412-317-6671 when calling internationally and enter
access ID 10181432. A webcast will also be available for 90 days on
the IR section of the RYVYL website or by clicking the webcast link
above.
About RYVYL
RYVYL Inc. (NASDAQ:
RVYL) was born from a passion for empowering a new
way to conduct business-to-business, consumer-to-business, and
peer-to-peer payment transactions around the globe. By leveraging
unique blockchain security and USD-pegged stablecoin technology
with near real-time attestation capabilities, RYVYL is reinventing
the future of financial transactions using its coyni® stablecoin
platform as a transactional foundation. Since its founding as
GreenBox POS in 2017 in San Diego, RYVYL has developed applications
enabling an end-to-end suite of turnkey financial products with
enhanced security and data privacy, world-class identity theft
protection, and rapid speed to settlement. As a result, the
platform can log immense volumes of immutable transactional records
at the speed of the internet for first-tier partners, merchants,
and consumers around the globe. www.ryvyl.com
Use of Non-GAAP Financial
Information
This earnings release discusses Adjusted EBITDA
is a non-GAAP measure that represents our net loss before interest
expense, amortization of debt discount, income tax expense,
depreciation and amortization, stock-based compensation expense,
acquisition-related expense and legal costs and settlement fees
incurred in connection with non-ordinary course litigation and
other disputes.
We exclude these items in calculating Adjusted
EBITDA because we believe that the exclusion of these items will
provide for more meaningful information about our financial
performance, and do not consider the excluded items to be part of
our ongoing results of operations. Our use of Adjusted EBITDA has
limitations as an analytical tool, and you should not consider it
in isolation or as a substitute for analysis of our financial
results as reported under GAAP. Some of these limitations are: (a)
although depreciation and amortization are non-cash charges, the
assets being depreciated and amortized may have to be replaced in
the future, and Adjusted EBITDA does not reflect cash capital
expenditure requirements for such replacements or for new capital
expenditure requirements; (b) Adjusted EBITDA does not reflect
changes in, or cash requirements for, our working capital needs;
(c) Adjusted EBITDA does not reflect the potentially dilutive
impact of equity-based compensation; (d) Adjusted EBITDA does not
reflect tax payments that may represent a reduction in cash
available to us; and (e) other companies, including companies in
our industry, may calculate Adjusted EBITDA or similarly titled
measures differently, which reduces its usefulness as a comparative
measure.
See also Reconciliation of Net Income (Loss)
attributable to RYVYL, Inc., to Adjusted EBITDA in the table
below.*
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 ContactMark SchwalenbergMZ
Group - MZ North
America312-261-6430RVYL@mzgroup.uswww.mzgroup.us
RYVYL Inc.Consolidated
Balance SheetsJune
30,
2023 and
December 31,
2022(unaudited)
|
|
|
June 30, 2023 |
|
December 31, 2022 |
ASSETS |
|
|
(dollars in thousands) |
Current
Assets: |
|
|
|
|
|
Cash and cash equivalents |
|
|
$ |
13,166 |
|
|
$ |
13,961 |
|
Restricted cash |
|
|
|
50,760 |
|
|
|
26,873 |
|
Accounts receivable, net of allowance of $111 and $82,
respectively |
|
|
|
649 |
|
|
|
1,156 |
|
