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1. Stripe for blockchain-powered payments

2. PayPal for the blockchain era

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• Payment Processing Services: Provides businesses with comprehensive solutions for accepting, processing, and managing various forms of payments, often powered by proprietary blockchain technology.
• White-label Banking & Financial Infrastructure: Offers technology and services that enable other businesses to provide banking-like services or integrate financial functionalities under their own brand.
• Cross-Border Payment Solutions: Facilitates efficient and secure international money transfers and transactions for businesses and individuals, leveraging its global network and blockchain capabilities.

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Ryvyl (RVYL) primarily sells its payment processing and blockchain-based financial technology solutions to other companies (B2B).

Based on the company's financial filings, such as its Form 10-Q for the quarter ended March 31, 2023, Ryvyl explicitly stated that it did not have any single customer that accounted for 10% or more of its total revenue during the reported periods. This indicates that the company does not rely on a limited number of major customers that would require specific public disclosure.

Consequently, Ryvyl does not publicly disclose specific names of major customer companies. Instead, the company serves a diverse portfolio of merchants and businesses across various industries that utilize its payment processing and fintech services.

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• Amazon Web Services (a service of Amazon.com, Inc. - AMZN)
• Visa Inc. (V)
• Mastercard Incorporated (MA)

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Fredi Nisan, Chief Executive Officer

Fredi Nisan has served as Ryvyl's Chief Executive Officer since July 2017 and has been a principal of the company since August 2017. He co-founded Ryvyl Inc. (formerly GreenBox POS). In May 2016, Nisan founded Firmness, LLC, where he created "QuickCitizen," a software program to simplify onboarding for immigration law firms. Prior to that, in January 2010, he launched Brava POS, serving as President until 2015. Brava POS developed cloud-based POS systems with features like inventory management and payroll for specialty retail companies. From 2007 to 2017, Nisan worked as a business coach at One Coach, specializing in growth solutions for small business owners. It was announced that Fredi Nisan would retire as CEO effective October 31, 2025.

George Oliva, Chief Financial Officer & Chief Operating Officer

George Oliva has served as Ryvyl's CFO since October 2023. He possesses over 30 years of experience as a senior finance professional, with expertise in corporate finance, treasury, financial planning and analysis, international tax, and strategic planning. Before joining Ryvyl, he was Chief Financial Officer and Corporate Secretary for WiSA Technologies, Inc. starting in 2019. He also worked as a partner with Hardesty LLC, providing financial consulting services to various companies. Oliva also served as Interim Chief Financial Officer and SEC Project Advisor for Ryvyl from March 2023 to October 2023. Effective October 31, 2025, George Oliva was appointed Interim Chief Executive Officer.

Aly Madhavji, Chief Financial Officer (Post-Merger)

Aly Madhavji is set to assume the role of Chief Financial Officer for the merged entity of Ryvyl and Roundtable. He is the Managing Partner of Blockchain Founders Fund, bringing experience from managing over 200 blockchain infrastructure technology investments. Madhavji holds Chartered Accountant credentials and an MBA from INSEAD, where he was a Blockchain Fellow. He has also served on the board of Soluna Holdings, marking his second NASDAQ service.

Robert Houghton, Chief Technology Officer

Robert Houghton serves as the Chief Technology Officer at Ryvyl.

Ben Errez, Co-Founder & Chairman

Ben Errez is a Co-Founder and Chairman of Ryvyl Inc. He is involved in discussing personal finance, investing, and the digital currency landscape. Errez has spoken about the security features of digital currency and the company's stablecoin platform, Coyni. He also discusses the company's growth in processing volume and its technology infrastructure. Errez's background includes a legacy in technology with companies like Intel and Microsoft, and in capital markets.

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The key risks to Ryvyl (NASDAQ: RVYL) include substantial doubt about its ability to continue as a going concern, a history of regulatory non-compliance and legal challenges, and the ongoing risk of shareholder dilution and potential Nasdaq delisting.

