Liquidity remains under significant pressure, with a free cash flow margin of -81.5% in 2026Q1 and erratic operating cash flow that suggests a fundamental inability to self-fund operations.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Cash from Operations | -9.53M | -23.04M | 21.19M | 33.16M | -9.34M | -27.17M | -4.16M | -156.74K | 92.46K | 467.32K | -57.77K | 261.61K | 334.23K | 635.58K | 331.63K | -204.59K | -395K | 315.62K | -178.78K |
| Operating CF Margin % | - | -207% | 37.84% | 50.34% | -28.39% | -103.27% | -48.81% | -1.57% | 10.15% | 21.9% | -3.37% | 12.34% | 11.98% | 36.93% | 67.28% | -36.27% | -501.17% | 145.09% | -17.13% |
| Operating CF Growth % | -747.72% | -208.73% | -36.1% | 454.89% | 65.6% | -552.92% | -2554.44% | -269.52% | -80.21% | 908.87% | -122.08% | -21.73% | -47.41% | 91.66% | 262.09% | 48.2% | -225.15% | 276.55% | - |
| Net Income | -18.06M | -17.53M | -26.82M | -53.1M | -49.24M | -35.27M | -5.01M | -4.68M | -53.3K | 89.47K | 57.86K | 260.48K | 36.36K | 544.33K | 54.78K | 167.08K | -549.6K | -280.01K | 57.71K |
| Depreciation & Amortization | 393K | 493K | 2.26M | 2.55M | 20.96M | 951.23K | 15.88K | 14.02K | 6.61K | 11.09K | 10.47K | 8.04K | 6.09K | 2.86K | 0 | 12.89K | 12.89K | 13.96K | 0 |
| Stock-Based Compensation | 1.08M | 889K | 624K | 1.85M | 0 | 0 | 3.04M | 86.5K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 11.4M | 11.09M | 14.51M | 30.91M | 8.22M | 28.8M | 1.32M | 1.24M | 44.38K | -5.28K | 128.93K | -37.92K | 0 | 29.76K | 0 | 2.6K | 124.81K | -3.91K | 0 |
| Working Capital Changes | -4.34M | -17.99M | 30.62M | 50.95M | 10.71M | -21.64M | -3.52M | 3.19M | 8.92K | 372.04K | -126.11K | -6.91K | 291.79K | 58.63K | 276.85K | -387.16K | 16.9K | 585.58K | -236.49K |
| Change in Receivables | 125K | 51K | 12.53M | 297K | -1.37M | 2.38M | 1.17M | -10.59M | -50K | -1.92K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -15.68K | -161.86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -1.49M | -1.15M | 1.7M | 189K | 1.16M | 443.26K | -295.18K | 386.29K | 95.05K | 272.97K | -107.99K | 53.99K | 55.63K | 58.63K | 101.84K | 0 | 0 | 0 | 0 |
| Cash from Investing | -75.08M | -76.35M | -1.81M | 2.29M | -47.65M | -2.66M | -6.65K | -49.8K | -813.49K | -7.24K | 84.04K | -124.99K | -25.18K | 42.77K | 0 | 0 | 0 | -200K | 277.07K |
| Capital Expenditures | -160K | -79K | -47K | -108K | -162.34K | -158.86K | -6.65K | -49.8K | -31.25K | -7.24K | -3.65K | -27.54K | -14.84K | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 1.47% | 0.71% | 0.08% | 0.16% | 0.49% | 0.6% | 0.08% | 0.5% | 3.43% | 0.34% | 0.21% | 1.3% | 0.53% | - | - | - | - | - | - |
| Acquisitions | 1K | 0 | 0 | -225K | -47.49M | -2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -200K | 277.07K |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -74.92M | -76.27M | -1.76M | 2.62M | 0 | 0 | 0 | 0 | -813.49K | -7.24K | 87.69K | -97.44K | -10.33K | 42.77K | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 12.28M | 13.89M | -241K | -3.01M | -10.05M | 116.06M | 5.24M | 684.67K | 721.03K | -402.56K | -40.18K | -131.37K | -473.6K | -481.14K | -328.15K | 199.85K | 399.24K | -122.15K | -112.82K |
| Debt Issued (Net) | -3K | 2M | -12K | -3.02M | -6M | 77.15M | 2.34M | 684.67K | 921.5K | 0 | -40.18K | -67.21K | -292.02K | -725.37K | -277.88K | 309.95K | 389.65K | -122.15K | -112.82K |
| Equity Issued (Net) | 11.92M | 11.92M | -229K | 7K | -4.05M | 38.91M | 2.86M | 0 | 1.83M | 14.45K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -229K | 0 | -4.06M | -10.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 367K | -24K | 0 | 0 | 0 | 0 | 35.51K | 0 | -921.5K | -417.01K | 0 | -64.16K | -181.58K | 244.23K | -50.28K | -110.1K | 9.59K | 0 | 0 |
| Net Change in Cash | -71.73M | -84.6M | 18.71M | 32.48M | -48.73M | 87.73M | 1.07M | 478.13K | 0 | 57.52K | -13.91K | 5.25K | -164.55K | 197.22K | 3.47K | -4.75K | 4.24K | -6.53K | -14.52K |
| Free Cash Flow | -12.06M | -23.12M | 21.14M | 33.05M | -9.51M | -27.32M | -4.17M | -206.54K | 61.21K | 460.08K | -61.43K | 234.06K | 319.39K | 635.58K | 331.63K | -204.59K | -395K | 315.62K | -178.78K |
