Ryvyl Inc.

Gross revenue was $11.3 million for Q1 2023, up $7.1 million, or 169%, from $4.2 million in Q1 2022. Gross profit was $5.1 million, or 45.3% of revenue, versus $1.4 million, or about 34%, a year ago. Net loss improved to $8 million, or $0.15 per share, from $29.3 million, or $0.72 per share, last year. Cash, cash equivalents, and restricted cash were $57.1 million at March 31, 2023. For Q2, management guided to processing volume of $580 million to $610 million, revenue of $12.5 million to $14 million, and roughly breakeven adjusted pro forma EBITDA. For 2023, the company kept its $60 million revenue target and positive $4 million adjusted EBITDA target.

Ben Errez framed the quarter as evidence that Ryvyl’s payment business is improving while the company works through macro and banking-sector uncertainty. He emphasized higher-margin processing, the completion of the financial restatement, and strategic focus on coyni, which he said could unlock shareholder value through a public spin-off and later dividend. He also highlighted momentum in Banking-as-a-Service and the Intercash partnership as proof of broader platform potential.

Mary Hoitt walked through the financials, citing 169% year-over-year gross revenue growth to $11.3 million, gross profit of $5.1 million, and a narrower net loss of $8 million versus $29.3 million in the prior-year quarter. She said operating expenses were $8.8 million, up modestly from $8.5 million, while other expense fell sharply to $4.3 million from $22.3 million, helped by lower interest expense and a favorable derivative liability change. She ended with $57.1 million in cash, cash equivalents, and restricted cash, and pointed to the company’s guidance framework for the rest of 2023.

Analysts asked about margin durability, the pipeline for getting paid, the outlook for stable coins amid regulation, and how the American Samoa closed-loop system fits with the Intercash European issuing opportunity. Management said margin improvement should continue as volume grows faster than fixed costs, with merchant-location growth and international payment ramping as key drivers. On coyni, Ben said the company expects the process to take about 6 months, with asset transfer, exchange filings, and an uplist/raise as next steps, and he stressed that regulation could push adoption first in non-U.S. markets.