RTB: revenue $11.1M, net income -$17.5M. Ryvyl sells EU unit, pivots to media via RTB merger; going-concern doubt worsens

Filed April 15, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 28, 2025 · ~2 min read

Key Changes

• high

  Ryvyl sold its European subsidiary (Ryvyl EU) on June 1, 2025, eliminating international operations, ~1,500 customers across 50+ industries, and the ability to repatriate European profits—a key liquidity source. Employee count fell 84% (95 to 15).

  Business: EU subsidiary sale and headcount reduction verify on EDGAR →
• high

  RTB operates media sites (thestreet.com/crypto, TheHockeyNews.com) and converts ad revenue to Bitcoin/stablecoins, introducing crypto treasury risk.

  Business: RTB merger and crypto strategy verify on EDGAR →
• high

  Going-concern doubt worsened: Ryvyl can no longer repatriate EU profits, and cash at Dec 31, 2025 is insufficient for 12 months. If the RTB merger fails, Ryvyl must redeem $6.5M of Series C Preferred and issue dilutive warrants, likely forcing liquidation.

  Risk Factors: Going concern and merger penalty verify on EDGAR →