Cash due from gateways, net of allowance of $842 and $9,326,
respectively |
|
|
|
6,982 |
|
|
|
7,427 |
|
Prepaid and other current assets |
|
|
|
2,305 |
|
|
|
9,798 |
|
Total current assets |
|
|
|
73,862 |
|
|
|
59,215 |
|
Non-current
Assets: |
|
|
|
|
|
Property and equipment, net |
|
|
|
1,636 |
|
|
|
1,696 |
|
Other assets |
|
|
|
1,978 |
|
|
|
197 |
|
Goodwill |
|
|
|
26,753 |
|
|
|
26,753 |
|
Intangible assets, net |
|
|
|
6,298 |
|
|
|
6,739 |
|
Operating lease right-of-use assets, net |
|
|
|
3,985 |
|
|
|
1,533 |
|
Investments |
|
|
|
913 |
|
|
|
1,524 |
|
Total non-current assets |
|
|
|
41,563 |
|
|
|
38,442 |
|
Total
Assets |
|
|
$ |
115,425 |
|
|
$ |
97,657 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY/(DEFICIT) |
|
|
|
|
|
Current
Liabilities: |
|
|
|
|
|
Accounts payable |
|
|
|
12,792 |
|
|
|
1,630 |
|
Other current liabilities |
|
|
|
4,445 |
|
|
|
3,662 |
|
Accrued interest |
|
|
|
2,234 |
|
|
|
1,728 |
|
Payment processing liabilities, net |
|
|
|
45,607 |
|
|
|
28,912 |
|
Short-term notes payable |
|
|
|
15 |
|
|
|
14 |
|
Derivative liability |
|
|
|
584 |
|
|
|
255 |
|
Current portion of operating lease liabilities |
|
|
|
358 |
|
|
|
534 |
|
Total current liabilities |
|
|
|
66,035 |
|
|
|
36,735 |
|
Long term debt, net of debt discount |
|
|
|
66,940 |
|
|
|
61,735 |
|
Operating lease liabilities, less current portion |
|
|
|
3,833 |
|
|
|
1,109 |
|
Total liabilities |
|
|
|
136,808 |
|
|
|
99,579 |
|
Commitments and
contingencies |
|
|
|
|
|
Stockholders'
Equity/(Deficit): |
|
|
|
|
|
Common stock, par value $0.001, 82,500,000 shares authorized,
shares issued and outstanding of 51,963,779 and 49,727,355,
respectively |
|
|
|
51 |
|
|
|
49 |
|
Common stock issuable, par value $0.001 |
|
|
|
- |
|
|
|
2 |
|
Additional paid-in capital |
|
|
|
96,570 |
|
|
|
96,271 |
|
Deferred stock compensation |
|
|
|
(67 |
) |
|
|
- |
|
Accumulated other comprehensive income |
|
|
|
1,525 |
|
|
|
1,596 |
|
Accumulated deficit |
|
|
|
(119,462 |
) |
|
|
(99,772 |
) |
Less: Shares to be returned |
|
|
|
- |
|
|
|
(68 |
) |
Total stockholders'
equity/(deficit) |
|
|
|
(21,383 |
) |
|
|
(1,922 |
) |
Total liabilities and
stockholder's equity/(deficit) |
|
|
$ |
115,425 |
|
|
$ |
97,657 |
|
RYVYL, Inc.Unaudited
Condensed Consolidated Statements of
Operations and Comprehensive
IncomeFor the Three and
Six Months Ended June
30,
2023 and
2022
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
(as restated) |
|
|
|
(as restated) |
|
|
Revenue |
$ |
14,849 |
|
|
$ |
6,966 |
|
|
$ |
26,140 |
|
|
$ |
11,176 |
|
Cost of revenue |
|
8,725 |
|
|
|
4,230 |
|
|
|
14,903 |
|
|
|
7,010 |
|
Gross profit |
|
6,124 |
|
|
|
2,736 |
|
|
|
11,237 |
|
|
|
4,166 |
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Advertising and marketing |
|
33 |
|
|
|
527 |
|
|
|
108 |
|
|
|
668 |
|
Research and development |
|
1,184 |
|
|
|
1,920 |
|
|
|
3,119 |
|
|
|
3,858 |
|
General and
administrative |
|
4,055 |
|
|
|
1,354 |
|
|
|
5,508 |
|
|
|
3,146 |
|
Payroll and payroll taxes |
|
2,913 |
|
|
|
2,712 |
|
|
|
5,627 |
|
|
|
5,096 |
|
Professional fees |
|
2,989 |
|
|
|
1,168 |
|
|
|
4,792 |
|
|
|
2,672 |
|
Stock compensation
expense |
|
(32 |
) |
|
|
1,715 |
|
|
|
161 |
|
|
|
1,882 |
|
Stock compensation for
services |
|
- |
|
|
|
79 |
|
|
|
- |
|
|
|
206 |
|
Depreciation and
amortization |
|
623 |
|
|
|
2,127 |
|
|
|
1,242 |
|
|
|
2,581 |
|
Total operating expenses |
|
11,765 |
|
|
|
11,602 |
|
|
|
20,557 |
|
|
|
20,109 |
|
|
|
|
|
|
|
|
|
Income (loss) from