| FCF Margin % | -110.69% | -207.71% | 37.76% | 50.18% | -28.89% | -103.88% | -48.88% | -2.06% | 6.72% | 21.56% | -3.58% | 11.04% | 11.45% | 36.93% | 67.28% | -36.27% | -501.17% | 145.09% | -17.13% |
| FCF Growth % | 7% | -209.35% | -36.03% | 447.7% | 65.21% | -555.69% | -1917.7% | -437.42% | -86.7% | 848.96% | -126.24% | -26.71% | -49.75% | 91.66% | 262.09% | 48.2% | -225.15% | 276.55% | - |
| FCF per Share | -0.01 | -0.04 | 110.55 | 220.28 | -73.01 | -234.93 | -48.83 | -2.58 | 0.79 | 6.37 | -0.89 | 3.40 | 4.64 | 9.56 | 8.00 | -4.94 | -9.53 | 7.61 | -4.31 |
| FCF Conversion (FCF/Net Income) | 0.67x | 1.31x | -0.79x | -0.62x | 0.19x | 0.77x | 0.83x | 0.03x | -2.70x | 5.22x | -1.00x | 1.00x | 9.19x | 1.17x | 6.05x | -1.22x | 0.72x | -1.13x | -3.10x |
| Interest Paid | -245K | 155K | 300K | 0 | 0 | 0 | 727.56K | 988.75K | 152.87K | 1.45K | 513 | 1.01K | 0 | 0 | 0 | 1.27K | 0 | 120.63K | 0 |
| Taxes Paid | 263K | 761K | 848K | 0 | 0 | 0 | 800 | 800 | 800 | 29.62K | 55.14K | 132.63K | 42.6K | 0 | 0 | 2.89K | 0 | 7.04K | 0 |
Liquidity and solvency crisis
According to historical cash flow statements, the relationship between net income and operating cash flow is erratic, with OCF/NI ratios swinging from 5.65 in 2025Q1 to -3.17 in 2024Q3, suggesting that reported earnings provide little visibility into the company's actual ability to generate cash from operations.
The extreme divergence between net losses and operating cash flow suggests that accruals and non-cash adjustments are heavily influencing the bottom line. Investors should monitor whether these fluctuations represent genuine operational volatility or accounting-driven timing differences that mask the underlying cash burn.
As reported in recent financial filings, Ryvyl's free cash flow has exhibited significant instability, oscillating between positive inflows and deep outflows, with a recent FCF margin of -81.5% in 2026Q1, indicating that the business is currently unable to self-fund its operations through core activities.
The inability to maintain consistent positive free cash flow suggests that the company's business model is not yet self-sustaining. The sharp decline in FCF margins appears to correlate with the broader revenue contraction, implying that the firm lacks the operational leverage to protect cash reserves during downturns.
Based on reported figures, working capital changes have been the primary driver of cash flow volatility, with a massive $14.6 million outflow in 2025Q4 followed by significant swings in other periods, suggesting that the company's cash position is highly sensitive to the timing of merchant settlements.
These large working capital movements may indicate that the company is struggling to manage its liquidity cycle effectively. The reliance on these swings to generate temporary cash inflows warrants further investigation into the underlying health of the merchant receivables and the efficiency of the settlement process.
Analysis of the cash flow statement reveals that stock-based compensation and other non-cash adjustments frequently offset net losses, as seen in 2026Q1 where $376,000 in SBC was added back, potentially obscuring the true economic cost of talent retention in a period of severe revenue decline.
The reliance on non-cash add-backs to mitigate the appearance of cash burn may hide the true extent of the company's operational challenges. Investors should be wary of these adjustments, as they do not represent actual cash generation and may be masking the true cost of maintaining the firm's infrastructure.
Quick answers to the most common questions about buying RVYL stock.
Ryvyl Inc. (RVYL) generated $-23.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ryvyl Inc. (RVYL) reported negative free cash flow of $23.1M in 2025, indicating capital requirements exceeded cash from operations.
Ryvyl Inc. (RVYL) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.