RTB Digital (target) reports 2025 net loss of $8.0M, revenue $2.1M; auditor raises going concern doubt

RYVYL Inc.

Net loss $8.0M in 2025 vs $1.3M in 2024; revenue $2.1M (up 82% YoY) but operating expenses grew faster.
Accumulated deficit $13.8M; cash $0.5M; working capital $9.8M (includes $11.0M USDC and $6.5M investment in Ryvyl).
Auditor expresses substantial doubt about going concern; management plans include merger with Ryvyl and PIPE.
Target held $5.2M in crypto assets (BTC) and recorded $2.2M unrealized loss in 2025.

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