operations |
|
(5,641 |
) |
|
|
(8,866 |
) |
|
|
(9,320 |
) |
|
|
(15,943 |
) |
|
|
|
|
|
|
|
|
Other income
(expense): |
|
|
|
|
|
|
|
Interest expense |
|
(1,517 |
) |
|
|
(1,783 |
) |
|
|
(3,246 |
) |
|
|
(5,613 |
) |
Interest expense - debt discount |
|
(2,821 |
) |
|
|
(5,582 |
) |
|
|
(5,443 |
) |
|
|
(13,172 |
) |
Derecognition expense upon conversion of convertible debt |
|
(188 |
) |
|
|
- |
|
|
|
(188 |
) |
|
|
- |
|
Loss on settlement of debt |
|
- |
|
|
|
(757 |
) |
|
|
- |
|
|
|
(1,657 |
) |
Changes in fair value of derivative liability |
|
(497 |
) |
|
|
26,435 |
|
|
|
(329 |
) |
|
|
18,735 |
|
Merchant fines and penalty income |
|
- |
|
|
|
37 |
|
|
|
- |
|
|
|
82 |
|
Other income or expense |
|
(1,337 |
) |
|
|
2,531 |
|
|
|
(1,447 |
) |
|
|
235 |
|
Total other income (expense),
net |
|
(6,360 |
) |
|
|
20,881 |
|
|
|
(10,653 |
) |
|
|
(1,390 |
) |
|
|
|
|
|
|
|
|
Income (loss) before income
tax provision (benefit) |
|
(12,001 |
) |
|
|
12,014 |
|
|
|
(19,973 |
) |
|
|
(17,333 |
) |
|
|
|
|
|
|
|
|
Income tax provision
(benefit) |
|
4 |
|
|
|
(77 |
) |
|
|
9 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(12,005 |
) |
|
$ |
12,092 |
|
|
$ |
(19,982 |
) |
|
$ |
(17,335 |
) |
|
|
|
|
|
|
|
|
Comprehensive income
statement: |
|
|
|
|
|
|
|
Net income (loss) |
$ |
(12,005 |
) |
|
$ |
12,092 |
|
|
$ |
(19,982 |
) |
|
$ |
(17,335 |
) |
Foreign currency translation loss |
|
(13 |
) |
|
|
(398 |
) |
|
|
(71 |
) |
|
|
(398 |
) |
Total comprehensive income (loss) |
$ |
(12,018 |
) |
|
$ |
11,694 |
|
|
$ |
(20,053 |
) |
|
$ |
(17,733 |
) |
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
Basic and diluted |
$ |
(0.23 |
) |
|
$ |
0.28 |
|
|
$ |
(0.39 |
) |
|
$ |
(0.56 |
) |
Weighted average number
of common shares outstanding: |
|
|
|
|
|
|
|
Basic and diluted |
|
51,417,099 |
|
|
|
42,977,461 |
|
|
|
51,287,902 |
|
|
|
31,208,102 |
|
RYVYL, IncUnaudited
Condensed Consolidated Statements of Cash
FlowsFor the Six
Months Ended June
30,
2023 and
2022
|
Six Months Ended June 30, |
|
|
2023 |
|
|
2022 (as restated) |
Cash flows from operating
activities: |
|
|
|
Net loss |
$ |
(19,982 |
) |
|
$ |
(17,335 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Depreciation expense |
|
1,242 |
|
|
|
2,581 |
|
Noncash lease expense |
|
67 |
|
|
|
79 |
|
Stock compensation expense |
|
161 |
|
|
|
1,882 |
|
Stock compensation for services |
|
- |
|
|
|
206 |
|
Interest expense - debt discount |
|
5,443 |
|
|
|
13,172 |
|
Derecognition upon conversion of note payable |
|
188 |
|
|
|
- |
|
Changes in fair value of derivative liability |
|
329 |
|
|
|
(18,735 |
) |
Changes in assets and liabilities: |
|
|
|
1,657 |
|
Accounts receivable |
|
507 |
|
|
|
(138 |
) |
Prepaid and other current assets |
|
7,366 |
|
|
|
(1,053 |
) |
Cash due from gateways, net |
|
445 |
|
|
|
1,018 |
|
Other assets |
|
(1,781 |
) |
|
|
35 |
|
Accounts payable |
|
11,161 |
|
|
|
(2,269 |
) |
Other current liabilities |
|
782 |
|
|
|
732 |
|
Accrued interest |
|
506 |
|
|
|
2,349 |
|
Payment processing liabilities, net |
|
16,695 |
|
|
|
18,914 |
|
Net cash provided by operating
activities |
|
23,129 |
|
|
|
3,095 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Purchases of property and equipment |
|
(17 |
) |
|
|
(87 |
) |
Purchase of intangibles |
|
- |
|
|
|
(661 |
) |
Cash provided for Transact Europe Holdings OOD Acquisition |
|
- |
|
|
|
(28,811 |
) |
Cash provided for Sky Financial & Intelligence asset
acquisition |
|
- |
|
|
|
(16,000 |
