Q2 2024 Ryvyl Inc Earnings Call Transcript
Key Points
- Ryvyl Inc (RVYL) reported a 134% increase in international revenue compared to the second quarter of 2023.
- The company successfully completed its first Visa Direct integration and is now live in 5 countries, with plans to expand to 80 countries.
- Ryvyl Inc (RVYL) has expanded its partnership with Visa, implementing the Visa payment enabler network to facilitate secure and efficient financial transactions.
- The company has seen strong growth in its European operations, particularly in high-risk verticals such as gaming, adult, and crypto businesses.
- Ryvyl Inc (RVYL) expects to achieve adjusted EBITDA profitability in Q4 2024, driven by strong international growth and strategic initiatives.
- North American revenue was negatively impacted by changes in U.S. banking regulations, affecting a significant niche industry customer base.
- The company's gross margin decreased to 39.9% in Q2 2024 from 41.2% in Q2 2023, reflecting a shift in product mix.
- Operating expenses increased to $15.6 million in Q2 2024, including $8.3 million in noncash charges for goodwill impairment, restructuring costs, and employee severance.
- Adjusted EBITDA was negative $1.6 million in Q2 2024, compared to negative $900,000 in Q2 2023.
- The company faces challenges in the U.S. market due to regulatory and compliance issues, leading to a decision to license technology to a third-party partner.
Good afternoon, everyone, and welcome to RYVYL Inc. second-quarter 2024 conference call. (Operator Instructions)
The second quarter end results press release accompanying this conference call was issued at the close of the market today. Our quarterly report, which includes the company's results of operations ended June 30, 2024, was filed with the SEC today. A replay of this call is available at the Investor Relations section of the RYVYL's website in the Events Quarterly Results session.
As a reminder, this call is being recorded. Before we begin, I would like to remind you that today's call contains certain forward-looking statements from our management concerning future events. These forward-looking statements are based on the company's current beliefs, assumptions and expectations regarding future events, which, in turn, are based on information currently available to the company and contain projections of future results of operations or financial condition or state other forward-looking information. By their nature, forward-looking statements address matters that are subject to
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