1. Going Concern Doubts and Financial Instability: Ryvyl faces significant financial challenges, with recurrent net losses, negative working capital, and an accumulated deficit of $(182.16) million as of March 31, 2025. These issues have led to substantial doubts about the company's ability to continue its operations. The company experienced a 9.8% decline in overall revenue in Q1 2025, with North American revenue falling by 71.4%. Additionally, Ryvyl has withdrawn its financial guidance for 2025, indicating further uncertainty regarding its future earnings and performance.
2. Regulatory Non-Compliance, Legal Challenges, and Past Accounting Irregularities: The company has a documented history of accounting errors, which necessitated the restatement of financial statements for fiscal years 2021 and 2022. These restatements revealed inflated revenue, understated losses, and material weaknesses in its internal controls over financial reporting, leading to a class-action lawsuit and subsequent settlement. More recently, Ryvyl has informed Nasdaq of its non-compliance with rules requiring a majority of independent directors on its board and a fully compliant audit committee. The company is also subject to ongoing legal challenges and investigations by the SEC.
3. Dilution Risk and Nasdaq Delisting Concerns: Ryvyl's precarious financial position and efforts to meet Nasdaq listing requirements, which mandate a minimum stock price, pose significant risks of dilution for existing shareholders and potential delisting. The company has undertaken a public offering, raising approximately $6 million, and is contemplating a reverse stock split (with a proposed range of 1-for-5 to 1-for-15) to boost its share price. Furthermore, there are plans to increase the number of authorized shares from 100 million to 500 million, which, if executed, could lead to further dilution of current shareholders' ownership. The stock's price has been highly volatile and is currently trading near its 52-week low.

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Ryvyl (RVYL) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion of International Operations and Visa Direct Integration: Ryvyl has demonstrated strong international performance, with international revenue increasing significantly in the third quarter of 2024, and processing volumes showing consistent growth. The company is actively expanding its Visa Direct integration, which currently spans 13 countries, with plans to extend to 80 countries, leveraging Visa's global network to boost transaction volumes and enter new markets.
2. Strategic Pivot Towards Digital Assets and Web3/Blockchain Capabilities: Ryvyl is undergoing a significant strategic transformation, including entering a letter of intent to acquire a complementary digital assets entity. Furthermore, a merger agreement with Roundtable, anticipated to close by year-end 2025, marks a strategic pivot for Ryvyl into a Web3 media platform with Bitcoin treasury backing. This initiative aims to expand its blockchain applications and cryptocurrency capabilities, creating new revenue streams through a decentralized media monetization ecosystem.
3. Growth in North American Legacy Vertical Markets and Licensing: The company is emphasizing growth in its North American revenues, particularly by pursuing a legacy vertical market that generated substantial revenue in the fourth quarter of 2023. Additionally, Ryvyl is building momentum with new licensing partners in North America, and is actively expanding its pipeline of licensing opportunities. The transition towards a licensing model for its QuickCard platform is also underway to recover lost revenues.
4. Launch of New Products and Strategic Partnerships: Ryvyl successfully launched NanoKard in the third quarter of 2024, a product designed to target high-demand sectors for high-margin processing opportunities. The company also established a new private label partnership which is projected to start generating licensing revenue by December 2024.

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Share Repurchases

• In January 2025, Ryvyl entered into a $17 million agreement to repurchase preferred stock and repay a convertible note, with $13 million due in January 2025 and the remainder by April 2025.
• The company repurchased 100,000 shares for $5,590,000 between February and October 2022, based on a November 2021 closing price.
• An additional 100,000 shares were repurchased for $820,000, also based on the November 2021 closing price.

Share Issuance

• In July 2025, Ryvyl announced a $6.0 million public offering, including 15,384,615 shares of common stock (or prefunded warrants) and warrants to purchase an equal number of shares, priced at $0.39 per share.
• The number of shares outstanding increased by 43.28% in the last 12 months.
• During the second quarter of 2024, an investor converted $200,000 of debt and $875,000 of preferred stock into approximately 736,000 shares of common stock.

Inbound Investments

• On October 2, 2025, Roundtable CEO James Heckman executed a $75 million merger agreement with Ryvyl.
• A direct equity investment was secured as part of a Nasdaq listing announcement with Roundtable in October 2025.
• S8 Global Fintech & Regtech Fund (Luxembourg) reported holding more than a 10% ownership position in RYVYL in July 2025.

Outbound Investments

• In January 2025, Ryvyl sold its Bulgarian subsidiary for $15 million, which partially funded the repurchase of preferred stock and repayment of a convertible note.

Capital Expenditures

• Capital expenditures in the last 12 months totaled -$116,000.