RYVYL (NASDAQ: RVYL), a company that leverages the security of the blockchain and USD-pegged stablecoin technology with near-real-time attestation to conduct payment transactions, is reporting on its financial and operational results for the second quarter 2023. Highlights of the report include record quarterly revenue of $14.8 million compared to $6.9 million during the same time period in 2022, a 113% increase, and an 85% increase in Q2 processing volume, which totaled approximately $678 million when excluding the sky financial portfolio volume. In addition, the report showed RYVYL’s FX and international payments portfolio processed $425 million in the second quarter compared to $344 million in business volume in Q1 and $121 million in Q2 2022. During the quarter, the company also announced a partnership with Visa to enable Visa Direct to RYVYL’s customers and a partnership with Intercash, a global payment solutions leader, to expand Banking-as-a-Service platform in Europe; in addition, RYVYL EU received approval to launch Single Euro Payments Area (“SEPA”) Instant Payments in Europe. “Business momentum remained strong during the second quarter leading to record quarterly revenue for the third consecutive quarter of $14.8 million, an increase of nearly 113% year over year, exceeding our guidance of $12.5 to $14 million,” said RYVYL CEO Fredi Nisan in the press release.
“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. . . . 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. . . . 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.”
To view the full press release, visit https://ibn.fm/ABjDI
RYVYL 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, RYVYL is reinventing the future of financial transactions using its coyni(R) stablecoin platform as a transactional foundation. Since its founding as GreenBox POS in 2017, 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. For more information about the company, please visit 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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