RYVYL (NASDAQ: RVYL), a leading innovator of payment transaction solutions, is expecting to deliver fourth-quarter 2023 revenue of approximately $21 million, bringing the full-year 2023 revenue to over $64 million, a 94% increase over 2022. This expectation is part of several milestones RYVL announced as it gears toward reporting on Tuesday, March 26, 2024, after the markets close, its fourth quarter and year-end 2023 financial results and holding a conference call to discuss them. The company also announced that during the fourth quarter of 2023, it lowered its total debt to $19.7 million at Dec. 31, 2023. Other highlights included $2.7 million in gross proceeds from the sale of its Chicago office building in addition to cash flow from operations. As of Dec. 31, 2023, cash, cash equivalents and restricted cash were $61.6 million, with $11.7 million being unrestricted. The company’s management provided 2024 revenue guidance of between $95 and $100 million, up more than 67% over the expected 2023 revenue. In addition, RYVYL announced it is retaining its wholly owned subsidiary, coyni Inc., to drive substantial revenue growth. “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,” RYVYL Chairman Ben Errez said. “We exceeded our plan for 2023, with processing volume reaching $3 billion, a 58% increase over 2022.”
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About RYVYL Inc.
RYVYL is Revolutionizing Global Payments: Its 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, RYVYL ensures unparalleled security, transparency and immutability in all transactions. Its commitment to simplicity guarantees a user-friendly interface accessible to everyone, while robust compliance measures instill trust and confidence across borders and regulatory landscapes. For more information, visit RYVYL’s website at www.RYVYL.com.
NOTE TO INVESTORS: The latest news and updates relating to RVYL are available in the company’s newsroom at https://ibn.fm/RVYL
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