---
schema_version: "secwatch.filing_event.v1"
accession: "0001185185-26-003142"
form_type: "8-K/A"
ticker: "RVYL"
cik: "0001419275"
company_name: "RYVYL Inc."
filed_at: "2026-07-27T21:30:53+00:00"
generated_at: "2026-07-27T21:32:13.125659+00:00"
event_type: "m_and_a"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001185185-26-003142
- form_type: 8-K/A
- ticker: RVYL
- cik: 0001419275
- company_name: RYVYL Inc.
- filed_at: 2026-07-27T21:30:53+00:00
- event_type: m_and_a
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1419275/000118518526003142/0001185185-26-003142-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1419275/000118518526003142/rtb8ka2072326.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001185185-26-003142
- JSON: https://secwatch.observer/filing/0001185185-26-003142.json
- Plain text: https://secwatch.observer/filing/0001185185-26-003142.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.