Ryvyl Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
August 14, 2023

There are 6 speakers on the call.

Operator

Welcome to the Rival Second Quarter Earnings Conference Call. During today's presentation, all parties will be in a listen only mode. Following management's remarks, the conference will be open to questions. The earnings press release accompanying this conference call is issued at the close of the market today. The quarterly report, which includes the company's results of operations for the 3 months ended June 30, 2023, It was filed with the SEC today.

Operator

On our call today are Rival Chairman, Ben Erez Interim Chief Financial Officer, Freddie Nissan Also, Gene Jones, who is, excuse me, the Interim Chief Financial Officer Freddie Nissand is the Chief Executive Officer and Chief Operating Officer, Min Wei. I'd like to remind everyone that statements made on today's call and webcast, including those regarding future financial results and industry prospects are forward looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's regulatory filings for a list of associated risks. The replay of this call and webcast will be available for the next 90 days on the company's website under the Events At this time, I'd like to turn the call over to Ben Arias, the company's Chairman. Ben, the floor is yours.

Speaker 1

Thank you for joining us today. Today's call is entirely produced using AI in a continued push for efficiency and cost reduction for the company. I am proud to present our fiscal Q2 2023 financial results, where we delivered record top line revenue for the 3rd quarter of $14,800,000 an increase of nearly 113% year over year. This reflects a 31% sequential increase from 11 point $3,000,000 in the Q1 2023. Revenue was also above our Q2 target range of $12,500,000 to $14,000,000 As I covered in past calls, our focus on improving processing efficiency, workforce and technology are paying off as we continue to see our operating We processed $678,000,000 during the quarter, an increase of 20% from the Q1 2020 3 and above our target range of $580,000,000 to $610,000,000 COO Minway will break down the various processing channels performance later in the call, but needless We are very pleased with steady processing volume growth and our improved margin profile.

Speaker 1

Now to move on to some of our key operating initiatives and the progress made recently. First is our planned spin off of Koine. We initiated this process early in Q2 as part of a broad value creation strategy and ultimately believe this is the optimal way to drive growth and unlock its tremendous potential. While we have made great strides with our payment processing business, We believe the best path forward to create value for our shareholders is through the spin off of Koine as a public company and establishing it as the premier electronic token solution in the market. During the quarter, we acquired a public shell company to transfer Koinny assets to in order to facilitate the transaction, which our Board of Directors has approved.

Speaker 1

The name change process is underway, and we expect to be finalized soon. Furthermore, we selected Simon and Edward as auditor of Koine given their familiarity with rival technology, accounting processes and personnel. Once complete, we can look toward the next phase of a public offering we expect to be in the $40,000,000 range along with NASDAQ Uplift and ultimately a Board approved special dividend for Rival shareholders. We'll provide more updates on this front as they come about, but expect to complete this by the end of the year. Turning now to our Banking as a Service platform.

Speaker 1

We continue to gain momentum on this initiative in 2023 with several new partners and growing demand for the service after signing 6 global financial institutions. This is projected to process more than $100,000,000 per month in transaction when fully ramped up. Rival's Banking as a Service solution offers API integrations and foreign exchange capabilities in more than 40 different currencies with local settlement. The service authorizes transactions 24 hours per day on business days and enables payouts by way of approved methods such as real time payment for direct deposits. In addition, the service allows for the ability to readily trace transactions and reduce fraud, all while maintaining strict compliance requirements.

Speaker 1

During the Q2, we announced a strategic partnership with Intercash, A Europe based global payment solutions provider. Through the collaboration, business customers can now offer co branded debit And prepaid cards to untapped consumer markets leveraging Rival's new Banking as a Service platform as the infrastructure. White label cards can be issued as virtual or physical allowing businesses enhanced flexibility. Intercash, which currently has over 1,000,000 cards issued, Has already initiated the first phase of the process by moving more than 50,000 cards to the rival card program and plans to continue with the Migration in phases based on card issuance. Our subsidiary rival EU made noticeable strides in Q2, receiving approval from the European Payments Council to launch single euro payments area instant payments in Europe during the quarter.

