RYVYL (RVYL) Guides Strong FY23 and FY24 Revenue Growth

RYVYL Inc. (NASDAQ: RVYL) 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.

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