Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
Please consider a small donation if you think this website provides you with relevant information
| Statement |
|---|
| We are excited about the long-term potential for this lucrative market we believe our technology is well suited to tap into |
| We strongly believe in our ability to execute our strategy and to generate long-term value for our shareholders |
| We believe this type of institutional-level commitment is a major win for all rival shareholders, and illustrates the conviction in our mission as a disruptive force in the digital payment landscape |
| We remain quite optimistic about the opportunity in Europe, and we believe we are positioned to capitalize on this important market opportunity, which also presents an important segue to the market in Asia, eventually we continue to work with our large institutional partner on our Banking-as-a-Service platform, with the goal of ramping up to what we believe will be $100 million per month in transaction volume |
| Strong growth in our international business, RYVYL EU, as well as growth in our North America business, resulting from the establishment of additional processing channels in the U.S |
| This is about 27% better than our Q2 2023 volume of $678 million and an increase of about 24% from our Q3 2022 volume, not including the Sky Financial volume |
| Overall, we are very pleased with the steady growth trajectory and our improved margin profile |
| First, for an update on RYVYL EU, on the heels of receiving approval to launch CEPA from the European Payments Council and being chosen as Visa Direct partner, RYVYL EU revenue saw tremendous year-over-year growth for the quarters ending September 30, 2023 and 2022, respectively, increasing 100% and currently representing 28.5% of our total revenue |
| During the third quarter of 2023, once again, RYVYL delivered record financial results, the fourth consecutive quarter |
| To sum things up, we continue to demonstrate strong growth in our core processing business and margin improvement while making steady progress those initiatives that we expect to further drive sustainable growth and profitability |
| End users through a straightforward registration process to begin accepting payments by integrating mPOS capabilities with the coyni platform, businesses and merchants can benefit from the comprehensive and user-friendly payment system, coupled with the rounded foundation, of the next data release of the coyni business platform |
| It is expected that our customers will have the opportunity to send money to authorize accounts, e-wallets and debit cards in over 80 countries across multiple currencies through Visa extensive network of local banking partners and experience the benefit of faster access to funds with money becoming available in, many cases, within minutes instead of days |
| Q3 top line revenues increased nearly 64% year-over-year to $17.5 million |
| Based on Q3 revenue of $17.5 million and continuing momentum, we believe our revenue outlook of $19 million to $21 million is achievable for Q4, which will bring our total year revenue to $62 million to $64 million, which is ahead of our forecasted revenue of $60 million for the year |
| Our Q3 North America acquiring business volume was $171 million, which is 17% higher than the Q2's $146 million volume and is 108% higher than the same period 1 year earlier |
| As a matter of fact, we presented the proposal for their 2024 plan to vote it out, right? So that, obviously, will go through the required government approval, and we are very optimistic that we'll move ahead in the new year |
| for retail and online businesses, paveed the way for the record results |
| And we are working tirelessly on this initiative, which we believe will enable us to better serve our customers, retain their loyalty and create new revenue streams |
| Being Visa Direct partner will allow RYVYL EU to leverage its capabilities to provide superior Banking-as-a-Service offering |
| This also reflects an 18% sequential increase from $14.9 million in the second quarter of 2023 |
| We believe that this achievement, as well as expertise and financial management of private and listed companies, will make a significant contribution to the strategic operation and development of our company moving forward |
| We expect to adjust this kind of ratios as we continue to move along to ensure we achieve a good balance between reasonable pricing to revenue and profitability for the business |
| Our revenue increased by $6.8 million or 64% to $17.5 million for the quarter ended September 30, 2023, up from $10.7 million for the same quarter a year earlier |
| EU Q3 revenue was $5 million, an increase of more than 100% from $2.2 million in the same period last year |
| In Q3 and subsequent period, thus far, we have successfully set up our coyni EU entity, completed capital registration and are expecting to receive our license immunity |
| And we are very excited about it, and we'll do our best to overcome the time by trying to accelerate the process, but that depends on Visa, not on us |
| We initiated the process in early Q2 as part of the broad value creation strategy and truly believe it is the optimal way to drive growth potential |
| North America Q3 revenue increased 47% from $8.5 million in Q3 2022 to $12.5 million for the quarter ended September 30, 2023 |
| I think this is actually a very ideal solution for the island, for the business and the users on the island because it does provide a very slick way for us to make the conversion from the conventional power solution to something that's very easy, less restrictions quite quickly, right? So that's point number one |
| The coyni mPOS app provides merchants with secure and convenient way to quickly add mPOS services |
| Statement |
|---|
| Q3 ChargeSavvy was $42 million or about 21% lower than Q2 2023 processing volume |
| This is lower than our targeted $1 million for the quarter, which is due to higher-than-planned expenses associated with costing fees, technology development investment, external legal spending and administrative expenses to regain compliance |
| When compared to the $62 million volume in Q2 2022, it is a 33% decline |
| When it comes to margin for EU versus North America, I think it's a good observation that EU revenue of $5 million versus the $500 million processing volume seems to be lower than the same ratio compared to the North America ratio |
| The EU revenues of $5 million on $500 million in processing seems much less than the North America revenue |
| As I covered during my earnings remarks, in the U.S., as also we communicated prior, given that the fallout of FTX and also the banking industries risk appetite for digital asset banking, we took a pause for coyni in the U.S |
| The year-over-year decline is due to reduced processing from select merchant base |
| A variety of factors could cause actual events and results to differ materially from those expressed in or contemplated by the forward-looking statements, including the risk that the completion and filing of the aforementioned periodic reports, will take longer than expected and that additional information may become known prior to the expected filing and the aforementioned periodic reports with the SEC |
| In summary, the company recorded a net loss in the third quarter of 2023 of $3.1 million or a loss of $0.60 per share, basic and diluted share, compared to a net loss of $15.9 million or $3.37 per basic and diluted share in the same quarter a year ago |
| Unfortunately, we all have colds |
| Cut me off whenever you think it's reasonable |
| However, we do have currently lower revenue-to-volume ratio for the Banking-as-a-Service offering, part of which is due to the fact that we are still in the early phase of rolling out the services in the EU market, and we are still testing the pricing point for the new service offering |
Please consider a small donation if you think this website provides you with relevant information