Speaker 1

With this approval, Rival EU has enabled incoming and outgoing instant Transfers via CPaaq, an instant credit transfer scheme that encompasses over 2,000 payment service providers in the Eurozone, The targeted business client space for RivalEU, this service capability allows clients to instantly send and receive payments from 36 CPaa countries, facilitating faster payment transfers and enhancing customer experience For our clients in the European market, Rival EU also partnered with Visa to enable Visa Direct, a cutting edge transfer solution As part of our business transformation of updating payments infrastructure, doing so provides a superior banking as a service offering and better serves our customers, retain their loyalty and create new revenue stream. This collaboration in the Eastern European region will revolutionize the the way funds are transferred between accounts offering fast, convenient and secure transaction when the new Visa Direct capability Through Visa's extensive network of local banking partners. By utilizing Visa Direct, our clients will experience the benefits of faster access With money becoming available within minutes instead of days, by the end of the year, we expect to have a global payments platform integrated with CPaa and Visa Direct enabling local settlements in the key markets we serve.

Speaker 1

We believe banking as a service is the future of Global Banking and we're excited to be an enabling service provider in the space that is rapidly emerging and reaching new customers every day. We also took meaningful steps to bolster our capital structure, announcing an exchange agreement with the holder of our $100,000,000 convertible note financing. We completed the initial exchange, resulting in a $6,000,000 debt reduction and an increase in shareholder equity And cash flow, the second exchange is also possible upon shareholder approval, which would further reduce our debt by $16,700,000 for a total of $21,000,000 debt reduction. This type of institutional level commitment is a major win for all rival stakeholders and illustrates The conviction in our mission as a disruptive force in digital payments landscape. Operationally, during the quarter, we welcomed Gene Jones as Interim Chief Financial Officer of For over 35 years, Gene has served within various executive roles, including CFO, COO, Corporate Treasurer And Controller for Public Private Equity, Venture Funded and Start Up Companies.

Speaker 1

His strong leadership and expertise in financial and operational improvements has had an immediate positive impact on our company. As we stand today, the Q2 exceeded our expectations with record top line results and we saw positive momentum for our business transformation of updating payments infrastructure. Doing so provides a superior banking as a service offering with partners at Visa, European Payments Council and Intokash, we remain highly focused on executing towards this large opportunity ahead of us in the lucrative digital payments landscape. We are thrilled with the expansion and higher margin acquiring processing volume, both internationally and domestically. 20 spin off And now to discuss the details of our financial results, I'd like

Speaker 2

For the calculation of adjusted EBITDA and other non GAAP measures, please refer to our 10 Q filing, which will be available on the company website under SEC filings. Our revenue increased by $7,900,000 or 113 percent to $14,800,000 for the quarter ended June 30, 2023 from $6,900,000 for the year earlier quarter. The increase was principally attributable to an increase in processing volume in the Q2 of 2023 Compared to the year earlier quarter and an increase in revenues from our acquiring businesses, including Charge Savvy, Rival EU and American Samoa, North America Q2 revenue increased 86 percent from $5,900,000 in Q2 2022 to $11,000,000 for the quarter ended June 30, 2023. The UQ2 revenue is $3,800,000 increasing by 2 70 percent from $1,000,000 for the year earlier quarter. Cost of revenue increased by $4,500,000 or 106 percent to $8,700,000 for the quarter ended June 30, 2023 from $4,200,000 for the year earlier quarter.

Speaker 2

Gross margins increased to 41% in the quarter ended June 30, 2023 compared to 39% in the year earlier quarter. Payment processing consists of various processing fees paid to gateways and commission payments to the independent sales organizations or ISOs responsible for establishing and maintaining merchant relationships from which the processing transactions ensue. Cost of revenues increased chiefly due to increased volume resulting in higher processing fees paid to gateways, Commission payments to ISOs and cost of revenue of acquired businesses in the U. S. And EU, operating expenses increased by $200,000 or 1.4 percent to $11,800,000 for the quarter ended June 30, 2023 from $11,600,000 for the year earlier quarter.

