SAN DIEGO – RYVYL Inc. (NASDAQ: RVYL), a company specializing in payment transaction solutions with proprietary blockchain technology, has announced its financial achievements and projections, including a significant increase in processing volume and expected revenue growth for the upcoming year.
The company reported a processing volume of $3 billion for the year 2023, marking a 58% increase compared to the previous year. This growth is attributed to the operational advancements and strategic partnerships developed over the year.
In the fourth quarter of 2023, RYVYL achieved approximately $21 million in revenue, contributing to an annual total that exceeds $64 million, a 94% surge from 2022. Additionally, the company strengthened its balance sheet by reducing debt by $60.3 million, resulting in a total indebtedness of $19.7 million as of December 31, 2023. The sale of its Chicago office building in late December added $2.7 million in gross proceeds to its financial resources. At the year's end, RYVYL reported having $61.6 million in cash, cash equivalents, and restricted cash, with $11.7 million being unrestricted.
Looking forward, management has provided revenue guidance for 2024, estimating figures between $95 million and $100 million, indicating a potential increase of over 67% from the expected 2023 revenue.
To further drive growth, RYVYL has decided to retain its wholly owned subsidiary, coyni, Inc., and utilize the coyni® technology platform to expand its payment processing and banking-as-a-service solutions. The decision to keep coyni within the company's portfolio is expected to enhance operating efficiencies and financial outcomes in the current and new market verticals.
The company intends to report its full financial results for the fourth quarter and year-end 2023 on March 26, 2024, after the market close, followed by a conference call to discuss the details.
The information in this article is derived from a press release statement.
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