) |
Net cash used in investing
activities |
|
(17 |
) |
|
|
(45,559 |
) |
|
|
|
|
Cash flows from financing
activities: |
|
|
|
Treasury stock purchases |
|
- |
|
|
|
(3,237 |
) |
Proceeds from stock option exercises |
|
- |
|
|
|
5 |
|
Borrowings (repayments) from convertible debt |
|
- |
|
|
|
(6,000 |
) |
Repayments on long-term debt |
|
(7 |
) |
|
|
- |
|
Net cash provided by (used in)
financing activities |
|
(7 |
) |
|
|
(9,232 |
) |
|
|
|
|
Restricted cash acquired from
Transact Europe |
|
- |
|
|
|
18,677 |
|
Net increase in cash, cash
equivalents, and restricted cash |
|
23,105 |
|
|
|
(33,019 |
) |
Foreign currency translation
adjustment |
|
(13 |
) |
|
|
(915 |
) |
Cash, cash equivalents, and
restricted cash – beginning of period |
|
40,834 |
|
|
|
89,559 |
|
Cash, cash
equivalents, and restricted cash – end of
period |
$ |
63,926 |
|
|
$ |
55,625 |
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
Cash paid during the period for: |
|
|
|
Interest |
$ |
2,709 |
|
|
$ |
3,127 |
|
Income taxes |
|
- |
|
|
|
- |
|
|
|
|
|
Non-cash financing and
investing activities: |
|
|
|
Convertible debt conversion to common stock |
$ |
300 |
|
|
$ |
2,110 |
|
Interest accrual from convertible debt converted to common
stock |
$ |
3 |
|
|
|
- |
|
Reconciliation of Net Income (Loss)
attributable to RYVYL, Inc., to Adjusted
EBITDA* for the
Three and Six
Months Ended June
30,
2023 and
2022
|
Three Months Ended June 30 |
|
Six Months Ended June 30 |
|
|
2023 |
|
|
2022 |
|
|
|
2023 |
|
|
2022 |
|
|
(dollars in thousands) |
|
(dollars in thousands) |
Net income (loss) |
$ |
(12,005 |
) |
$ |
12,092 |
|
|
$ |
(19,982 |
) |
$ |
(17,335 |
) |
Interest expense, excluding
amortization of debt discount |
|
1,517 |
|
|
1,783 |
|
|
|
3,246 |
|
|
5,613 |
|
Amortization of debt
discount |
|
2,821 |
|
|
5,582 |
|
|
|
5,443 |
|
|
13,172 |
|
Income tax expense
(benefit) |
|
5 |
|
|
(77 |
) |
|
|
9 |
|
|
2 |
|
Depreciation and
amortization |
|
623 |
|
|
2,127 |
|
|
|
1,242 |
|
|
2,581 |
|
EBITDA |
|
(7,039 |
) |
|
21,507 |
|
|
|
(10,042 |
) |
|
4,033 |
|
|
|
|
|
|
|
Other non-cash
adjustments |
|
|
|
|
|
Changes in fair value of
derivative liability |
|
497 |
|
|
(26,435 |
) |
|
|
329 |
|
|
(18,735 |
) |
Derecognition expense opon
conversion of convertible debt |
|
188 |
|
|
- |
|
|
|
188 |
|
|
- |
|
Stock compensation for
employees |
|
(32 |
) |
|
1,715 |
|
|
|
161 |
|
|
1,882 |
|
Stock compensation for
services |
|
- |
|
|
79 |
|
|
|
- |
|
|
206 |
|
|
|
|
|
|
|
Special
Items |
|
|
|
|
|
Non-recurring legal
settlements and ongoing matters and related legal fees |
|
3,279 |
|
|
- |
|
|
|
3,279 |
|
|
- |
|
Carryover effects of financial
statement restatements in prior periods |
|
1,222 |
|
|
- |
|
|
|
1,222 |
|
|
- |
|
Non-recurring provision for
credit losses on legacy matters |
|
625 |
|
|
- |
|
|
|
625 |
|
|
- |
|
Accounting fees related to the
restatement of prior period financial statements |
|
237 |
|
|
- |
|
|
|
237 |
|
|
- |
|
Non-recurring impairment of
right of use asset |
|
100 |
|
|
- |
|
|
|
100 |
|
|
- |
|
Non-recurring costs of
spin-off |
|
29 |
|
|
- |
|
|
|
29 |
|
|
- |
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(894 |
) |
$ |
(3,134 |
) |
|
$ |
(3,872 |
) |
$ |
(12,614 |
) |
|
|
|
|
|
|
Loss from operations |
$ |
(5,641 |
) |
$ |
(8,866 |
) |
|
$ |
(9,320 |
) |
$ |
(15,943 |
) |
Grafico Azioni RYVYL (NASDAQ:RVYL)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni RYVYL (NASDAQ:RVYL)
Storico
Da Giu 2023 a Giu 2024