Speaker 2

The increase was due primarily to higher general, administrative and professional fees for the quarter ended June 30, 2020 3, offset by decreases in advertising and marketing, stock based compensation expense and depreciation and amortization. The higher general and administrative expenses in the quarter ended June 30, 2023 are mainly attributable to non recurring legal settlements in Some ongoing matters and related legal fees, writing off some non continuing legacy accounts and accounting fees related to the restatement of prior period financial statements. Other expense was $6,400,000 for the quarter ended June 30, 2023 compared to other income of $20,100,000 for the quarter ended June 30, 2022. The biggest portion of this change was in the highly volatile Change in the fair value of derivative liability. That amount was a charge of $500,000 for the quarter ended June 30, 2023, Compared to a credit of $26,400,000 in the year earlier quarter, a swing of nearly $27,000,000 Interest expense, including expense related to the accretion of debt discount related to the $100,000,000 convertible note, decreased by $3,000,000 from the year earlier quarter due primarily to a lower level of amount of debt outstanding.

Speaker 2

Additionally, We incurred a charge of $200,000 in the quarter ended June 30, 2023 related to the conversion of debt and we recognized a loss $800,000 in the year earlier quarter in connection with the settlement of debt. You may recall that we had a restatement of previously issued financial statements, And so there are some carryover effects from that, including a $1,200,000 charge in the 2nd quarter. This was a challenging mission, but we believe we have substantially all Financial statement restatements. Other non operating expenses increased by about $300,000 in the 2nd quarter compared to the year earlier period. In summary, we recorded a net loss of $12,000,000 in the 2nd quarter.

Speaker 2

This compares to $12,000,000 in net income in the year earlier period, primarily due to 26 $400,000 income related to the change in the fair value of our derivative liability last year versus this year's change in Fair value of derivative liability expense of $200,000 but there were also several non recurring items in this year's quarter. Our Q2 2023 adjusted EBITDA is a loss of $900,000 compared to $3,100,000 in the Q2 of last year. Non recurring items totaled $5,500,000 for the quarter and include legal settlements, legal matters and related fees, Charge offs of some non continuing legacy accounts and accounting fees related to the restatement of prior period financial statements. We ended the quarter with cash, cash equivalents and restricted cash of $63,900,000 with $13,200,000 of that being unrestricted cash. I'll now turn the call over to Min Wei, our Chief Operating Officer, to provide a review of business operations and our outlook.

Speaker 3

Thank you, Kyung. We will walk through our processing volumes for the volumes for the verticals we serve and discuss our 2023 outlook. Please note that all the figures are exclusive of the Sky Financial portfolio. Our Q2 processing Volume across all channels exceeded $678,000,000 versus our published indication of $580,000,000 to $610,000,000 for the quarter. This is about 20% better than our Q1 2023 volume of $565,000,000 and an increase of about 85% Our Q2 2022 volume, not including the Sky Financial volume, our Q2 North America acquiring business volume was 100 $46,000,000 which is 30% higher than the Q1 $112,000,000 volume and is 77% higher than the same period 1 year earlier.

Speaker 3

Q2 charge savvy processing was $53,000,000 or about 19% lower than Q1 2023 processing volume When compared to the $62,000,000 volume in Q1 2022, it is a 15% decline. The year over year decline is due to reduced processing from select merchant For our FX and international payments portfolio, including the acquired Transact Europe business and our new Banking as a Service offering, we processed $425,000,000 in the 2nd quarter compared to $344,000,000 in business volume in Q1, an increase of over 23%. This is a 248% increase from Q2 of 20 22 seconds, dollars 121,000,000 For an update on On American Samoa, we are now servicing about 60% of the target merchants market for our plant. In Q2, our processing volume was about $31,000,000 or a 10% improvement from the prior quarter and our monthly volume is sustaining at about $10,000,000 With respect to Korny, As Ben spoke to earlier, we continue to work towards executing our spin off plan. We just announced the release of the Corning and POS app that enables simple setup of point of sales terminal using compatible smartphones and users for convenient contactless payments.

Speaker 3

Furthermore, We discussed our near term focuses on rolling out the platform in the European market due to the U. S. Regulatory environment and digital banking changes as well as the increasing demand in the Our efforts to establish the European business is well underway. Now I'd like to turn to our outlook for the Q3 and the total year. With Back to the processing volume in Q3, we are targeting a range of $720,000,000 to $800,000,000 For the total year of 2023, Without the Sky financial volume, we are estimating a range of $3,000,000,000 to $4,000,000,000 Given the strength of our Q2 revenue of $14,800,000 and Continuing momentum.

