RTB

RTB (which trades as Ryvyl, ticker RVYL) is a payments/consulting micro-cap in structural collapse, not a turnaround. Revenue has fallen from a $65.9M peak in FY2023 to $18.2M in FY2024 to just $11.1M in FY2025 (-38.7% YoY), and the MD&A attributes the latest drop to the discontinuation of the QuickCard product and the sale of the Ryvyl EU subsidiary (effective June 1, 2025). What remains is a smaller reseller/banking-fee business — the company now merely 'arranges for the delivery' of payment processing rather than owning the processing itself. The FY2025 gross-margin uptick to 47.7% is cosmetic against a shrinking top line.

The company has never been profitable across the five years shown, posting cumulative net losses each year and a -$197M accumulated deficit. FY2025 operating margin was -118.1% and net margin -157.5%. Management has slashed costs hard — payroll -45.6%, R&D -85.5%, opex -46.7% — but this is survival triage following reductions in force, not investment in growth; cutting R&D 85% guts any future product. The 'improvement' in net loss to -$17.5M is largely the absence of the prior year's goodwill impairment, not operating recovery.