Speaker 3

We are raising our Q3 revenue outlook to $16,000,000 to $18,000,000 which would bring our total year revenue to exceed $60,000,000 With regard to Adjusted pro form a EBITDA, our Q2 figure is a negative $900,000 This is lower than our targeted breakeven for the quarter, which is due to higher than planned expenses associated with cost scheme fees and administrative expenses to regain compliance. We are adjusting Our 2023 target for this year down from $4,000,000 to a range of positive adjusted EBITDA of $2,000,000 to $3,000,000 and our projection for Q3 is $1,000,000 to $2,000,000 Overall, we remain optimistic about our growth trajectory domestically in the U. S. And in the international market, This concludes my remarks for the quarter. I'd like to now turn the call back over to Ben Arias, our Chairman, to begin our Q and A.

Speaker 1

Thank you, Min. Operator, please proceed with the Q and A.

Operator

We will now begin the question and Go ahead, sir.

Speaker 1

Thank you, operator. So before we take questions from the floor, We had a few questions submitted to us by e mail, and we will address those prior to on the matter of NASDAQ minimum compliance. And the update that we have for you all today is that the company has indeed regained compliance. We had a continued conversation with the Here in panel following that and the company is going to stay On a 6 months watch list, we will prepare shortly a simple 8 ks announcing that and they I'll explain to continue and maintain compliance. Question number 2 It pertains to an update on how things are progressing with the latest announcement Moving forward, we did discuss some of that on the call.

Speaker 1

Min, I will turn to you should you want to I'll provide a further brief on that.

Speaker 3

Thanks, Dan. I'd like to share exciting progress for both Visa Direct program and the SEPA program. The SEPA program, the SEPA system is already working with our current system, In process of the turn on and fully integrated with CEFR Instant. We expect that to commence in the Q3. As a result of that, we should see further increased processing volume when it comes to banking that's offering.

Speaker 3

We respect Visa Direct program and working diligently with the Visa program manager. We target live with the initial list of countries in the Q3. As we mentioned during the press release, The great potential of this Visa Direct program is when it's fully up and running, we will have access to local payouts to over 80 countries with a large range of different foreign currencies. So all in all, great momentum for banking as a service offering. We mentioned also earlier during the earnings call that we have seen further increasing volume for banking and service Portfolio we have, when we're looking at the monthly volume, we're already constantly hitting north of 100,000,000 And while we compare to the Q2 banking service offering to the previous quarter, We definitely have seen double digit growth.

Speaker 3

So good news across the board and we expect to see visit the REG and TPA Instant further

Speaker 1

Thank you, Minh. The next question will be answered by CEO, Freddie Lisser. With PayPal launching Stablecoin and other digital currency projects in the works such as FedNow, What are your thoughts on the competitive landscape? What's the strategy there to stay In the hunt or ahead of the game. Freddie, go ahead.

Speaker 4

Thank you, Ben. From PayPal announcing the stablecoin, I think, is a great news for everybody, especially when we see big companies like PayPal joining The crypto and the stablecoin technology space and offering, I think from Regulation will help as well because we have a big company like PayPal pushing an agenda. So it will help everybody in the space. From the FedNow and how all of that interact with the stablecoin, I think we need to understand that FedNow is just Local payment, just like ACH, and you will not help with transfer money on a global scale. So the Stablecoin is a little bit different.

Speaker 4

But from a competitive landscape, we see it as a good thing because we can later on maybe interact with PayPal. We're talking about global payment movement, so PayPal is a big player, and I think it will help us and our business. But I want to mention as well that PayPal is in the low risk space, and they don't touch the medium to high risk. So I think We have a great opportunity with our technology and our offering. There's something that PayPal not necessarily can offer to their client.

Speaker 1

Thanks, Freddie. I'll take the next question, a subject that is very close to my heart. Can you clarify as much as possible as to the timeline of the Coin e spin off and the related dividend? I very much like the dividend idea for all shareholders, and we are diligently pursuing that opportunity and pushing it forward as quickly as we can. As it stands right now, we have acquired The launch vehicle for the Koine spin off.

Speaker 1

We have filed articles of merger with the state of Nevada and have those approved. And we have filed for a name change and a ticker change appropriately for Koinny with FINRA and are awaiting That's a confirmation. We suspect that that will happen fairly shortly. With that on hand, we will go ahead and file the registration statement for the shares that are going to be used for the dividend. We anticipate at registration statement to be considered and approved by the SEC in a fairly short timeline, perhaps 30 to 60 days.

Speaker 1

Following that, we will announce the date of record for the dividend and take steps towards distributing that dividend. As we said on the call, we anticipate that to Be completed by the end of the year. I will also take the next question. Does the company have any updates on pursuing the entitlements under the Sky Financial Purchase Agreement? So very quick update on that.

Speaker 1

We are pursuing that option for us on the legal front. We're still looking through different strategies to maximize recovery under that liability. And as it stands right now, we don't have any further substantive updates to share with everybody, but we will Obviously, share all pertinent information as that comes about. Here's the next question. Can you talk about the strategy to scale up Into a larger or bigger economies or is that the focus on maximizing opportunity in smaller economies and face less competition, such as Bulgaria or Samoa, etcetera.

Speaker 1

Minh, I'll hand you the baton to

Speaker 3

That's a great question. In terms of our growth strategy, we've been very selective Rather than categorized into larger versus smaller economies, we'd rather look at our focus on specific verticals And geographics, for example, in the U. S, our block processing volumes growing Continue to grow very robustly, right. We have seen more than 15% to 20% Growth from Q1 to Q2, we expect to continue to focus on the verticals we serve today to achieve double digit growth in the U. S.

Speaker 3

Market focused on the specific verticals we target on. Now separately, we are also looking at new verticals and new geographics where we have less competition, where we expect to generate higher profit margin. For example, our plan to roll out Korny In the European market, we'll focus on specific medium to high No risk, high return verticals. We have a plan, we're in the process of establishing the business entities, In the U. S, we are also in the process of progressing the rollout of our Korny services for e commerce programs, for some additional wallet programs as well.

Speaker 3

So I would say all in all, we focus on select verticals. We focus on select business portfolios that's going to generate good Lower margin, as a result of that, we can generate better return for our shareholders. Over.

Speaker 1

Thanks, Fin. The next question will go to Freddie. Can you elaborate On the MPOS capabilities and how that's being marketed, any estimate impact on financials and timing that you can provide. This follows a PR that we just released about this new product of ours. Freddie, go ahead.

Speaker 4

Thank you, Ben. The MPOS is an extension to Corini. We developed this product from internal understanding of One of the challenges that exist today in the market when you run a payment company, one of the biggest challenges are the hardware, the terminals, The time to deployment, the challenges when they arrive, set up, all of that time Assuming tasks are related to an older technology that related to merchant services called the POS, the actual terminal. So we developed a new technology that you can turn any phone into that terminal as long as you accept Koine and you're part of the Koine merchant program. And that allows you to go live from the moment you get approved very quickly.

Speaker 4

You don't have to wait for a device It will be shipped to you. You don't have to do downloads. You don't have to set it up. And we can deploy it globally with the same exact app. So we don't it will require certain in different countries, and it's allowing us to reduce operation costs, deployment costs and other support They need to be existing a company like a payment processing company to allow to support that.

Speaker 4

So in the end of the day, the benefits are simple. Effective deployment, help with global deployment and Help with the cost effective for our merchant, meaning they're going to buy a terminal. And the last thing will be to help us actually help them to support reduce fraud, chargeback, Give us visibility into the transaction and give us the ability as well to get into new verticals that may be considered today a little bit riskier. All of it together will allow us to increase volume, increase the profitability of the company on both sides, the operation and on the front of the commission.

Speaker 1

Thanks, Freddie. Operator, Dhruv, please proceed with the Q and A and to the rest of the conversation.

Operator

Yes. And we have a question from Kevin Dede with H. C. Wainwright. Please go ahead.

Speaker 5

Thank you for taking my question, operator. This is Michael Dobbin calling on behalf of Kevin Dede. So in your press release, you stated that you expect to have a full global payment platform covering over 100 local currencies and local settlements. I want to clarify, is this going to be using Visa's network or will Koine also be handling multiple currencies as well?

Speaker 1

I mean, I'll have you take that. It's part of your conversation.

Speaker 3

No problem. That's a very fair question. When we refer to the potential, obviously, in the context of the press release, we refer to the Visa Direct Program. It is very impressive coverage Visa offer outside of the conventional swift transfer, right. It's going to be faster.

Speaker 3

It's going to be cheaper for our business and consumer customers. But that's not to say that we don't process and interface with We do have full capability working with Swift, working with SEPA, we talked about earlier and as well as Visa Direct. So, in terms of Korny, yes, it is our plan. As I mentioned earlier, we have the Business processing capability for the European market, we fully expect with integrated banking solutions With the Korny platform, we have the capability of handling the multi currency in a kind of expeditious processing way for our customers, hoping.

Speaker 5

Okay. Thank you, Minh. And For Quinney's mobile point of sale app, are you which specific geographical regions are you targeting in the beginning. And have you had some feedback from merchants already? I know it's been only a few days, but

Speaker 1

Thanks, Michael, for that question. We're going back to Freddie.

Speaker 4

My apology, guys, but my for some reason, I can hear only a couple of sentences. So Ben, if you don't mind, repeat the question.

Speaker 1

Michael, do you

Speaker 5

have any questions? Certainly. Thanks, Freddie. So for Koine's mobile point of Are there specific geographical regions that you're targeting, in the beginning? And also, I know it's only been Few days, but have you received feedback from merchants already?

Speaker 4

Thank you for repeating the question. At the moment, we are focusing on the U. S. We do have a couple of merchants that already kind of approach us and want

Speaker 5

to start utilizing that in a very

Speaker 4

Deploying COINI as well in Europe, you will be deployed there

Speaker 5

in a few verticals that we believe we can be very successful.

Speaker 4

But at the moment, we start with the U. S.

Speaker 5

Thank you so much for that clarity. And But how are things changing in the U. S? What's your take on the stable Regulatory bill that's going through the house right now?

Speaker 1

I'll take this one. So that's an interesting Topic. And Michael, you and Kevin have been Persistent on that front much more than what we see centrally from the government and from the Federal Reserve. The FedNow initiative declared the of all financial institutions around the country and there are about 10,000 of those. We are signed up to participate in this pilot program, so about 100.

Speaker 1

Back in April of this year, The certification program was announced for FedNow. And the certificates were awarded in July of this year. Out of the 100 or so participants, Only 41 as of now are certified. And a big portion of that Are not standard financial institutions, they are more service providers. And by the way, the government Includes itself as one of those successful completions of this course.

Speaker 1

The harsh reality is that this landscape is very challenging in the U. S. The world is not waiting for us to figure it out. This is part of the reason why Koine Spin off is primarily targeting operations in Europe, where the landscape is Maybe a lot more competitive, but a lot more finite. The regulators have already established the playing field.

Speaker 1

Everybody understands it. Banks are participating in very large quantities and penetration So I guess this is a longer answer to a short question. But I think it gives you a little bit of a flavor of where we're going with all of this.

Speaker 5

That's all I have for today. I appreciate your time, Ben, Min, Freddie and Jane. I'll hop back into queue. I

Operator

would like to go back to Ben Erez for closing remarks.

Speaker 1

So, I'd like to thank Everyone for participating on this conversation and signing up to listen to our quarterly results. As we stated in the beginning of the conversation, the entire remarks sections We're produced using AI, I think very effectively and we will continue to use this technology moving forward. Looking forward to our next call with you all. The shareholder Meeting is coming up in the end of October. And hopefully, at that point, We will have further clarity on the dividend outlay for everybody.

Speaker 1

With this, I thank you all and we'll see you next time.

Operator

This concludes today's conference call. Thank you. You may now

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Key Takeaways

  • Rival delivered record Q2 revenue of $14.8 million, up 113% year-over-year, and processed $678 million in transactions, a 20% sequential increase with improved gross margins.
  • The company initiated the Koine spin-off via a public shell acquisition, secured board approval and auditors, and aims for a ~$40 million offering, NASDAQ uplisting and a special dividend by year-end.
  • Rival’s Banking-as-a-Service platform gained six global financial institution partners, is projected to process over $100 million per month, and expanded with Intercash, SEPA instant and Visa Direct integrations.
  • Management completed an initial exchange of the $100 million convertible note, reducing debt by $6 million (with a potential $21 million total reduction) to strengthen equity and cash flow.
  • The company raised its Q3 revenue outlook to $16–18 million (implying full-year revenue over $60 million), forecasts Q3 processing volume of $720–800 million, and targets positive adjusted EBITDA of $2–3 million for 2023.
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Earnings Conference Call
Ryvyl Q2 2023
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